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Fairly valued
Morningstar Quantitative Rating as of 4 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 878.40 Fair value 1,011.33 One-star price 1,164.37
Morningstar Quantitative Rating as of 4 NOV 2026.
Morningstar Quantitative Rating as of 4 NOV 2026. The slider runs from the five-star price (878.40) to the one-star price (1,164.37).
| Ratios |
|---|
| Currency (Price/reporting): USD/USD |
| Exchange Rate: 1.0000 |
| Price - closing or last bid | 1,014.40 |
| Price - 12 month high | 1,128.49 |
| Price - 12 month low | 721.11 |
| Pricing date | 3 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 0.66 |
| Market capitalization | 104,342.60 |
| 12 Month High price date | 24 APR 2026 |
| 12 Month Low price date | 4 DEC 2025 |
| Volume - avg. trading volume for the last 3 months | 0.55 |
| Price - 1 Day % Change | 2.08% |
| Price - 13 week price percent change | -1.65% |
| Price - 26 week price percent change | -6.51% |
| Price - 5 Day % Change | 1.50% |
| Price - 52 week price percent change | 21.80% |
| Price - YTD price percent change | 31.79% |
| Price % Change Month To Date | -1.10% |
| EPS excluding extraordinary items - most recent fiscal year | 13.760 |
| EPS excluding extraordinary items - trailing 12 month | 16.650 |
| EPS Normalized - most recent fiscal year | 19.363 |
| Revenue/share - most recent fiscal year | 93.933 |
| Revenue/share - trailing 12 month | 101.739 |
| Book value per share - most recent fiscal year | 144.117 |
| Book value per share - most recent quarter | 146.856 |
| Book value (tangible) per share - most recent fiscal year | 70.022 |
| Book value (tangible) per share - most recent quarter | 76.100 |
| Cash per share - most recent fiscal year | 17.582 |
| Cash per share - most recent quarter | 23.861 |
| Cash Flow per share - most recent fiscal year | 40.887 |
| Cash Flow per share - trailing 12 month | 45.509 |
| Dividend per share - most recent fiscal year | 18.760 |
| Dividends per share - trailing 12 month | 20.170 |
| EBITD per share - trailing 12 month | 45.338 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 13.790 |
| EPS Basic excluding extraordinary items - trailing 12 month | 16.720 |
| EPS including extraordinary items - most recent fiscal year | 13.790 |
| EPS including extraordinary items - trailing 12 month | 16.730 |
| Free Cash Flow per share - trailing 12 month | -13.430 |
| P/E excluding extraordinary items, most recent fiscal year | 63.31 |
| P/E Normalized, most recent fiscal year | 46.20 |
| Price to sales - most recent fiscal year | 10.36 |
| Price to Tangible Book - most fiscal year | 13.88 |
| Price to Free Cash Flow per Share - most recent fiscal year | — |
| Price to Cash Flow per share - trailing 12 month | 23.16 |
| Price to Book - most recent fiscal year | 7.18 |
| P/E excluding extraordinary items high, trailing 12 months | 81.05 |
| P/E excluding extraordinary items low, trailing 12 months | 59.68 |
| Net Debt, LFI | 22,814.00 |
| Net Debt, LFY | 19,499.00 |
| Dividend Yield - 5 Year Average | 1.88% |
| Dividend Yield - indicated annual dividend divided by closing price | 2.03% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 1.91% |
| Free Cash Flow - most recent fiscal year | -299.00 |
| LT debt/equity - most recent fiscal year | 148.73% |
| Payout ratio - most recent fiscal year | 136.34% |
| Total debt/total equity - most recent fiscal year | 160.29% |
| LT debt/equity - most recent quarter | 167.68% |
| Total debt/total equity - most recent quarter | 181.48% |
| Free Cash Flow - trailing 12 month | -1,328.00 |
| Payout ratio - trailing 12 month | 121.14% |
| Revenue - most recent fiscal year | 9,217.00 |
| Revenue - trailing 12 month | 10,060.00 |
| EBITD - most recent fiscal year | 3,908.00 |
| EBITD - trailing 12 month | 4,483.00 |
| Earnings before taxes - most recent fiscal year | 1,508.00 |
| Earnings before taxes - trailing 12 month | 1,843.00 |
| Net Income available to common - most recent fiscal year | 1,350.00 |
| Net Income available to common - trailing 12 months | 1,648.00 |
| Earnings before taxes Normalized - most recent fiscal year | 2,123.00 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 22.82 |
| Net Profit Margin % - 1st historical fiscal year | 14.63% |
