A Business at a Glance
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Prologis, Inc.
PLD
$137.8B
Mkt Cap
$147.63
+1.73%
Prologis, Inc. (PLD) has a current P/E ratio of 41.5, compared to its historical median P/E of 27.9. The stock is currently considered Expensive based on its historical valuation range.
Prologis, Inc. (PLD) has a 5-year average return on invested capital (ROIC) of 5.0%. This is below average and may indicate limited pricing power.
Prologis, Inc. (PLD) has a market capitalization of $137.6B. It is classified as a large-cap stock.
Yes, Prologis, Inc. (PLD) pays a dividend with a trailing twelve-month yield of 2.78%.
Based on historical P/E analysis, Prologis, Inc. (PLD) appears expensive. The current P/E of 41.5 is 48% above its historical median of 27.9. The estimated fair value CAGR (P/E method) is 6.8%.
Prologis, Inc. (PLD) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
Prologis, Inc. (PLD) reported annual revenue of $8.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
Prologis is a self-administered and self-managed REIT that operates as the global leader in logistics real estate, owning and managing a 1.3 billion square foot portfolio across 20 countries on four continents through wholly owned subsidiaries and co-investment ventures with major institutional investors. The company generates revenue primarily through operating leases with contractual fixed or inflation-linked escalations, supplemented by development management, property management, asset management, and strategic capital services; rental operations contribute 90–95% of consolidated revenues and earnings, while the strategic capital segment generates 5–10% through management fees and promote revenues from unconsolidated co-investment ventures. Prologis develops modern logistics facilities and selectively expands into data centers by securing power and build-to-suit leases, leveraging competitive advantages including strategic property locations, multidisciplinary expertise, deep customer relationships, power procurement capabilities, and construction material sourcing. The company's business model is asset-intensive with long-term lease contracts providing stable cash flows, and it mitigates foreign currency exposure by investing internationally through co-investment ventures and borrowing in functional currencies. Prologis serves diverse customers across e-commerce, third-party logistics, and other supply chain-dependent sectors, with properties strategically positioned near end consumers to optimize goods distribution; the company also offers integrated infrastructure solutions through Prologis Essentials, including over 1 gigawatt of solar generation and storage capacity, to support customers' operational, energy, and sustainability needs.
【Market inflection gaining momentum】 Management expects market vacancies to improve over 2026 as net absorption approaches 200 million square feet versus 155 million in 2025, with positive rent growth beginning to emerge more clearly as supply constraints persist and the construction pipeline depletes. The company anticipates resilient customer demand despite near-term economic uncertainty, supported by improved customer sentiment and stronger leasing activity, particularly in build-to-suit transactions and data center opportunities where Prologis has secured 1.3 gigawatts of deals under letter of intent. Development starts are expected to reach $4.5–$5.5 billion, with approximately 40% allocated to data centers, reflecting confidence in converting the pipeline and leveraging the company's land bank across both logistics and data center segments. Management is prioritizing growth in the strategic capital business through existing and new investment vehicles, with plans to expand this segment significantly while maintaining disciplined capital deployment and operational excellence.
