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Held by 1,229 of 5,944 reporting institutions (99th percentile) — extremely crowded.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $1025.94 today, the market must believe free cash flow compounds 47.4%/yr for a decade (off $310M normalized FCF).
2-stage DCF · 0.10B shares · net debt -$428M
mean -364.9% · volatility σ 345% · implied rate exceeded in 0/5 yrs
Central path = implied 47.4%/yr growth; shaded band = ±1σ (345%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Ranked against 240 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WELL | $161.8B | 167.1× | — | 14.9× | 35.6% | 40.1% | 8.9% | 2.3% | 1.6% | — | 1,425 |
| XHG | $130.2B | — | — | 2536.8× | 24.9% | 2.2% | -205% | 85.0% | 88.3% | — | 1 |
| PLD | $125.6B | 38.0× | — | 14.3× | 7.2% | — | 37.9% | 6.3% | 3.8% | — | 1,592 |
| EQIX | $100.8B | 74.6× | 25.7× | 10.9× | 5.4% | 51.1% | 14.6% | 9.5% | 8.7% | 0.3× | 1,229 |
| AMT | $81.9B | 32.5× | 14.1× | 7.7× | 5.1% | — | 24.7% | 72.0% | 37.3% | 0.6× | 1,662 |
| SPG | $66.7B | 14.4× | — | 10.5× | 6.7% | — | 84.3% | 103% | 15.9% | — | 1,242 |
| O | $53.5B | 49.0× | — | 9.3× | 9.1% | — | 18.4% | 2.7% | 2.7% | — | 1,389 |
| PSA | $52.8B | 33.4× | — | 10.9× | 2.7% | — | 37.0% | 19.3% | 9.1% | — | 1,045 |
| VTR | $41.7B | 162.4× | — | 7.1× | 18.5% | — | 4.5% | 2.1% | 1.0% | — | 891 |
| CBRE | $41.2B | 36.2× | — | 1.0× | 13.4% | 18.7% | 2.9% | 13.0% | 7.1% | — | 1,020 |
| IRM | $33.7B | 232.7× | 22.9× | 4.9× | 12.2% | — | 2.2% | -15.5% | 1.0% | 7.5× | 1,043 |
| EXR | $29.4B | 30.3× | 13.7× | 8.7× | 3.7% | 72.8% | 28.8% | 7.3% | 7.3% | — | 722 |
| AVB | $26.6B | 25.6× | 12.2× | 8.7× | 4.4% | — | 34.7% | 9.1% | 5.0% | 3.2× | 715 |
| VICI | $25.8B | 9.2× | — | 6.4× | 4.1% | 99.3% | 69.3% | 10.0% | 6.2% | — | 898 |
| EQR | $25.6B | 23.0× | — | — | — | — | — | 10.1% | 5.8% | — | 681 |
| SBAC | $19.1B | 18.5× | 21.6× | 6.8× | 5.1% | 75.5% | 37.4% | -21.7% | 13.1% | 8.7× | 636 |
| BEKE | $17.6B | 133.3× | 37.9× | 1.3× | 5.6% | 21.4% | 3.2% | 4.5% | 4.5% | — | 197 |
| ESS | $17.5B | 26.0× | 11.5× | 9.3× | 6.4% | 69.9% | 37.2% | 12.7% | 12.7% | — | 582 |
| INVH | $16.6B | 28.3× | — | 6.1× | 4.2% | — | 21.5% | 6.2% | 3.3% | — | 560 |
| JLL | $15.8B | 20.5× | 11.8× | 0.6× | 11.4% | — | 3.0% | 10.6% | 10.4% | 0.1× | 615 |
| WY | $15.6B | 48.1× | 16.7× | 2.3× | -3.1% | 14.8% | 4.7% | 3.4% | 2.2% | 4.5× | 868 |
| KIM | $15.2B | — | 16.3× | 7.1× | 5.1% | — | 27.3% | 5.6% | 3.2% | 5.5× | 633 |
| NLY | $15.1B | 7.3× | — | — | — | — | — | 12.6% | 12.6% | — | 743 |
| HST | $15.1B | 19.9× | — | 2.5× | 7.6% | — | 12.5% | 11.7% | 9.8% | — | 656 |
| LAMR | $14.9B | 25.4× | — | 6.6× | 2.7% | 67.0% | 25.9% | 57.3% | 13.2% | — | 655 |
Peers = companies sharing EQIX's sector (Real Estate) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.22B 100.0% | $8.75B 100.0% | $8.19B 100.0% | $7.26B 100.0% | $6.64B 100.0% | $6.00B 100.0% | $5.56B 100.0% | $5.07B 100.0% | $4.37B 100.0% | $3.61B 100.0% |
| Cost of Revenue | $4.51B 48.9% | $4.47B 51.1% | $4.23B 51.6% | $3.75B 51.6% | $3.47B 52.3% | $3.07B 51.3% | $2.81B 50.5% | $2.61B 51.4% | $2.19B 50.2% | $1.82B 50.4% |
| Selling, General & Admin | $1.84B 20.0% | $1.77B 20.2% | $1.65B 20.2% | $1.50B 20.6% | $1.30B 19.6% | $1.09B 18.2% | $935.0M 16.8% | $826.7M 16.3% | $745.9M 17.1% | $694.6M 19.2% |
