Sector Report4 min read
Real Estate: Twelve A-Grades and One Spectacular Failure
Most REITs are cash machines. Then there's Equinix, grinding out a 2.1% margin while the sector median sits at 42.1%.
Feb 13, 2026
OVICIPLDPSA+4
Free cash flow analysis, sector reports, and market insights
Most REITs are cash machines. Then there's Equinix, grinding out a 2.1% margin while the sector median sits at 42.1%.
The technology sector is printing cash at a 24.2% median margin — more than double most industries — with 80% of companies earning A-grades. But the gap between winners and losers has never been wider.
Every single utility we analyzed earned an F. The median FCF margin is negative. This isn't a sector, it's a capital incinerator.