Basis: Latest reported fiscal quarter. Source: stored company filings and market data; unavailable inputs remain N/A.
Is the gross margin high or low?
The gross margin of 51.47% is in line with its 5-year average of 49.04%, near the high end of its 5-year range (46.65%–51.95%).
As of the fiscal period ended Tuesday, March 31, 2026. 0.40% above its 12-month average of 51.27%.
Reported quarterly gross margin; no daily interpolation.
GROSS MARGIN
51.47%
GROSS MARGIN AVG TTM
51.27%
GROSS MARGIN AVG 3Y
49.67%
GROSS MARGIN AVG 5Y
49.04%
GROSS MARGIN AVG 10Y
49.15%
GROSS MARGIN AVG 15Y
49.41%
GROSS MARGIN AVG 20Y
48.81%
CURRENT VS TTM AVG
+0.40%
CURRENT VS 3Y AVG
+3.64%
CURRENT VS 5Y AVG
+4.97%
CURRENT VS 10Y AVG
+4.73%
CURRENT VS 15Y AVG
+4.18%
CURRENT VS 20Y AVG
+5.45%
SECTOR MEDIAN · REAL ESTATE
40.59%
median of 40 covered companies
CURRENT VS SECTOR MEDIAN
+26.80%
vs the sector median at left
Market Cap
$77.65B
Gross Margin
73.37%
TTM Avg
74.13%
3Y Avg
74.01%
5Y Avg
73.28%
Market Cap
$74.51B
Gross Margin
85.24%
TTM Avg
84.11%
3Y Avg
82.78%
5Y Avg
82.15%
Market Cap
$73.65B
Gross Margin
55.39%
TTM Avg
55.02%
3Y Avg
54.90%
5Y Avg
56.77%
Market Cap
$61.17B
Gross Margin
89.80%
TTM Avg
91.32%
3Y Avg
92.03%
5Y Avg
92.56%
| NAME | MARKET CAP | GROSS MARGIN | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| Equinix, Inc. (EQIX) | $106.93B | 51.47% | 51.27% | 49.67% | 49.04% |
| American Tower Corporation (AMT)vs › | $77.65B | 73.37% | 74.13% | 74.01% | 73.28% |
| Prologis, Inc. (PLD)vs › | $137.61B | 59.60% | 67.26% | 71.05% | 71.94% |
| Simon Property Group, Inc. (SPG)vs › | $74.51B | 85.24% | 84.11% | 82.78% | 82.15% |
| Digital Realty Trust, Inc. (DLR)vs › | $73.65B | 55.39% | 55.02% | 54.90% | 56.77% |
| Realty Income Corporation (O)vs › | $61.17B | 89.80% | 91.32% | 92.03% | 92.56% |
| Public Storage (PSA)vs › | $56.62B | 24.96% | 49.08% | 61.90% | 65.14% |
| Ventas, Inc. (VTR)vs › | $48.87B | -4.26% | 18.35% | 31.12% | 36.46% |
| CBRE Group, Inc. (CBRE)vs › | $40.84B | 14.97% | 17.30% | 18.95% | 19.71% |
| Iron Mountain Incorporated (IRM)vs › | $38.18B | 25.69% | 40.92% | 48.98% | 51.92% |
Gross Margin
51.5%
(Revenue - COGS) / Revenue
Gross Margin = Gross Profit / Revenue
Gross margin is the percentage of revenue remaining after the cost of goods sold, reflecting core product profitability.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
| DATE | GROSS MARGIN |
|---|---|
| 2026-03-31 | 51.47% |
| 2025-12-31 | 50.94% |
| 2025-09-30 | 50.69% |
| 2025-06-30 | 51.95% |
| 2025-03-31 | 51.28% |
| 2024-12-31 | 47.10% |
| 2024-09-30 | 50.11% |
| 2024-06-30 | 49.88% |
| 2024-03-31 | 48.71% |
| 2023-12-31 | 48.27% |
| 2023-09-30 | 48.13% |
| 2023-06-30 | 47.46% |
| 2023-03-31 | 49.64% |
| 2022-12-31 | 48.11% |
| 2022-09-30 | 49.22% |
| 2022-06-30 | 48.81% |
| 2022-03-31 | 47.19% |
| 2021-12-31 | 46.65% |
| 2021-09-30 | 47.13% |
| 2021-06-30 | 47.82% |
| 2021-03-31 | 49.17% |
| 2020-12-31 | 46.89% |
| 2020-09-30 | 49.47% |
| 2020-06-30 | 49.71% |
| 2020-03-31 | 49.03% |
| 2019-12-31 | 48.80% |
| 2019-09-30 | 49.58% |
| 2019-06-30 | 49.59% |
| 2019-03-31 | 49.97% |
| 2018-12-31 | 48.79% |
| 2018-09-30 | 48.56% |
| 2018-06-30 | 48.35% |
| 2018-03-31 | 48.81% |
| 2017-12-31 | 48.37% |
| 2017-09-30 | 49.46% |
| 2017-06-30 | 51.03% |
| 2017-03-31 | 50.61% |
| 2016-12-31 | 50.57% |
| 2016-09-30 | 49.14% |
| 2016-06-30 | 49.25% |
| 2016-03-31 | 49.34% |
| 2015-12-31 | 51.82% |
| 2015-09-30 | 52.60% |
| 2015-06-30 | 52.56% |
| 2015-03-31 | 53.62% |
| 2014-12-31 | 50.88% |
| 2014-09-30 | 50.99% |
| 2014-06-30 | 51.61% |
| 2014-03-31 | 50.43% |
| 2013-12-31 | 52.23% |
| 2013-09-30 | 50.71% |
| 2013-06-30 | 49.80% |
| 2013-03-31 | 49.58% |
| 2012-12-31 | 50.62% |
| 2012-09-30 | 47.86% |
| 2012-06-30 | 49.75% |
| 2012-03-31 | 50.01% |
| 2011-12-31 | 46.83% |
| 2011-09-30 | 45.13% |
| 2011-06-30 | 45.41% |
| 2011-03-31 | 46.40% |
| 2010-12-31 | 43.94% |
| 2010-09-30 | 43.85% |
| 2010-06-30 | 45.09% |
| 2010-03-31 | 46.49% |
| 2009-12-31 | 47.61% |
| 2009-09-30 | 44.63% |
| 2009-06-30 | 44.39% |
| 2009-03-31 | 43.88% |
| 2008-12-31 | 43.20% |
| 2008-09-30 | 40.18% |
| 2008-06-30 | 40.69% |
| 2008-03-31 | 40.27% |
| 2007-12-31 | 33.33% |
| 2007-09-30 | 39.40% |
| 2007-06-30 | 39.45% |
| 2007-03-31 | 38.00% |
| 2006-12-31 | 36.90% |
| 2006-09-30 | 33.35% |
| 2006-06-30 | 33.53% |
| 2006-03-31 | 33.18% |
| 2005-12-31 | 32.50% |
| 2005-09-30 | 29.50% |
| 2005-06-30 | 26.04% |
| 2005-03-31 | 24.26% |
| 2004-12-31 | 22.86% |
| 2004-09-30 | 19.15% |
| 2004-06-30 | 13.38% |
| 2004-03-31 | 8.24% |
| 2003-12-31 | 1.81% |
| 2003-09-30 | -7.75% |
| 2003-06-30 | -11.25% |
| 2003-03-31 | -20.38% |
| 2002-12-31 | -35.48% |
| 2002-09-30 | -29.87% |
| 2002-06-30 | -49.42% |
