Prologis, Inc. (PLD) is a publicly traded company in the Real Estate — REIT - Industrial industry listed on NYSE. This overview shows the latest price, key valuation ratios, profitability metrics and financial-health indicators used by fundamental investors.
Prologis, Inc. don't just lead the industry, they define it. The firm creates the intelligent infrastructure that powers global commerce, seamlessly connecting the digital and physical worlds. From agile supply chains to clean energy solutions, their ecosystems help your business move faster, operate smarter and grow sustainably.
Is Prologis, Inc. stock overvalued or undervalued in 2026?
As of October 5, 2026, Prologis, Inc. (PLD) trades at 28.7× earnings (P/E), according to Kaplio. Kaplio's verdict: expensive. At its 10-year average P/FFO (24.1×) $129 (0 %); at the decade median (22.8×) $122 (-6 %).
Kaplio overview: Prologis, Inc.
Market cap $120B · 52 weeks $111 – $150 (13 % below the high) · P/E 28.7× · 2027 expected P/E 36.9× · Dividend 3.3 % · 11 years rising · Next earnings October 15, 2026 · expected EPS $0.78 · Price as of Oct 5 · accounts published Jul 16.
- Valuation: P/FFO 24.2× (expensive).
- Business: FFO/dividend 1.3× (solid).
- Balance sheet: Net debt/EBITDA 4.7× (solid).
- Earnings: 7 of 8 (no verdict).
What would it be worth at its usual multiples?
At its 10-year average P/FFO (24.1×) $129 (0 %); at the decade median (22.8×) $122 (-6 %). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.
What matters in REITs: 3 of 4 pass
- P/FFO 24.2×, fails.
- Dividend coverage (FFO/div) 1.3×, passes.
- Debt / Assets 35.5 %, passes.
- Net debt / EBITDA 4.7×, passes.
- FFO / Share $5.34, info.
Against its peers (reference peers) — Prologis, Inc.: P/B 2.2×; Div. yield 3.3 %; EV/EBITDA 21.4×; $120B. Public Storage (P/B 5.4×; Div. yield 4.2 %; EV/EBITDA 18.6×; $52.9B), Extra Space Storage Inc. (P/B 2.1×; Div. yield 4.9 %; EV/EBITDA 17.6×; $28.2B), EastGroup Properties, Inc. (P/B 2.9×; Div. yield 3.3 %; EV/EBITDA 22.7×; $10.6B).
Expensive or cheap against its last ten fiscal years?
Precio / FFO (aprox.) at each close: today 24.1× · median 22.8× · minimum 18.5× · maximum 42.7× · cheap below 20.2× · expensive above 25.4×. It has been cheaper than today 70% of the time over its last ten fiscal years.
Dividend
tight · Yield 3.27 % ($4.01 per share in 2025) · Years raising it ≥ 11 · 5-year growth +12 % a year · Free cash flow coverage FFO payout 75 % · With $1,000 invested today you'd collect $32.70 a year ($2.73 a month).
Kaplio's reading: Prologis, Inc.
Updated on September 24, 2026 · accounts published on July 16, 2026
Reading of September 24, 2026: A well-financed REIT with a dividend it clearly covers
Prologis trades at 25.5× fiscal 2025 FFO, above the 15× to 20× healthy range, with FFO covering the dividend 1.3× and net debt at 4.7× EBITDA.
- Is Prologis expensive or cheap? At 25.5× fiscal 2025 FFO it sits above the 15× to 20× range healthy for a REIT, and pays 2.4× book value.
- How is the business doing? Revenue grew 7.2 % over the last 12 months, but the 38 % operating margin is nine points below the 47 % decade average.
- How strong is the balance sheet? Debt is 36 % of assets and net debt 4.7× EBITDA in fiscal 2025, with the dividend raised 11 years running.
- What to expect from the next earnings? Results land October 15, 2026 with consensus at $0.81 per share, after a 51 % beat in July and no revision in nine days.
- Does FFO cover the dividend, and at what multiple does it trade? FFO covered the dividend 1.3× in fiscal 2025, above the 1.1× threshold, but 25.5× price to FFO is outside the healthy range.
Is Prologis expensive or cheap?
