Prologis, Inc. (PLD) vs Public Storage (PSA)

Prologis, Inc. and Public Storage are both Reit Industrial companies. Prologis, Inc. is the larger, with a market value of $129.4B against $53.2B — 2.4× the size. Public Storage trades at the lower P/E: 27.4× against 29.6×. Prologis, Inc. grew revenue faster over the last twelve months: 7.35% against 2.97%. Prologis, Inc. has the higher net margin (45.7% vs 37.7%) and the lower return on invested capital (3.39% vs 7.20%). Both pay a dividend; Public Storage yields more (4.22% vs 2.82%). Across the 23 metrics below, Public Storage leads on 13 and Prologis, Inc. on 10.

Valuation

Metric PLD PSA Reit Industrial median
P/E 29.57 27.45 28.30
P/S 13.51 10.36 8.16
P/B 2.14 10.26 1.89
Price to free cash flow 42.54 19.63 21.44
EV/EBITDA 22.18 17.97 17.97
EV/Sales 17.28 12.45 11.71
Earnings yield 3.38% 3.64% 3.38%
Free cash flow yield 2.35% 5.09% 2.71%

Profitability

Metric PLD PSA Reit Industrial median
Gross margin 74.31% 72.51% 73.76%
Operating margin 54.73% 45.25% 39.85%
Net margin 45.73% 37.74% 28.04%
Free cash flow margin 31.76% 52.76% 13.63%
Return on equity 7.29% 36.68% 6.83%
Return on assets 4.23% 9.08% 3.45%
Return on invested capital 3.39% 7.20% 2.92%

Growth

Metric PLD PSA Reit Industrial median
Revenue growth (TTM) 7.35% 2.97% 3.86%
EPS growth (last fiscal year) (8.95%) (15.32%) —
Revenue growth, 5-year CAGR 14.64% 10.60% 13.33%
Net income growth, 5-year CAGR 17.66% 7.62% 9.91%

Health

Metric PLD PSA Reit Industrial median
Debt to equity 0.63 1.10 0.84
Current ratio 0.70 0.66 0.78
Net debt to EBITDA 5.31 2.92 4.76

Dividend

Metric PLD PSA Reit Industrial median
Dividend yield 2.82% 4.22% 3.14%
Payout ratio 0.90 0.43 1.14

Size

Metric PLD PSA Reit Industrial median
Market cap 129.40b 53.17b 8.24b

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