Tearsheet
DLR Home Investment Highlights Valuation, Metrics & Events Price Chart Why The Stock Moved Return vs. Risk About DLR Interactive Breakdown Better Bets vs. DLR Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Trade Sentinel Industry Resource Links External Quote Links

Digital Realty Trust (DLR)

Market Price (3/14/2026): $179.63 | Market Cap: $61.7 Bil
Sector: Real Estate | Industry: Data Center REITs

Digital Realty Trust (DLR)

Market Price (3/14/2026): $179.63
Market Cap: $61.7 Bil
Sector: Real Estate
Industry: Data Center REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 39%, CFO LTM is 2.4 Bil, FCF LTM is 2.4 Bil		 Trading close to highs
Dist 52W High is -1.0%, Dist 3Y High is -4.1%		 Expensive valuation multiples
P/SPrice/Sales ratio is 10x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 35x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x
1 Low stock price volatility
Vol 12M is 25%		 Weak multi-year price returns
2Y Excs Rtn is -3.6%		 
2 Megatrend and thematic drivers
Megatrends include Artificial Intelligence, Cloud Computing, 5G & Advanced Connectivity, E-commerce Logistics & Data Centers, Show more.		  
0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 39%, CFO LTM is 2.4 Bil, FCF LTM is 2.4 Bil
1 Low stock price volatility
Vol 12M is 25%
2 Megatrend and thematic drivers
Megatrends include Artificial Intelligence, Cloud Computing, 5G & Advanced Connectivity, E-commerce Logistics & Data Centers, Show more.
3 Trading close to highs
Dist 52W High is -1.0%, Dist 3Y High is -4.1%
4 Weak multi-year price returns
2Y Excs Rtn is -3.6%
5 Expensive valuation multiples
P/SPrice/Sales ratio is 10x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 35x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Digital Realty Trust (DLR) stock has gained about 15% since 11/30/2025 because of the following key factors:

1. Digital Realty Trust reported strong fourth-quarter 2025 financial results, surpassing analyst expectations. The company's Core Funds From Operations (FFO) per share reached $1.86, exceeding the consensus estimate of $1.83 by $0.03. Additionally, quarterly revenue increased by 13.8% year-over-year to $1.63 billion, outperforming the consensus estimate of $1.58 billion.

2. The company provided a positive outlook and guidance for 2026, signaling continued growth. Digital Realty projects nearly 8% growth in core FFO per share for 2026 and aims to increase revenue and Adjusted EBITDA by over 10% in the same year. Management highlighted robust top-line growth and a substantial backlog that provides clear revenue visibility into 2026 and beyond.

Show more

Stock Movement Drivers

Fundamental Drivers

The 13.8% change in DLR stock from 11/30/2025 to 3/13/2026 was primarily driven by a 22.5% change in the company's P/E Multiple.
(LTM values as of)113020253132026Change
Stock Price ($)157.77179.6113.8%
Change Contribution By: 
Total Revenues ($ Mil)5,9146,1133.4%
Net Income Margin (%)23.7%21.4%-9.5%
P/E Multiple38.547.222.5%
Shares Outstanding (Mil)341344-0.6%
Cumulative Contribution13.8%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/13/2026
ReturnCorrelation
DLR13.8% 
Market (SPY)-3.1%42.6%
Sector (XLRE)1.4%43.2%

Fundamental Drivers

The 9.5% change in DLR stock from 8/31/2025 to 3/13/2026 was primarily driven by a 17.8% change in the company's P/E Multiple.
(LTM values as of)83120253132026Change
Stock Price ($)164.02179.619.5%
Change Contribution By: 
Total Revenues ($ Mil)5,7686,1136.0%
Net Income Margin (%)24.0%21.4%-10.7%
P/E Multiple40.047.217.8%
Shares Outstanding (Mil)338344-1.7%
Cumulative Contribution9.5%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/13/2026
ReturnCorrelation
DLR9.5% 
Market (SPY)3.0%38.2%
Sector (XLRE)0.6%47.0%

Fundamental Drivers

The 19.2% change in DLR stock from 2/28/2025 to 3/13/2026 was primarily driven by a 97.4% change in the company's Net Income Margin (%).
(LTM values as of)22820253132026Change
Stock Price ($)150.62179.6119.2%
Change Contribution By: 
Total Revenues ($ Mil)5,5556,11310.0%
Net Income Margin (%)10.8%21.4%97.4%
P/E Multiple83.447.2-43.4%
Shares Outstanding (Mil)333344-2.9%
Cumulative Contribution19.2%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/13/2026
ReturnCorrelation
DLR19.2% 
Market (SPY)12.4%56.3%
Sector (XLRE)0.2%62.3%

