Equinix

EQIX

REIT - Specialty · Real Estate

Price

$1020.00

+10.86 (+1.08%)

Market Cap

$100.60B

Exchange

NASDAQ

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+8.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 90.4M (2021) → 98.1M (2025)

Equinix (Nasdaq: EQIX) is the world's digital infrastructure company, enabling digital leaders to harness a trusted platform to bring together and interconnect the foundational infrastructure that powers their success. Equinix enables today's businesses to access all the right places, partners and possibilities they need to accelerate advantage. With Equinix, they can scale with agility, speed the launch of digital services, deliver world-class experiences and multiply their value.

Winston Score History

Politician Trades

16 trades / 12mo

10 Congressional buys and 6 sells on EQIX in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+9.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+19.9% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.4%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~8 months

$1.4B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Equinix has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

51.5%

Healthy — 51.5% gross margin

Operating Margin

23.6%

Excellent — 23.6% operating margin

ROCE

1.7%

Weak — 1.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+6.9%

Slow sales growth (6.9% YoY)

EPS YoY

+50.3%

Earnings growing fast (50.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

269%

Turns 269% of profit into real cash

FCF Margin

-6.5%

Burning cash (-6.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

1.37

Elevated debt (1.37)

Interest Cover

3.50x

Tight — interest eats into profit (3.5x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

70.3x

Expensive — P/E 70.3

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+21.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (70.3 → 49.1)

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Dividends

Dividend Yield

1.92%

Small dividend — 1.92% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+10.1%

Dividend growing fast (10.1% YoY)

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