Prologis, Inc.
- Open
- 150.09
- Day high
- 153.35
- Day low
- 148.00
- Prev close
- 149.96
- Volume
- 4.1M
- Mkt cap
- $140.5B
- P/E (TTM)
- 37.7
- EPS (TTM)
- $3.97
- P/B
- 2.6
- P/S
- 15.7
- Yield
- 2.78%
- Per share
- $4.16
- ▼Insiders net selling -$540K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
Prologis, Inc. (PLD) is a Real Estate company listed on NYSE. The stock is up 40% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 9 published research articles covering PLD.
Prologis, Inc. (PLD) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 11 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PLD earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 16, 2026 | $0.75 | $1.13 | +51.3% | $2.2B | +0.7% |
| Apr 16, 2026 | $0.81 | $1.50 | +86.1% | $2.1B | +0.2% |
| Jan 21, 2026 | $1.44 | $1.44 | +0.0% | $2.3B | +5.6% |
| Oct 15, 2025 | $1.44 | $1.49 | +3.5% | $2.2B | +6.1% |
| Jul 16, 2025 | $1.41 | $1.46 | +3.5% | $2.2B | +7.5% |
| Apr 16, 2025 | $1.38 | $1.42 | +2.9% | $2.1B | +6.3% |
| Jan 21, 2025 | $1.38 | $1.50 | +8.7% | $2.2B | +10.5% |
| Oct 16, 2024 | $0.63 | $1.08 | +71.4% | $2.0B | +4.6% |
| Jul 17, 2024 | $1.33 | $1.34 | +0.8% | $2.0B | +7.1% |
| Apr 17, 2024 | $1.28 | $1.28 | +0.0% | $2.0B | +4.9% |
| Jan 17, 2024 | $1.26 | $1.26 | +0.0% | $1.9B | +4.6% |
| Oct 17, 2023 | $1.26 | $1.30 | +3.2% | $1.9B | +10.1% |
PLD insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | BITA CRISTINA GABRIELAdirector | Grant | 221 | — |
| Jul 2, 2026 | Modjtabai Aviddirector | Grant | 50 | — |
| Jul 2, 2026 | Connor James B.director | Grant | 50 | — |
| Jul 2, 2026 | Metcalfe Guy Adirector | Grant | 221 | — |
| Jul 2, 2026 | Metcalfe Guy Adirector | Grant | 50 | — |
| Jul 2, 2026 | BITA CRISTINA GABRIELAdirector | Grant | 48 | — |
| Jul 2, 2026 | FOTIADES GEORGE Ldirector | Grant | 185 | — |
| Jul 2, 2026 | BITA CRISTINA GABRIELAdirector | Grant | 78 | — |
| Jul 2, 2026 | FOTIADES GEORGE Ldirector | Grant | 363 | — |
| Jul 2, 2026 | Metcalfe Guy Adirector | Grant | 2 | — |
| Jul 2, 2026 | FOTIADES GEORGE Ldirector | Grant | 122 | — |
| Jul 2, 2026 | Slusser Sarah Adirector | Grant | 32 | — |
| Jul 2, 2026 | KENNARD LYDIA Hdirector | Grant | 50 | — |
| Jul 2, 2026 | Piani Olivierdirector | Grant | 50 | — |
| Jul 2, 2026 | OCONNOR DAVID Pdirector | Grant | 221 | — |
Source: PLD SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full PLD insider & 13F page →PLD research & analysis
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Prologis, Inc. company profile
Overview
Prologis, Inc. (NYSE:PLD) is the world's largest owner, operator, and developer of logistics real estate, founded through various mergers and acquisitions with roots dating back to 1983. The company went public in 1997 and has grown through strategic consolidation to become the dominant player in industrial real estate globally. Today, Prologis owns or has investments in approximately 984 million square feet of logistics facilities across 19 countries, serving over 5,500 customers ranging from e-commerce giants to traditional manufacturers and distributors.
