Discounted Cash Flow

Equinix Inc. REIT

EQIX · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $3.6b $126.8m $974.3m 3.5% $1.81
2017 $4.4b (20.9%) $233.0m (83.7%) $1.4b (41.8%) 5.3% (51.9%) $3.03 (67.4%)
2018 $5.1b (16.1%) $365.4m (56.8%) $1.8b (26.7%) 7.2% (35.1%) $4.58 (51.2%)
2019 $5.6b (9.7%) $507.4m (38.9%) $1.9b (10.4%) 9.1% (26.6%) $6.03 (31.7%)
2020 $6.0b (7.8%) $369.8m (-27.1%) $2.2b (13.0%) 6.2% (-32.4%) $4.22 (-30.0%)
2021 $6.6b (10.6%) $500.2m (35.3%) $2.4b (11.8%) 7.5% (22.3%) $5.57 (32.0%)
2022 $7.3b (9.5%) $704.3m (40.8%) $2.8b (15.5%) 9.7% (28.6%) $7.69 (38.1%)
2023 $8.2b (12.7%) $969.2m (37.6%) $3.1b (9.3%) 11.8% (22.1%) $10.35 (34.6%)
2024 $8.7b (6.8%) $815.0m (-15.9%) $183.0m (-94.1%) 9.3% (-21.3%) $8.54 (-17.5%)
2025 $9.2b (5.4%) $1.4b (65.6%) $-400.0m (-318.6%) 14.6% (57.2%) $13.79 (61.5%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model