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Target Price Range
Recommendation Rating
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 98.03 | 96.64 | 100.82 | 85.35 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 174.54 | 137.52 | 135.76 | 131.70 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2,466 | 2,574 | 2,703 | 2,802 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.42 | 3.12 | 3.03 | 3.14 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5,973.69 | 8,023.47 | 8,201.61 | 8,790.13 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 74.74% | 74.94% | 74.92% | 74.58% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3,690.81 | 3,464.18 | 4,114.88 | 3,769.32 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 61.78% | 43.18% | 50.17% | 42.88% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3,555.40 | 3,253.15 | 3,947.94 | 3,565.30 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,568.80 | 1,946.48 | 2,014.80 | 2,020.59 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7.60 | 8.68 | 8.86 | 9.47 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 4.25 | 3.29 | 3.91 | 3.58 | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5.25 | 5.81 | 5.30 | 5.39 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (5.22) | (7.06) | (2.84) | (3.47) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.04 | (1.24) | 2.46 | 1.92 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 73.65 | 62.56 | 63.29 | 62.20 | ‡‡‡‡ | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 785.68 | 924.35 | 926.17 | 928.47 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 25.85 | 40.79 | 26.43 | 35.76 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 14.82 | 15.51 | 11.94 | 13.48 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1.53 | 2.15 | 1.67 | 2.05 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 18.78 | 19.06 | 15.54 | 17.34 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3,871.34 | (133.04) | 55.85 | 85.47 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4,126.43 | 5,373.06 | 4,912.21 | 5,008.43 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (4,097.46) | (6,522.36) | (2,629.86) | (3,225.15) | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 28.97 | (1,149.30) | 2,282.35 | 1,783.28 | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (1,433.40) | (1,235.63) | (450.74) | (818.00) | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 23,908.96 | 29,000.50 | 30,879.26 | 35,037.07 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 23,630.48 | 28,470.11 | 29,560.67 | 33,891.42 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 57,863.09 | 57,823.72 | 58,616.77 | 57,754.01 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.59% | 3.38% | 3.96% | 3.42% | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.66% | 2.69% | 3.13% | 2.97% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7.04% | 5.28% | 6.41% | 5.72% | — | — | — |
ROE
|
Analyst Commentary (Summary)
Prologis, Inc. (PLD) Latest News
20 Sep
Prologis reports surge in leasing activity with data centers driving stronger growth outlook. Leasing surge plus data center momentum signals major revenue and investor sentiment gains.
14 Sep
Prologis expands in Chicago and declares fresh dividend, drawing investor reactions to the moves. Chicago expansion plus new dividend may lift short-term sentiment and operations but lack transformative scale.
12 Sep
Prologis plans a 1 million square foot logistics development in Chicago. Chicago logistics project expands Prologis portfolio and supports moderate operational growth.
8 Sep
Prologis has expanded its industrial real estate empire worldwide, establishing dominance in key markets through acquisitions and development. Global expansion to market dominance signals major strategic success likely to boost long-term performance and investor sentiment.
6 Aug
CoStar Data shows strong prelet activity driving UK lab space demand to a record high, supporting Prologis, Inc. (PLD) positioning in specialized real estate. Record UK lab demand creates moderate revenue upside for Prologis' lab-related assets without altering overall trajectory.
5 Aug
Prologis agrees to acquire Segro for $18.8 billion. The 18.8 billion dollar acquisition of Segro expands Prologis scale and competitive reach in global logistics real estate.
4 Aug
Prologis acquires Segro in a £14.3 billion logistics property merger. The £14.3 billion Segro acquisition expands Prologis scale and European market position substantially.
Segro agrees to £14 billion takeover by US firm Prologis. £14 billion Segro acquisition fundamentally expands Prologis scale and European market position.
Prologis states its $18.8B takeover of Segro is moving forward. The $18.8B Segro acquisition marks a major strategic expansion for Prologis.
Prologis, Inc. announces a recommended combination. Recommended combination constitutes a major strategic move with potential to alter company trajectory.
Prologis, Inc. (PLD) announces recommended acquisition of SEGRO plc. Acquisition of SEGRO marks major strategic expansion altering Prologis global footprint and performance trajectory.
Prologis, Inc. prices common stock offering to raise capital through new share issuance. Common stock offering enables capital raise but dilutes existing shareholders and pressures near-term share price.
Prologis, Inc. announces a common stock offering. Common stock offering increases shares outstanding and may dilute earnings.
27 Jul
Prologis acquires Segro in an $18.7 billion merger. The $18.7B Segro acquisition transforms Prologis scale and market position.
23 Jul
SEGRO board recommends Prologis deal, triggering share price jump. Acquisition expands Prologis European footprint via major strategic move.
22 Jul
Prologis engages in discussions on possible combination with SEGRO. Possible combination with SEGRO constitutes major strategic move that could redefine Prologis competitive position and long-term prospects.
British data centre owner set for £14bn takeover by US buyer tied to Prologis (PLD), marking major expansion move. £14bn data centre acquisition constitutes major strategic expansion altering Prologis growth trajectory.
Segro’s board backs Prologis’ $18.7B takeover bid. $18.7B Segro acquisition marks major strategic expansion for Prologis.
Prologis receives best and final proposal and requests PUSU deadline extension. Best and final proposal indicates active M&A process that can materially shift valuation and strategic direction.
Prologis beat earnings expectations and raised guidance, indicating the stock could be 4% undervalued. Earnings beat with raised guidance supports short-term sentiment but does not fundamentally alter long-term trajectory.
21 Jul
SEGRO and Prologis issue further announcement on possible business combination. Potential combination with SEGRO is a major strategic move that could significantly alter Prologis trajectory and investor sentiment.
20 Jul
Prologis raised its bid for Segro to $18.2 billion with a 9.7% premium. Raising an $18.2 billion acquisition bid for Segro marks a major strategic expansion carrying substantial financial and operational impact.
Segro rejects Prologis' enhanced $18.2 billion takeover offer. Failed large-scale acquisition attempt creates moderate setback for Prologis expansion strategy and short-term sentiment.
Segro rebuffed Prologis' third takeover approach valued at £13.5 billion. Failed bid leaves Prologis without UK expansion but avoids major capital outlay.
19 Jul
Prologis sets record results as data center growth boosts performance. Data center growth drives record results and strengthens future trajectory.
Prologis targets speculative industrial builds amid surging leasing demand. Surging leasing demand prompts Prologis to expand speculative builds, supporting moderate revenue growth.
17 Jul
Prologis reported growth across logistics and data center segments in its Q2 earnings call. Q2 earnings growth in logistics and data centers signals strong performance likely to boost investor confidence and stock value.
Intermodal transportation booms, delivering major gains for J.B. Hunt and shippers per FreightWaves earnings coverage. Intermodal expansion increases utilization of logistics facilities owned by Prologis.
16 Jul
Prologis raised 2026 earnings guidance after record leasing results, driving a 6.2% stock increase. Raising 2026 guidance plus record leasing directly improves earnings visibility and valuation.
Prologis Inc posted record leasing activity in Q2 2026, driven by sustained logistics demand, alongside strategic portfolio and development initiatives that support continued expansion. Record leasing volumes and strategic initiatives indicate substantial revenue growth and strengthened market position for Prologis.
Prologis (PLD), the behemoth of industrial real estate, has ridden e-commerce’s wave to impressive heights, with revenue surging at a 14% CAGR from 2016 to $8.20 billion in 2024, turbocharged by the game-changing $23 billion Duke Realty merger that doubled its 1.2 billion sq ft portfolio across prime logistics hubs. Occupancy neared 97% during pandemic peaks, margins held firm at 72-75%, and efficiency shone with revenue per employee topping $3 million—outpacing many peers in an asset-light model. Yet, elevated interest rates have clipped wings, triggering a 20-25% stock correction from 2022 highs, even as fundamentals decoupled upward with steady rent escalators and projected 4% revenue CAGR through 2027.
Dig deeper, and cracks emerge amid the resilience: debt ballooned 175% to $30.9 billion, ROIC lags at 3.1%, and insider selling—$13.2 million in dumps with zero buys—flashes caution in a bearish signal absent from bullish narratives. EPS volatility ties to macro swings, free cash flow flipped positive only recently, and forecasts show modest 5-10% growth tempered by share dilution and oversupply risks pushing U.S. vacancies to 6-7%. Tailwinds like nearshoring and AI leasing tempt, but geopolitics and delayed rate cuts loom large.
At moderate valuations (PE 26x vs. 32x historical average, PB 1.67x), consensus hugs the current price with slim upside, begging the question: is Prologis primed for a re-rating on Fed pivots and 8-10% total returns, or exposed to leverage traps and sector headwinds? Fundamentals scream steady-state leadership, but underappreciated risks demand scrutiny—dive into the full analysis for the unvarnished edge.