Digital Realty Trust DLR

NYSE · Real Estate Investment Trusts · $65.0B

$174.67−5.52%Nov 5 close · Databento

Every report since 2023 →

🔒 Click to interact · scroll moves the page

DLR Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $174.671D −5.52%3M −8.69%SMA20 $177.01SMA50 $180.47RSI(14) 45.7

174.67

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 45.7

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$65.0B

Enterprise value$64.8B

Revenue$6.1B +10.0%

ROIC2.8%

EPS, diluted$3.58 +122.4%

Modern Valuation (EOD)

Market Cap$65.0B

Enterprise Value$64.8B

EV / True FCF—

EV / FCF—

EV / Gross Profit—

EV / EBIT98.38

EV / Sales10.60

P / E (GAAP)49.47

P / FCF—

P / Oper. CF26.93

P / Book2.78

Owner & Cash Yields

True FCF Yield—

FCF Yield—

Owner Earn. Yield—

Earnings Yield2.0%

Shareholder Yield+2.7%

Buyback Yield—

Dividend Yield—

Dividend / sh—

Payout Ratio132%

FCF / sh—

EPS (diluted)$3.58

Compounder & Returns

Rule of 40—

ROIC2.8%

Cash ROIC (CROIC)—

GP / Assets—

ROE5.6%

ROA2.7%

Gross Margin—

Oper. Margin10.8%

Net Margin21.5%

FCF Margin—

True FCF Margin—

Quality & Dilution

Cash Conversion—

Accrual Ratio−2.2%

SBC % of FCF—

SBC % of Rev—

Reinvest. Rate—

Sales Growth Y/Y+10.0%

Sales 3Y CAGR+9.2%

EPS Growth Y/Y+122.4%

FCF Growth Y/Y—

FCF 3Y CAGR—

Share Change Y/Y+4.9%

Balance Sheet & Scale

Revenue (FY)$6.1B

Gross Profit (FY)—

Oper. Income (FY)$658.5M

GAAP Net Income$1.3B

True FCF (ex-SBC)—

Cash & Equiv$3.5B

Total Debt$3.3B

Net Cash (Debt)$186.4M

Net Cash % MCap+0.3%

Debt / FCF (yrs)—

Current Ratio—351.41M sh

Price & Technicals (EOD)

Perf Week−4.50%

Perf Month−3.21%

Perf Quarter−9.87%

Perf Half Y−10.32%

Perf YTD−14.34%

SMA 20 Dist−1.32%$177.01

SMA 50 Dist−3.21%$180.47

SMA 100 Dist−5.05%$183.96

Window High−14.34%$203.91

Window Low+2.18%$170.94

RSI (14) · Vol45.736%v

Income Distribution & Cash Flow ConversionHow every dollar of DLR revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$0 ($0.0 / $100)

Operating Expenses$5.5B ($89.2 / $100)

Tax & Non-Operating$0 ($0.0 / $100)

Net Profit Kept$1.3B ($10.8 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$1.3B (21.5% margin)

Operating Cash Flow (OCF)$2.4B(39.5% of rev)

Less: Capital Expenditures—

Standard Free Cash Flow (FCF)—

Less: Stock-Based Comp (SBC)—

True FCF (Owner Cash ex-SBC)—

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$4.4B	$4.7B	$5.5B	$5.6B	$6.1B	+10.0%	+8.4%
Total Operating Expenses	$3.7B	$4.1B	$5.0B	$5.1B	$5.5B	+7.3%	+9.9%
Operating Income (EBIT)	$694.0M	$590.0M	$524.5M	$471.9M	$658.5M	+39.6%	−1.3%
Interest Expense	$293.8M	$299.1M	$437.7M	$452.8M	$437.9M	−3.3%	+10.5%
Income Tax Expense	$72.8M	$31.6M	$75.6M	$54.8M	$32.0M	−41.5%	−18.5%
GAAP Net Income	$1.7B	$380.3M	$950.3M	$588.3M	$1.3B	+123.2%	−6.9%
Diluted EPS	$5.94	$1.11	$2.88	$1.61	$3.58	+122.4%	−11.9%
Diluted Shares	283.2M	297.9M	309.1M	331.5M	347.8M	+4.9%	+5.3%
Balance Sheet
Cash & Equivalents	$151.5M	$150.7M	$1.6B	$3.9B	$3.5B	−10.8%	+118.6%
Total Assets	$36.4B	$41.5B	$44.1B	$45.3B	$49.4B	+9.1%	+8.0%
Total Debt (Short + Long Term)	$3.3B	$3.3B	$3.3B	$3.3B	$3.3B	+0.0%	+0.0%
Total Liabilities	$17.8B	$21.9B	$23.1B	$22.1B	$24.6B	+11.1%	+8.3%
Stockholders' Equity	$18.5B	$18.1B	$19.6B	$21.7B	$23.3B	+7.4%	+6.0%
Net Cash / (Net Debt)	$-3.1B	$-3.1B	$-1.6B	$604.9M	$186.4M	−69.2%	—
Invested Capital	$21.6B	$21.2B	$21.2B	$21.1B	$23.2B	+9.6%	+1.8%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$1.7B	$1.7B	$1.6B	$2.3B	$2.4B	+6.7%	+9.1%
Depreciation & Amortization (D&A)	$1.5B	$1.6B	$1.7B	$1.8B	$1.9B	+6.9%	+6.3%
Dividends Paid	$1.4B	$1.5B	$1.5B	$1.6B	$1.7B	+5.8%	+5.8%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what DLR did at the next close after each story

No Wire story has named DLR yet.

What happened · big days

14 big days in a year, and what we hold on each

A big day is a close more than 3.17% from the one before, three times DLR’s median day (1.06%). On 4 of the 14, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±3.17%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayDLRWhat we hold that dayGroup (median of 4) · each

