Prologis was formed by the 2011 merger of AMB Property and Prologis Trust. The company develops, acquires, and operates around 1.3 billion square feet of high-quality industrial and logistics facilities across the globe.
It is a $123B real estate company. Revenue grew 7.3% over the last year, it keeps 46¢ of every dollar of sales as profit, and its net debt equals ~6.5 years of free cash flow. It trades at 29.8× earnings — in the cheapest third of its own history.
- Website
- prologis.com
- Location
- San Francisco, CA
- Employees
- 2 802
- Sector
- Real Estate
- Founded
- 1997
- Next earnings
- Oct 15, 2026 · in 3d
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Valuation, Growth, Health and Quality lag behind.
Valuation42
- P/E vs own history26th pct · 20/25
- FCF yield4.3% · 12/25
- P/S13.7x · 5/25
- EV/EBITDA25.6x · 5/25
Growth46
- Revenue CAGR16.6% · 20/25
- Net income CAGR3.2% · 6/25
- EPS CAGR ~5Y12.1% · 20/25
- Fwd implied growth-32.6% · 0/25
Profitability60
- ROIC3.8% · 5/25
- ROE7.9% · 5/25
- Net margin45.8% · 25/25
- Operating margin38.4% · 25/25
Health26
- Altman Z0.13 · 3/25
- Current ratio0.27 · 0/25
- Interest coverage7.4x · 18/25
- Net cash / debtD/A 34% · 5/25
Quality42
- Piotroski F4/9 · 10/25
- Beneish M-2.49 · 20/25
- FCF conversionn/a · 0/25
- Margin stabilityσ 12.9% · 12/25
Moat50
- ROIC >12% years0/9 yrs · 0/25
- Median gross marginn/a · 0/25
- FCF-positive years3/3 yrs · 25/25
- Worst-year net marginworst 33.4% · 25/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2024FinancialBest year on record$3.73B net income
- 2022AcquisitionPrologis acquired competitor Duke Realty in October 2022, for $23 billion, completing the largest commercial real…
- FY2018FinancialRevenue crossed $1B$2.80B for the year
- FY2016FinancialProfitable every year on record10 consecutive profitable years in our data
- FY2016FinancialPositive free cash flow every year since10-year streak
- 2011AcquisitionCompleted in June 2011, the merger was one of the biggest real estate deals since the Great Recession
- 2005AcquisitionPrologis was headquartered in Aurora, Colorado, and acquired Catellus Development Corporation for $3.6…
- 2004AcquisitionThe company acquired Keystone Industrial Trust for $1.6 billion
- 1998MilestoneSCI officially changed its name to ProLogis Trust in July 1998, then active in 84 markets in 12 countries
- 1998AcquisitionProLogis Trust acquired Meridian Industrial Trust for $862.5 million in stock
- Nov 24, 1997FoundedProLogis, Inc. (then with a capitalized L) was incorporated on November 24, 1997 under the leadership of K
- 1997IPOAMB became a public company via an initial public offering
- 1991MilestoneReal Estate entrepreneur William Sanders formed Security Capital Industrial Trust (SCI), a legacy company of…
- 1989ProductAMB launched its first private equity fund in 1989, which focused on industrial and retail properties
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (74.3%)
- Strongly profitable — 45.8% net margin
- Strong cash conversion — FCF is 57.0% of revenue
- Interest covered 7.4× by operating earnings
Watch-outs
- Altman Z-Score 0.13 — elevated financial-distress risk
- Net debt equals ~6.5 years of free cash flow
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+7.3% YoY
- Profitable — makes more than it spends$4.21B TTM
- Profit growing — earnings are higher than last year-5.7% YoY
- Generates cash — cash left after running and investing$5.24B TTM
- Debt under control — could handle its obligations~6.5y of cash flow to repay
- Established company — not a micro-cap — lower blow-up risk$123B market cap
- Not printing shares — share count not ballooning — you keep your slice+26.8% shares over ~5y
- Proven track record — years of profitability behind it10/10 profitable years
- Financially stable — balance sheet not near distressAltman Z 0.1 — distress
- Pays a dividend — returns cash to shareholdersyield 3.18%
- Valuation not extreme — price not wildly above earningsP/E 29.8
Peer comparisonPrologis, Inc. vs 6 largest real estate peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| PLD this company | $123.1B | 29.8 | +7.3% | 45.8% | Strained |
| WELL Welltower Inc. | $162.5B | 108.1 | +37.6% | 12.1% | Strained |
| EQIX Equinix, Inc. | $101.2B | 66.0 | +9.6% | 15.6% | Strained |
| AMT American Tower Corporation | $84.5B | 25.0 | +14.2% | 31.1% | Strained |
| DLR Digital Realty Trust, Inc. | $66.6B | 83.0 | +17.4% | 11.8% | Strained |
| SPG Simon Property Group, Inc. | $64.7B | 14.0 | +15.0% | 66.5% | Strained |
| PSA Public Storage | $54.1B | 26.5 | +3.0% | 41.8% | Strained |
Head-to-head: PLD vs WELL · PLD vs EQIX · PLD vs AMT
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/PLD
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of PLD on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $129.49 · market cap $123B.