NYSE: PLD · Industrial REITs
Prologis
Prologis, based in San Francisco, is a REIT that calls itself the global leader in logistics real estate. With co-investment ventures it owned or invested in properties and development projects of about 1.3 billion square feet in 20 countries at the end of 2025, leasing warehouses to customers such as Amazon, Home Depot and FedEx. It also earns fees by managing institutional capital (Strategic Capital, generally 5–10% of revenue) and is developing data centers. 2025 revenue rose 7% to $8.79 billion and net earnings were $3.33 billion. In August 2026 it agreed to acquire the U.K. logistics REIT SEGRO for Prologis shares plus a partial cash alternative of up to about £3.5 billion; SEGRO shareholders approved the deal, which is expected to close in the first half of 2027.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: November 1, 2026 09:29 (SEC EDGAR) · Source 10-K filed: February 13, 2026
Built on10-K FY2025 · filed 2026-02-1310-Q (quarter ended 2026-09-30) · filed 2026-10-28Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 14.6%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 49.6%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -3.3 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 4.9x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.50x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 35.7x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.79
Higher than 80% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 97% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 15% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 87% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 48% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; fiscal FY2025
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$127.78close on 2026-11-04
Market cap$118.73B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 35.7x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.2x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 21.9x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 1.9%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 3.2%
At FY2025 year-end: 35.9x
Earnings: fiscal FY2025
At FY2025 year-end: 2.2x
Book value at FY2025 year-end
At FY2025 year-end: 21.8x
EBITDA for FY2025
At FY2025 year-end: 1.9%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Mar 31, 2026.
These figures are behind: a newer quarter was reported on Oct 15, 2026, but SEC's structured data doesn't include it yet. Read the release ↗
- Revenue$2.14B → $2.3B (vs. a year earlier)↑ +7.4%$2.14B → $2.3B (vs. a year earlier)
- Operating margin41.1% → 52.7% (vs. a year earlier)↑ +11.7 pts41.1% → 52.7% (vs. a year earlier)
- Net income$593M → $982M (vs. a year earlier)↑ +65.6%$593M → $982M (vs. a year earlier)
- Diluted EPS$0.63 → $1.05 (vs. a year earlier)↑ +66.7%$0.63 → $1.05 (vs. a year earlier)
- Cash$1.15B → $861M (vs. previous quarter-end)↓ −24.8%$1.15B → $861M (vs. previous quarter-end)
- Long-term debt$35.04B → $34.67B (vs. previous quarter-end)↓ −1.0%$35.04B → $34.67B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
04
Company profileFrom SEC dataShow
- Legal name
- Prologis, Inc.
- Headquarters
- SAN FRANCISCO, CA
- Incorporated in
- Maryland
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: PLD
- Industry
- Industrial REITs
- CIK
- 1045609
- Website
- https://www.prologis.com/ ↗
- IR page
- https://ir.prologis.com/ ↗
Workforce (as of FY2025 year-end)
Employees
2,802
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 17–21 days after quarter end (Jan 21, 2026; Jan 21, 2025; Jan 17, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 15–21 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 15, 2026 (+15 days) | Oct 28, 2026 10-Q (+28 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 16, 2026 (+16 days) | Jul 29, 2026 10-Q (+29 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 16, 2026 (+16 days) | Apr 30, 2026 10-Q (+30 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 21, 2026 (+21 days) | Feb 13, 2026 10-K (+44 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 15, 2025 (+15 days) | Oct 28, 2025 10-Q (+28 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 16, 2025 (+16 days) | Jul 30, 2025 10-Q (+30 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 16, 2025 (+16 days) | Apr 29, 2025 10-Q (+29 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 21, 2025 (+21 days) | Feb 14, 2025 10-K (+45 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 16, 2024 (+16 days) | Oct 25, 2024 10-Q (+25 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 17, 2024 (+17 days) | Jul 26, 2024 10-Q (+26 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 17, 2024 (+17 days) | Apr 25, 2024 10-Q (+25 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 17, 2024 (+17 days) | Feb 13, 2024 10-K (+44 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Real Estate
Logistics facilities
Distribution and warehouse properties leased to customers in 20 countries.
Real Estate
Development
New logistics buildings and data centers, built for lease or contribution to ventures.
Strategic Capital
Co-investment ventures
Funds and ventures managed for institutional investors, earning fees and promotes.