1 Nov 13, 2025−3.53%
Before our storiesgroup −0.9%, did not move with it
1Nov 13, 2025−3.53%
Before our stories
−0.9% did not move with itEQIX −3.3 · AMT −1.2 · PLD −0.7 · WELL −0.3
2 Dec 12, 2025−3.27%
Before our storiesgroup −0.4%, did not move with it
2Dec 12, 2025−3.27%
Before our stories
−0.4% did not move with itAMT −0.6 · EQIX −0.5 · PLD −0.3 · WELL +0.9
3 Jan 9, 2026+3.67%
Before our storiesgroup +0.3%, did not move with it
3Jan 9, 2026+3.67%
Before our stories
+0.3% did not move with itEQIX +2.4 · PLD +0.8 · WELL −0.1 · AMT −1.1
4 Feb 6, 2026+4.23%
Resultsgroup +1.6%, did not move with it
4Feb 6, 2026+4.23%
ResultsFirst close after the Feb 5 results filing
+1.6% did not move with itEQIX +5.0 · WELL +2.5 · PLD +0.6 · AMT −0.1
5 Feb 12, 2026+3.29%
Before our storiesgroup +2.2%, moved with DLR
5Feb 12, 2026+3.29%
Before our stories
+2.2% moved with DLREQIX +10.4 · AMT +4.3 · WELL +0.1 · PLD −2.5
6 Mar 20, 2026−3.64%
Before our storiesgroup −2.8%, moved with DLR
6Mar 20, 2026−3.64%
Before our stories
−2.8% moved with DLRWELL −4.9 · AMT −3.3 · PLD −2.4 · EQIX −1.6
7 Apr 30, 2026+3.28%
Before our storiesgroup +2.4%, moved with DLR
7Apr 30, 2026+3.28%
Before our stories
+2.4% moved with DLRAMT +2.5 · WELL +2.5 · PLD +2.3 · EQIX −0.6
8 Jun 22, 2026+3.93%
Nothing on DLRgroup +2.3%, moved with DLR
8Jun 22, 2026+3.93%
Nothing on DLRNo DLR story, brief or results filing in our record that day
+2.3% moved with DLRPLD +2.3 · WELL +2.3 · EQIX +2.2 · AMT +0.2
9 Jun 30, 2026−5.77%
Nothing on DLRgroup −2.7%, did not move with it
9Jun 30, 2026−5.77%
Nothing on DLRNo DLR story, brief or results filing in our record that day
−2.7% did not move with itEQIX −3.9 · AMT −3.0 · PLD −2.5 · WELL −0.3
10 Jul 24, 2026+11.01%
Resultsgroup +1.9%, did not move with it
10Jul 24, 2026+11.01%
ResultsFirst close after the Jul 23 results filing
+1.9% did not move with itEQIX +4.9 · WELL +2.0 · PLD +1.7 · AMT +1.2
11 Aug 12, 2026+3.28%
Nothing on DLRgroup +1.4%, did not move with it
11Aug 12, 2026+3.28%
Nothing on DLRNo DLR story, brief or results filing in our record that day
+1.4% did not move with itEQIX +3.6 · WELL +1.9 · PLD +0.9 · AMT +0.5
12 Aug 28, 2026−3.45%
Nothing on DLRgroup −0.7%, did not move with it
12Aug 28, 2026−3.45%
Nothing on DLRNo DLR story, brief or results filing in our record that day
−0.7% did not move with itEQIX −3.0 · PLD −0.8 · WELL −0.6 · AMT +1.2
13 Sep 14, 2026−5.01%
Nothing on DLRgroup −0.6%, did not move with it
13Sep 14, 2026−5.01%
Nothing on DLRNo DLR story, brief or results filing in our record that day
−0.6% did not move with itEQIX −3.8 · WELL −0.6 · AMT −0.5 · PLD −0.4
14 Oct 14, 2026−3.40%
Nothing on DLRgroup −1.2%, did not move with it
14Oct 14, 2026−3.40%
Nothing on DLRNo DLR story, brief or results filing in our record that day
−1.2% did not move with itPLD −2.3 · EQIX −2.3 · AMT −0.0 · WELL +0.9

A story on the same day is not a cause, and a group move is not proof either. Group: the median of WELL, PLD, EQIX and AMT that day, the largest companies in DLR’s SEC industry; “moved with DLR” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). DLR reports after the close, so day 1 is the next close. 2 of 4 times, day 6 ended on the same side as day 1.

Reported Oct 23, 2025

day 1+2.22%day 6−2.84%

Reported Feb 5, 2026

day 1+4.23%day 6+9.91%

Reported Apr 23, 2026

day 10.00%day 6+0.35%

Reported Jul 23, 2026

day 1+11.01%day 6+5.12%

Next report: expected late January to early FebruaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 29 report: +1.08%. Four reports is a small sample.

Every report since 2023 →

Each line is DLR’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

DLR against four REIT peers, a year at 100

DLR is up 8.8% in a year. Welltower is up 30.3%, Equinix 27.8% and American Tower 9.5%. Of these four, only Prologis (+4.6%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

Share this chart

DLR +8.8%. Welltower +30.3%, Equinix +27.8%, American Tower +9.5%, Prologis +4.6%. Weekly closes, Nov 7, 2025 = 100, log scale.

Share this chart

End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in DLR’s SEC industry (Real Estate Investment Trusts) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

WELL	Welltower	$178.7B	−1.03%
PLD	Prologis	$122.5B	−2.14%
EQIX	Equinix	$104.0B	−5.38%
AMT	American Tower	$90.8B	−0.45%
SPG	Simon Property	$74.6B	−0.85%
PSA	Public Storage	$60.2B	−0.66%
O	Realty Income	$56.0B	+0.47%
VTR	Ventas	$45.8B	−0.18%