Aureus
FRed Flag

Equinix, Inc.(EQIX)

F

Financial data as of Dec 31, 2024Declining · Real Estate

FCF Margin2.1%Free Cash Flow / Revenue
Cash Conversion—Operating CF / Net Income
Free Cash Flow$183.0M
Revenue$8.7B
Net Cash-$15.9BNet debt position
Debt / FCF103.6xElevated debt burden
Current Ratio1.63Adequate short-term liquidity
YoY FCF Growth-458.8%2 of 5 quarters positive

How This Grade Was Calculated

Base grade from FCF margin, adjusted by financial health factors

BaseF
→
-2Extreme debt-to-FCF ratio (103.6x)
→
-1Negative FCF in 3 of last 4 quarters
→
-1Significant YoY FCF decline (-458.8%)
→
-1Only 2 positive quarters recently
→
-0.5Highly volatile FCF (consistency: 3.98)
→
FinalF

Analysis Summary

Concerns

  • Low FCF margin (2.1%)
  • Heavy debt position ($15.9B)
  • High debt-to-FCF ratio (103.6x)
  • Only 2 positive FCF quarters recently
  • Significant YoY FCF decline (-458.8%)
  • Highly volatile quarterly FCF
  • Significant FCF decline (-458.8% YoY)
Heavy CapEx — Operating cash flow is strong (37% margin) but most is reinvestedCash conversion ratio unavailable or not meaningful

Financial Breakdown

Key financials compared side by side

Margin Composition

FCF Margin2.1%
Net Margin9.3%
Operating CF Margin37.1%
CapEx Ratio35.0%

Balance Sheet Health

Debt, liquidity, and leverage snapshot

Net Cash-$15.9BNet debt position
Debt / FCF103.6xElevated debt burden
Current Ratio1.63Strong liquidity
Debt / Equity1.40Moderate leverage

Quarterly FCF Trend

-458.8% YoYDeclining (-458.8%)

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$183.0M
Revenue$8.7B
Net Income$815.0M
Operating Cash Flow$3.2B
Capital Expenditure$3.1B
FCF Margin2.1%
Cash Conversion Rate—
Net Margin9.3%
Total Debt$19.0B
Total Cash$3.1B
Net Cash-$15.9B
Current Ratio1.63
Debt / Equity1.40
Debt / FCF103.6x
YoY FCF Growth-458.8%
Positive Quarters2 of 5
Trend DirectionDeclining
Report DateDec 31, 2024
GradeF
Data SourceYahoo Finance

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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