Prologis, Inc. (PLD)
Real Estate · Industrial REITs · US stock · S&P 500 component
$126.66
▼ -0.94 (0.74%)
Fair valueFair
$128 +1.2% to fair value
$64fair band $109–$155$192
Day's range
$125.17 – $127.87
52-week range
$121.40 – $153.35
About Prologis, Inc.
Prologis owns, develops and operates logistics real estate, mostly modern warehouses and distribution centres close to ports, airports and large population centres. Its tenants include retailers, e-commerce firms, manufacturers and logistics companies. It operates in the Americas, Europe and Asia, and besides holding properties directly, it manages investment ventures that own buildings alongside outside investors, earning fees for doing so.
As a real estate investment trust, Prologis collects revenue mostly as rent paid by tenants, with extra fees from managing its co-investment ventures. The last twelve months brought $8.9 billion, and growth over the last three years was 13.7% a year. The operating margin is 52.4%, and the business earns a profit of 5% on the capital invested in it. It has net debt of 4.7 times EBITDA. The company pays a dividend with a yield of 3.3%. On the site's X-Ray Score it receives 43 out of 100.
Price chart
52-wk range $121.40 – $153.35Volume 4,235,728Daily, split-adjusted
Vitals
Market cap$121.3B
52-week range$121.40 – $153.35
Volume (last day)4,235,728
P/E (TTM)31.9
EBIT / EV yield2.9%
Free-cash-flow yield–
Dividend yield3.3%
Revenue (TTM)$8.9B
Net income (TTM)$3.8B
Operating margin52.4%
Return on capital4.8%
Debt incl. leases$35.3B
Cash & securities$861M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$128middle half of models $125 – $130
Fair
+1.2% to fair value
Average of the 4 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $127
Undervalued < $109Fair $109 – $155Overvalued > $155
P/B multiple
$137
P/S multiple
$125
P/FFO multiple
$128
P/AFFO multiple
$123
Dividend discount, stable · not used
$7
Dividend discount, multi-stage · not used
$12
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Real Estate peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
32/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield2.9%
Fair value vs price1.0×
Growth
Fair
56/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)13.7%
EPS growth (3y)-5.7%
Growth consistency90%
Profitability
Weak
41/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital4.8%
Operating margin52.4%
Financial health
Weak
38/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score4 / 9
Net debt / EBITDA4.7×
Interest cover4.6×
Dividends
Fair
54/100
Dividend is typical for its sector.
See the numbers →
Dividend yield3.3%
Dividend growth14.7%
Quarterly results: last 6 quarters
+16.5%
Dec '24
+9.4%
Mar '25
+8.8%
Jun '25
+8.7%
Sep '25
+2.4%
Dec '25
+7.4%
Mar '26
Revenue against the same quarter a year earlier. Latest quarter revenue $2.3B, diluted EPS $1.05.
SWOT analysis: Prologis, Inc.
Strengthsinside the company
- Operating margin of 52.4% is well above the 32.5% median of sector peers, a sign of pricing power or lower costs.
- Revenue has grown 13.7% a year over three years (median 6.6% for sector peers).
Weaknessesinside the company
- Return on invested capital is only 4.8% (median 7.7% for sector peers), so the business earns little above its cost of capital.
- Earnings per share have declined 5.7% a year over three years.
- Net debt is 4.7x EBITDA, above the 3x level that lenders usually watch.
Opportunitiesvaluation and setting
- No specific opportunity is visible in our valuation, sector or growth data.
Threatsvaluation and setting
- Revenue growth slowed to 7.2% last year from 13.7% a year over three years.
- Heavy debt makes profits sensitive to interest rates and refinancing conditions.
- Our Market Compass rates the backdrop for Real Estate as unfavourable.
- The price trend is down on the daily and weekly signals.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare PLD with peers and sector
Medians of 28 Real Estate peers and of 28 Real Estate stocks in our universe.
Largest peers (X-Ray Score): WELL 48, EQIX 51, AMT 53, SPG 42, DLR 37, PSA 52.
