24 / 26 · Data centers

EQIX

Equinix

1.5%target weight

Latest available close$1,019.40-1.3% · vs previous close

DAILY CLOSE · USD2026-10-13Yahoo Finance ↗

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Explore a date

Daily candles, not a live feed. Price series is split-adjusted; total-return mode uses provider-adjusted prices including distributions. The chart does not predict returns.

A great business. At what price?

Test earnings growth against a change in valuation. All multiples below are your assumptions — not current company fundamentals.

Illustrative price CAGR—

CAGR = (1 + EPS growth) × (exit P/E ÷ entry P/E)^(1/years) − 1. Excludes dividends, dilution beyond EPS, taxes and fees. Not a price target. Not suitable for gold, bonds or companies with negative earnings.

RESEARCH ENGINE / 1.2

What must this price deliver?

Inspect reported numbers, test your assumptions and follow the next filing. A calculation is not an approved investment case.

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NORMALIZATION / v1.0.0

Normalization workpaper

A company-specific protocol, not an approved normalized cash flow.

Special model required

Model familyRecurring AFFO / NAV / development yield

OCF − cash capex / diluted shareNo valid reported proxy

Price / reported cash proxy—

Required adjustment tests

affo
Use recurring AFFO/NAV and development yields; ordinary EPS is not the primary REIT metric.
net debt
Reconcile debt, cash, preferred claims and acquisition funding exactly once.
capex split
Separate maintenance/replacement capex from expansion capex; do not assume either number.
working capital
Normalize working-capital timing; customer advances are not recurring profit.

Reported financial base

Annual period: 2025-01-01 → 2025-12-31Filed: 2026-02-11Reporting currency: USDLast source retrieval: 2026-09-18T22:00:49.022Z

Unreviewed extraction

Reported financial base
Metric	Value	Unit	Source
Revenue	9,217,000,000	USD	us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax ↗
Operating income	1,848,000,000	USD	us-gaap:OperatingIncomeLoss ↗
Net income	1,350,000,000	USD	us-gaap:NetIncomeLoss ↗
Operating cash flow	3,911,000,000	USD	us-gaap:NetCashProvidedByUsedInOperatingActivities ↗
Cash capital expenditure	—	—	Missing / manual review
Share-based compensation	498,000,000	USD	us-gaap:ShareBasedCompensation ↗
Weighted diluted shares	98,123,000	shares	us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding ↗
Cash and equivalents	1,727,000,000	USD	us-gaap:CashAndCashEquivalentsAtCarryingValue ↗
Current long-term debt	1,299,000,000	USD	us-gaap:LongTermDebtCurrent ↗
Noncurrent long-term debt	—	—	Missing / manual review

OCF − cash capex (not normalized)— USDNormalized owner cash: not approved

Annual figures, not trailing twelve months. No automatic currency/ADR conversion. Cash proxy excludes review of leases, debt service, SBC, acquisitions and cycle. Missing values are not zero.

Company-specific method

REIT AFFO/NAV and property cash-flow analysis; the simple EPS/P-E worksheet is not the primary valuation model.

Your scenario · not our forecast

Equity-per-share DCF: do not subtract net debt again. Future dilution must already be included in cash-per-share growth. This does not measure analyst consensus. Replacement capex and sustainable terminal cash still require review.

What changed?

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FUNDAMENTAL RESEARCH · 2026-09-06

The investment case, under examination.

A dated research map, not completed valuations. The 25-company portfolio baseline is unchanged; IBM is monitored at 0% outside it. Public facts do not establish an edge: every hypothesis still needs normalized financials, price-implied expectations and independent forward tests.

Hypothesis · not a trading signal

Q2 2026 · Published 2026-07-29 · Source checked 2026-09-06

01 / What the issuer reported: AFFO was $11.78 per share; growth benefited from one-time xScale fees. Net interconnections increased by 9,700.
02 / Our hypothesis — not established alpha: Interconnection density may produce durable pricing beyond commodity space, provided returns exceed construction and financing costs.
03 / What to measure next: Recurring AFFO per share, interconnections, power availability, development yields, debt maturities and refinancing costs.
04 / What would challenge the thesis: Reassess if recurring AFFO stagnates despite capex, or development returns fall below the cost of funding.
05 / Appropriate valuation method: REIT AFFO/NAV and property cash-flow analysis; the simple EPS/P-E worksheet is not the primary valuation model.
06 / Still missing: Missing: AFFO excluding one-time fees and project-level debt/capital commitments.

No measured consensus gap or approved price target. A familiar good business can still be an expensive stock.

Read the primary source ↗

Issuer-reported figures, not an independent accounting audit. Review after the next report or material filing. These review triggers are proposed, not automatic sell rules. Weights and paper mandates are unchanged.

Why this position exists

Interconnection-rich data centers

AI needs inference locations close to data and private connectivity, not only remote training campuses.

Principal risk

Power availability, leverage, rates and hyperscaler bypass.

What the daily radar monitors

01Interconnection addsPRIMARY KPI

02Power pipelineTREND + GUIDANCE

03AFFO/shareTHESIS TRIGGER

Decision rule

A headline never changes a weight by itself. The system verifies the primary source, tests the KPI trend and creates a proposal for the investment committee.