Real Estate
Prologis Essentials
Operational, energy and sustainability solutions for customers.
From the Form 10-K, FY2025.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Logistics real estate
Global
U.S. share
—
Not disclosedWorldwide share
Global leader
Company-disclosedCompany description; no percentage given
07
Recent strategic focusSite analysis
Recent developments.
SEGRO acquisition
Agreed August 4, 2026: 0.0920 Prologis shares per SEGRO share, with a partial cash alternative of up to about £3.5B (25% of total consideration); SEGRO shareholders approved it September 28, 2026; expected to close in the first half of 2027. Prologis is seeking a secondary London listing.
Source: Form 10-Q (quarter ended 2026-09-30)
Equity raise
Sold 17.25M common shares in August 2026 for about $2.4B of net proceeds.
Source: Form 10-Q (quarter ended 2026-09-30)
Third quarter 2026
Revenue $2,388M versus $2,214M; net earnings attributable to controlling interests $817M versus $764M.
Source: Form 10-Q (quarter ended 2026-09-30)
Debt issuance
Issued U.S. dollar, Canadian dollar and yen notes in April and June 2026.
Source: Forms 8-K filed 2026-04-23, 2026-04-27 and 2026-06-11
Capex ÷ D&A (FY2025)
1.06x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$2,781M ÷ $2,626M = 1.06x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$125M
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $1.92B in FY2020 to $2.78B in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$8.79B
As reported in the 10-K
Revenue CAGR (5 years)
+14.6%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($8,790M ÷ $4,439M) ^ (1÷5) − 1 = 14.6%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
49.6%▲favorable
+1.8pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$4,358M ÷ $8,790M × 100 = 49.6%
ROE (FY2025)
6.2%
6-year average: 6.7%
As reported in the 10-K
P/B (FY2025 end)
2.23x
formulafiscal year-end closing price ÷ book value per share
e.g.$127.66 ÷ $57.25 = 2.23x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
21.8x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($118,616M + $35,037M − $1,146M) ÷ ($4,358M + $2,626M) = 21.8x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +14.6% a year over 5 years (strong growth)
From $4.44B in FY2020 to $8.79B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 47.7% → 49.6%
How much operating profit is left per $100 of revenue. It moved +1.8 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▲
Equity ratio is 53.9% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ―
ROE averaged 6.7% over 6 years (latest: 6.2%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Leasing and property management
- Development and redevelopment, incl. data centers
- Capital deployment (acquisitions, contributions, dispositions)
- Strategic capital management
06 · what it draws on
Key resources
- About 1.3 billion square feet owned or invested in (with ventures)
- 2,802 employees (Dec 31, 2025)
- Land bank and development pipeline
- Institutional capital in co-investment ventures
02 · why customers buy
Value propositions
- Logistics facilities in strategic locations near consumers, plus energy and infrastructure solutions.
04 · how it keeps them
Customer relationships
- Lease renewals at higher rents; customer experience teams and proprietary technology.
03 · how it reaches them
Channels
- Leasing teams serving logistics, e-commerce and retail customers.
01 · who it serves
Customer segments
- Logistics, e-commerce and retail tenants (e.g. Amazon, Home Depot, FedEx)
- Institutional investors in co-investment ventures
09 · where money goes
Cost structure
FY2025, share of revenue ($8.79B)
- Selling, general & administrative5.3%
- Other operating costs (incl. cost of goods sold)45.1%
Operating profit left: 49.6% of revenue. Depreciation & amortization (inside the costs above): $2.63B. Capital spending: $2.78B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Rental revenue
- Strategic capital fees and promotes
- Development gains
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Leases distribution and logistics facilities to manufacturers, retailers and logistics providers, develops new properties (including data centers), and manages co-investment ventures for institutional investors for fees and promotes.
01 what it draws on
Inputs & resources
- About 1.3 billion square feet owned or invested in (with ventures)
- 2,802 employees (Dec 31, 2025)
- Land bank and development pipeline
- Institutional capital in co-investment ventures
02 what it does
Activities
- Leasing and property management
- Development and redevelopment, incl. data centers
- Capital deployment (acquisitions, contributions, dispositions)
- Strategic capital management
03 who it serves
Customers
- Logistics, e-commerce and retail tenants (e.g. Amazon, Home Depot, FedEx)
- Institutional investors in co-investment ventures
04 how money comes in
How it earns
- Rental revenue
- Strategic capital fees and promotes
- Development gains
How the business makes money
- Real estate segment revenue $8.20B in 2025; Strategic Capital $0.59B.
