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Equinix, Inc.(EQIX)

F

Financial data as of Dec 31, 2025Declining · Real Estate

FCF Margin-4.3%Free Cash Flow / Revenue
Cash Conversion289.7%Operating CF / Net Income
Free Cash Flow-$400.0M
Revenue$9.2B
Net Cash-$21.0BNet debt position
Debt / FCFN/AElevated debt burden
Current Ratio1.32Adequate short-term liquidity
YoY FCF Growth-200.0%1 of 5 quarters positive

How This Grade Was Calculated

Base grade from FCF margin, adjusted by financial health factors

BaseF
→
-1Negative FCF in 3 of last 4 quarters
→
-1Significant YoY FCF decline (-200.0%)
→
-1Only 1 positive quarters recently
→
-0.5Highly volatile FCF (consistency: 1.49)
→
FinalF

Analysis Summary

Strengths

  • Excellent cash conversion (290%)

Concerns

  • Negative FCF margin (-4.3%)
  • Net debt position ($21.0B)
  • Only 1 positive FCF quarters recently
  • Significant YoY FCF decline (-200.0%)
  • Highly volatile quarterly FCF
Heavy CapEx — Operating cash flow is strong (42% margin) but most is reinvested

Financial Breakdown

Key financials compared side by side

Margin Composition

FCF Margin-4.3%
Net Margin14.6%
Operating CF Margin42.4%
CapEx Ratio46.8%

Balance Sheet Health

Debt, liquidity, and leverage snapshot

Net Cash-$21.0BNet debt position
Debt / FCFN/AElevated debt burden
Current Ratio1.32Adequate liquidity
Debt / Equity1.61Moderate leverage

Quarterly FCF Trend

-200.0% YoYDeclining (-200.0%)

Free cash flow per quarter

Sector Comparison — Real Estate

FCF Margin ranked against sector peers

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Detailed Metrics

Company NameEquinix, Inc.
SectorReal Estate
Free Cash Flow-$400.0M
Revenue$9.2B
Net Income$1.4B
Operating Cash Flow$3.9B
Capital Expenditure$4.3B
FCF Margin-4.3%
Cash Conversion Rate289.7%
Net Margin14.6%
Total Debt$22.7B
Total Cash$1.7B
Net Cash-$21.0B
Current Ratio1.32
Debt / Equity1.61
Debt / FCFN/A
YoY FCF Growth-200.0%
Positive Quarters1 of 5
Trend DirectionDeclining
Report DateDec 31, 2025
GradeF
Data SourceYahoo Finance

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OVICIPLDPSA+4