EQIXEQUINIX INC

Real Estate Investment Trusts

Revenue: $9.2B; 5.4% YoY
Operating margin: 20.0%; 32% YoY
EBITDA: $3.9B; 17% YoY
Market cap: $100.3B
Employees: 13,716; $672K revenue each
Net debt / EBITDA: 5.3×; $20.5B net debt
AI in 10-K: 5.6; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
290% of net income
Cash flow under 80% of net income
Dilutive SBCNo
5% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
47% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
13% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$672K · 43rd pct
Bottom quartile of its SIC industry
Quiet on AINo
5.6 per 10K words · 85th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$100.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$61M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$6.6B	$7.3B	$8.2B	$8.7B	$9.2B	5.4%
Operating income	$1.1B	$1.2B	$1.4B	$1.3B	$1.8B	39%
Net income	$500M	$705M	$969M	$815M	$1.4B	66%
Operating cash flow	$2.5B	$3.0B	$3.2B	$3.2B	$3.9B	20%
Capex	$2.8B	$2.3B	$2.8B	$3.1B	$4.3B	41%
Stock-based comp	$364M	$404M	$407M	$462M	$498M	7.8%
Dividends	$1.0B	$1.2B	$1.4B	$1.6B	$1.9B	13%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $61M · 383
Net: −$61M

Pay vs performance

No pay-versus-performance disclosure yet.