Prologis, Inc. (PLD)

NYSE: PLD · USD

$125

-1.37 (-1.1%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-02

Our latest published analysis: PLD rated Sell

Prologis, Inc.'s published Sell conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$98.0 / share

Potential value

$139 / share

Upside to FV

-23.5%

from $125

Moat

7.2/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$124.6B
Revenue (ttm)	9.9B
Net income (ttm)	4.3B
EPS (ttm)	$4.53
Shares out	969.6M
P/E (trailing)	27.6x
P/E (forward)	29.1x
Dividend	$4.28 (3.42%)
Volume	2,432,966
Beta	1.32

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 9.9B
Net income (ttm): 4.3B
EPS (ttm): $4.53
P/E (trailing): 27.6x
P/E (forward): 29.1x
Market cap: $124.6B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$4.76B	$5.97B	$8.02B	$8.20B	$8.79B	+16.6%
Gross profit	$3.51B	$4.46B	$6.01B	$6.14B	$5.24B	+10.5%
Operating income	$3.21B	$3.47B	$3.71B	$4.42B	$4.36B	+8.0%
Net income	$2.94B	$3.36B	$3.06B	$3.73B	$3.33B	+3.2%
EPS (diluted)	$3.94	$4.25	$3.29	$4.01	$3.56	-2.5%
EBITDA	$5.15B	$5.80B	$6.57B	$7.53B	$7.20B	+8.7%
R&D	$1	$1	$0	—	—	-21.6%
SG&A	$293.2M	$331.1M	$390.4M	$418.8M	$477.8M	+13.0%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AMT	American Tower Corporation	85.1B	25.8x	7.5x	7.8%	+4.0%	+0.7%	비중 축소
ARE	Alexandria Real Estate Equities Inc.	6.9B	—	2.4x	0.9%	+6.6%	-45.8%	보유
CCI	Crown Castle Inc.	37.4B	46.3x	9.1x	5.1%	-7.9%	-6.2%	매도
CPT	Camden Property Trust	10.3B	32.3x	6.6x	3.2%	+7.7%	-0.6%	매수
DLR	Digital Realty Trust, Inc.	68B	86.6x	10.0x	2.4%	+9.3%	+3.7%	매도
DOC	Healthpeak Properties, Inc.	13B	53.8x	4.4x	2.5%	+10.5%	+3.0%	적극 매수

Base and Bull scenarios

Base55%

Price target

$98.03

-23.5% from spot

The modal path projects Prologis to achieve a base scenario target of $98.03 with an estimated likelihood of 55.0%, representing an expected return of -23.5% from the analysis price of $128.18. This outcome requires infill logistics assets to maintain high tenant occupancy while capturing positive re-leasing spreads upon lease expirations. Core Real Estate Operations revenue stabilizes following post-pandemic normalization, while Strategic Capital fee streams continue providing asset-light cash flows. The scenario would be disconfirmed if operating margins breach downside thresholds or if debt refinancing yields increase significantly, with performance milestones verifiable through fiscal-year rental income and renewal spread releases.

Real estate operations generate steady rental revenue supported by infill land scarcity and contractual lease escalators
Operating margins remain stable near historical baseline levels
Strategic Capital co-investment platform continues delivering recurring asset management fee streams
Capital allocation balances scheduled debt maturities against disciplined development outlays

Bull20%

Price target

$139.40

+8.8% from spot

Under an expansionary scenario, Prologis reaches a bull target of $139.40 with an estimated probability of 20.0%, generating an implied return of 8.8% relative to $128.18. Achieving this upside requires leasing spreads to expand significantly above expectations, driven by acute urban warehouse scarcity and conversion premiums for data center infrastructure on prime infill parcels. Concurrently, rapid expansion of third-party institutional funds accelerates Strategic Capital fee generation. The bull thesis would be disconfirmed if logistics absorption slows or if alternative property sectors attract marginal institutional capital allocations, with proof points measurable over upcoming fiscal-year leasing announcements.

Accelerating e-commerce adoption and supply chain re-shoring driving robust demand for prime consumption logistics corridors
Select industrial land parcels rezoned or adapted for high-power data center infrastructure developments
Institutional equity capital inflows accelerate Strategic Capital co-investment fee growth and promote incentives

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($98.03). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	2.0%	2.3%	2.5%	2.8%	3.0%
8.9%	$99.8	$100	$100	$101	$101
9.4%	$98.6	$98.9	$99.2	$99.4	$99.8
9.9%	$97.6	$97.8	$98.0	$98.3	$98.5
10.4%	$96.6	$96.8	$97.0	$97.2	$97.4
10.9%	$95.7	$95.9	$96.1	$96.2	$96.4

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E29.2

P25 n/aP50 n/aP75 n/a

Trailing P/E28.9

P25 n/aP50 n/aP75 n/a

ROE7.7

P25 n/aP50 n/aP75 n/a

ROIC4

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All PLD indicators

Market & fundamental data

Available fields

260

Groups with data

Currency

USD

Showing 260 of 260 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001045609
Company name	Prologis, Inc.
Country	United States
Country code	US
CUSIP number	74340W103
Earnings date	2026-10-15
Earnings time	bmo
Employees	2,802
Employees change	99
Employees growth	3.66%
Enterprise value	$155.9B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-09-30
First seen	2026-05-09
Fiscal year end	December
Founded	1983
In index	SP500
Industry	REIT - Industrial
IPO date	1994-03-01
Is primary listing	Yes
Is SPAC	No
ISIN number	US74340W1036
Last 10-K release date	2026-02-13
Last earnings date	2026-10-15
Last refreshed	2026-10-28
Last stock split type	Never
Market cap	$121.3B
Market cap category	Large-Cap
Next earnings date	2027-01-20
Options	Yes
Price	$125.11
Price currency	USD
Sector	Real Estate
SIC code	6798
Stock price date	2026-10-28
Symbol	PLD
U.S. state	California
Website	https://www.prologis.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	28.22x
Average P/E ratio (10Y)	32.98x
Average P/E ratio (3Y)	33.06x
Average P/E ratio (5Y)	32.82x
Earnings yield	3.62%
EV/Earnings	36.94x
EV/EBIT	38.28x
EV/EBITDA	22.97x
EV/Sales	15.89x
FCF / EV yield	-0.29%
FCF yield	-0.37%
Forward EV/Sales	16.56x
Forward P/E	38.15x
Forward P/S	12.92x
Graham number	77.47319
Graham upside	-38.74%
Industry forward P/E	35.95x
Industry P/E	36.84x
Lynch fair value	$75.68
Lynch upside	-40.16%
P/(OCF - SBC) ratio	24.35x
P/B ratio	2.15x
P/E ratio	27.59x
P/FFO ratio	18.57x
P/OCF ratio	23.4x
P/S ratio	12.39x
PEG ratio	5.36x
Price / tangible book value	2.19x
Price/EBITDA ratio	17.92x
Sector forward P/E	29.99x
Sector P/E	40.99x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	41.5%
EBITDA margin	69.17%
Effective tax rate	6.92%
Gross margin	75.71%
Operating margin	41.5%
Pretax margin	49.2%
Profit margin	43.07%
Profit per employee	$1.5M
Profitable quarters	51
Profitable years	13
Revenue per employee	$3.5M
ROA	2.54%
ROA (5Y)	2.3%
ROCE	4.28%
ROE	7.71%
ROE (5Y)	6.89%
ROIC	3.97%
ROIC (5Y)	3.7%
SBC / revenue	2.11%
Tax / revenue	3.4%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	32.02%
EPS growth (Q)	3.07%
EPS growth (QoQ)	-25.55%
EPS growth 10Y	10.48%
EPS growth 3Y	11.81%
EPS growth 5Y	11.39%
EPS growth quarters	3
EPS growth years	0
Net income growth	32.86%
Net income growth (Q)	6.91%
Net income growth (QoQ)	-23.11%
Net income growth 3Y	12.24%
Net income growth 5Y	16.69%
Net income growth quarters	3
Net income growth years	0
OCF growth	1.32%
OCF growth 10Y	14.16%
OCF growth 3Y	2.9%
OCF growth 5Y	11.45%
Revenue growth	8.72%
Revenue growth (Q)	10.24%
Revenue growth (QoQ)	-1.17%
Revenue growth 10Y	13.64%
Revenue growth 3Y	6.58%
Revenue growth 5Y	15.06%
Revenue growth quarters	8
Revenue growth years	12

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-5.7B
Depreciation and amortization	$2.8B
EBIT	$4.1B
EBITDA	$6.8B
EPS	$4.53
FCF per share	$-0.47
Free cash flow	$-459.6M
Free cash flow minus SBC	$-663.7M
Funds from operations (FFO)	$6.5B
Gross profit	$7.5B
Income taxes	$336.8M
Investing cash flow	$-2.6B
Net cash flow	$699M
Net income	$4.3B
Operating cash flow minus SBC	$5B
Operating income	$4.1B
Revenue	$9.9B
Stock-based compensation	$204.1M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Book value per share	$58.83
Debt / EBITDA	5.38
Debt / equity	0.61
Interest coverage	3.81
Net cash (debt)	$-34.6B
Net cash / market cap	-28.18%
Net debt / EBITDA	5.05
Net debt / equity	0.57
Piotroski F-Score	5
Property, plant and equipment	$82.4B
Shareholders' equity	$60.3B
Tangible book value	$55.9B
Tangible book value per share	$58.83
Total assets	$103.9B
Total cash	$2.3B
Total debt	$36.8B
Total liabilities	$43.6B
WACC	9.5%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.1
Current ratio	0.36
Net working capital	$-6.2B
Quick ratio	0.29
Working capital	$-5.1B