- Amazon was 6.3% of net effective rent in the consolidated portfolio.
- In-place leases were 18% below market rents at end-2025 (NER, Prologis share).
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Prologis is a REIT subject to zoning, environmental and tariff rules.
Government funding & tax credits
REIT tax status
To keep REIT status (no corporate income tax on distributed income) it must distribute at least 90% of REIT taxable income each year.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Approvals & licenses
Zoning and building rules
Subject to environmental, zoning, usage, tax and tariff laws.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Real Estate
8,197.8 (93%)Strategic Capital
592.4 (7%)
Source: Form 10-K (FY2025) Total revenues $8,790M. Real estate revenue by geography: U.S. $7,803M, Other Americas $193M, Europe $137M, Asia $65M.
10
Where it earnsSite analysis
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (2025)
U.S. — 91% of revenue
Revenue by country / region (2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
U.S.
8,001.7 (91%)Other Americas
282.6 (3%)Europe
355.7 (4%)Asia
150.1 (2%)
Source: Form 10-K (FY2025) Sum of Real Estate and Strategic Capital segment revenue by geography (10-K segment note).
11
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Logistics, e-commerce, retail and transportation companies.
Named by the company
- Amazon — Largest customer: 6.3% of consolidated net effective rent (5.3% of owned and managed).Form 10-K (FY2025)
- Home Depot — 2.8% of consolidated net effective rent.Form 10-K (FY2025)
- FedEx — 1.8% of consolidated net effective rent.Form 10-K (FY2025)
Suppliers
Construction contractors, land sellers and capital markets.
Named by the company
No supplier is named.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K says Prologis competes with many owners and operators of logistics properties, with regional, national and global developers in capital deployment, and with investment managers for institutional capital, without naming them.
Competitors named in the 10-K
Peer group the company chose
Compensation peer group (2026 proxy), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
20 companies across REITs, financial services/asset management and B2B technology, sized at 0.35–2.5x Prologis revenue.
- American Towersite ↗
- Crown Castlesite ↗
- Digital Realtysite ↗
- Equinixsite ↗
- Welltowersite ↗
- BlackRocksite ↗
- The Carlyle Groupsite ↗
- Evercoresite ↗
- Jefferies Financial Groupsite ↗
- Lazardsite ↗
- Northern Trustsite ↗
- S&P Globalsite ↗
- State Streetsite ↗
- Adobesite ↗
- Automatic Data Processingsite ↗
- Global Paymentssite ↗
- Intuitsite ↗
- Paychexsite ↗
- ServiceNowsite ↗
- Workdaysite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 4,439 | 4,759 | 5,974 | 8,023 | 8,202 | 8,790 |
| Operating income | 2,119 | 3,207 | 3,468 | 3,708 | 4,416 | 4,358 |
| Pretax income | 1,747 | 3,323 | 3,691 | 3,464 | 4,115 | 3,769 |
| Net income (attributable) | 1,482 | 2,940 | 3,365 | 3,059 | 3,732 | 3,328 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 7.2% | 25.5% | 34.3% | 2.2% | 7.2% |
| Operating margincalcoperating income ÷ revenue × 100 | 47.7% | 67.4% | 58.0% | 46.2% | 53.8% | 49.6% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 33.4% | 61.8% | 56.3% | 38.1% | 45.5% | 37.9% |
| Balance sheet ($M) | ||||||
| Total assets | 56,065 | 58,486 | 87,897 | 93,021 | 95,329 | 98,724 |
| Total equity | 36,325 | 37,742 | 57,863 | 57,824 | 58,617 | 57,754 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 16,849 | 17,715 | 23,876 | 29,001 | 30,879 | 35,037 |
| Equity ratio | 57.0% | 57.2% | 60.6% | 57.2% | 56.6% | 53.9% |
| ROE | 4.6% | 9.0% | 7.8% | 5.7% | 7.0% | 6.2% |
| Cash flow ($M) | ||||||
| Operating CF | 2,937 | 2,996 | 4,126 | 5,373 | 4,912 | 5,008 |
| Investing CF | -3,074 | -1,990 | -4,499 | -6,419 | -3,099 | -3,630 |
| Financing CF | -372 | -1,008 | 116 | 1,320 | -1,000 | -1,564 |
| Free cash flowcalccash flow from operations − capital expenditures | 1,017 | 356 | 1,008 | 1,974 | 1,706 | 2,227 |
| Cash and equivalents | 598 | 556 | 278 | 530 | 1,319 | 1,146 |
| Per share & other | ||||||
| EPS ($) | 2.01 | 3.94 | 4.25 | 3.29 | 4.01 | 3.56 |
| BVPS ($) | 43.24 | 45.18 | 57.67 | 57.53 | 58.24 | 57.25 |