| Net Profit Margin % - trailing 12 month | 16.35% |
| Operating margin - 1st historical fiscal year | 21.33% |
| Operating margin - trailing 12 month | 23.92% |
| Pretax margin - trailing 12 month | 18.32% |
| Pretax margin - 1st historical fiscal year | 16.36% |
| Operating Margin - 5 year average | 18.28% |
| Pretax Margin - 5 year average | 12.37% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 2.53% |
| Free Operating Cash Flow/Revenue, TTM | -13.20% |
| Net Profit Margin - 5 year average | 10.60% |
| Return on average assets - most recent fiscal year | 3.58% |
| Return on average assets - trailing 12 month | 4.02% |
| Return on average equity - most recent fiscal year | 9.65% |
| Return on average equity - trailing 12 month | 11.50% |
| Return on average assets - 5 year average | 2.87% |
| Return on average equity - 5 year average | 7.65% |
| Net Income/employee - most recent fiscal year | 98,279.38 |
| Revenue/employee - most recent fiscal year | 671,988.92 |
| Revenue growth rate, 5 year | 8.97% |
| EPS growth rate, 5 year | 26.91% |
| Growth rate% - dividend, 3 year | 14.80% |
| Revenue/share (5 yr growth) | 6.72% |
| Growth rate% - Revenue, 3 year | 8.27% |
| Growth rate% - EPS, 3 year | 21.51% |
| Book value per share growth rate, 5 year | 3.85% |
| Capital Spending growth rate, 5 year | 13.56% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 10.83% |
Financial forecast (USD, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | 2028 | 2029 | ||||
| Estimate breakdown | ||||||||
Financials (USD, millions)
| Period end: | DEC 21 | DEC 22 | DEC 23 | DEC 24 | DEC 25 |
| Fiscal year: | 2021 | 2022 | 2023 | 2024 | 2025 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
Announcements are available for ASX-listed companies only.
Equinix has been an outperformer this week, and through 2026, as an established REIT with diversified, multi-geography footprints, they are less exposed to the likes of Texas-specific regulatory risk. EQIX has significantly outperformed the broader data centre complex, declining only -1.6% versus the S&P 500's -3.0% this week, and sharply outperforming power infrastructure peers like Vertiv (-24%) and Eaton (-10%).
For pure-play data centre companies, whose primary business is building, owning and leasing data centre infrastructure, the two US giants are: Equinix (NASDAQ:EQIX) — the world's largest colocation operator, running more than 250 data centres in 70 metro areas across 32 countries. It's the global benchmark for the co-location model — essentially the same business NextDC runs, but at a planetary scale. Digital Realty (NYSE:DLR) — operating more than 300 data centres, serving 5,000+ customers globally. They are more focused on wholesale leasing to large single tenants.
We touched on this little-known $US80bn data centre goliath in March. By market cap, it's almost exactly twice the size of Goodman Group (GMG), the 9th largest company in the ASX200.
We touched on this little-known $US80bn data centre goliath in March. By market cap, it's almost exactly twice the size of Goodman Group (GMG), the 9th largest company in the ASX200. This quality business reminds us of GMG, having delivered over 20 consecutive years of quarterly revenue growth.
EQIX is a $US83bn US data centre REIT, the largest on offer in the US, which trades on 32x for CY25 and pays a small 2.2% dividend – the stock is currently at a 10% discount to its recent valuation, but as we all know, it’s been a hot space so anchoring ones view to recent metrics can be misleading.
MM is bullish towards EQIX below US$1000
MM is bullish towards EQIX around $US1100
MM is cautiously bullish towards Equinix
MM is cautiously bullish towards EQIX
Equinix is one of the leading providers of cloud- and carrier-neutral data centers, offering colocation and interconnection services to hyperscalers and businesses. Equinix operates 270 properties in 77 metropolitan areas across 36 countries, serving over 10,000 customers. About 70% of Equinix's revenue comes from renting physical space, which allows hyperscalers and other clients to store servers, data storage, and networking equipment. The other 30% of revenue is generatedprimarily through interconnection services (20%) and other managed services (10%).
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