| Metric | Target | Period |
|---|---|---|
| Average occupancy | 95%–95.75% | FY2026 |
| Net effective same-store NOI growth | 4.75%–5.5% | FY2026 |
| Cash same-store NOI growth | 6.25%–7% | FY2026 |
| Strategic capital revenue | $660 million–$680 million | FY2026 |
| Development starts | $4.5 billion–$5.5 billion | FY2026 |
| Net earnings per share | $3.80–$4.05 | FY2026 |
Average occupancy (FY2026): “we are increasing our forecast for average occupancy to a range of 95%-95.75%”
Net effective same-store NOI growth (FY2026): “drives our expectations for net effective same-store growth to 4.75%-5.5%”
Cash same-store NOI growth (FY2026): “and cash growth to 6.25%-7%”
Strategic capital revenue (FY2026): “Strategic capital revenue is now expected to range between $660 million-$680 million”
Development starts (FY2026): “we are increasing development starts to $4.5 billion-$5.5 billion”
Net earnings per share (FY2026): “Net earnings will range between $3.80-$4.05 per share”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 8.9B | 8.8B | 8.2B | 8.0B | 6.0B | 4.8B |
| Net Income | 3.7B | 3.3B | 3.7B | 3.1B | 3.4B | 2.9B |
| EPS | $3.99 | $3.56 | $4.01 | $3.29 | $4.25 | $3.94 |
| Free Cash Flow | 3.9B | 3.2B | 2.6B | 1.2B | 1.6B | 676M |
| ROIC | 4.7% | 4.5% | 4.9% | 4.3% | 5.2% | 6.1% |
| Gross Margin | - | 47.8% | 47.0% | 48.8% | 49.5% | 45.0% |
| Debt/Equity | 0.77 | 0.78 | 0.69 | 0.56 | 0.48 | 0.53 |
| Dividends/Share | $4.10 | $4.03 | $3.84 | $3.48 | $3.16 | $2.52 |
| Operating Income | 4.7B | 4.4B | 4.4B | 3.7B | 3.5B | 3.2B |
| Operating Margin | 52.4% | 49.6% | 53.8% | 46.2% | 58.0% | 67.4% |
| ROE | 6.9% | 6.2% | 7.0% | 5.7% | 7.8% | 9.0% |
| Shares Outstanding | 932M | 933M | 929M | 928M | 790M | 745M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.8B | 2.2B | 2.5B | 2.6B | 2.8B | 3.3B | 4.4B | 4.8B | 6.0B | 8.0B | 8.2B | 8.8B | 8.9B |
| Gross Margin | 50.6% | 35.2% | 40.8% | 44.7% | 44.8% | 43.7% | 43.4% | 45.0% | 49.5% | 48.8% | 47.0% | 47.8% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 229M | 217M | 222M | 231M | 239M | 267M | 275M | 293M | 331M | 390M | 419M | 469M | 481M |
| EBIT | 320M | 380M | 668M | 2.0B | 1.7B | 1.8B | 2.1B | 3.2B | 3.5B | 3.7B | 4.4B | 4.4B | 4.7B |
| Op. Margin | 18.2% | 17.3% | 26.4% | 74.6% | 60.2% | 55.5% | 47.7% | 67.4% | 58.0% | 46.2% | 53.8% | 49.6% | 52.4% |
| Net Income | 622M | 863M | 1.2B | 1.6B | 1.6B | 1.6B | 1.5B | 2.9B | 3.4B | 3.1B | 3.7B | 3.3B | 3.7B |
| Net Margin | 35.3% | 39.3% | 47.5% | 62.7% | 58.6% | 47.0% | 33.2% | 61.6% | 56.2% | 38.1% | 45.4% | 37.8% | 41.5% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 1.4% | 1.5% | 2.5% | 7.6% | 5.6% | 5.3% | 4.8% | 6.1% | 5.2% | 4.3% | 4.9% | 4.5% | 4.7% |
| ROE | 4.5% | 6.0% | 8.1% | 10.7% | 8.7% | 7.0% | 5.4% | 9.0% | 7.8% | 5.7% | 7.0% | 6.2% | 6.9% |
| ROA | 2.5% | 3.0% | 3.9% | 5.5% | 4.8% | 4.0% | 3.1% | 5.1% | 4.6% | 3.4% | 4.0% | 3.4% | 3.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 705M | 1.1B | 1.4B | 1.7B | 1.8B | 2.3B | 2.9B | 3.0B | 4.1B | 5.4B | 4.9B | 5.0B | 5.1B |
| Free Cash Flow | 626M | 1.0B | 1.3B | 1.6B | 1.7B | 1.3B | 1.7B | 676M | 1.6B | 1.2B | 2.6B | 3.2B | 3.9B |