Business
Prologis operates in the industrial real estate sector, specifically focusing on logistics real estate - the warehouses, distribution centers, and fulfillment facilities that form the backbone of modern supply chains. These properties are typically large, single-story buildings designed for efficient goods storage, sorting, and transportation, featuring high ceilings, wide column spacing, multiple loading docks, and proximity to transportation infrastructure like highways, ports, and airports. The company's portfolio primarily serves two major customer categories. Business-to-business (B2B) customers include manufacturers, wholesalers, and third-party logistics providers who use these facilities for traditional warehousing and distribution. Retail and online fulfillment customers encompass e-commerce companies, traditional retailers with omnichannel strategies, and last-mile delivery operations that require facilities close to population centers for rapid consumer delivery. Prologis focuses on high-barrier, high-growth markets - metropolitan areas where land availability is constrained by geography, regulation, or existing development, creating natural barriers to new supply. These markets typically feature strong population growth, high consumption levels, and strategic transportation advantages. The company's global footprint spans major logistics hubs in North America, Europe, and Asia-Pacific, with significant concentrations in gateway cities like Los Angeles, New York, London, Tokyo, and key emerging markets. Beyond traditional real estate ownership, Prologis has expanded into adjacent services including solar energy generation (with over 500 megawatts installed), data center development (targeting 10 gigawatts over the next decade), and logistics technology through Prologis Ventures. These initiatives represent emerging revenue streams that leverage the company's real estate platform and customer relationships.
Revenue model
Prologis generates revenue primarily through rental income from long-term lease agreements with logistics customers. The company's business model centers on owning high-quality industrial properties in strategic locations and leasing them to tenants under multi-year contracts, typically ranging from 3-10 years. Rental rates are often structured with annual escalations tied to inflation or fixed percentage increases, providing predictable cash flow growth. The company's revenue streams include base rent, expense reimbursements from tenants, and development profits from building new facilities either speculatively or as build-to-suit projects for specific customers. Development activities typically generate higher returns than acquisitions, with Prologis targeting development starts of $2-3 billion annually depending on market conditions. Strategic capital management represents another significant revenue source through co-investment vehicles and funds where Prologis acts as the general partner, earning management fees and carried interest (promotes) from institutional investors. This model allows the company to access additional capital for growth while generating fee income and maintaining operational control. Several factors influence Prologis's profitability margins. Rent growth in supply-constrained markets drives margin expansion, particularly when the company can roll existing leases to current market rates - a process called "mark-to-market" that has been generating 25-75% rent increases in recent years. Occupancy rates directly impact revenue, with the company maintaining occupancy levels above 95% through active leasing and tenant retention efforts. Interest rate environments significantly affect both financing costs and property valuations, while construction costs and land prices impact development margins. E-commerce growth and supply chain reconfiguration trends generally benefit demand for modern logistics facilities, while economic downturns can reduce tenant demand and pressure occupancy rates. The company's global diversification helps mitigate regional economic volatility, though trade policy changes and tariff implementations can create both challenges and opportunities across different markets.
