REIT Report Card · August 15, 2026
Digital Realty is the data-center REIT, $75.4B, with about $541 million of DLR trading on an average day. A +18.7% year has the shares at about 29.1x EV / EBITDA. The indicated yield is 2.44%. CapEx was 116.8% of operating cash flow in this TTM period, so a buyer is funding growth spending.
| Category | Grade | What It Means |
|---|---|---|
| Liquidity | A+ | A thick daily market |
| Balance Sheet | B | A lot of debt. Worth keeping an eye on |
| Debt Service | A | Earnings cover interest comfortably |
| Operating Quality | B+ | Solid operating profits |
| Cash Generation | B | Decent cash generation relative to today's stock price |
| Dividend | B- | There's income, but the yield or the coverage is only okay |
| Valuation | C | Expensive on EV / EBITDA |
| Recent Performance | A | A strong year for the share price |
| Overall | B+ | A data-center growth name. Capex ate most of the cash this period |
1. Valuation
A buyer is taking the equity and the net debt together. This multiple is the combined price.
At about 29.1x EV / EBITDA, DLR is expensive on this measure.
Bottom line: The multiple is doing a lot of work. Quality has to keep showing up.
2. Leverage
For every $1 of annual EBITDA DLR generates, it has about $5.66 of net debt.
For a REIT, this is usually the first leverage number worth reading.
Bottom line: DLR uses a fair amount of debt, but the load looks manageable relative to earnings.
3. Debt Exposure
About 19% of DLR's total enterprise value is net debt.
That gives equity investors more of a cushion than you'd get with a more leveraged REIT.
Bottom line: DLR's equity value makes the capital structure less debt-heavy than Net Debt / EBITDA alone might suggest.
4. Interest Protection
DLR generates about 6.97x of EBITDA for every $1 of estimated interest.
Higher coverage usually means a REIT can absorb higher rates, refinancing costs, or a soft patch in the properties more easily.
Bottom line: Interest looks well covered.
5. Operating Profitability
DLR turns about 47 cents of every revenue dollar into EBITDA.
Bottom line: Margins are respectable. Compare them with the same property type, not with net-lease specialists.
6. Cash Generation
DLR generated operating cash flow equal to about 3.9% of its current equity value.
For every $100 of current equity value, the company generated about $3.94 of trailing operating cash flow.
Bottom line: There's real cash in dollars, but a higher stock price compresses the yield you get today.
7. Cash Conversion
About 93% of DLR's EBITDA turned into operating cash flow.
Bottom line: Most of the reported operating earnings are showing up as actual cash.
8. Dividend Safety
On our standardized math, operating cash flow covers DLR's annualized dividend about 1.61x.
DLR generates roughly 1.61x of operating cash flow for every $1.00 of estimated dividends.
Bottom line: The dividend looks well covered by operating cash flow on this method.
9. Dividend Yield
DLR is not a high-income REIT.
Put $10,000 into DLR at the current indicated yield and you'd get about $244 a year if the dividend stays the same.
Bottom line: If there is a case, it rests on operations and the share price, not on the current check.
10. Market Liquidity
About $541 million of DLR stock changes hands on an average trading day.
Bottom line: DLR has one of the more active names on this list.
If you put $10,000 into DLR today, based on the numbers in this report:
DLR has $20.07B of total debt against $1.91B of cash (5.66x net debt / EBITDA). Interest coverage of 7.0x helps with that load.
At 29.1x EV / EBITDA, there is not much multiple left if operations cool off.
OCF dividend coverage is 1.61x and the indicated yield is 2.44%. The cash-flow cushion looks comfortable on this math.
Average daily dollar volume is $541.0M, among the more active tapes here.
Digital Realty is a data-center growth stock at 29.1x EV / EBITDA. CapEx was 116.8% of operating cash flow. The 2.44% yield is not why anyone owns it.
Cash conversion is 92.5% of EBITDA, which is clean. Then CapEx takes 116.8% of OCF. The growth spend is the job. Cash after capex is not.
29.1x EV / EBITDA, 5.66x leverage, 1.61x coverage, 2.4% yield. Pay that multiple only if you want the data-center spend, not cash after capex.
| Metric | DLR |
|---|---|
| Market Capitalization | $75.40B |
| Enterprise Value | $93.56B |
| Share Price | $200.15 |
| Revenue (TTM) | $6.76B |
| EBITDA (TTM) | $3.21B |
| EBIT (TTM) | $1.22B |
| Operating Cash Flow (TTM) | $2.97B |
| CapEx (TTM) | $3.47B |
| Cash | $1.91B |
| Total Debt | $20.07B |
| Average Daily $ Volume | $541.0M |
| Daily Equity Turnover | 0.72% |
| EV / EBITDA | 29.15x |
| EBITDA Yield on EV | 3.43% |
| EBITDA Margin | 47.49% |
| Net Debt / EBITDA | 5.66x |
| Net Debt / Market Cap | 24.08% |
| Net Debt / Enterprise Value | 19.41% |
| Debt / Total Capital | 21.02% |
| Cash / Debt | 9.52% |
| EV Premium to Equity | 24.08% |
| Operating Cash Flow Yield | 3.94% |
| OCF / EBITDA Conversion | 92.52% |
| CapEx / Operating Cash Flow | 116.84% |
| CapEx / Revenue | 51.33% |
| Post-CapEx Cash Yield | -0.66% |
| Dividend / OCF Burden | 0.62x |
| OCF Dividend Coverage | 1.61x |
| Implied Interest / Revenue | 6.81% |
| EBITDA Interest Coverage | 6.97x |
| Reported Interest Coverage (source) | 2.65x |
| Dividend Yield | 2.44% |
| 52-Week Price Change | +18.73% |
| Approx. 1-Year Total Carry | +21.17% |
| Beta (5Y) | 1.04 |
We grade each REIT on several things at once. A cheap multiple next to heavy debt is a different story than a cheap multiple next to a light load.
Financial Strength looks at leverage, how much of the firm is debt, daily trading volume, and whether earnings cover interest.
Operating Quality looks at the EBITDA margin and how much of those earnings show up as cash.
Dividend Quality looks at the indicated yield, whether operating cash flow covers the payout, and how heavy the payout is versus cash.
Valuation is what you pay for the REIT's earnings: enterprise value over EBITDA.
Market Performance looks at last year's share-price change and how much stock trades on an ordinary day.
A hotel and a net-lease REIT will not look the same on these measures, and they should not. Read each name next to peers in the same property type.
Read the full methodology and the grading bands.
The numbers come from trailing financials and market data we pulled for this report. Some ratios we calculate ourselves. They are not always the figures the company highlights.
We use them so these 20 REITs can be lined up on the same math. That does not replace company-reported FFO, AFFO, same-store NOI, occupancy, lease schedules, or NAV.
Source: https://stockanalysis.com/stocks/dlr/statistics/
Report date: August 15, 2026
This is for information only. It isn't investment advice, a buy or sell recommendation, or a judgment about whether any of these REITs fit your situation.