| Metric | PLD | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 43 | 52 | 52 |
| Valuation | 32 | 53 | 53 |
| Growth | 56 | 56 | 56 |
| Profitability | 41 | 53 | 53 |
| Financial health | 38 | 56 | 56 |
| Dividends | 54 | 47 | 47 |
Sector leaders: highest X-Ray Score in Real Estate
PLD ranks #24 of 29 in Real Estate by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for PLD
Each factor is rated by where PLD stands among the 29 Real Estate stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 6 Good · 5 Average · 6 Bad of 17
Growth: 2 · 1 · 0
Profitability: 2 · 1 · 1
Financial strength: 1 · 1 · 1
Valuation: 0 · 2 · 2
Cash flow: 1 · 0 · 2
| Factor | PLD | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +13.7% | Good beats 81% | +6.8% | – | – |
| Revenue growth, last year | +7.2% | Good beats 71% | +5.1% | +7.2% | ≈ In line |
| EPS growth, 3 years a year | −5.7% | Average beats 44% | −1.9% | – | – |
| Profitability | |||||
| Operating margin | 52.4% | Good beats 90% | 34.3% | 53.8% | ≈ In line |
| Net margin | 42.5% | Good beats 91% | 21.5% | 45.5% | ≈ In line |
| Return on invested capital | 4.8% | Bad beats 23% | 7.5% | – | – |
| Return on equity | 7.1% | Average beats 44% | 7.3% | 6.3% | ≈ In line |
| Financial strength | |||||
| Net debt / EBITDA | 4.7x | Average beats 42% | 4.6x | 4.5x | ≈ In line |
| Interest cover | 4.6x | Good beats 77% | 3.4x | 5.8x | ▼ Worse |
| Piotroski F-score | 4 / 9 | Bad beats 9% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 31.9x | Average beats 52% | 32.1x | 36.7x | ▲ Better |
| Price / book | 2.3x | Average beats 63% | 2.6x | 2.3x | ≈ In line |
| Price / sales | 13.6x | Bad beats 5% | 7.0x | 15.3x | ▲ Better |
| EV / EBITDA | 21.7x | Bad beats 15% | 18.6x | 22.3x | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 57.4% | Good beats 81% | 44.6% | 62.9% | ≈ In line |
| Cash from operations / net income | 1.35 | Bad beats 23% | 1.91 | 1.32 | ≈ In line |
| Accruals (lower is better) | −1.4% | Bad beats 19% | −3.7% | – | – |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 3 Good · ● 2 Average · ● 6 BadCash quality
Earnings backed by cashBad
Risk models
Piotroski F-ScoreBad
Growth
EPS growth (3y)Average
Revenue growth (3y)Good
Growth consistencyBad
Balance sheet
Net debt / EBITDAAverage
Interest coverGood
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalBad
Operating marginGood
Each check is graded against the company's sector, not a fixed number. Checklist score 43/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $4.8B | $6.0B | $8.0B | $8.2B | $8.8B |
| Operating income | $3.2B | $3.5B | $3.7B | $4.4B | $4.4B |
| Net income | $2.9B | $3.4B | $3.1B | $3.7B | $3.3B |
| Operating cash flow | $3.0B | $4.1B | $5.4B | $4.9B | $5.0B |
| Operating margin | 67.4% | 58.0% | 46.2% | 53.8% | 49.6% |
| Free cash flow | – | – | – | – | – |
| Diluted EPS | $3.94 | $4.25 | $3.29 | $4.01 | $3.56 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bearish
0 bullish · 4 neutral · 12 bearish
Weekly
Bearish
3 bullish · 1 neutral · 8 bearish
Monthly
Bullish
5 bullish · 1 neutral · 2 bearish
Moving averages (daily)
| SMA 10 | 128.4 | Bearish |
| EMA 10 | 127.8 | Bearish |
| SMA 20 | 129.1 | Bearish |
| EMA 20 | 129.4 | Bearish |
| SMA 50 | 134.1 | Bearish |
| EMA 50 | 133.0 | Bearish |
| SMA 100 | 138.0 | Bearish |
| EMA 100 | 135.1 | Bearish |
| SMA 200 | 136.2 | Bearish |
| EMA 200 | 133.3 | Bearish |
Oscillators (daily)
| RSI (14) | 40.26 | Neutral |
| MACD (12, 26) | -2.10 | Bearish |
| Momentum (12) | -1.57 | Bearish |
| Stochastic %K (14) | 25.07 | Neutral |
| Williams %R (14) | -74.93 | Neutral |
| CCI (20) | -86.56 | Neutral |
Pivot points (classic, last session)
S3 122.6 | S2 123.9 | S1 125.3 | Pivot 126.6 | R1 128.0 | R2 129.3 | R3 130.7 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
4.22 USD
Yield on today's price
3.33%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 1.0700 | |
| 1.0700 | |
| 1.0700 | |
| 1.0100 | |
| 1.0100 | |
| 1.0100 | |
| 1.0100 | |
| 0.9600 | |
| 0.9600 | |
| 0.9600 | |
| 0.9600 | |
| 0.8700 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold PLD
| ETF | Share of the fund |
|---|---|
| RWR SPDR Dow Jones REIT | 9.15% |
| SCHH Schwab U.S. REIT | 8.95% |
| IYR iShares U.S. Real Estate | 8.72% |
| XLRE The Real Estate Select Sector SPDR | 8.68% |
| ICF iShares Cohen & Steers REIT | 8.00% |
| USRT iShares Core U.S. REIT | 7.49% |
| REET iShares Global REIT | 7.20% |
| VNQ Vanguard Real Estate | 7.01% |
The eight funds with the largest weight in PLD among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
PLD SEC filings
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Entered a material agreement; Other events
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
8-KSEC EDGAR
Director or officer change
8-KSEC EDGAR
Other events
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.