Digital Realty Trust Inc (DLR) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Digital Realty Trust Inc stock $128, price $175, that is 26.8% below the price, quality 50 out of 100. Rating: overvalued. Calculated from audited financials with 14 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range $77.35 – $201.18 · fair‑value band $49.62 – $230.55 · the $174.67 price screens above the $127.80 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Digital Realty Trust, Inc. owns, acquires, develops, and operates data centers through its operating partnership subsidiary, Digital Realty Trust, L.P. The company is focused on providing data center, colocation, and interconnection solutions for domestic and international customers across a variety of industry verticals ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products.
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As of March 31, 2026, the company's 309 data centers, including 89 data centers held as investments in unconsolidated entities, contain applications and operations critical to the day-to-day operations of technology industry and corporate enterprise data center customers.
Digital Realty's portfolio is comprised of approximately 3.0 gigawatts of IT capacity, as well as approximately 6.3 gigawatts of buildable IT capacity under active development and held for future development, located throughout North America, Europe, South America, Asia, Australia, and Africa.
Digital Realty Trust, Inc. was established and incorporated on March 09, 2004 in Maryland and is based in Austin, Texas.
Stock analysis
Digital Realty Trust Inc (DLR) currently trades at $174.67, while our model-based Fair Value estimate is $127.80, 27% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $127.80 per share, and 0 of the 14 models we run sit above the $174.67 price.
Bear case: the Asset-Based group reads lowest at $20.01, and 14 of the 14 models stay below the price. Data coverage for this calculation is high.
Scenario range: $49.62 (bear) to $230.55 (bull), the price of $174.67 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 50/100 (solid quality), in the Real Estate sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Digital Realty Trust Inc reported revenue of $6.1B in FY2025 versus $4.4B in FY2021, a compound +8.4%/yr. Reported net income was $1.3B in FY2025, compounding −6.5%/yr from FY2021.
Key figures
Market cap $67.7B Large · P/E ratio 72.4 · P/S ratio 10.0 · EPS (TTM) $2.37 · Dividend yield 2.8% · Net margin 11.8% · Return on equity 2.9% · Return on assets (EBIT) 1.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 53 out of 100 (medium confidence).
What moves the price
The share trades about 13% below its 52-week high and 20% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −25% fair-value upside, at −27%, DLR screens richer than that median.
Fair Value models
Bear$49.62Fair Value $127.80Bull$230.55
Price $174.67 · Downside -26.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, one officer or director sold shares worth $38,792 and none bought.
SaleMark R PattersonDirector200 shares at $193.96$38,792Aug 27, 2026
SaleMary Hogan PreusseDirector4,166 shares at $157.42$655,812Dec 1, 2025
Plus 4 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+10.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.4%
Start year 2020 (pandemic). Over 10 years: +13.2% a year
Revenue growth 23 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+26.9%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+12.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.2%
Dividend (yield on the price)2.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.6.1% vs 5.7%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.14% → 11%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+17.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+11.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +14.7% a year for the price and +8.8% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (98 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Moderate scale benefits and cash conversion support the data center REIT while limited innovation signals and low returns on equity constrain its overall quality.
Main risk: Major hyperscale customers could choose to construct and operate their own data centers rather than lease from Digital Realty, reducing demand for its colocation and interconnection services and lowering occupancy rates.
Bull case: Digital Realty could deepen partnerships with hyperscalers through its global interconnection platform and joint ventures, capturing more AI inference workloads that benefit from its established campuses and expertise.
Bear case: If hyperscalers accelerate self-building and private competitors expand aggressively, Digital Realty could see sustained lower occupancy, margin compression from pricing pressure, and slower growth in its core leasing business.
Digital Realty has started building KIX15, a 24 MW data center on its Osaka campus through the joint venture with Mitsubishi Corporation. The facility targets high-density AI workloads with hybrid air and liquid cooling and is scheduled for operations in late 2028, adding to the company's global platform. Strong leasing momentum supports such expansions, yet our models see the stock as overvalued. Will faster capacity growth ultimately improve interconnection revenues more than it raises development costs and risks?
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Specialty · 29 stocks
Beats the industry median on 1/15 measures
Overall it trails its industry peers.
Valuation
Quality Score50 · Bottom 25%
Fair Value upside−26.8% · Below median
Profitability
Return on equity (12 months)2.9% · Bottom 25%
Return on assets2.7% · Bottom 25%
Net margin (12 months)11.8% · Bottom 25%
Operating margin (12 months)25.9% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)29.9% · Top 25%
Dividend yield (12 months)2.8% · Bottom 25%
Balance sheet
Debt / equity0.80× · Highest 25%
Valuation Multiplesvs REIT - Specialty median · lower = cheaper
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Is Digital Realty Trust Inc (DLR) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of $127.80 versus a price of $174.67, about 27% lower (overvalued).
What is the fair value of DLR?
Our model-based fair value for Digital Realty Trust Inc is $127.80 (as of Nov 6, 2026), built from audited fundamentals. The current price: $174.67.
What is the quality score of DLR?
Digital Realty Trust Inc has a Quality Score of 50/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Digital Realty Trust Inc (DLR)?
Our model-based price target is the fair value of $127.80 (as of Nov 6, 2026) from 14 valuation models. Cautious scenario $49.62, optimistic scenario $230.55. It is a calculation from audited fundamentals, not an analyst target.
What is the Digital Realty Trust Inc stock forecast for 2026?
Our models put fair value at $127.80, about 27% lower versus a price of $174.67 (overvalued). Cautious scenario $49.62, optimistic scenario $230.55. The calculation is refreshed regularly with new filings.
What is the revenue of Digital Realty Trust Inc (DLR)?