| Owner Earnings | 4.6M | 182M | 426M | 731M | 780M | 1.0B | 1.3B | 1.3B | 2.1B | 2.6B | 2.1B | 2.2B | 2.2B |
| CapEx | 79M | 83M | 102M | 111M | 93M | 1.0B | 1.2B | 2.3B | 2.5B | 4.2B | 2.3B | 1.8B | 1.2B |
| Maint. CapEx | 642M | 880M | 931M | 879M | 947M | 1.1B | 1.6B | 1.6B | 1.8B | 2.5B | 2.6B | 2.6B | 2.7B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 743M | 679M | 1.7B | 0 | 0 | 0 |
| D&A | 642M | 880M | 931M | 879M | 947M | 1.1B | 1.6B | 1.6B | 1.8B | 2.5B | 2.6B | 2.6B | 2.7B |
| CapEx/OCF | 11.2% | 7.5% | 7.2% | 6.6% | 55.4% | 44.4% | 42.2% | 77.5% | 60.4% | 78.1% | 47.4% | 35.9% | 24.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 672M | 805M | 893M | 943M | 1.1B | 1.3B | 1.7B | 1.9B | 2.5B | 3.2B | 3.6B | 3.8B | 3.8B |
| Dividend Yield | 4.7% | 5.0% | 4.6% | 3.8% | 3.8% | 3.2% | 2.9% | 2.3% | 2.7% | 3.1% | 3.4% | 3.6% | 2.8% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 35M | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | 0.1% | 0.2% | N/A | 0.1% | N/A | 0.1% | 0.1% | N/A | N/A | 0.0% |
| Stock-Based Comp | 57M | 54M | 60M | 77M | 76M | 98M | 110M | 113M | 175M | 268M | 232M | 185M | 193M |
| Debt Repayment | 4.2B | 3.2B | 2.3B | 3.6B | 4.2B | 0 | 750M | 750M | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 9.0B | 11.4B | 9.8B | 9.3B | 10.8B | 11.0B | 16.4B | 17.2B | 25.1B | 29.4B | 35.9B | 40.2B | 40.0B |
| Cash & Equiv. | 351M | 264M | 807M | 447M | 344M | 1.1B | 598M | 556M | 278M | 530M | 1.3B | 1.1B | 1.0B |
| Long-Term Debt | 9.3B | 11.6B | 10.6B | 9.4B | 11.1B | 11.9B | 16.8B | 215M | 23.9B | 29.0B | 30.9B | 35.0B | 34.7B |
| Debt/Equity | 0.67 | 0.79 | 0.71 | 0.62 | 0.50 | 0.53 | 0.53 | 0.53 | 0.48 | 0.56 | 0.69 | 0.78 | 0.77 |
| Interest Coverage | 1.0 | 1.3 | 2.2 | 7.1 | 7.4 | 7.7 | 6.7 | 12.0 | 11.2 | 5.8 | 5.1 | 4.3 | 4.6 |
| Equity | 14.0B | 14.7B | 15.0B | 15.6B | 22.3B | 22.7B | 32.0B | 33.4B | 53.2B | 53.2B | 54.0B | 53.2B | 53.5B |
| Total Assets | 25.8B | 31.4B | 30.2B | 29.5B | 38.4B | 40.0B | 56.1B | 58.5B | 87.9B | 93.0B | 95.3B | 98.7B | 98.1B |
| Total Liabilities | 10.6B | 13.0B | 11.8B | 10.8B | 12.6B | 14.0B | 19.7B | 20.7B | 30.0B | 35.2B | 36.7B | 41.0B | 40.2B |
| Intangibles | 242M | 614M | 520M | 468M | 755M | 671M | 1.1B | 989M | 1.7B | 1.7B | 1.6B | 1.5B | 1.5B |
| Retained Earnings | -4.0B | -3.9B | -3.6B | -2.9B | -2.4B | -2.2B | -2.4B | -1.3B | -458M | -627M | -466M | -902M | -921M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | 628M | 713M | N/A | 703M | 761M | 705M | 1.1B | 1.3B | 1.7B | 1.8B | N/A | N/A | 1.7B |
| Per Share Data | |||||||||||||
| EPS | 1.24 | 1.64 | 2.27 | 3.06 | 2.87 | 2.46 | 2.01 | 3.94 | 4.25 | 3.29 | 4.01 | 3.56 | 3.99 |
| Owner EPS | 0.01 | 0.35 | 0.80 | 1.36 | 1.36 | 1.61 | 1.73 | 1.75 | 2.71 | 2.82 | 2.26 | 2.35 | 2.40 |
| Book Value | 27.85 | 27.88 | 28.28 | 29.13 | 38.94 | 35.56 | 43.62 | 44.89 | 67.36 | 57.30 | 58.07 | 57.00 | 57.39 |
| Cash Flow/Share | 1.40 | 2.12 | 2.67 | 3.14 | 3.15 | 3.55 | 4.01 | 4.02 | 5.22 | 5.79 | 5.29 | 5.37 | 6.88 |
| Dividends/Share | 1.34 | 1.53 | 1.69 | 1.76 | 1.96 | 2.11 | 2.35 | 2.52 | 3.16 | 3.48 | 3.84 | 4.03 | 4.10 |
| Shares Out. | 501.8M | 526.1M | 530.1M | 536.6M | 572.6M | 637.0M | 732.9M | 744.6M | 790.3M | 928.1M | 929.1M | 933.2M | 932.3M |
| Valuation | |||||||||||||
| P/E Ratio | 25.3 | 19.6 | 17.6 | 17.0 | 16.8 | 30.5 | 42.5 | 37.3 | 23.6 | 38.4 | 25.3 | 36.2 | 37.0 |
| P/FCF | 25.2 | 16.4 | 16.1 | 17.7 | 16.2 | 38.0 | 36.9 | 162.0 | 48.6 | 99.7 | 36.5 | 37.4 | 35.4 |
