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DLR

DLR

Digital Realty Trust, Inc.
$175.31
+1.34% Oct 20 close
Real EstateS&P 500 CompareTechnicals
-14%-5%+3%+11%+20%Oct 2025Oct 2026Apr 2026
DLRSPY
1W
-1.6%
1M
-3.7%
3M
-1.6%
6M
-11.7%
YTD
+15.6%
1Y
+4.3%

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What they do

Digital Realty Trust, Inc. brings companies and data together by delivering the full spectrum of data center, colocation, and interconnection solutions. Platform DIGITAL, the company's global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter Architecture (PDx) solution methodology for powering innovation.

Real Estate · REIT - Specialty

For information only · Important disclosures

Grades vs sector

Momentum
52nd percentile in sector
C+
12-1 return: +6.0%
Percentile within its GICS sector across the S&P 1500.
Growth
92nd percentile in sector
A
Revenue growth (YoY): +29.9%
Percentile within its GICS sector across the S&P 1500.
Value
12th percentile in sector
D-
Forward E/P: 1.6% · EBITDA/EV: 3.7%
Percentile within its GICS sector across the S&P 1500.
Profitability
34th percentile in sector
C-
Profit margin: +11.8% · Return on equity: +2.9%
Percentile within its GICS sector across the S&P 1500.
Revisions
Not enough data yet
–
EPS estimate change, 30 days (current FY): –
30-day change in analysts' current-year EPS estimate; graded across covered stocks.

Our models

Not held by any of our 5 live models right now.

Quality Growth
Outside this model's universe or screens
Momentum Top 15
ranked 256 of 499 · 12-month momentum 9.7%
Momentum Blend
Not in the current book
New Highs Growth
Outside this model's universe or screens
Coteau Long Book
Not in the current book

News

More news
Trump Wants Data Centers to Pay a “Dividend” to Their Neighbors
24/7 Wall St. · 2h ago
S&P 500 Analyst Moves: DLR
Nasdaq · Oct 19
Digital Realty Trust Takes Over #39 Spot From Applied Materials
Nasdaq · Oct 19
The AI Data Center Race: 3 Stocks Cashing In Today and 1 Aiming to Next Year
24/7 Wall St. · Oct 19

Key stats

Market value$66.6B
P/E (last 12 months)85.6
P/E (next 12 months, estimated)63.8
52-week range$146.23 – $208.14
Revenue growth (latest quarter vs a year ago)+29.9%
Dividend yield2.78%
Analyst consensusStrong Buy (33)
Average analyst price target$222.97 (+27%)
Valuation and fundamentals

Valuation & fundamentals

Bottom line
Leans undervalued
Model read-out from the numbers below, not advice. Score +1 (DCF counts double).
▲DCF (base case)above the price by 46%
▼Forward P/E vs sector63.8x vs median 29.6x
•Piotroski F-score6/9
▼Altman Z1.7 (distress)
▲Net debt / EBITDA0.3x
▲Analyst target+27% (33 analysts)

Discounted cash flow

Bear
$137
-22%
growth 12% · disc. 10.3% · term. 2.0%
Base
$255
+46%
growth 20% · disc. 9.3% · term. 2.5%
Bull
$429
+145%
growth 24% · disc. 8.3% · term. 3.0%

A DCF starts from trailing free cash flow, so it can overstate value if the last 12 months were unusually strong (or weak). Use the bear case or edit the starting cash flow if so.

Reverse DCFfor context, not a signal
Today's price assumes free cash flow grows about 10% a year for 10 years.
Implied
+10%/yr
FCF, last 3 yrs
+13%/yr
FCF, last 5 yrs
+7%/yr
Revenue, last 3 yrs
+9%/yr
Revenue, last 5 yrs
+9%/yr
Same inputs as the DCF above: trailing free cash flow 2.5B, 9.3% discount rate, 2.5% growth after year 10, net debt and today's share count. Actual growth rates are compound annual rates from SEC annual filings through FY2025; "n/a" means too little history or a negative starting year.
Edit assumptions · recalculates instantly
Your value per share–

Free cash flow = operating cash flow − capital spending, trailing 12 months (TTM to 2026-03-31). Growth default: average of 3-year revenue CAGR and latest revenue growth, capped at 30%. Years 6–10 fade linearly to terminal growth. Discount rate = 4.25% risk-free assumption + beta 1.01 × 5% equity premium, kept within 7–13%. Bear: lower growth, +1 pt discount, 2% terminal. Bull: higher growth, −1 pt, 3%.