Digital Realty Trust Inc reported trailing-twelve-month revenue of about $6.8B (latest available figure, as of Nov 6, 2026).
Does Digital Realty Trust Inc pay a dividend?
Digital Realty Trust Inc currently shows a dividend yield of 2.79% relative to its recent price (as of Nov 6, 2026).
What growth is priced into Digital Realty Trust Inc (DLR)?
For today's price to be fair in a discounted-cash-flow model, Digital Realty Trust Inc would have to grow free cash flow by +17.5 % per year for five years (discount rate 9.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.4 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of DLR use?
Our models discount Digital Realty Trust Inc at 9.3 %: a base by market capitalisation (large), damped by beta 1.01, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Digital Realty Trust Inc that is +17.5 % per year a year over ten years, using the same discount rate (9.3 %) and the same formula as our fair value.
How much growth has Digital Realty Trust Inc (DLR) delivered so far?
Over the past 5 years revenue at Digital Realty Trust Inc grew +9.4 % a year. The price currently implies +17.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Digital Realty Trust Inc (DLR) growing?
The median revenue growth in the sector is +2.8 % a year. That is the yardstick for the growth priced into Digital Realty Trust Inc (+17.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Digital Realty Trust Inc (DLR)?
The free-cash-flow yield on the price is 3.82 %: that much free cash flow Digital Realty Trust Inc produces per unit of market value. When it exceeds the discount rate of our models (9.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Digital Realty Trust Inc (DLR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Digital Realty Trust Inc it is $127.80 per share (as of Nov 6, 2026), against a price of $174.67. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Digital Realty Trust Inc stock overvalued or undervalued in 2026?
As of Nov 6, 2026, DLR trades above its calculated fair value: price $174.67, fair value $127.80, a gap of about −27% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of DLR?
No. The price is what the market pays today ($174.67); the fair value is what the company's own numbers justify ($127.80). For Digital Realty Trust Inc the two are $46.87 per share apart. That gap is exactly why we show both numbers side by side.
How much is Digital Realty Trust Inc worth?
The market values Digital Realty Trust Inc at about $67.7B (market capitalisation, as of Nov 6, 2026). Per share that is $174.67; our models calculate a fair value of $127.80 per share.
What do the bullish and bearish scenarios say about DLR?
Our models span a range for Digital Realty Trust Inc: cautious scenario $49.62, base $127.80, optimistic $230.55 per share (as of Nov 6, 2026, price $174.67). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DLR?
Digital Realty Trust Inc trades at a price-to-earnings ratio of 72.4 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $127.80 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 110.9 (reported for FY2025: 46.9). Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, 6 of the years ex one-offs: 66.7. Other multiples: PEG 11.8, P/B 3.0, P/S 10.0, EV/EBITDA 25.8.
What is the PEG ratio of DLR?
The PEG ratio of Digital Realty Trust Inc is 11.85 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Digital Realty Trust Inc (DLR)?
Balance-sheet figures for Digital Realty Trust Inc (as of Nov 6, 2026): return on equity 2.9%, debt of 0.80 per unit of equity. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is DLR from its 52-week high?
Digital Realty Trust Inc trades at $174.67, about 13% below its 52-week high of $201.18 and 20% above the low of $144.96 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of $127.80 is for.
Which stocks are comparable to Digital Realty Trust Inc?
From the same area (Real Estate) we also value Equinix, Inc, American Tower Corporation, Crown Castle Inc, Iron Mountain Incorporated, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Digital Realty Trust Inc stock attractive at the current price?
The data as of Nov 6, 2026: price $174.67, calculated fair value $127.80 (−27%), Quality Score 50/100, from 14 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of DLR calculated?
We run Digital Realty Trust Inc through 14 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $127.80, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Digital Realty Trust Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Digital Realty Trust Inc (DLR)?
The closing price on Nov 5, 2026 was $174.67. Our model-based fair value is $127.80, about 27% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Digital Realty Trust Inc right now?
The model range is unusually wide ($49.62 to $230.55). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Digital Realty Trust Inc (DLR) come from?
Earnings per share at Digital Realty Trust Inc grew +3.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.2 %, EBIT margin −8.3 %, tax rate −0.4 %, residual (interest, one-offs) +9.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Digital Realty Trust Inc
How large is the market capitalisation of Digital Realty Trust Inc (DLR)?
The market capitalisation of Digital Realty Trust Inc is $67.7B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Digital Realty Trust Inc (DLR)?
The price-to-sales ratio of Digital Realty Trust Inc is 10.0 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Digital Realty Trust Inc (DLR)?
Earnings per share at Digital Realty Trust Inc are $2.37 (price ÷ EPS = P/E 72.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Digital Realty Trust Inc (DLR)?
The dividend yield of Digital Realty Trust Inc is 2.8%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Digital Realty Trust Inc (DLR)?
The net margin of Digital Realty Trust Inc is 11.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Digital Realty Trust Inc (DLR)?
The return on equity (ROE) of Digital Realty Trust Inc is 2.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Digital Realty Trust Inc (DLR)?
On an EBIT basis the return on assets of Digital Realty Trust Inc is 1.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Digital Realty Trust Inc (DLR)?
The operating margin of Digital Realty Trust Inc is 25.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Digital Realty Trust Inc (DLR)?
Revenue at Digital Realty Trust Inc is growing +29.9% versus a year earlier (3y avg +9.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Digital Realty Trust Inc (DLR)?
Earnings per share at Digital Realty Trust Inc are growing −58.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Digital Realty Trust Inc (DLR) carry?
The net debt of Digital Realty Trust Inc is $20.7B (fiscal year 2025, ≈ 8.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 6, 2026