Fundamental Drivers

The 92.3% change in DLR stock from 2/28/2023 to 3/13/2026 was primarily driven by a 165.9% change in the company's Net Income Margin (%).
(LTM values as of)22820233132026Change
Stock Price ($)93.39179.6192.3%
Change Contribution By: 
Total Revenues ($ Mil)4,6926,11330.3%
Net Income Margin (%)8.0%21.4%165.9%
P/E Multiple71.647.2-34.1%
Shares Outstanding (Mil)289344-15.8%
Cumulative Contribution92.3%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/13/2026
ReturnCorrelation
DLR92.3% 
Market (SPY)73.4%48.5%
Sector (XLRE)21.3%61.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
DLR Return31%-41%40%36%-10%17%54%
Peers Return47%-16%26%21%-12%21%99%
S&P 500 Return27%-19%24%23%16%-1%80%

Monthly Win Rates [3]
DLR Win Rate67%42%67%67%42%100% 
Peers Win Rate75%39%64%61%44%67% 
S&P 500 Win Rate75%42%67%75%67%33% 

Max Drawdowns [4]
DLR Max Drawdown-10%-48%-13%-3%-23%-1% 
Peers Max Drawdown-11%-32%-9%-13%-18%-1% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-2% 

[1] Cumulative total returns since the beginning of 2021
[2] Peers: EQIX, AMT, IRM. See DLR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/13/2026 (YTD)

How Low Can It Go

Unique KeyEventDLRS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-51.1%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven104.5%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven520 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-24.7%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven32.8%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven16 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-22.3%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven28.7%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven560 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-56.8%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven131.5%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven379 days1,480 days

Compare to EQIX, AMT, IRM

In The Past

Digital Realty Trust's stock fell -51.1% during the 2022 Inflation Shock from a high on 12/31/2021. A -51.1% loss requires a 104.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Digital Realty Trust (DLR)

Digital Realty supports the world's leading enterprises and service providers by delivering the full spectrum of data center, colocation and interconnection solutions. PlatformDIGITALR, the company's global data center platform, provides customers a trusted foundation and proven Pervasive Datacenter Architecture PDxTM solution methodology for scaling digital business and efficiently managing data gravity challenges. Digital Realty's global data center footprint gives customers access to the connected communities that matter to them with more than 284 facilities in 48 metros across 23 countries on six continents.

AI Analysis | Feedback

Here are 1-3 brief analogies for Digital Realty Trust (DLR):

  • American Tower for data centers.

  • Prologis for the digital economy's infrastructure.

AI Analysis | Feedback

```html
  • Data Center Solutions: Providing the physical infrastructure and environment for customers' digital operations.
  • Colocation Services: Offering secure, customizable space within their global data centers for customers to house their IT equipment.
  • Interconnection Services: Facilitating direct, private connectivity between customers, cloud providers, and network services within their global data center platform.
```

AI Analysis | Feedback

Digital Realty Trust (symbol: DLR) primarily sells its data center, colocation, and interconnection solutions to other companies. While Digital Realty often maintains confidentiality regarding specific customer names due to non-disclosure agreements, major customers for global data center providers like DLR typically fall into the following categories, with leading examples including:

  • Hyperscale Cloud Providers: These companies are major consumers of data center capacity to power their global cloud services.
    • Amazon.com, Inc. (AMZN) - for Amazon Web Services (AWS)
    • Microsoft Corporation (MSFT) - for Microsoft Azure
    • Alphabet Inc. (GOOGL) - for Google Cloud Platform
  • Major Telecommunication & Network Providers: These companies leverage Digital Realty's facilities for network points of presence and interconnection services.
    • Verizon Communications Inc. (VZ)
    • AT&T Inc. (T)
  • Large Content & Digital Media Companies: Businesses that require vast infrastructure for streaming, social media, and other digital content delivery.
    • Meta Platforms, Inc. (META)

AI Analysis | Feedback

null

AI Analysis | Feedback

null

AI Analysis | Feedback

null

AI Analysis | Feedback

null

AI Analysis | Feedback

null

AI Analysis | Feedback

null

AI Analysis | Feedback

null

Better Bets vs. Digital Realty Trust (DLR)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Digital Realty Trust Earnings Notes12/26/2025
28-Day Sell-Off Sends Digital Realty Trust Stock Down 9.7%12/19/2025
3Digital Realty Trust Stock Plummets 9.4% With 7-Day Losing Streak12/18/2025
4Can Digital Realty Trust Stock Recover If Markets Fall?10/17/2025
5Digital Realty Trust vs Microsoft: Which Is A Better Investment?08/18/2025
6Digital Realty Trust vs Prologis: Which Is A Better Investment?08/18/2025
7Digital Realty Trust vs Equinix: Which Is A Better Investment?08/18/2025
8How Does Digital Realty Trust Stock Stack Up Against Its Peers?08/13/2025
9ARTICLES 
10Large Cap Stocks Trading At 52-Week High03/05/2026
11Digital Realty Trust Stock In Shambles: Down -9.7% With 8-Day Losing Streak12/19/2025
12Digital Realty Trust Stock Plummets -9.4% With 7-Day Losing Streak12/18/2025
13DLR Stock Up 5.6% after 5-Day Win Streak07/19/2025