| Dividend per share ($) | 2.32 | 2.52 | 3.16 | 3.48 | 3.84 | 4.04 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 115.4% | 64.0% | 74.4% | 105.8% | 95.8% | 113.5% |
| P/E (x) | 49.6 | 42.7 | 26.5 | 40.5 | 26.4 | 35.9 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 24.4 | 29.6 | 24.2 | 24.5 | 18.2 | 21.8 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 2.30 | 3.73 | 1.95 | 2.32 | 1.81 | 2.23 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-03-31 | $2.3B+7.4% | $1.21B+37.9% | $982M+65.6% | $1.05 |
| 2025-12-31 † | $2.25B+2.4% | $1.63B+14.4% | $1.4B+9.5% | $1.49 |
| 2025-09-30 | $2.21B+8.7% | $940M-24.8% | $764M-24.0% | $0.82 |
| 2025-06-30 | $2.18B+8.8% | $913M-10.8% | $571M-33.7% | $0.61 |
| 2025-03-31 | $2.14B | $878M | $593M | $0.63 |
| 2024-12-31 † | $2.2B | $1.42B | $1.28B | $1.37 |
| 2024-09-30 | $2.04B | $1.25B | $1.01B | $1.08 |
| 2024-06-30 | $2.01B | $1.02B | $861M | $0.92 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
4.5%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$4,358M × (1 − 5%) ÷ $91,144M × 100 = 4.5%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
7.80%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $118.62B ÷ ($118.62B + $35.04B) = 77.2%
e.g.Debt weight: $35.04B ÷ ($118.62B + $35.04B) = 22.8%
e.g.WACC: 9.3% × 77.2% + 2.9% × (1 − 5%) × 22.8% = 7.80%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 6.5%–9.4% and ROIC − WACC runs −4.9 to −1.9 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 7.80% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.79 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 9.30%
- Cost of debt
- 2.86%
- Tax rate
- 5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 77% : 23%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 7.80%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.79 (price-derived adjusted beta. Raw β 0.69, R² 0.18, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.687 + 0.33 = 0.790
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.79 × 5.5% = 9.3%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
6.3%
Perpetual FCF growth: g = r − FCF ÷ EV = 7.8% − 1.5%
Past FCF growth (FY2020–FY2025)
+17.0%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+14.6%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $2.23B (operating CF − capex); enterprise value $152.62B = market cap $118.73B (latest close, 2026-11-04) + debt $35.04B − cash and short-term investments $1.15B; r = WACC of 7.8% using this page’s default assumptions (β 0.79, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$148.48B
FCF $2.23B ÷ (7.8% − 6.3%)
Theoretical ÷ actual enterprise value
0.97x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 5.8% | 6.8% | 7.8% | 8.8% | 9.8% |
|---|---|---|---|---|---|
| 0% | 0.25x | 0.21x | 0.19x | 0.17x | 0.15x |
| 2% | 0.38x | 0.30x | 0.25x | 0.21x | 0.19x |
| 4% | 0.81x | 0.52x | 0.38x | 0.30x | 0.25x |
| 6% | — | 1.82x | 0.81x | 0.52x | 0.38x |
| 8% | — | — | — | 1.82x | 0.81x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.47x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -1.7%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 116%
Most profit comes from core operations.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-13
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$5,008M ÷ $3,328M = 1.50x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$4,358M ÷ $3,769M × 100 = 116%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
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Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 94.7%
- Directors & officers (shares)
- 0.5%
- Everyone else (est.)
- 4.8%
- Directors & officers (voting power)
- 0.5%
- Institutional-ownership rank
- 124 of 416
- Beta (adjusted)
- 0.79
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 30% of covered companies have more
above 1 = swings more than the market
- 882.7M shares reported by 1,733 13F filers ÷ 932.3M shares outstanding on 2026-04-28. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-19 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-04-28)
19
Strengths & weaknessesSite analysis
Strengths
1. Global scale
About 1.3 billion square feet in 20 countries; Prologis calls itself the global leader in logistics real estate.
