Digital Realty TRUST, Inc. (DLR) intrinsic value & 10-year financials
Digital Realty TRUST, Inc. (DLR) has a Graham intrinsic value of $118.91 per share. At $175.97 on Oct 17, 2026, the stock trades 48% above that value. Over the last 10 fiscal years revenue grew 12.4% a year to $6.1B, with an average return on invested capital of 4.5%.
- Graham intrinsic value
- $118.91
- Share price (Oct 17, 2026)
- $175.97
- Price vs Graham value
- 48% above
- Market cap
- $61.2B
- Revenue (FY2025)
- $6.1B
- Revenue growth (10-yr CAGR)
- 12.4%
- ROIC (10-yr avg)
- 4.5%
- Free cash flow (FY2025)
- —
DLR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $6.1B | $1.3B | $3.58 | — | 10.8% | 2.9% |
| FY2024 | $5.6B | $602.5M | $1.61 | — | 8.5% | 2.1% |
| FY2023 | $5.5B | $948.8M | $3.00 | — | 9.6% | 2.6% |
| FY2022 | $4.7B | $377.7M | $0.00 | — | 12.6% | 3.1% |
| FY2021 | $4.4B | $1.7B | $0.01 | — | 15.7% | 3.7% |
| FY2020 | $3.9B | $356.4M | $0.00 | — | 14.3% | 3.7% |
| FY2019 | $3.2B | $579.8M | $0.00 | — | 18.5% | 5.9% |
| FY2018 | $3.0B | $331.2M | $0.00 | — | 18.0% | 5.4% |
| FY2017 | $2.5B | $248.3M | $0.00 | — | 18.4% | 5.7% |
| FY2016 | $2.1B | $426.2M | $0.00 | — | 23.2% | 9.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Digital Realty is a consistent compounder, expanding top-line revenue at 12.4% annually over the past decade.
Digital Realty 10-year average ROIC is N/A; capital efficiency cannot be assessed from the available history.
Over the decade, Digital Realty shows that management has aggressively returned capital to shareholders by retiring 99.8% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Digital Realty is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $118.91 per share.