Equinix, Inc. — Earnings Quality Grade F
EQIX · Real Estate
Major red flags
Screening Summary
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 40 days, change +0 days YoY
AR growth 5.5% vs revenue growth 5.4%
Revenue 5.4%, CFFO 20.4%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 40.6% is >2x revenue growth 5.4%
SG&A/Gross Profit = 58.3%. Normal
Gross margin 51.1%, change +2.2pp. Stable
Cash Flow Quality
CFFO/NI = 2.90. Profits backed by cash
FCF < 50% of Net Income for 3 years
Accruals ratio = -6.4%. Low accruals
Cash $3.2B covers only 14% of debt $22.7B
Balance Sheet Health
Goodwill+Intangibles $7.3B = 52% of equity. Over 50%
Debt/EBITDA = 5.5x (>4x). Financial stress
Other assets grew 135.5% vs revenue 5.4%
Write-offs normal
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 5% YoY. Normal
Manipulation Score
M-Score = -2.77 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score — Not Applicable
Equinix, Inc. is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-09