Question 1

What is Digital Realty Trust's P/FCF ratio?

Accepted Answer

Digital Realty Trust (DLR) P/FCF ratio is 54.6× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Digital Realty Trust?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Digital Realty Trust specifically, the relevant sector benchmark is the current sector median of 15.9×.

Question 5

Is Digital Realty Trust's P/FCF ratio high or low?

Accepted Answer

Digital Realty Trust's P/FCF ratio of 54.6× is below its own 5-year average of 449.3× and above the sector median of 15.9×. That places the current reading at the 13th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Digital Realty Trust's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Digital Realty Trust (DLR) P/FCF ratio has ranged from a low of 2.5× in 2013 to a high of 1791.6× in 2021. The 5-year average is 449.3× and the 5-year median is 141.8×.

Question 7

What was Digital Realty Trust's P/FCF ratio in 2025?

Accepted Answer

Digital Realty Trust (DLR) P/FCF ratio at the end of 2025 was 228.0×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Digital Realty Trust's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$53.1B	$233M	228.0×	—	Dec 31, 2025
2024	$59.1B	-$570M	—	—	Dec 31, 2024
2023	$41.2B	-$1.15B	—	—	Dec 31, 2023
2022	$29B	-$984M	—	—	Dec 31, 2022
2021	$50.2B	-$819M	—	—	Dec 31, 2021
2020	$39.1B	$1.71B	22.9×	+6.4×	Dec 31, 2020
2019	$25B	$1.51B	16.5×	+0.6×	Dec 31, 2019
2018	$22B	$1.39B	15.9×	-7.0×	Dec 31, 2018
2017	$23.4B	$1.02B	22.9×	+5.7×	Dec 31, 2017
2016	$15.6B	$912M	17.1×	+3.6×	Dec 31, 2016
2015	$10.8B	$799M	13.5×	-11.5×	Dec 31, 2015
2014	$8.97B	$359M	25.0×	+15.4×	Dec 31, 2014
2013	$6.31B	$656M	9.6×	-5.9×	Dec 31, 2013
2012	$8.41B	$543M	15.5×	—	Dec 31, 2012
2011	$7.01B	-$443M	—	—	Dec 31, 2011
2010	$4.68B	-$1.35B	—	—	Dec 31, 2010
2009	$3.85B	-$250M	—	—	Dec 31, 2009
2008	$2.4B	-$427M	—	—	Dec 31, 2008
2007	$2.46B	-$520M	—	—	Dec 31, 2007
2006	$1.93B	-$506M	—	—	Dec 31, 2006
2005	$619M	-$390M	—	—	Dec 31, 2005
2004	$289M	-$313M	—	—	Dec 31, 2004


CBRE Group (CBRE)	44.5×
Regency Centers (REG)	24.4×
Mid-America Apartment Communities (MAA)	23.3×
American Tower (AMT)	21.3×
Simon Property Group (SPG)	18.5×
Kimco Realty (KIM)	17.9×
SBA Communications (SBAC)	17.9×
BXP (BXP)	17.7×
Tanger (SKT)	17.2×
STAG Industrial (STAG)	16.0×
Extra Space Storage (EXR)	15.8×
Public Storage (PSA)	15.5×
AvalonBay Communities (AVB)	15.2×
Host Hotels & Resorts (HST)	14.4×
Camden Property Trust (CPT)	14.3×
Realty Income (O)	13.6×
Invitation Homes (INVH)	13.3×
Medical Properties Trust (MPT)	12.8×
UDR (UDR)	12.4×
NNN REIT (NNN)	12.2×
VICI Properties (VICI)	11.4×
Healthpeak Properties (DOC)	9.7×
Arbor Realty Trust (ABR)	7.6×
Alexandria Real Estate Equities (ARE)	6.2×
Opendoor Technologies (OPEN)	4.2×

P/FCF Ratio for Digital Realty Trust (DLR) 2012-2026

P/FCF Ratio daily chart for Digital Realty Trust (DLR)

Historical P/FCF Ratio for Digital Realty Trust (DLR) from 2004 to 2025

About P/FCF Ratio at Digital Realty Trust (DLR)

Digital Realty Trust P/FCF Ratio by Year

Digital Realty Trust P/FCF Ratio 2025: 228.0×

Digital Realty Trust P/FCF Ratio 2020: 22.9×

Digital Realty Trust P/FCF Ratio 2019: 16.5×

Digital Realty Trust P/FCF Ratio 2018: 15.9×

Digital Realty Trust P/FCF Ratio 2017: 22.9×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Digital Realty Trust (DLR) Key Financials