Prologis (PLD)
Real Estate · $131B market cap · SEC CIK 0001045609
fundamentals score out of 100
Next reports on Oct 15, 2026, with analysts expecting $0.82 in earnings per share.
The case for PLD
- 46% of revenue drops through to net profit.
- Pays a 3.1% dividend while you wait.
- Has compounded revenue at 14.6% a year over five years.
- Gross margin of 74% absorbs cost shocks.
The case against
- Long-term debt of $35.0B would take 7 years of operating cash flow to repay.
- Pricey at 31.2× earnings, against a long-run market average nearer 20×.
- Priced at 14.3× sales, which leaves no room for a stumble.
- Return on equity of only 8%.
- Current liabilities exceed current assets (ratio 0.27).
- Dividend takes 95% of earnings, leaving little cushion.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Real Estate companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 45 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 70 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 74 |
| Momentumhow the price has behaved lately | 57 |
| Stabilityhow violently it moves, what it owes and what it pays you | 40 |
- Each factor except momentum is half fixed thresholds, half rank among the 31 Real Estate companies.
Key numbers
| Price / earnings | 31.2× |
|---|---|
| Price / book | 2.35× |
| Price / sales | 14.3× |
| Revenue growth (YoY) | +7.3% |
| EPS growth (YoY) | +21.6% |
| Gross margin | 74% |
| Operating margin | 38% |
| Net margin | 46% |
| Return on equity | 8% |
| Debt / equity | 0.68× |
| Current ratio | 0.27 |
| Dividend yield | 3.11% |
| Beta | 1.29 |
| 52-week range | $111.03 – $153.35 |
| Position in that range | 59% of the way up |
| 3-month return | -3.4% |
| 1-year return | +19.7% |
Five years of financials, as filed
Pulled from Prologis's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $8.8B | $8.2B | $8.0B | $6.0B | $4.8B |
| Operating income | $4.4B | $4.4B | $3.7B | $3.5B | $3.2B |
| Net income | $3.3B | $3.7B | $3.1B | $3.4B | $2.9B |
| Operating cash flow | $5.0B | $4.9B | $5.4B | $4.1B | $3.0B |
| Total assets | $98.7B | $95.3B | $93.0B | $87.9B | $58.5B |
| Total liabilities | $41.0B | $36.7B | $35.2B | $30.0B | $20.7B |
| Shareholder equity | $53.2B | $54.0B | $53.2B | $53.2B | $33.4B |
| Cash | $1.1B | $1.3B | $530M | $278M | $556M |
| Long-term debt | $35.0B | $30.9B | $29.0B | $23.9B | $215M |
| Operating margin | 49.6% | 53.8% | 46.2% | 58.0% | 67.4% |
| Net margin | 37.9% | 45.5% | 38.1% | 56.3% | 61.8% |
| Diluted shares | 957M | 954M | 952M | 812M | 765M |
Share count is up 25.1% over 4 years. Your slice has been diluted.
What Prologis says it does
Prologis, Inc. is a self-administered and self-managed REIT and is the sole general partner of Prologis, L.P. through which it holds substantially all of its assets. We operate Prologis, Inc. and Prologis, L.P. as one enterprise and, therefore, our discussion and analysis refers to Prologis, Inc. and its consolidated subsidiaries, including Prologis, L.P. We invest in real estate through wholly owned subsidiaries and other entities through which we co-invest with partners and investors ("co-investment ventures"). We have a significant ownership interest in the co-investment ventures, which are either consolidated or unconsolidated based on our level of control of the entity. Prologis, Inc. began operating as a fully integrated real estate company in 1997 and elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended ("Internal Revenue Code" or "IRC"). We believe the current organization and method of operation…
Risk factors PLD lists in its 10-K
- Controls and Procedures (Prologis, Inc.)
- Changes in Internal Control over Financial Reporting
- Management’s Annual Report on Internal Control over Financial Reporting
- Limitations of the Effectiveness of Controls
- Controls and Procedures (Prologis, L.P.)
- Opinion on the Consolidated Financial Statements
- Internal Control – Integrated Framework (2013)
- Assessment of the Company’s evaluation of the expected holding period for operating properties
- Assessment of the Operating Partnership’s evaluation of the expected holding period for operating properties
- Opinion on Internal Control Over Financial Reporting
- Definition and Limitations of Internal Control Over Financial Reporting
- (In thousands, except per share amounts)
- Operating income before gains on real estate transactions, net
- Net earnings attributable to controlling interests