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Equinix key statistics and ratios

In fiscal 2025, Equinix had return on equity of 9.8%, an operating margin of 20.0%, debt equal to 134.7% of equity and a current ratio of 1.32. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Gross margin45.2%45.5%47.0%50.0%50.6%51.0%52.6%49.6%49.8%48.6%49.5%48.7%47.7%48.4%48.4%48.9%51.1%51.6%
Operating margin20.5%16.2%19.5%20.8%21.4%20.8%20.8%17.1%18.5%19.3%21.0%17.6%16.7%16.5%17.6%15.2%20.0%22.5%
Net margin7.9%3.1%6.1%7.4%4.4%−10.6%6.9%3.5%5.3%7.2%9.1%6.2%7.5%9.7%11.8%9.3%14.6%16.4%
Free-cash-flow margin−1.6%31.6%35.7%−24.7%1.5%1.2%1.0%−2.6%1.4%−5.5%−1.6%0.5%−3.1%9.4%5.3%2.1%−4.3%−16.5%
Return on equity5.9%2.4%5.0%6.6%4.0%−11.0%7.5%3.6%4.2%5.2%6.3%3.8%4.6%6.3%8.1%6.3%9.8%11.5%
Return on assets2.3%1.0%1.9%2.3%1.4%−3.4%2.1%1.1%1.5%1.9%2.3%1.5%1.8%2.4%3.1%2.4%3.6%3.9%
Asset turnover0.290.320.310.320.320.320.300.310.280.260.250.240.240.250.260.260.240.24
Current ratio2.312.451.701.171.632.321.971.431.811.001.331.291.841.801.131.631.321.29
Debt to equity75.6%49.2%139.3%105.9%133.1%154.3%191.1%121.6%123.7%137.0%117.7%100.0%107.7%111.9%110.8%113.4%134.7%157.1%
Interest cover (operating income ÷ interest)2.4x1.4x1.7x2.0x1.9x1.9x1.9x1.6x1.7x1.9x2.4x2.6x3.3x3.4x3.6x2.9x3.5x3.7x
Effective tax rate36.3%25.8%28.8%31.0%14.4%—11.0%28.4%18.8%15.6%26.8%28.3%17.9%15.0%13.8%16.5%10.6%10.7%
Capital spending as % of revenue41.9%1.2%1.8%58.2%26.6%27.0%31.8%30.8%31.6%41.3%37.4%38.1%41.5%31.4%34.0%35.0%46.8%57.9%
Free cash flow ÷ net income−20.2%>999%590.1%−333.2%34.0%—14.2%−74.1%26.0%−76.8%−17.1%7.4%−40.8%97.2%45.0%22.5%−29.6%−100.5%
Dividends ÷ net income——————277.7%393.9%266.8%202.2%164.8%256.4%208.5%163.4%141.9%201.6%137.5%121.8%
Dividends and buybacks ÷ free cash flow——15.5%—151.5%>999%>999%—>999%——>999%—168.2%315.4%897.8%——

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

49 /100

Moderate moat

How hard Equinix's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 4 / 20

    Cash operating profit has been a median 4.7% of total assets over 10 years.

  • Pricing power 17 / 20

    Gross margin has been a median 49.4%, moving by 1.1 percentage points (standard deviation) across 10 years.

  • Durability 15 / 20

    Operating margin has been a median 18.4%; its worst year was 16.5%.

  • Cash conversion 3 / 20

    Free cash flow was positive in 3 of 10 years, at a median -0.8% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 9.7% over five years; stock-based pay has been a median 5.1% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Equinix's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Equinix.