Prologis Inc
Exchange: NYSESector: Real EstateIndustry: REIT - Industrial
Strategic Capital is Prologis' asset management business, which invests alongside institutional partners in logistics real estate and generates durable fee-based revenue while expanding the company's global presence and leveraging its operating platform. The business manages $102 billion in assets, including $67 billion of third-party capital. About Prologis The world runs on logistics. The world runs on logistics. At Prologis, we don't just lead the industry, we define it. We create the intelligent infrastructure that powers global commerce, seamlessly connecting the digital and physical worlds. From agile supply chains to clean energy solutions, our ecosystems help your business move faster, operate smarter and grow sustainably. With unmatched scale, innovation and expertise, Prologis is a category of one–not just shaping the future of logistics but building what comes next.
Did you know?
Carries 30.6x more debt than cash on its balance sheet.
Current Price
$137.19
-0.60%GoodMoat Value
$73.89
46.1% overvaluedProfile
Valuation (TTM)
Market Cap$127.43B
P/E38.36
EV$154.93B
P/B2.40
Shares Out928.87M
P/Sales14.50
Revenue$8.79B
EV/EBITDA22.53
Prologis Inc (PLD) Stock Analysis
GoodMoat Analysis
Prologis is a high-quality industrial REIT with a strong competitive position, but it appears significantly overvalued relative to its estimated intrinsic value. The GoodMoat Target of $73.89 suggests a deep overvaluation of over 40% from the current price of $129.40. While the business possesses a durable moat, the valuation fails the framework's safety check.
Read full analysis
Prologis Inc. is a global leader in logistics real estate, owning, operating, and developing high-barrier industrial properties, primarily warehouses and distribution centers, that are critical to modern supply chains. Its competitive moat is anchored in a powerful combination of scale privilege, strategic location control, and high customer switching costs. It meets several framework criteria, including owning irreplaceable land in key logistics hubs (Scale Privilege), providing mission-critical infrastructure that is expensive and disruptive for tenants to leave (Switching Costs), and benefiting from regulatory and zoning barriers in its markets (Regulatory Barriers). This likely results in a Moat Score of 5 or higher, passing the first gate of the Decision Framework.
However, the valuation assessment presents a major hurdle. The stock trades at a P/E of 36.4x, which is high for a company with 4% YoY revenue growth. More critically, the provided GoodMoat Target of $73.89 implies the stock is trading at a 75% premium to its estimated fair value. This represents a deeply unfavourable margin of safety, far exceeding the 40% threshold that would indicate a deeply undervalued situation. The negative Free Cash Flow Yield of -0.4% also raises a quality flag regarding current cash generation. According to the Decision Framework, a stock with a strong moat but severe overvaluation and a negative margin of safety falls into the 'Unfavourable' category for a value investor seeking a margin of safety. It is a company worth understanding for its business quality, but the current price does not provide a favourable risk/reward profile.
Analysis based on data as of 2024-05-15.
Market Cap$127.43B
Current Price$137.19
P/E Ratio38.36
Forward P/E—
PEG Ratio4.07
EPS$3.56
Book Value$57.27
P/B Ratio2.40
PLD Financial Charts
FCF vs CAPEX
FCFCAPEX
Cash vs Debt
Net Debt: 33.9B
Revenue
3.3B
FY19
4.4B
FY20
4.8B
FY21
6.0B
FY22
8.0B
FY23
8.2B
FY24
8.8B
FY25
Net Income
1.6B
FY19
1.5B
FY20
2.9B
FY21
3.4B
FY22
3.1B
FY23
3.7B
FY24
3.3B
FY25
PLD 52-Week Range
$94.99
$141.58
50-Day MA: $134.70200-Day MA: $120.95
Did you know?
Profit margin of 37.9% — that's well above average.
Prologis Inc (PLD) Financial Summary
Prologis Inc (PLD) is a Real Estate company in the REIT - Industrial industry, listed on NYSE. The stock currently trades at $137.19 with a market capitalization of $127.43B.
Key valuation metrics include a P/E ratio of 38.36, price-to-book ratio of 2.40, and EPS of $3.56. The company reports a profit margin of 37.9% and return on equity of 6.3%.
PLD Key Financial Metrics
| Metric | Value |
|---|---|
| Market Cap | $127.43B |
| P/E Ratio | 38.36 |
| EPS | $3.56 |
| P/B Ratio | 2.40 |
| P/S Ratio | 14.50 |
| EV/EBITDA | 22.53 |
| Dividend Yield | 2.95% |
| Profit Margin | 37.9% |
| Return on Equity | 6.3% |
| Debt/Equity | 0.66 |
PLD Revenue & Earnings History
| Year | Revenue | Net Income |
|---|---|---|
| FY19 | $3.33B | $1.57B |
| FY20 | $4.44B | $1.48B |
| FY21 | $4.76B | $2.94B |
| FY22 | $5.97B | $3.36B |
| FY23 | $8.02B | $3.06B |
| FY24 | $8.20B | $3.73B |
| FY25 | $8.79B | $3.33B |
Prologis Inc (PLD) Valuation
Based on GoodMoat's DCF model, Prologis Inc has a fair value estimate of $73.89. At the current price of $137.19, the stock appears 85.7% overvalued relative to our intrinsic value estimate.
PLD Quality Indicators
Prologis Inc maintains a profit margin of 37.9% and an operating margin of 49.6%. Return on equity stands at 6.3%. Debt-to-equity ratio is 0.66.
About Prologis Inc
Strategic Capital is Prologis' asset management business, which invests alongside institutional partners in logistics real estate and generates durable fee-based revenue while expanding the company's global presence and leveraging its operating platform. The business manages $102 billion in assets, including $67 billion of third-party capital. About Prologis The world runs on logistics. The world runs on logistics. At Prologis, we don't just lead the industry, we define it. We create the intelligent infrastructure that powers global commerce, seamlessly connecting the digital and physical worlds. From agile supply chains to clean energy solutions, our ecosystems help your business move faster, operate smarter and grow sustainably. With unmatched scale, innovation and expertise, Prologis is a category of one–not just shaping the future of logistics but building what comes next.
PLD Free Cash Flow
Prologis Inc generated $-462.90M in trailing twelve-month free cash flow, representing an FCF yield of -0.36%. This low FCF yield may reflect heavy reinvestment or growth spending.
PLD Shares Outstanding
Prologis Inc has 0.93 billion shares outstanding at a share price of $137.19, giving it a market capitalization of $127.43B.
PLD Recent Insider Trades
Recent insider transactions at Prologis Inc include:
| Insider | Type | Shares | Value |
|---|---|---|---|
| Connor James B. (Director) | SELL | 80,000 | $10.13M |
| Slusser Sarah A (Director) | BUY | 13 | $1395.42 |