Trade Ideas

Select ideas related to DLR.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
KRC_2272026_Dip_Buyer_ValueBuy02272026KRCKilroy RealtyDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		0.0%0.0%0.0%
AAT_2202026_Insider_Buying_GTE_1Mil_EBITp+DE_V202202026AATAmerican Assets TrustInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		-0.2%-0.2%-1.5%
LINE_12122025_Insider_Buying_GTE_1Mil_EBITp+DE_V212122025LINELineageInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		11.7%11.7%-7.3%
OHI_11302025_Insider_Buying_45D_2Buy_200K11302025OHIOmega Healthcare InvestorsInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days		6.7%6.7%-6.0%
ADC_10312025_Insider_Buying_GTE_1Mil_EBITp+DE_V210312025ADCAgree RealtyInsiderInsider Buys | Low D/EStrong Insider Buying
Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap		11.8%11.8%-2.8%
DLR_12312022_Dip_Buyer_ValueBuy12312022DLRDigital Realty TrustDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		16.2%39.9%-12.7%

Recent Active Movers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons

Peers to compare with:

Financials

DLREQIXAMTIRMMedian
NameDigital .Equinix American.Iron Mou. 
Mkt Price179.61969.90184.41106.84182.01
Mkt Cap61.795.286.231.674.0
Rev LTM6,1139,21710,6456,9028,059
Op Inc LTM9221,9664,9291,4041,685
FCF LTM2,412-4003,784-1,0071,006
FCF 3Y Avg2,103733,469-6321,088
CFO LTM2,4123,9115,4641,3403,162
CFO 3Y Avg2,1033,4595,1591,2172,781

Growth & Margins

DLREQIXAMTIRMMedian
NameDigital .Equinix American.Iron Mou. 
Rev Chg LTM10.0%5.4%5.1%12.2%7.7%
Rev Chg 3Y Avg9.4%8.3%3.5%10.6%8.9%
Rev Chg Q13.8%7.0%7.5%16.6%10.7%
QoQ Delta Rev Chg LTM3.4%1.8%1.8%3.9%2.6%
Op Mgn LTM15.1%21.3%46.3%20.3%20.8%
Op Mgn 3Y Avg14.0%19.2%42.0%20.1%19.7%
QoQ Delta Op Mgn LTM0.3%0.8%-0.1%0.4%0.4%
CFO/Rev LTM39.5%42.4%51.3%19.4%40.9%
CFO/Rev 3Y Avg36.7%39.6%49.5%19.7%38.1%
FCF/Rev LTM39.5%-4.3%35.5%-14.6%15.6%
FCF/Rev 3Y Avg36.7%1.0%33.3%-9.8%17.2%

Valuation

DLREQIXAMTIRMMedian
NameDigital .Equinix American.Iron Mou. 
Mkt Cap61.795.286.231.674.0
P/S10.110.38.14.69.1
P/EBIT34.646.819.629.932.3
P/E47.270.634.1218.758.9
P/CFO25.624.415.823.624.0
Total Yield2.1%3.4%6.6%3.4%3.4%
Dividend Yield0.0%1.9%3.7%2.9%2.4%
FCF Yield 3Y Avg4.1%0.1%3.9%-2.4%2.0%
D/E0.30.20.50.60.4
Net D/E0.30.20.50.60.4

Returns

DLREQIXAMTIRMMedian
NameDigital .Equinix American.Iron Mou. 
1M Rtn3.6%12.4%2.2%6.6%5.1%
3M Rtn18.6%30.0%3.0%28.2%23.4%
6M Rtn5.8%24.4%-3.7%12.6%9.2%
12M Rtn27.7%19.0%-8.1%30.1%23.4%
3Y Rtn87.5%49.4%2.1%124.7%68.4%
1M Excs Rtn6.0%14.8%4.6%9.0%7.5%
3M Excs Rtn15.9%34.4%4.9%26.6%21.2%
6M Excs Rtn2.2%20.2%-7.3%7.3%4.8%
12M Excs Rtn1.9%-4.9%-28.7%7.0%-1.5%
3Y Excs Rtn19.8%-20.9%-65.5%51.0%-0.6%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment5,477    
Fee income and other 29331713
Rental and other services 4,6634,3953,8873,196
Total5,4774,6924,4283,9043,209