| EV/EBIT | 78.6 | 73.8 | 45.3 | 47.6 | 22.6 | 31.2 | 37.0 | 39.5 | 30.1 | 39.4 | 27.8 | 35.1 | 37.9 |
| Price/Book | 1.1 | 1.2 | 1.4 | 1.8 | 1.2 | 2.1 | 2.0 | 3.3 | 1.5 | 2.2 | 1.8 | 2.3 | 2.6 |
| Price/Sales | 8.2 | 7.3 | 7.6 | 9.4 | 10.6 | 12.6 | 13.4 | 17.0 | 15.6 | 12.8 | 12.9 | 11.8 | 15.4 |
| FCF Yield | 4.0% | 6.1% | 6.2% | 5.7% | 6.2% | 2.6% | 2.7% | 0.6% | 2.1% | 1.0% | 2.7% | 2.7% | 2.8% |
| Market Cap | 15.8B | 16.9B | 21.2B | 27.8B | 27.6B | 47.8B | 62.6B | 109.5B | 79.4B | 117.3B | 94.4B | 120.1B | 137.6B |
| Avg. Price | 28.71 | 30.39 | 36.37 | 45.97 | 52.15 | 65.83 | 80.97 | 108.72 | 118.10 | 110.68 | 113.83 | 111.37 | 147.63 |
| Year-End Price | 31.41 | 32.21 | 40.06 | 51.87 | 48.25 | 75.11 | 85.38 | 147.02 | 100.46 | 126.42 | 101.62 | 128.71 | 147.63 |
Prologis, Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
Prologis, Inc. trades at 41.5x trailing earnings, compared to its 15-year median P/E of 27.9x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 42.8x vs a median of 36.9x. The company's 5-year average ROIC is 5.0% with a gross margin of 47.6%. Total shareholder yield (dividends) is 2.8%. At current prices, the estimated annualized return to fair value is +3.8%.
Prologis, Inc. (PLD) has a net profit margin of 37.8%. This is a strong margin indicating high profitability.
Prologis, Inc. (PLD) generated $3.2 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Prologis, Inc. (PLD) has a debt-to-equity ratio of 0.78. This indicates moderate leverage.
Prologis, Inc. (PLD) reported earnings per share (EPS) of $3.56 in its most recent fiscal year.
Prologis, Inc. (PLD) has a return on equity (ROE) of 6.2%. This indicates moderate shareholder returns.
Prologis, Inc. (PLD) has a 5-year average gross margin of 47.6%. This indicates decent pricing power.
The Ledger Terminal provides 17 years of financial data for Prologis, Inc. (PLD), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Prologis, Inc. (PLD) has a book value per share of $57.00, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects market vacancies to improve over 2026 as net absorption approaches 200 million square feet versus 155 million in 2025, with positive rent growth beginning to emerge more clearly as supply constraints persist and the construction pipeline depletes. The company anticipates resilient customer demand despite near-term economic uncertainty, supported by improved customer sentiment and stronger leasing activity, particularly in build-to-suit transactions and data center opportunities where Prologis has secured 1.3 gigawatts of deals under letter of intent. Development starts are expected to reach $4.5–$5.5 billion, with approximately 40% allocated to data centers, reflecting confidence in converting the pipeline and leveraging the company's land bank across both logistics and data center segments. Management is prioritizing growth in the strategic capital business through existing and new investment vehicles, with plans to expand this segment significantly while maintaining disciplined capital deployment and operational excellence.
Based on recent SEC filings and earnings calls, Prologis, Inc. (PLD) has provided the following forward guidance: Average occupancy: 95%–95.75% (FY2026); Net effective same-store NOI growth: 4.75%–5.5% (FY2026); Cash same-store NOI growth: 6.25%–7% (FY2026); Strategic capital revenue: $660 million–$680 million (FY2026); Development starts: $4.5 billion–$5.5 billion (FY2026), plus 1 additional metric.