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Equinix

EQIX
54
REIT - Specialty · Real Estate
Also trades as: 0II4.L GBP 9.76 (-0.71%)
Price
$985.98
-10.28 (-1.03%)
Market Cap
$97.29B
Exchange
NASDAQ
Winston Score
54
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Good
16/30
Growth
Exceptional
17/20
Cash Flow
Good
6/10
Stability
Mixed
4/10
Valuation
Good
5/10
Ownership
Weak
2/15
Dividends
Strong
4/5

54 of 100 counted points = Winston Score 54.

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Share count rising — dilution

+8.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 90.4M (2021) → 98.1M (2025)

§Winston Score History

The full picture

Equinix (Nasdaq: EQIX) is the world's digital infrastructure company, enabling digital leaders to harness a trusted platform to bring together and interconnect the foundational infrastructure that powers their success. Equinix enables today's businesses to access all the right places, partners and possibilities they need to accelerate advantage. With Equinix, they can scale with agility, speed the launch of digital services, deliver world-class experiences and multiply their value.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+16.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+29.3% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 years

$2.2B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$2.2B cash & investments at current burn rate

Growth context

Equinix is growing revenue at 16% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
53.1%
Healthy — 53.1% gross margin
Profit after running costs
Operating Margin
25.3%
Excellent — 25.3% operating margin
Return on the money invested
ROCE
6.3%
Weak — 6.3% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+9.9%
Steady sales growth (+9.9% YoY)
Profit growth
EPS YoY
+52.2%
Earnings growing fast (+52.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
257%
Turns 257% of profit into real cash
Spare cash per sale
FCF Margin
-11.6%
Burning cash (-11.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
1.37
Elevated debt (1.37)
Covers its interest
Interest Cover
3.70x
Tight — interest eats into profit (3.7x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
63.2x
Expensive — P/E 63.2

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+14.7
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (63.2 → 48.5)

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Dividends

Dividend
Dividend Yield
2.00%
Moderate income — 2.00% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+10.0%
Dividend growing fast (10.0% YoY)
Payout Ratio
128%
no trend
Paying out more than the last 12 months of profit. The dividend is being funded from cash or borrowing, not this year’s earnings.

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