Evidence: Form 10-K (FY2025)
2. Rents below market
In-place leases were 18% below market rents at end-2025, a source of future rent growth as leases roll.
Evidence: Form 10-K (FY2025)
3. Growing revenue
Revenue rose from $4.44B (2020) to $8.79B (2025).
Evidence: SEC EDGAR XBRL
Weaknesses
1. Customer concentration
Amazon alone was 6.3% of consolidated net effective rent; the top 10 customers 16.3%.
Evidence: Form 10-K (FY2025)
2. Rising debt
Debt grew from $16.8B (2020) to $35.0B (2025).
Evidence: SEC EDGAR XBRL
3. Market rents softened
The 10-K notes recent quarters of lower, or in some markets negative, market rent growth.
Evidence: Form 10-K (FY2025)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
35.9x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
3.16%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
113%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
1.9%
(Operating CF − capex) ÷ market cap
1. Embedded rent growth
Leases roll to higher market rents over time.
- What has to hold
- Market rents stay above in-place rents.
- The other side
- Market rent growth has slowed and turned negative in some markets.
Evidence: Form 10-K (FY2025)
2. Fee business and development
Strategic capital fees and development gains add to rental income.
- What has to hold
- Institutional capital keeps flowing to logistics.
- The other side
- Promotes and gains vary year to year.
Evidence: Form 10-K (FY2025)
As a REIT, Prologis reports FFO in its earnings releases; the figures here use GAAP net earnings. DPS is dividends paid per common share.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
—
$1.15B vs. —
Interest coverage (operating income ÷ interest expense)
4.3x
$4.36B vs. $1B
Free cash flow ÷ dividends paid
0.6x
$2.23B vs. $3.76B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | -1.3% in FY2025 ($4.42B → $4.36B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Profitable every year
Net income positive every year 2020–2025.
Source: SEC EDGAR XBRL
Diverse funding
Issues notes in several currencies and sold $2.4B of equity in 2026.
Source: Form 10-Q (quarter ended 2026-09-30)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Prologis and its co-investment ventures are parties to ordinary-course legal proceedings that it does not expect to be material.
Company statement:
Based on Form 10-K (FY2025) — Item 3, Legal Proceedings, reviewed 2026-11-01. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Logistics demand
- Company disclosure (summarized from the 10-K)
- Occupancy and rents depend on trade, consumption and supply-chain investment.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 2FX & interest rates
Rates and currencies
- Company disclosure (summarized from the 10-K)
- Higher rates raise funding costs and cap rates; foreign currency moves affect results.
- Company’s stated mitigation
- In addition, we use derivative financial instruments, such as foreign currency contracts to manage foreign currency exchange rate risk related to our foreign investments and interest rate contracts to manage interest rate risk, that when designated the change in fair value is included in AOCI/L .
- This site’s assessment
- Impact Med / Likelihood High
- 3M&A & integration
SEGRO acquisition
- Company disclosure (summarized from the 10-K)
- The SEGRO combination may be delayed or not occur, and integration carries risk (8-K risk factor update).
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 4Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- Competes with many owners, developers and investment managers for customers, sites and capital.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 5Customer/supplier concentration
Large customers
- Company disclosure (summarized from the 10-K)
- A few large tenants, led by Amazon, account for a notable share of rent.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (1)
• even if power is secured for our data center developments, unanticipated disruptions to the supply of such power (including initial delivery delays) or increases in the cost of such power due to impacts from local regulatory changes, availability of fuel sources, or natural disasters, could impact our ability to lease or sell such assets as intended;
No longer in the text (1)
Our credit ratings at December 31, 2024 were A from Standard & Poor's with a stable outlook and A3 from Moody's with a positive outlook. Read more
A securities rating is not a recommendation to buy, sell or hold securities and is subject to revision or withdrawal at any time by the rating organization.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 13, 2026 ↗ with the 10-K filed Feb 14, 2025 ↗.
25
What to watch going forwardSite analysis
- Closing of the SEGRO acquisition (expected first half of 2027).
- Market rent growth and lease mark-to-market.
- Data center development and power procurement.
- Occupancy and new supply.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: November 1, 2026 09:29 (SEC EDGAR) · Source 10-K filed: February 13, 2026
Built on10-K FY2025 · filed 2026-02-13Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Prologis’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.