MeritValue

DIGITAL REALTY TRUST, INC.

DLRdata completeness 75%17 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

DIGITAL REALTY TRUST, INC. earns about 5% on equity, but has diluted owners by 23% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $28.27 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$4.43B1$4.69B2$5.48B3$5.55B3$6.11B3
Net income$1.71B4$377.7M5$948.8M6$602.5M6$1.31B6
Operating cash flow$1.7B7$1.66B8$1.63B9$2.26B9$2.41B9
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$142.7M10$141.8M11$1.63B12$3.87B12$3.45B12
Diluted shares283.2M297.9M309.1M331.5M347.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$659.14
your share of equity
Profit it earned you last year
$37.62
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $659.14 of net worth that earned you $37.62 last year.

iii. Is this a good business?
Moat signal · return on equity
5% avg · 5y
FY21 9%FY22 2%FY23 5%FY24 3%FY25 6%

It earned an average 5% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+23% shares · 5y

Share count is up 23% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$28.27
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$948.8M
  • growthAssumed0.0%
Graham Number
$72.87
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-24-001575 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-25-001424 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001104659-26-015365 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001558370-24-001575 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001558370-25-001424 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001104659-26-015365 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001558370-24-001575 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001558370-25-001424 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001104659-26-015365 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001558370-24-001575 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2022-12-31 · accession 0001558370-25-001424 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-12-31 · accession 0001104659-26-015365 (CashAndCashEquivalentsAtCarryingValue)