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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

127.90 0.65 −0.51%
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
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Prologis, Inc. (PLD) valuation and DCF model

What the price implies · reverse DCF

At $127.90 the price implies FFO a share growing 7.1% a year for ten years.

FFO a share grew 28.6% a year over the last ten years, 11.2% over the last five. The price asks for less than its ten-year rate. The industry’s median company is priced for 4.7%.

In December 2017 the price assumed 18.9% a year; Prologis, Inc. went on to grow FFO a share 44.1% a year to FY2025.

FFO a share is worked out from Prologis, Inc.’s 10-Ks and 10-Qs: net income, plus the depreciation of its property and impairments, less gains on property sales.

Price implies
7.1%
Last 5 years, reported
11.2%
Last 10 years, reported
28.6%
Industry median implies
4.7%

The headline discounts the last twelve months’ FFO a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
7.1% a year for ten years
$127.90
today’s price
Its base case
20.0% a year for five years, then 12.0%
$255.92
100.1% above today’s price

Both are growth in FFO a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Prologis, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · FFO a share
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in FFO a share. It usually slows as the company matures.

Today’s price implies FFO a share growing 7.1% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Prologis, Inc.’s own cost of capital: risk-free 4.3% + beta 1.30 × equity premium 4.5% = 10.2% cost of equity; weighted, 10.2%.

Use 10.2%
Base case value per share $255.92 ten years discounted, and what follows
Current price $127.90 market price per share
Above today’s price 100.1% upside at the base case’s assumptions

How we got there$88.77 10 years of FFO+$167.15 terminal value=$255.92 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Reit Industrial).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 28.32× 31.43× 32.63× 13% below 29.08× 3% below
P/FCF 44.89× 656.16× 342.54× 87% below 27.37× 64% above
P/B 2.01× 1.89× 2.00× 1% above 1.88× 7% above
EV/EBITDA 21.20× 22.85× 22.54× 6% below 19.77× 7% above
EV/Sales 16.66× 17.47× 18.94× 12% below 11.83× 41% above
P/FFO 22.35× 23.01× 46.62× 52% below — —
P/E P/FCF P/B EV/EBITDA EV/Sales P/FFO
(51.37)×880.04×1,811.44×2,742.85×10Y avg 342.54×2016201720182019202020212022202420252026

PLD trades at 44.89× P/FCF, against a 10-year average of 342.54× (range 13.00×–3,055.76×). That is dearer than 67% of the last 9 year-end readings; re-rating to the average implies $976.03 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.