Real Estate · Industrial REITs · US stock · price as of 16 Oct 2026
Key indicators
Price
$125.75
52-week range
$116.59 – $152.14
Market cap
$120.4B
P/E (trailing)
31.7×
EV / EBITDA
20.9×
Free-cash-flow yield
4.3%
Dividend yield
3.4%
Revenue (last 12 months)
$8.9B
Revenue growth (3y a year)
13.7%
Operating margin
52.4%
Return on invested capital
4.8%
Net debt / EBITDA
4.7×
Fair value
Fair value is not shown for this company.
X-Ray Score
42/ 100 · Medium confidence · ahead of 21% of sector peers
Valuation31
Growth56
Profitability41
Financial health38
Dividends54
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Prologis owns, develops and operates logistics real estate, mostly modern warehouses and distribution centres close to ports, airports and large population centres. Its tenants include retailers, e-commerce firms, manufacturers and logistics companies. It operates in the Americas, Europe and Asia, and besides holding properties directly, it manages investment ventures that own buildings alongside outside investors, earning fees for doing so.
As a real estate investment trust, Prologis collects revenue mostly as rent paid by tenants, with extra fees from managing its co-investment ventures. The last twelve months brought $8.9 billion, and growth over the last three years was 13.7% a year. The operating margin is 52.4%, and the business earns a profit of 5% on the capital invested in it. It has net debt of 4.7 times EBITDA. The company pays a dividend with a yield of 3.4%.
StocksXray gives Prologis, Inc. an X-Ray Score of 42 out of 100 (medium confidence), ahead of 21% of the S&P 500 stocks in its sector. Its strongest lens is growth (56) and its weakest is valuation (31).
XStocksXray
Prologis, Inc. (PLD)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$145.88
$100.18
$121.80
$99.73
$124.74
$125.75
Market cap
$111.6B
$81.3B
$115.9B
$95.1B
$119.4B
$120.4B
P/E
37.0×
23.6×
37.0×
24.9×
35.0×
31.7×
EV / revenue
24.3×
18.3×
18.6×
15.8×
18.0×
17.7×
EV / EBITDA
24.1×
20.7×
24.1×
18.5×
22.6×
21.5×
Price / free cash flow
37.2×
19.7×
21.6×
19.4×
23.8×
23.4×
Free-cash-flow yield
2.7%
5.1%
4.6%
5.2%
4.2%
4.3%
Price / book
3.3×
1.5×
2.2×
1.8×
2.2×
2.3×
Dividend yield
–
0.02%
–
0.01%
0.02%
3.36%
Fundamentals checklist ● 3 Good · ● 2 Average · ● 5 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−1.4%Bad
Risk models
Piotroski F-Score4 of 9Bad
Growth
EPS growth (3y)−5.7%Average
Revenue growth (3y)13.7%Good
Growth consistency90%Bad
Balance sheet
Net debt / EBITDA4.7×Average
Interest cover4.6×Good
Valuation
EBIT / EV yield2.9%Bad
Profitability
Return on invested capital4.8%Bad
Operating margin52.4%Good
XStocksXray
Prologis, Inc. (PLD)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
4,759
5,974
8,023
8,202
8,790
8,948
Gross profit
–
–
–
–
–
–
Operating income
3,207
3,468
3,708
4,416
4,358
4,691
Net income
2,940
3,365
3,059
3,732
3,328
3,800
Diluted EPS ($)
3.94
4.25
3.29
4.01
3.56
3.97
Free cash flow
2,996
4,126
5,373
4,912
5,008
5,136
Gross margin
–
–
–
–
–
–
Operating margin
67.4%
58.0%
46.2%
53.8%
49.6%
52.4%
Net margin
61.8%
56.3%
38.1%
45.5%
37.9%
42.5%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
58,486
87,897
93,021
95,329
98,724
98,133
Cash
556
278
530
1,319
1,146
861
Total debt
215
23,876
29,001
30,879
35,037
34,670
Equity
33,427
53,237
53,182
53,951
53,193
53,503
Dividend per share ($)
0.00
0.02
0.00
0.01
0.03
0.09
Revenue and net income US$ billions: navy revenue, teal net income
Margins blue gross, teal operating, brown net
Latest quarters
Dec 2024
Mar 2025
Jun 2025
Sep 2025
Dec 2025
Mar 2026
Revenue ($M)
2,201
2,140
2,184
2,214
2,253
2,298
Growth vs a year earlier
+16.5%
+9.4%
+8.8%
+8.7%
+2.4%
+7.4%
Net income ($M)
1,342
593
571
764
1,482
982
Diluted EPS ($)
1.37
0.63
0.61
0.82
1.49
1.05
XStocksXray
Prologis, Inc. (PLD)
Peers in Industrial REITs
Company
X-Ray
PLD · Prologis, Inc.
42
Market Compass outlook for Real Estate: Unfavourable (20/100). It blends regime history, macro sensitivity, momentum and valuation.
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.