Digital Realty (DLR) stock
Real Estate · Data Center REITs
Digital Realty (DLR) is a Data Center REITs company in the Real Estate sector, headquartered in Austin, Texas. As of October 23, 2026, DLR closed at $172.37, a market capitalization of $65.10 billion, the 188th largest company in the S&P 500. Over the last twelve months it generated $6.76 billion in revenue (+30% year over year) and $2.55 billion in free cash flow. The stock trades at 83.7x trailing earnings and 62.4x forward earnings.
- 1-year total return: +1.1% (dividends reinvested)
- 5-year return: +5.4% a year
- 52-week range: $146.23 – $208.14
- Gross margin 57.0%, operating margin 25.9%
- Dividend yield: 2.83%
- FI Handbook report card: C- across 10 metrics
- 6th largest of 30 Real Estate stocks in the S&P 500
DLR price chart
1Y price change: -1.7% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| DLR | -5.0% | +13.7% | +1.1% | +17.1% | +5.4% | +9.7% | +17.4% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 2004.
DLR key statistics
- Market cap
- $65.1B
- #188 in S&P 500
- P/E (TTM)
- 83.7x
- Forward P/E
- 62.4x
- EPS (TTM)
- $2.06
- Revenue (TTM)
- $6.8B
- +30%
- Free cash flow
- $2.5B
- Gross margin
- 57.0%
- Operating margin
- 25.9%
- Return on equity
- 2.9%
- Dividend yield
- 2.83%
- 52-week range
- $146.23 – $208.14
- Beta
- 1.01
- Price / sales
- 9.6x
- EV / EBITDA
- 26.4x
- Debt / equity
- 0.68x
- Employees
- 4,282
DLR report card
C-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth29.9%A
- Gross margin57.0%B
- Operating margin25.9%B
- FCF margin37.7%A
- Return on equity2.9%F
- Net debt / EBITDA5.7xF
- Forward P/E62.4xF
- PEG ratio11.9xF
- Shareholder yield2.8%C
- Share count change / yr321.1%F
Digital Realty Trust financials
Revenue went from $2.1B in fiscal 2016 to $6.1B in fiscal 2025, growing 12.4% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.1B | $2.5B | $3.0B | $3.2B | $3.9B | $4.4B | $4.7B | $5.5B | $5.6B | $6.1B |
| Operating income | $497.3M | $451.3M | $549.8M | $594.2M | $557.5M | $694.0M | $590.0M | $524.5M | $471.9M | $658.5M |
| Net income | $426.2M | $248.3M | $331.2M | $579.8M | $356.4M | $1.7B | $377.7M | $948.8M | $602.5M | $1.3B |
| EPS (diluted) | $2.20 | $0.99 | $1.21 | $2.35 | $1.00 | $5.94 | $1.11 | $2.88 | $1.61 | $3.58 |
| Dividends paid | $521.6M | $646.4M | $849.5M | $996.8M | $1.2B | $1.4B | $1.5B | $1.5B | $1.6B | $1.7B |
| Diluted shares | 150.7M | 174.9M | 206.7M | 209.5M | 262,523 | 283.2M | 297.9M | 309.1M | 331.5M | 347.8M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into DLR?
A reverse DCF asks what growth the current price requires. With an enterprise value of $83.3B and $2.5B of trailing free cash flow, Digital Realty Trust needs to grow free cash flow about 23.2% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return.
P/E ratio history
Current 48.1x vs. median 63.8x (10th–90th percentile 31.3x–113.7x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
DLR dividend
- Dividend yield
- 2.83%
- Annual dividend
- $4.88
- Years of increases
- —
- 5-yr dividend growth
- 1.7%
- per year
- Payout ratio
- 237%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
DLR analyst price targets
33 analysts' average 12-month target is $222.97 (+29% vs. $172.37). Targets range from $190.00 to $250.00.
DLR earnings
Next report: October 29, 2026.
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Jul 23, 2026 | $0.73 | $0.62 | -15.0% |
| Apr 23, 2026 | $0.45 | $0.46 | +2.7% |
| Feb 5, 2026 | $0.39 | $0.40 | +2.2% |
| Oct 23, 2025 | $0.23 | $0.34 | +46.5% |
| Jul 24, 2025 | $0.31 | $0.39 | +26.4% |
| Apr 24, 2025 | $0.24 | $0.38 | +59.0% |
| Feb 13, 2025 | $0.26 | $0.29 | +13.3% |
| Oct 24, 2024 | $0.26 | $0.21 | -19.5% |
Stocks like DLR
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|---|---|---|---|---|---|
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 PLD Prologis | -0.17% | +4% | $122.9B | 28.1x | Compare |
 AMT American Tower Corporation (REI | +4.08% | +3% | $88.1B | 26.0x | Compare |
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 PSA Public Storage | +0.25% | +5% | $57.9B | 29.6x | Compare |
 O Realty Income | -0.30% | -0% | $53.8B | 41.2x | Compare |
 VMRK Vivmark Residential | -0.85% | +4% | $48.8B | 24.1x | Compare |
DLR news
- 4 Data Center REITs With Growing Dividends and an AI Tailwind · Oct 24, 2026
- Digital Realty Commences Construction of KIX15 Data Center, Expanding AI Infrastructure in Japan · Oct 7, 2026
- Can Digital Realty Trust (DLR) Justify Its Valuation After The Blackfuel AI Deal? · Oct 7, 2026
- Digital Realty Announces Pricing of €1 Billion of Guaranteed Notes Due 2036 · Oct 6, 2026
- Digital Realty Announces Closing CHF510 Million of Swiss Bonds · Oct 6, 2026
DLR stock FAQ
What is DLR's market cap?
Digital Realty's market capitalization is $65.10 billion as of October 23, 2026, ranking 188th in the S&P 500.
What is DLR's P/E ratio?
DLR trades at a trailing price-to-earnings ratio of 83.7x and a forward P/E of 62.4x. Its median P/E over the period we track is 63.8x.
Does DLR pay a dividend?
Yes. Digital Realty pays $4.88 per share a year, a 2.83% yield. Dividends grew 1.7% a year over the last five years.
How much has DLR stock returned?
Including reinvested dividends, DLR returned +1.1% over one year, +5.4% a year over five years, +9.7% a year over ten years through October 23, 2026.
Is DLR stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Digital Realty must grow free cash flow about 23% a year for the next decade. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the DLR price target?
33 analysts cover DLR with an average 12-month price target of $222.97, +29% from the current price.
When does DLR report earnings?
Digital Realty is expected to report earnings on October 29, 2026.
How many employees does Digital Realty have?
Digital Realty has about 4,282 full-time employees, or $1.6 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology