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Prologis, Inc.

PLD Real Estate Reit Industrial

Prologis, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $8.8 billion, up 7.18% from fiscal 2024.

Revenue
+7.84%
EPS
+4.88%
Free cash flow
−37.9%
Total debt
+4.33%

Quarter to September 2026, against a year earlier

128.77 0.22 +0.17%
Market cap
$124.6B
P/E
28.3×
Fwd P/E
34.1×
Dividend yield
3.28%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Real Estate Operations
  • Strategic Capital

Every year since 2016 →

Insider Decisions last twelve months

Sold, $m 8.04
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — 1 1 — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 124,640.00
Revenue ttm 9,363.41
Net income ttm 4,530.89
Free cash flow ttm 2,704.69
Net debt Q 34,558.98
Valuation
P/E 28.32
Forward P/E 34.10
Price / sales 12.97 (above 10: high)
Forward P/S Powerpack
Price / FCF 44.89
Price / book 2.01
Financial health
Current ratio Q 0.81
Debt / equity Q 0.61
Interest coverage Q 3.64
Growth
Revenue growth Q +7.84% (above 0%: growing)
Operating income growth Q +11.11% (above 0%: growing)
EPS, this year +5.52%
EPS, next year A −11.18% (below 0%: weak)
Revenue, next year A −0.47% (below 0%: weak)
EPS, past 5 yrs +12.11%
EPS, next 5 yrs A +0.99%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 16.7×, against a ten-year median of 18.1×; over the ten years it ranged from 14.0× in 2017 to 29.8× in 2021.
P/E against its own 10 years 35.06%
10-year low 10-year high
P/S against its own 10 years 31.17%
10-year low 10-year high
P/B against its own 10 years 61.57%
10-year low 10-year high
EV/Sales against its own 10 years 32.86%
10-year low 10-year high
EV/FCF against its own 10 years 63.66%
10-year low 10-year high

Dividends raised every year since 2017

Yield
3.28%
Annual rate
4.22
Payout ratio
93.2%
Growth, 2017–25
+10.9%/yr
  1. 1.76 ’17
  2. 1.92 ’18 +9
  3. 2.12 ’19 +10
  4. 2.32 ’20 +9
  5. 2.52 ’21 +9
  6. 3.16 ’22 +25
  7. 3.48 ’23 +10
  8. 3.84 ’24 +10
  9. 4.04 ’25 +5
  10. 4.28 ’26e +6
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 530 1,319 1,146 2,273
Receivables — — — —
Inventory — — — —
Other — — — —
530 1,319 1,146 2,273
2023 2024 2025 Q'26
Payables 1,766 1,769 1,964 2,792
ST’ Debt — — — —
Other — — — —
1,766 1,769 1,964 2,792

Compound Annual Growth %

10y 5y 3y
Sales 14.87% 14.64% 13.74%
Cash Flow 16.20% 11.27% 6.67%
Earnings 14.43% 17.66% (0.36%)
Book Value 12.11% 9.72% (0.06%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.58 Actual 1.60

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.44 1.44 Met by 0.00
Q1 FY26 1.48 1.50 Beat by 0.02
Q2 FY26 1.53 1.63 Beat by 0.10
Q3 FY26 1.58 1.60 Beat by 0.02
Q4 FY26 1.56 — Reports 20 January 2027

EPS $

Mar Jun Sep Dec Year
’26 1.05 1.13 0.86 — —
’25 0.63 0.61 0.82 1.49 3.56
’24 0.63 0.92 1.08 1.37 3.91
’23 0.50 1.31 0.80 0.68 3.29
’22 1.54 0.82 1.36 0.63 4.25
’21 0.49 0.81 0.97 1.67 3.94
’20 0.70 0.54 0.40 0.38 2.01
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,298 2,425 2,388 — —
’25 2,140 2,184 2,214 2,253 8,790
’24 1,957 2,008 2,036 2,201 8,202
’23 1,769 2,451 1,915 1,889 8,023
’22 1,219 1,252 1,751 1,752 5,974
’21 1,148 1,151 1,183 1,277 4,759
’20 978 1,266 1,083 1,112 4,439
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,288 1,347 1,758 — —
’25 1,161 1,242 1,448 1,158 5,008
’24 1,055 1,086 1,435 1,335 4,912
’23 1,114 1,215 1,969 1,074 5,373
’22 842 804 1,203 1,278 4,126
’21 817 649 814 716 2,996
’20 679 676 978 604 2,937
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 775 156 350 — —
’25 (396) 191 564 1,423 1,783
’24 275 495 (198) 1,710 2,282
’23 82 (2,381) 1,323 (174) (1,149)
’22 1,143 (1,406) (9) 302 29
’21 816 462 519 (39) 1,759
’20 468 471 644 106 1,689
Fiscal quarters ending in the months shown.

Valuation

The price implies FFO a share growing 7.2% a year for ten years. It grew 28.6% a year over the last ten.

Implied
7.2%
10 years, reported
28.6%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 2,533 2,618 2,804 3,331 4,439 4,759 5,974 8,023 8,202 8,790 9,363 +14.8% 8,749 9,658 10,391 +5.7%
Gross margin, % 72.47 72.32 72.98 72.41 73.64 73.77 74.74 74.94 74.92 74.58 74.33 +2.1 pt
EBT 1,347 1,816 1,886 1,776 1,747 3,323 3,691 3,464 4,115 3,769 4,868 +12.1%
EBT margin, % 53.18 69.35 67.26 53.33 39.36 69.82 61.78 43.18 50.17 42.88 51.99 (10.3) pt
Net income 1,293 1,761 1,823 1,702 1,617 3,149 3,555 3,253 3,948 3,565 4,531 +11.9%
Per share, $
Per share, $ Revenue 4.81 4.94 4.94 5.28 6.09 6.44 7.60 8.68 8.86 9.47 9.92 +7.8%
Earnings 2.27 3.06 2.87 2.48 2.02 3.97 4.25 3.29 3.91 3.58 4.54 +5.2%
Cash flow 2.69 3.18 3.18 3.59 4.03 4.05 5.25 5.81 5.30 5.39 5.88 +8.0%
Capex 0.87 1.74 (1.53) (1.26) (1.71) (1.67) (5.22) (7.06) (2.84) (3.47) (3.01) n/m
Free cash flow 3.57 4.92 1.65 2.33 2.32 2.38 0.04 (1.24) 2.46 1.92 2.86 (6.6%)
Book value 35.08 35.27 45.47 41.35 49.87 51.05 73.65 62.56 63.29 62.20 63.91 +6.6%
Shares, m 526 530 567 631 728 739 786 924 926 928 934 +6.5%
Valuation, ×
Valuation, × P/E 23.26 20.78 20.68 36.09 49.34 42.30 25.85 40.79 26.43 35.76 28.32 32.1
P/S 10.97 12.97 11.88 16.88 16.35 26.15 14.82 15.51 11.94 13.48 12.97 15.1
P/B 1.51 1.82 1.29 2.16 2.00 3.30 1.53 2.15 1.67 2.05 2.01 2.0
EV/Sales 14.84 16.39 15.71 20.12 20.01 29.76 18.77 19.06 15.54 17.34 16.66 18.8
EV/FCF 20.03 16.44 47.19 45.53 52.61 80.52 3,870.20 (133.04) 55.84 85.47 57.66 414.1
Cash, $m
Cash, $m Operating cash flow 1,417 1,687 1,804 2,264 2,937 2,996 4,126 5,373 4,912 5,008 5,551 +15.1%
Capex 459 924 (870) (792) (1,248) (1,237) (4,097) (6,522) (2,630) (3,225) (2,846) n/m
Free cash flow 1,876 2,611 934 1,472 1,689 1,759 29 (1,149) 2,282 1,783 2,705 (0.6%)
Balance, $m
Balance, $m Working capital 283 (221) (417) 384 (545) (697) (1,433) (1,236) (451) (818) (518) n/m
Net debt 9,801 8,966 10,746 10,817 16,251 17,159 23,597 28,470 29,561 33,891 34,559 +14.8%
Shareholders’ equity 18,458 18,706 25,801 26,072 36,325 37,742 57,863 57,824 58,617 57,754 60,342 +13.5%
Returns, %
Returns, % ROA 3.90 5.50 4.84 3.99 3.07 5.12 4.59 3.38 3.96 3.42 4.21 (0.5) pt
ROIC 1.48 4.41 2.89 3.13 2.52 3.65 2.66 2.69 3.13 2.97 3.38 +1.5 pt
ROE 6.55 8.87 7.41 6.06 4.73 7.94 7.04 5.28 6.41 5.72 7.25 (0.8) pt
People
People Employees 1,530 1,565 1,617 1,712 1,945 2,053 2,466 2,574 2,703 2,802 — +7.0%
Revenue/emp, $m 1.66 1.67 1.73 1.95 2.28 2.32 2.42 3.12 3.03 3.14 — +7.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Prologis is a self-administered, self-managed real estate investment trust (REIT) that owns, manages and develops logistics facilities. It operates through Prologis, L.P., which holds substantially all of its assets, and also invests alongside partners through co-investment ventures. Founded in 1983, it is headquartered in San Francisco.

Its core product is industrial and logistics space: buildings used to store, distribute and fulfill goods. Its properties include facilities near major cities for rapid delivery, import and national distribution centers near seaports and intermodal hubs, and regional distribution centers. It also offers leasing, property management, development, acquisition and disposition services around those properties.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Real Estate Operations 8,198 93.26%
Strategic Capital 592 6.74%
Gross margin 74.58%
Operating margin 49.58%
Pre-tax margin 42.88%

Revenue by segment since 2016

Prologis, Inc. vs peers in Reit Industrial (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PLD Prologis, Inc. $124.6B 28.3× 34.1× +7.84% (above 0%: growing) +4.88% (above 0%: growing) −37.91% (below 0%: shrinking) 75.04% 43.76%
PSA Public Storage $63.6B 34.1× 34.1× +11.61% (above 0%: growing) −21.88% (below 0%: shrinking) −19.32% (below 0%: shrinking) 72.41% 23.20% Compare
EXR Extra Space Storage Inc $34.9B 32.5× 32.6× +3.65% (above 0%: growing) +50.00% (above 0%: growing) −27.72% (below 0%: shrinking) 71.14% 44.04% Compare
EGP EastGroup Properties, Inc. $10.4B 32.9× 32.7× +9.50% (above 0%: growing) +15.87% (above 0%: growing) +22.82% (above 0%: growing) 74.02% 41.57% Compare
CUBE CubeSmart $10.2B 29.8× 27.9× +3.12% (above 0%: growing) +16.11% (above 0%: growing) −5.37% (below 0%: shrinking) 67.42% 42.77% Compare
LINE Lineage, Inc. $9.0B — (loss-making) — (loss-making) +0.81% (above 0%: growing) n/m +91.92% (above 0%: growing) 31.23% 3.97% Compare
REXR Rexford Industrial Realty, Inc. $8.1B — (loss-making) — (loss-making) −5.58% (below 0%: shrinking) −81.08% (below 0%: shrinking) +58.30% (above 0%: growing) 76.16% 39.41% Compare
FR First Industrial Realty Trust, Inc. $7.4B 20.1× 21.7× +8.65% (above 0%: growing) −10.20% (below 0%: shrinking) −240.72% (below 0%: shrinking) 74.45% 44.21% Compare
TRNO Terreno Realty Corporation $7.3B 19.9× 33.2× +13.74% (above 0%: growing) −38.00% (below 0%: shrinking) +118.95% (above 0%: growing) 75.26% 42.18% Compare
Median of peers $9.6B 31.2× 32.7× +6.15% −10.20% +8.73% 73.22% 41.88%

All 14 Reit Industrial stocks →

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Raymond James Oct 21, 2026 Upgrade Hold → Outperform 163.00
RBC Oct 20, 2026 Upgrade Outperform —
Scotiabank Oct 20, 2026 Upgrade Outperform —

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 94.42%
Held by the ten largest 45.97%
Holder Shares Stake Change
Vanguard 126.43m 13.55% +2.19m
BlackRock 103.39m 11.08% +2.98m
State Street 55.92m 5.99% −118.15k
Geode Capital Management 23.89m 2.56% +278.32k
COHEN & STEERS, INC. 22.84m 2.45% −446.17k
UBS 20.75m 2.22% −1.03m
Capital Group 19.88m 2.13% −1.00m
APG Asset Management US Inc. 19.29m 2.07% 0.00
JPMorgan Chase 19.26m 2.06% −1.34m
Fidelity (FMR) 17.26m 1.85% +703.87k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 19 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 25.00m 80.57m 147.42
2024 24.85m (24.29m) 117.84
2023 50.89m 95.94m 143.90
2022 48.15m (8.17m) 118.35
2021 24.90m 113.65m 172.33

Ownership

Directors and executive officers, together 0.52%
The Vanguard Group, Inc. 12.93%
BlackRock, Inc. 9.30%
State Street Corporation State Street Financial Center One Lincoln Street Boston, MA 6.71%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Prologis, Inc. (PLD) Latest News

29 Oct

Impact 3 · · Business Wire

28 Oct

Impact 4 · · PR Newswire
Impact 3 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · GlobeNewswire
Impact 3 · · GlobeNewswire

27 Oct

Impact 4 · · Business Wire
Impact 4 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Business Wire
Impact 3 · · Simply Wall St.

23 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Business Wire
Impact 3 · · GlobeNewswire

22 Oct

Impact 3 · · Zacks earnings
Impact 3 · · Business Wire
Impact 3 · · GlobeNewswire

21 Oct

Impact 3 · · The Fly

20 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Business Wire
Impact 3 · · GlobeNewswire

19 Oct

Impact 3 · · Business Wire

16 Oct

Impact 5 · · The Motley Fool transcript
Impact 4 · · Simply Wall St.
Impact 4 · · credaily.com
Impact 4 · · The Motley Fool
Impact 4 · · Zacks
Impact 4 · · Moby transcript
Impact 3 · · Simply Wall St.

PLD metrics, ten years each

stockrow.com/PLD · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com