Start with price to book: Prologis trades at 2.4× its book value over the last 12 months, so buyers pay well above the accounting value of its properties. The figure that matters more in a REIT is price to FFO, 25.5× on fiscal 2025 FFO of $5.34 per share, against a healthy band of 15× to 20×. EV/EBITDA of 19.1× and a 4.8 % free cash flow yield over the last 12 months point the same way. The P/E, distorted by property depreciation, has swung from 17.7× to 56.1× in ten years. The stock is up 20 % in 12 months and trades 11 % below its 52-week high.
How is the business doing?
Revenue is still growing, up 7.2 % over the last 12 months, and that is the healthy half of the picture. Margins are the other half: the operating margin of 38 % over the last 12 months compares with 40 % in fiscal 2025 and an average of 47 % across fiscal 2014 to 2025, so profitability has drifted down over twelve years rather than in one weak quarter. FFO reached $5.34 per share in fiscal 2025, the measure that shows what the portfolio produces once depreciation stops clouding reported earnings. Growth is intact; the margin is nine points leaner than the business averaged last decade.
How strong is the balance sheet?
This is the strongest part of the file. Debt equals 36 % of assets in fiscal 2025, comfortably inside the 60 % ceiling REIT investors normally tolerate, and net debt is 4.7× EBITDA, just outside the 5× line that separates comfortable from excellent. Debt to equity of 0.68 over the last 12 months says the same in simpler terms. The dividend yields 3.1 % over the last 12 months and has been raised in 11 consecutive fiscal years through 2025, a streak that only holds when cash flow is predictable and leverage stays put.
What to expect from the next earnings?
Prologis reports on October 15, 2026, and analysts expect $0.81 per share. The bar has been low lately: the quarter reported on July 16, 2026 came in at $1.13 against $0.75 expected, a 51 % beat, and the company has topped EPS estimates in seven of the last eight quarters. What analysts have not done is raise their numbers: the 2026 EPS consensus has sat at $3.64 for the last nine days, and the 2026 revenue consensus has barely moved either. Of the 42 analysts covering the stock, 25 rate it a buy, 16 a hold and 1 a sell.
Does FFO cover the dividend, and at what multiple does it trade?
In a REIT, reported EPS and the P/E mislead, because property depreciation is a large accounting charge that tells you little about the cash coming in. The test is FFO. Prologis produced $5.34 per share in fiscal 2025 and covered its dividend 1.3× with it, above the 1.1× minimum REIT investors look for, so the payout is funded by the portfolio rather than by borrowing. Leverage agrees: 36 % debt to assets and 4.7× net debt to EBITDA in fiscal 2025, both inside sector limits. The weak link is the price of that FFO: 25.5× against a healthy 15× to 20× range.
How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.
Investor methods verdict
Would Peter Lynch approve Prologis today?
The Lynch Method would wait for a better price for Prologis. Business quality: 71 out of 100 (price not included). Lynch classifies it as a slow grower. Kaplio assessment with data from the week of 2026-10-05; not investment advice.
Profitability
| Return on Equity | 6.41% |
| Return on Invested Capital | 3.60% |
| Return on Assets | 3.45% |
| Gross Margin | 29.05% |
| Operating Margin | 38.43% |
| Net Margin | 45.79% |
Financial Health
| Debt / Equity | 0.68 |
| Current Ratio | 0.70 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 1.89 |
Price Performance
| 1 month | -6.74% |
| 3 months | -9.16% |
| Year-to-date | +0.33% |
| 1 year | +9.35% |
| 3 years | +17.60% |
| 5 years | -1.00% |
Dividend History
Paid in the last 12 months: $4.2200 per share in 4 payments.
| Date | Amount |
|---|---|
| 2026-09-16 | $1.0700 |
| 2026-06-16 | $1.0700 |
| 2026-03-17 | $1.0700 |
| 2025-12-16 | $1.0100 |
| 2025-09-16 | $1.0100 |
| 2025-06-17 | $1.0100 |
| 2025-03-18 | $1.0100 |
| 2024-12-16 | $0.9600 |
| 2024-09-16 | $0.9600 |
| 2024-06-17 | $0.9600 |
Amounts adjusted for stock splits.
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Explore sector: Real Estate · REIT - Industrial
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