DLR vs EQIX: How Digital Realty Trust and Equinix Compare (2026)

Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: EQIX is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. DLR and EQIX share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined DLR and EQIX exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Digital Realty Trust (NYSE: DLR) is a real estate investment trust that owns, develops, and operates carrier-neutral data centers providing colocation, interconnection, and cloud connectivity solutions. Its PlatformDigital network spans more than 300 data centers across more than 55 global markets and serves over half of Fortune 500 companies, including major cloud hyperscalers such as Microsoft Azure, Amazon Web Services, Google Cloud, and Oracle. Revenue is generated primarily through long-term leases for data center space and power, interconnection fees charged when tenants cross-connect inside facilities, and managed services, giving the business a largely recurring, contractual revenue base.

Full DLR guide

Equinix operates what it calls Platform Equinix: a globally distributed network of carrier-neutral, multi-tenant data centers known as IBX (International Business Exchange) facilities. Customers colocate their servers and networking gear inside these facilities and then cross-connect directly to hundreds of cloud providers, network carriers, and other enterprises within the same building, eliminating latency and simplifying hybrid IT architectures. Revenue comes primarily from colocation (cabinet space and power), interconnection (cross-connects and virtual connections via Equinix Fabric), and its xScale joint-venture program, in which Equinix builds and operates hyperscale-capacity facilities on behalf of large cloud providers. As a REIT, Equinix distributes a meaningful portion of taxable income as dividends, and its key non-GAAP metrics are Adjusted EBITDA and Adjusted Funds From Operations (AFFO). Equinix was incorporated in Delaware in 1998 and went public on Nasdaq in 2000, originally as a neutral Internet exchange point operator. It converted to REIT status in 2015 and has grown largely through acquisitions, including the landmark purchase of Switch and Data (2010), TelecityGroup (2016), and Metronode (2017), among many others. Charles Meyers served as CEO for several years and moved to Executive Chairman; Adaire Fox-Martin became CEO and President and is currently leading the company. In 2025, the company surpassed 500,000 global interconnections, which it reports as more than double the nearest competitor.

Full EQIX guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• DLR drivers: AI Infrastructure Demand Surge; Interconnection and Enterprise Growth.
• EQIX drivers: AI Infrastructure Demand; Interconnection Network Effects.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: DLR's GAAP P/E ratio of roughly 47 to 53 times (depending on the exact trailing period) sits well above the North American specialized REIT industry average of approximately 29 times, leaving limited margin for error if earnings growth disappoints. For EQIX, the most prominent risk is balance-sheet leverage: total debt principal outstanding rose to approximately $21.4 billion at the end of 2025 from $17.6 billion a year earlier, primarily from new senior note issuances to fund the capital-intensive xScale and IBX expansion program, and the Debt/Equity ratio stands near 1.63x.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick DLR if you believe its drivers more; EQIX if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the DLR and EQIX guides.

DLR. DLR's trailing P/E of roughly 47 to 53 times is elevated relative to the North American specialized REIT peer average of approximately 29 times, reflecting a growth premium tied to AI infrastructure demand. Because DLR is a REIT, investors and analysts typically weight Core FFO and Adjusted EBITDA over GAAP net income; on a Core FFO basis, the implied multiple is materially lower and more consistent with historical norms. The 2026 management guidance of $6.65 to $6.75 billion in revenue and $7.90 to $8.00 in Core FFO per share implies roughly 8 percent FFO-per-share growth, which the market appears to be pricing in at current levels.

EQIX. Equinix trades at a premium GAAP P/E of roughly 74x trailing earnings, which is high in absolute terms but well below the company's own 10-year historical average of around 127x, reflecting improved earnings quality as REIT depreciation rules weigh on GAAP net income. The more commonly used REIT valuation lens, P/AFFO, sits near 25x to 28x on 2025 actuals, which is also a premium to most data-center REIT peers but is supported by a consistent double-digit AFFO per share growth trajectory and 11 consecutive years of dividend increases. Management's 2026 revenue guidance of $10.1 to $10.2 billion (10 to 11% growth as-reported) and AFFO guidance of $4.16 to $4.24 billion imply the forward multiples compress meaningfully if execution continues.

Headline figures (approximate, 2026-06-27): DLR shows revenue (full year 2025) ~$6.1 billion, adjusted ebitda (full year 2025) ~$3.34 billion, core ffo per share (full year 2025) ~$7.39 (up ~10% YoY), trailing p/e ratio ~47 to 53x (TTM, varies by source); EQIX shows revenue (fy 2025) ~$9.2 billion, adjusted ebitda (fy 2025) ~$4.53 billion (~49% margin), affo (fy 2025) ~$3.76 billion ($38.33 per diluted share), net income per diluted share (fy 2025, gaap) ~$13.76.

DLR and EQIX are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined DLR and EQIX exposure against your real portfolio. It is not an investment adviser.