Price Behavior

Price Behavior
Market Price$179.61 
Market Cap ($ Bil)61.7 
First Trading Date10/29/2004 
Distance from 52W High-1.0% 
   50 Days200 Days
DMA Price$168.08$166.28
DMA Trendupup
Distance from DMA6.9%8.0%
 3M1YR
Volatility21.9%24.4%
Downside Capture16.2672.23
Upside Capture130.0382.97
Correlation (SPY)45.2%55.7%
DLR Betas & Captures as of 2/28/2026

 1M2M3M6M1Y3Y
Beta0.360.660.850.800.730.90
Up Beta2.581.741.240.840.660.68
Down Beta-0.180.650.760.980.750.90
Up Capture47%93%114%70%71%117%
Bmk +ve Days9203170142431
Stock +ve Days13253566132400
Down Capture-80%-25%46%69%85%101%
Bmk -ve Days12213054109320
Stock -ve Days8162658118351

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with DLR
DLR23.0%24.6%0.79-
Sector ETF (XLRE)4.3%16.3%0.0862.3%
Equity (SPY)19.6%18.9%0.8155.7%
Gold (GLD)71.9%26.3%2.055.3%
Commodities (DBC)19.3%17.3%0.8925.2%
Real Estate (VNQ)6.2%16.3%0.1960.6%
Bitcoin (BTCUSD)-15.0%44.2%-0.2434.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with DLR
DLR10.2%28.5%0.36-
Sector ETF (XLRE)6.0%19.0%0.2270.9%
Equity (SPY)13.1%17.0%0.6152.6%
Gold (GLD)24.1%17.3%1.1414.9%
Commodities (DBC)11.2%19.0%0.478.4%
Real Estate (VNQ)4.8%18.8%0.1668.2%
Bitcoin (BTCUSD)6.4%56.7%0.3321.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return		Annualized
Volatility		Sharpe
Ratio		Correlation
with DLR
DLR12.1%28.1%0.45-
Sector ETF (XLRE)6.8%20.4%0.2970.5%
Equity (SPY)14.5%17.9%0.7051.2%
Gold (GLD)14.4%15.6%0.7712.2%
Commodities (DBC)8.6%17.6%0.4010.8%
Real Estate (VNQ)5.6%20.7%0.2366.2%
Bitcoin (BTCUSD)67.5%66.8%1.0711.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date2272026
Short Interest: Shares Quantity10.4 Mil
Short Interest: % Change Since 21520263.3%
Average Daily Volume1.9 Mil
Days-to-Cover Short Interest5.4 days
Basic Shares Quantity343.5 Mil
Short % of Basic Shares3.0%

Returns Analyses

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/5/20264.2%9.5%9.1%
10/23/20252.2%-2.6%-10.4%
7/24/2025-1.2%-2.0%-7.2%
4/24/20254.0%5.3%9.3%
2/13/2025-0.3%0.3%-7.1%
10/24/20249.6%7.9%15.0%
7/25/2024-1.2%3.3%3.3%
5/2/20244.9%2.4%2.1%
...
SUMMARY STATS   
# Positive101212
# Negative141212
Median Positive3.8%3.5%7.8%
Median Negative-2.2%-5.8%-6.8%
Max Positive9.6%9.5%15.0%
Max Negative-8.3%-10.9%-10.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
12/31/202502/13/202610-K
09/30/202510/31/202510-Q
06/30/202508/01/202510-Q
03/31/202505/01/202510-Q
12/31/202402/25/202510-K
09/30/202411/01/202410-Q
06/30/202408/02/202410-Q
03/31/202405/03/202410-Q
12/31/202302/23/202410-K
09/30/202311/09/202310-Q
06/30/202308/04/202310-Q
03/31/202305/04/202310-Q
12/31/202202/27/202310-K
09/30/202211/04/202210-Q
06/30/202208/05/202210-Q
03/31/202205/06/202210-Q

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value		Value of
Held Shares		Form
1Preusse, Mary HoganDirectSell12012025157.424,166  Form
2Power, AndrewPRESIDENT AND CEODirectSell9162025175.104,731  Form
3Power, AndrewPRESIDENT AND CEODirectSell9162025175.1653,269  Form
4Patterson, Mark RDirectSell6062025176.5017530,8881,151,133Form

External Quote Links


Prefer one of these to Trefis? Tell us why.