Positioning no disclosures inside 60 days, left as found
Options put/call open interest 8.60, read 2026-10-24
Ethical does not pass the values gate
Price955.03 USD
Fair value768.22
Ethical score10.0/100
RatingAVOID
Our investment reviews on this name
2026-10-21Read Distribution996.26-4.1% to today ✓Markup gives way to Distribution first Distribution read since October
2026-10-14Read Markup1,026.06-6.9% to today Distribution gives way to Markup first Markup read since August
2026-10-02Read Distribution1,008.08-5.3% to today ✓Markup gives way to Distribution after a 7% slide in 5 weeks
2026-08-28Read Markup1,082.61-11.8% to today Markdown gives way to Markup
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Equinix holds its Distribution at $955.03. The statistical read favours the sellers, held for 120 days.
As held on the ledger · 2026-10-23
Phase
Distribution · caution
Quantitative state
The statistical read favours the sellers, held for 120 days
Price at the screen
$955.03
Valuation
65.63 trailing · 53.77 forward price to earnings
Values screen
FAIL· score 10.0
Beta
0.97
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
56.62%
Below 33%
Interest-bearing debt is 56.6% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
1.37%
Below 33%
Cash held in interest-bearing accounts and securities is 1.4% of assets, under the one-third limit.
Pass
Receivables
6.80%
Below 49%
Money owed to the company is 6.8% of assets, under the 49% limit.
Pass
Revenue purity
2.09%
Below 5%
Only 2.1% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Equinix's business is in a permissible area, but its interest-bearing debt is about 57% of the company, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-10-27. It updates when the underlying figures move, and past reads are kept below.
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Today EQIX does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads AVOID: it trades above our $768.22 fair value estimate, moderate competitive moat, 16.70% revenue growth.
Fair value range in USD, drawn from the 2026-10-23 screen. The gold marker is the market price at the same screen. The price runs 22.9% above the base estimate.
Third-party analyst targets: 31 covering, consensus Strong Buy. The average target sits +30% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-23 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Data centre landlord charging more than it delivers
Picture the biggest cloud firms and banks needing a neutral meeting point for their servers. Equinix built that global handshake and still grows revenue at 12 percent a year. The trouble is the market already prices every future handshake at a 52.8 times forward multiple, well above our fair value.
We pass because the shares sit 26 percent above the level that would give a margin of safety and because the balance sheet fails our debt screen. A 15 percent profit margin and 10 percent return on equity do not justify stretching the valuation that far when leverage remains elevated.
Analyst targets sit higher still, yet the ethical flag on debt and the stretched multiple together outweigh the growth story. The business itself is solid infrastructure, just not at this price.
The risks · The things to watch: it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
EQIX trades on a US exchange. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-28Distribution$996.26+0.0%Entry 21
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is holding around 0% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 17%. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (28 analysts) rates it buy, with a mean price target of $1197. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-27Distribution$996.26+0.0%Entry 20
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is holding around 0% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 17%. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (28 analysts) rates it buy, with a mean price target of $1197. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-26Distribution$996.26+0.0%Entry 19
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is holding around 0% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 17%. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (28 analysts) rates it buy, with a mean price target of $1197. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-25Distribution$996.26+0.0%Entry 18
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is holding around 4% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 17%. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (28 analysts) rates it buy, with a mean price target of $1197. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-24Distribution$996.26+0.0%Entry 17
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is holding around 4% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 17%. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (28 analysts) rates it buy, with a mean price target of $1197. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-23Distribution$996.26+0.0%Entry 16
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is holding around 4% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 17%. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (28 analysts) rates it buy, with a mean price target of $1197. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-22Distribution$996.26+0.0%Entry 15
The analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is holding around 4% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 17%. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (28 analysts) rates it buy, with a mean price target of $1197. It reported earnings in this window, a natural checkpoint for the thesis.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 2.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is holding around 4% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 17%. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (28 analysts) rates it buy, with a mean price target of $1197. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-14Markup · changed$1,026.06+1.8%Entry 13
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 1.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 25% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 17%. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (28 analysts) rates it buy, with a mean price target of $1197.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 6.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 25% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 17%. Our forward projection puts the odds of a 10% gain over the next month near 19%. The street (28 analysts) rates it buy, with a mean price target of $1197.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
