Digital Realty Trust, Inc. (DLR) Stock

Digital Realty Trust, Inc. (DLR) is a Real Estate stock trading at $190.60 (as of 2026-08-21), with a market capitalization of $66.98B and a trailing P/E of 48.6. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Digital Realty Trust provides data center, colocation, and interconnection services through its global platform for managing and scaling enterprise digital infrastructure. It serves enterprises and service providers using a network of facilities across numerous metros and countries worldwide.

Understand Digital Realty Trust, Inc.: how it makes money

Digital Realty Trust provides enterprise data center, colocation, and interconnection solutions, and it generates revenue primarily from data center lease-related rental revenue (including signed renewals) and interconnection revenue.

Its profit model is driven by recurring data center lease economics, where the scale and renewal of annualized rental revenue from signed renewals helps support ongoing revenue, alongside interconnection revenue tied to customer connectivity.

Business quality (Mixed): Good operational signal is provided via signed renewal metrics, but an official reportable segment revenue breakdown is not available in the provided facts, limiting how precisely we can map revenue to business lines.

Valuation: At 51× earnings, DLR trades 51% above the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

Renewal momentum is measurable: The company tracks Annualized Rental Revenue from Signed Renewals (USD_B), providing visibility into how much lease-related revenue is being extended or added through renewals.
Broader monetization via interconnection: In addition to rental revenue drivers, interconnection revenue is called out in the provided facts, which can diversify how customers are monetized across data center connectivity needs.
Global platform and footprint: Digital Realty highlights a global data center platform and a footprint of more than 284 facilities in 48 metros across 23 countries, supporting access to multiple connected communities.

Bear case

Customer demand and lease renewal performance can vary: Because the business model relies on rental revenue supported by signed renewals, changes in renewal levels (as reflected in the signed renewal metrics) can affect forward revenue visibility.
Interconnection revenue may not scale uniformly: Interconnection revenue is a separate revenue component in the provided facts, and market or customer connectivity dynamics could cause it to contribute unevenly over time.
Execution risk in scaling the platform: The company emphasizes its platform and architectural methodology for scaling and managing data gravity challenges, but scaling outcomes can be sensitive to technology and customer requirements.

Valuation — source: SEC EDGAR (first-party)
Price	$190.60
Market Cap	$66.98B
P/E Ratio	48.6
EV / EBITDA	24.1
Price / Book	2.81
Price / Sales	10.56
DCF Value (model)	$281.66
DCF Upside vs Price	47.8%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$6.11B
Net Margin	21.4%
Revenue Growth (YoY)	16.2%
EPS Growth (YoY)	63.3%

Valuation vs Sector & Industry
Stock P/E	48.6
Sector P/E (Real Estate)	27.2
Industry P/E (Trading)	35.3
vs Sector	78.9%
vs Industry	37.6%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($8.39B)
Institutional Holders Tracked	10
Congressional Trades (recent)	10

Company
Sector	Real Estate
Industry	Trading
CEO	Matthew R. Mercier
Employees	3,936
Country	US
IPO Date	2004-10-29

Related Companies (Business model: Equity REIT (Real Estate Investment Trust); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.