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	-0.59%
Dividend growth	5.76%
Dividend growth (10Y)	9.78%
Dividend growth (3Y)	7.47%
Dividend growth (5Y)	11.31%
Dividend growth years	12
Dividend payment date	2026-09-30
Dividend payment years	16
Dividend payout frequency	Quarterly
Dividend per share	$4.28
Dividend yield	3.42%
Ex-dividend date	2026-09-16
Last dividend	$1.07
Payout ratio	94.39%
Shareholder yield	2.79%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	145.14%
10Y return CAGR	12.53%
10Y total return	225.44%
150-day SMA	$138.97
15Y price change	321.94%
15Y return CAGR	13.45%
15Y total return	563.66%
1D price change	-1.08%
1M price change	-6.04%
1M total return	-6.04%
1W price change	-1.92%
1W total return	-1.92%
1Y price change	-1.62%
1Y return CAGR	1.47%
1Y total return	1.47%
20-day SMA	$127.96
200-day SMA	$137.89
3M price change	-15.1%
3M total return	-14.43%
3Y price change	28.46%
3Y return CAGR	12.26%
3Y total return	41.49%
50-day SMA	$133.46
50-day SMA vs 200-day SMA	50under200
52-week high	$153.35
52-week high date	2026-07-17
52-week low	$121.40
52-week low date	2025-11-19
5Y price change	-13.1%
5Y return CAGR	0.14%
5Y total return	0.69%
6M price change	-10.71%
6M total return	-9.35%
All-time high	$174.54
All-time high date	2022-04-21
All-time low	$21.74
All-time low date	2011-10-04
Average true range (ATR)	$2.46
Average volume	4M
Beta (1Y)	0.36
Beta (2Y)	0.74
Beta (5Y)	1.32
Change from 52-week high	-18.42%
Change from 52-week low	3.06%
Change from all-time high	-28.37%
Change from all-time low	475.07%
Change from open	-0.47%
Day's gap	-0.61%
Dollar volume	$304.4M
High price	$125.86
Low price	$124.74
Monthly RSI	48.72
Open price	$125.70
Position in 52-week range	33.04%
Premarket change	-0.14%
Premarket close	$126.47
Premarket price	$126.30
Premarket volume	915
Previous close	$126.47
Price vs 150-day SMA	-10.04%
Price vs 20-day SMA	-2.3%
Price vs 200-day SMA	-9.33%
Price vs 50-day SMA	-6.33%
Relative volume	0.6
RSI	36.45
Sharpe ratio	-0.02
Sharpe ratio (3Y)	0.38
Sharpe ratio (5Y)	-0
Sortino ratio	0.24
Sortino ratio (3Y)	0.78
Sortino ratio (5Y)	0.2
Volume	2.4M
Weekly RSI	35.62
YTD price change	-2.07%
YTD total return	0.23%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	946M
Float percentage	97.56%
Shares change (QoQ)	1.11%
Shares change (YoY)	0.59%
Shares held by insiders	0.14%
Shares held by institutions	97.19%
Shares outstanding	969.6M
Short % of float	1.95%
Short % of shares	1.91%
Short ratio	5.3 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	121

Deeper analysis on PLD

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this PLD report

What is the latest published PLD stock rating?

Prologis, Inc. is shown with Sell in the latest published report, analyzed 2026-10-02. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full PLD analysis?

The full latest published report, analyzed 2026-10-02, lives at /stocks/PLD/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for PLD?

The latest published report analyzed 2026-10-02 gives PLD a fair value of USD 98 and a potential value of USD 139. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the PLD page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-02). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

SellPLD · Fair value $98.0-23.5%

Read full analysis →

Prologis, Inc. (PLD)

Our latest published analysis: PLD rated Sell

Price

Financial snapshot

Fair-value bridge

Latest news · PLD

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All PLD indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on PLD

Frequently asked questions

등급 이력

Category	Score	Reading
Valuation	1.5
Management	8.5
Balance Sheet	4.0
Profitability	6.5
Revenue Growth	6.0
Risk Assessment	5.0
Competitive Moat	7.2
Earnings Quality	9.0
Capital Efficiency	2.5