Lineage, Inc. (LINE) vs Prologis, Inc. (PLD)

Lineage, Inc. and Prologis, Inc. are both Reit Industrial companies. Prologis, Inc. is the larger, with a market value of $129.4B against $8.2B — 15.7× the size. Lineage, Inc. has negative trailing earnings, so its P/E is not meaningful; Prologis, Inc. trades at 29.6×. Prologis, Inc. grew revenue faster over the last twelve months: 7.35% against 1.03%. Prologis, Inc. has the higher net margin (45.7% vs −3.15%) and the higher return on invested capital (3.39% vs 0.74%). Across the 19 metrics below, Prologis, Inc. leads on 11 and Lineage, Inc. on 8.

Valuation

Metric LINE PLD Reit Industrial median
P/E n/m 29.57 28.30
P/S 1.53 13.51 8.16
P/B 0.93 2.14 1.89
Price to free cash flow 25.05 42.54 21.44
EV/EBITDA 13.19 22.18 17.97
EV/Sales 2.90 17.28 11.71
Earnings yield (1.99%) 3.38% 3.38%
Free cash flow yield 3.99% 2.35% 2.71%

Profitability

Metric LINE PLD Reit Industrial median
Gross margin 31.97% 74.31% 73.76%
Operating margin 3.57% 54.73% 39.85%
Net margin (3.15%) 45.73% 28.04%
Free cash flow margin 6.13% 31.76% 13.63%
Return on equity (1.82%) 7.29% 6.83%
Return on assets (0.88%) 4.23% 3.45%
Return on invested capital 0.74% 3.39% 2.92%

Growth

Metric LINE PLD Reit Industrial median
Revenue growth (TTM) 1.03% 7.35% 3.86%
EPS growth (last fiscal year) 88.38% (8.95%) —
Revenue growth, 5-year CAGR — 14.64% 13.33%
Net income growth, 5-year CAGR — 17.66% 9.91%

Health

Metric LINE PLD Reit Industrial median
Debt to equity 0.84 0.63 0.84
Current ratio 0.78 0.70 0.78
Net debt to EBITDA 6.39 5.31 4.76

Dividend

Metric LINE PLD Reit Industrial median
Dividend yield — 2.82% 3.14%
Payout ratio — 0.90 1.14

Size

Metric LINE PLD Reit Industrial median
Market cap 8.24b 129.40b 8.24b

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