Equinix Inc. (EQIX) intrinsic value & 10-year financials
Equinix Inc. (EQIX) has a Graham intrinsic value of $457.05 per share. At $985.98 on Oct 17, 2026, the stock trades 116% above that value. Over the last 10 fiscal years revenue grew 11.0% a year to $9.2B, with an average return on invested capital of 4.8%.
- Graham intrinsic value
- $457.05
- Share price (Oct 17, 2026)
- $985.98
- Price vs Graham value
- 116% above
- Market cap
- $96.7B
- Revenue (FY2025)
- $9.2B
- Revenue growth (10-yr CAGR)
- 11.0%
- ROIC (10-yr avg)
- 4.8%
- Free cash flow (FY2025)
- -$400.0M
EQIX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $9.2B | $1.4B | $13.76 | -$400.0M | 20.0% | 6.9% |
| FY2024 | $8.7B | $815.0M | $8.50 | $183.0M | 15.2% | 3.8% |
| FY2023 | $8.2B | $969.2M | $10.31 | $435.6M | 17.6% | 4.6% |
| FY2022 | $7.3B | $704.3M | $7.67 | $685.2M | 16.5% | 4.1% |
| FY2021 | $6.6B | $500.2M | $5.53 | -$204.3M | 16.7% | 3.9% |
| FY2020 | $6.0B | $369.8M | $4.18 | $27.3M | 17.6% | 3.5% |
| FY2019 | $5.6B | $507.4M | $5.99 | -$86.8M | 21.0% | 4.7% |
| FY2018 | $5.1B | $365.4M | $4.56 | -$280.7M | 19.3% | 5.4% |
| FY2017 | $4.4B | $233.0M | $3.00 | $60.5M | 18.5% | 5.8% |
| FY2016 | $3.6B | $126.8M | $1.79 | -$96.8M | 17.1% | 5.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Equinix is a consistent compounder, expanding top-line revenue at 11.0% annually over the past decade.
Equinix has historically struggled to out-earn its cost of capital, averaging just 4.8% ROIC.
Equinix has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Equinix is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $457.05 per share.