| Total Operating Expenses | $7.37B 80.0% | $7.42B 84.8% | $6.75B 82.4% | $6.06B 83.5% | $5.53B 83.3% | $4.95B 82.4% | $4.39B 79.0% | $4.09B 80.7% | $3.56B 81.5% | $2.99B 82.9% |
| Operating Income | $1.85B 20.0% | $1.33B 15.2% | $1.44B 17.6% | $1.20B 16.5% | $1.11B 16.7% | $1.05B 17.6% | $1.17B 21.0% | $977.4M 19.3% | $809.0M 18.5% | $618.7M 17.1% |
| Interest Expense | $527.0M 5.7% | $457.0M 5.2% | $402.0M 4.9% | $356.3M 4.9% | $336.1M 5.1% | $406.5M 6.8% | $479.7M 8.6% | $521.5M 10.3% | $478.7M 11.0% | $392.2M 10.9% |
| Interest & Investment Income | $193.0M 2.1% | $137.0M 1.6% | $94.0M 1.1% | $36.0M 0.5% | $2.6M 0.0% | $8.7M 0.1% | $27.7M 0.5% | $14.5M 0.3% | $13.1M 0.3% | $3.5M 0.1% |
| Other Income (Expense), net | -$7.0M -0.1% | -$17.0M -0.2% | -$11.0M -0.1% | -$51.0M -0.7% | -$50.6M -0.8% | $6.9M 0.1% | $27.8M 0.5% | $14.0M 0.3% | $9.2M 0.2% | -$57.9M -1.6% |
| Pretax Income | $1.51B 16.4% | $975.0M 11.1% | $1.12B 13.7% | $829.0M 11.4% | $609.0M 9.2% | $516.2M 8.6% | $692.6M 12.5% | $433.0M 8.5% | $286.8M 6.6% | $159.9M 4.4% |
| Income Tax Expense | $160.0M 1.7% | $161.0M 1.8% | $155.0M 1.9% | $124.0M 1.7% | $109.2M 1.6% | $146.2M 2.4% | $185.4M 3.3% | $67.7M 1.3% | $53.9M 1.2% | $45.5M 1.3% |
| Net Income | $1.35B 14.6% | $815.0M 9.3% | $969.0M 11.8% | $705.0M 9.7% | $500.2M 7.5% | $369.8M 6.2% | $507.4M 9.1% | $365.4M 7.2% | $233.0M 5.3% | $126.8M 3.5% |
| Per Share | ||||||||||
| EPS (Basic) | $13.79 | $8.54 | $10.35 | $7.69 | $5.57 | $4.22 | $6.03 | $4.58 | $3.03 | $1.81 |
| EPS (Diluted) | $13.76 | $8.50 | $10.31 | $7.67 | $5.53 | $4.18 | $5.99 | $4.56 | $3.00 | $1.79 |
| Weighted Avg Shares (Basic) | 97.9M | 95.5M | 93.6M | 91.6M | 89.8M | 87.7M | 84.1M | 79.8M | 76.9M | 70.1M |
| Weighted Avg Shares (Diluted) | 98.1M | 95.8M | 94.0M | 91.8M | 90.4M | 88.4M | 84.7M | 80.2M | 77.5M | 70.8M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Cash conversion lags reported earnings — watch accruals. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor; leverage falling year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
Free-cash-flow coverage unavailable. Last year: $1.9B dividends + $0 buybacks = $1.9B returned on -$400M FCF.
9 consecutive years of dividend increases · 12%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Modest payoff on reinvested capital. Current ROIC on all capital: 9%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $1.7B covers the $1.3B due within a year 1.3× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~40.6% on $1.3B of debt.
Cash of $1.7B fully covers short-term debt of $1.3B.
Mostly short-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-09-17
Where each multiple sits in its own 14-yr range · 77th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 7.3× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 51.4 | 50.5 | 51.3 | 52.3 | 51.6 | 51.6 | 51.1 | 48.9 |
| SG&A | 16.3 | 16.8 | 18.2 | 19.6 | 20.6 | 20.2 | 20.2 | 20.0 |
| Operating Income | 19.3 | 21.0 | 17.6 | 16.7 | 16.5 | 17.6 | 15.2 | 20.0 |
| Income Tax | 1.3 | 3.3 | 2.4 | 1.6 | 1.7 | 1.9 | 1.8 | 1.7 |
| Net Income | 7.2 | 9.1 | 6.2 | 7.5 | 9.7 | 11.8 | 9.3 | 14.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on EQIX: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.