Competitive moat
Prologis possesses a strong economic moat built primarily on its dominant scale and strategic location advantages in high-barrier markets. The company's moat stems from several key factors that create significant competitive advantages and barriers to entry. Location scarcity represents the foundation of Prologis's moat. The company owns prime industrial real estate in supply-constrained markets where suitable land for large-scale logistics development is increasingly rare due to urban encroachment, environmental regulations, and zoning restrictions. These locations near major population centers, ports, and transportation hubs cannot be easily replicated, creating natural barriers to competition. Scale advantages provide operational leverage across multiple dimensions. Prologis's massive portfolio allows for efficient property management, bulk purchasing power for construction and maintenance, and the ability to offer customers flexible solutions across multiple markets. The company's size also provides preferential access to capital markets and relationships with institutional investors through its strategic capital platform. Customer relationships and switching costs strengthen the moat through long-term lease structures and the high costs associated with relocating logistics operations. Moving warehouse operations involves significant disruption, employee retraining, and potential supply chain interruptions, creating natural tenant retention. The company's 82% retention rate reflects these switching costs. However, the moat faces potential challenges from several sources. Economic sensitivity remains a key vulnerability, as severe recessions can reduce demand for warehouse space and pressure occupancy rates. Interest rate sensitivity affects both property valuations and the company's cost of capital, potentially impacting returns and growth prospects. Technological disruption poses longer-term risks through automation, robotics, and changes in supply chain design that might reduce space requirements per unit of economic activity. Additionally, alternative real estate investment vehicles and the growth of private equity real estate funds create competition for both assets and capital, potentially pressuring acquisition opportunities and development margins. Despite these challenges, Prologis's moat remains robust due to the fundamental need for physical logistics infrastructure in an increasingly digital economy, the irreplaceable nature of well-located industrial real estate, and the company's proven ability to adapt to changing market conditions while maintaining market leadership.
Risks & safety
Prologis demonstrates a strong margin of safety with conservative financial management and defensive business characteristics, though current valuations reflect premium pricing. **Financial Strength:** 1. Strong cash position of $1.3 billion with robust free cash flow generation of $4.9 billion annually 2. Conservative debt-to-equity ratio of 0.58, well below many REITs 3. Investment-grade credit profile with access to multiple capital sources 4. Diversified revenue base across 5,500+ customers reducing concentration risk **Valuation Metrics:** 1. Current P/E ratio of 26.2x appears reasonable for a quality REIT with growth prospects 2. EV/EBITDA of 17.0x reflects premium valuation but justified by market position 3. Price-to-book ratio of 1.81x suggests modest premium to net asset value 4. Dividend yield provides income support with inflation-linked rent escalations **Other Considerations:** 1. 95%+ occupancy rates provide operational stability with limited downside risk 2. Long-term lease structures (3-10 years) offer cash flow predictability 3. Geographic and customer diversification reduces single-market exposure risks 4. Strong balance sheet flexibility supports opportunistic acquisitions during market dislocations
Recent development
Over the past several years, Prologis has executed a comprehensive strategy focused on portfolio optimization, technological advancement, and market expansion while navigating challenging market conditions. The company has significantly expanded its energy and sustainability initiatives, growing its solar installation capacity from under 200 megawatts to over 500 megawatts, with a target of reaching 1 gigawatt by 2025. This initiative not only generates additional NOI but also provides customers with sustainable energy solutions and enhances the company's ESG profile. Data center development represents a major strategic pivot, with Prologis securing 1.3 gigawatts of power capacity and targeting 10 gigawatts over the next decade. The company has 450 megawatts currently under construction with $1.2 billion in total expected investment, representing a significant diversification into higher-yield digital infrastructure. Throughout 2024, Prologis demonstrated disciplined capital allocation amid market uncertainty, reducing development start guidance from over $3 billion to $1.5-2 billion while maintaining focus on build-to-suit projects that provide pre-leased returns. The company has emphasized portfolio quality over quantity, disposing of non-core assets while acquiring strategic properties in high-barrier markets. The company has successfully navigated market cyclicality by maintaining high occupancy rates above 95% while capturing substantial rent growth through lease mark-to-market opportunities averaging 25-75%. Despite softer market conditions in 2024, Prologis achieved record leasing volumes of 60 million square feet in Q4 2024, demonstrating operational resilience. Strategic capital expansion has been another focus area, with management working to raise additional institutional capital for co-investment vehicles, potentially including specialized funds for data center investments. This strategy allows the company to grow assets under management while generating fee income and maintaining operational control. Recent geopolitical uncertainties, including potential tariff implementations, have created both challenges and opportunities, with management positioning the company to benefit from supply chain diversification trends and inventory stockpiling behaviors among customers.
PLD company profile · for informational purposes only — not investment advice.
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