Multiples vs Real Estate

P/E (trailing)
sector median 27.6× · 89th pct
85.6×
pricier
Forward P/E
sector median 29.6× · 85th pct
63.8×
pricier
EV / EBITDA
sector median 17.2× · 90th pct
25.2×
pricier
Price / sales
sector median 6.5× · 84th pct
10.5×
pricier
Price / book
sector median 1.8× · 81st pct
2.8×
pricier
FCF yield
sector median 6.9% · 10th pct
3.8%
pricier

Forward EPS $2.76 vs trailing $2.06 (+34% expected growth). Forward P/E uses analysts' next-12-month estimate.

Quality & financial health

Gross margin
–
Operating margin
11.5%
FCF margin
40.1%
Net margin
21.7%
Return on equity
5.9%
Return on invested capital
2.9%
Net debt / EBITDA
0.3×
Current ratio
–
Interest cover
1.6×
Cash conversion (OCF/NI)
1.8×
Piotroski F-score 6/9 · last two fiscal years
✓ Positive net income✓ Positive operating cash flow✓ Return on assets improved✓ Cash flow above net income✓ Long-term debt / assets fell✗ Current ratio improved✗ No share dilution✗ Gross margin improved✓ Asset turnover improved

Altman Z-score 1.7 (distress zone; above 3.0 = safe, below 1.8 = distress). Not meaningful for banks and insurers.

Analysts

Mean target
$223
+27%
Analysts
33
Strong Buy
Range
$190–$250
low – high
● price · ◆ mean target

Annual history

FYRevenueNet incomeFree cash flow
2025$6.1B$1.3B$2.4B
2024$5.6B$602.5M$2.3B
2023$5.5B$948.8M$1.6B
2022$4.7B$377.7M$1.7B
2021$4.4B$1.7B$1.7B
2020$3.9B$356.4M$1.7B

From the company's 10-K filings via SEC XBRL. 3-year revenue CAGR +9.2%.

Earnings

Next report: 2026-10-29 · after close · EPS est 0.57
24-1025-0225-0425-0725-1026-0226-0426-070.000.73
EstimateActual (beat)Actual (miss)
ReportEPS estActualSurprise
2026-07-230.730.62-15.0%
2026-04-230.450.46+2.7%
2026-02-050.390.40+2.2%
2025-10-230.230.34+46.5%
2025-07-240.310.39+26.4%
2025-04-240.240.38+59.0%
2025-02-130.260.29+13.3%
2024-10-240.260.21-19.5%

Quarterly revenue

QuarterRevenueYoY
2026-03-31$1.6B+16.2%
2025-12-31$1.6B–
2025-09-30$1.6B–
2025-06-30$1.5B–
2025-03-31$1.4B–
Rating changes
Initiated
2026-10-21 · CIBC started covering DLR at Outperformer
Initiated
2026-09-21 · Rothschild & Co started covering DLR at Buy
Reiterated
2026-09-10 · BTIG reiterated Buy on DLR
Reiterated
2026-08-18 · Evercore ISI Group reiterated Outperform on DLR
Upgrade
2026-08-14 · HSBC upgraded DLR from Hold to Buy
Upgrade
2026-08-05 · Argus Research upgraded DLR from Hold to Buy

Third-party analyst actions, not Coteau's views. All rating changes

Recent dividends

2026-09-15: $1.220 · 2026-06-15: $1.220 · 2026-03-13: $1.220 · 2025-12-15: $1.220 · 2025-09-15: $1.220 · 2025-06-13: $1.220 · 2025-03-14: $1.220 · 2024-12-13: $1.220
Insider trades
Patterson Mark R
Director · 2026-08-27
Sell
$38.8K
None
None · None
Sell
–
None
None · None
Sell
–
None
None · None
Sell
–

Stats refreshed 2026-10-21 17:58:01 ET from Yahoo Finance (yfinance). "–" means the data isn't available. Refresh now

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coteau

Independent research · Not investment advice · Important disclosures · Contact desk@coteau.app

Coteau Systematic Strategies publishes stock research and model portfolios. Results are hypothetical unless marked Live. Data: Yahoo Finance (15-min delayed), SEC EDGAR and the House Clerk.

Beta 0.9 · Oct 21, 2026