Prologis, Inc.PLD
NYSE•Real Estate•REIT - Industrial
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 refer 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 enable Prologis, Inc. to maintain its status as a REIT. Prologis, L.P. was also formed in 1997. We operate, manage and measure the operating performance of our properties on an owned and managed (O&M) basis. Our O&M portfolio includes our consolidated properties as well as properties owned by our unconsolidated co investment ventures, which we manage. We make operating decisions based on our total O&M portfolio as we manage the properties without regard to their ownership. Prologis, Inc. was incorporated in 1983 and is based in San Francisco, United States.
Prologis, Inc. (PLD) reported trailing twelve months revenue of $8.95B as of March 2026, a 6.7% increase year-over-year. Quarterly revenue reached $2.30B, reflecting continued top-line momentum.
Prologis, Inc. generated $3.72B in TTM net income, with quarterly EBITDA of $1.94B. The operating margin expanded from 41.1% to 52.7%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (52.7%) and net margin (42.7%) indicates moderate non-operating costs. Net margin has improved from 27.7% a year ago, signaling stronger bottom-line efficiency.
PLD trades at a P/E of 32.3x (a premium multiple) and a P/S of 13.4x. The price-to-book ratio of 2.2x reflects a moderate premium to book value.
The company generated $274.55M in free cash flow over the trailing twelve months, a 163.9% increase year-over-year, indicating cash generation ability. The balance sheet shows $98.13B in total assets with $34.67B in long-term debt against $53.50B in stockholders equity for a debt-to-equity ratio of 0.6. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~53.4% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~6.4% on average, adequate but below the threshold typically associated with wide moats.
Only 3 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (7 of 7 quarters up), with ~15.2% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~52.3% — no sign of cost or pricing stress.
Free cash flow has been negative in 5 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 0.6 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 4 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation