Digital Realty Trust, Inc. (DLR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-103.8%

-$6.66

vs $176.27 price

Levered DCF

-$70.49

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.55

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	41.48×	101.91×	44.27×	84.97×	29.73×	138.13×	50.52×	88.06×
P/B	2.32×	2.69×	2.1×	1.63×	2.77×	2.05×	2.52×	2.23×
P/S	8.69×	10.32×	7.34×	6.12×	11.28×	9.3×	7.77×	7.21×
EV / EBITDA	20.59×	24.92×	18.21×	20.37×	17.99×	24.26×	16.85×	17.78×
Gross margin	55.4%	54.7%	52.6%	57.0%	59.8%	61.2%	62.8%	64.0%
Operating margin	10.8%	8.5%	9.6%	12.6%	15.7%	14.3%	18.5%	18.0%
Net margin	21.4%	10.8%	17.3%	8.0%	38.6%	9.1%	18.1%	10.9%
Current ratio	4.5×	1.11×	0.7×	0.23×	0.31×	0.31×	0.48×	0.14×
Debt / equity	1.05×	0.84×	0.99×	1.03×	0.83×	0.83×	1.11×	1.13×
Interest coverage	1.5×	1.04×	1.2×	1.97×	2.36×	1.67×	1.68×	1.71×
Dividend yield	3.3%	2.8%	3.8%	5.1%	2.8%	3.4%	4.0%	4.2%
Payout ratio	132.1%	271.1%	160.3%	384.1%	80.7%	347.7%	171.9%	281.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.7%	2.8%	5.0%	2.1%	9.5%	2.0%	5.9%	3.4%
Return on invested capital	1.3%	1.0%	1.2%	1.4%	2.0%	1.5%	2.6%	2.4%
Return on assets	2.6%	1.3%	2.2%	0.9%	4.7%	1.0%	2.5%	1.4%
Free cash flow yield	4.5%	-1.0%	-4.7%	-3.4%	-1.6%	-1.3%	0.0%	0.1%
Earnings yield	2.5%	1.1%	2.4%	1.3%	3.4%	1.0%	2.3%	1.5%
Enterprise value	$73.9B	$71.5B	$57.5B	$46.6B	$64.8B	$51B	$35.8B	$32.9B
Net debt / EBITDA	5.78×	4.93×	5.49×	7.83×	4.12×	6.98×	5.12×	5.93×
Cash conversion cycle (days)	-267	-173	-178	-216	-216	-286	-220	-351