Prologis (PLD)
NYSE:PLD
Want to see PLD full AI Analyst Report?
Top Page
Prologis
(NYSE:PLD)
Select Model
Select Model
Rating:73Outperform
Price Target:
$156.00
â–²(7.51% Upside)
Action:UpgradedDate:04/16/26
The score is driven primarily by solid financial fundamentals and a constructive earnings update with raised 2026 guidance. Technicals are supportive with the stock trading above key moving averages and positive MACD. The main constraints are valuation (high P/E and modest yield) and 2025 financial quality watch-items (margin compression, rising leverage, and weaker cash-flow coverage).
Positive Factors
Scale and market position
Prologis’ massive asset base and sizable net real estate investment position provide durable competitive advantages: scale lowers per-asset operating costs, strengthens tenant relationships, and enables broad geographic diversification. That scale supports persistent leasing demand and long-term contract leverage to preserve rental income and development optionality.
Negative Factors
Rising leverage and weaker cash coverage
Increasing leverage and a dip in cash-flow coverage reduce financial flexibility for a capital-intensive REIT. When FCF lags earnings and coverage falls below 1x, the company faces higher refinancing and dividend funding risks, making future development pacing and dividend consistency more sensitive to rate or demand shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale and market position
Prologis’ massive asset base and sizable net real estate investment position provide durable competitive advantages: scale lowers per-asset operating costs, strengthens tenant relationships, and enables broad geographic diversification. That scale supports persistent leasing demand and long-term contract leverage to preserve rental income and development optionality.
Read all positive factors
Prologis (PLD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$133.34B
Dividend Yield3.16%
Average Volume (3M)3.50M
Price to Earnings (P/E)35.1
Beta (1Y)0.83
Revenue Growth10.75%
EPS Growth4.29%
CountryUS
Employees2,703
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)1.05
Shares Outstanding932,230,650
10 Day Avg. Volume3,854,361
30 Day Avg. Volume3,503,143
Financial Highlights & Ratios
PEG Ratio-3.08
Price to Book (P/B)2.25
Price to Sales (P/S)13.63
P/FCF Ratio23.92
Enterprise Value/Market Cap1.25
Enterprise Value/Revenue18.91
Enterprise Value/Gross Profit31.72
Enterprise Value/Ebitda23.09
Forecast
1Y Price Target
$150.67Price Target Upside3.84% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)3.39
Revenue Forecast (FY)$8.67B
Prologis Business Overview & Revenue Model
Company Description
Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of December 31, 2020, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties...
How the Company Makes Money
Prologis primarily makes money by owning and operating industrial logistics real estate and earning rental income from leasing warehouse and distribution space to customers (typically under multi-year lease agreements). Its core revenue stream is ...
Prologis Key Performance Indicators (KPIs)
Any
Buildings
Counts the total number of properties owned, reflecting the scale of the company's real estate portfolio and its capacity to generate rental revenue.
Counts the total number of properties owned, reflecting the scale of the company's real estate portfolio and its capacity to generate rental revenue.
Data provided by:
The Fly
The FlyPrologis Earnings Call Summary
Earnings Call Date:Apr 16, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 20, 2026
Earnings Call Sentiment Positive
The call presents a predominantly positive view: Prologis reported record leasing, strong Q1 core FFO, above-expectation occupancy, meaningful same-store NOI growth, sizable development activity (notably in data centers), a deep power pipeline, expanded strategic capital partnerships, and a fortified balance sheet. These operational and capital achievements led management to raise guidance and scale development targets. Offsetting this are macro and geopolitical uncertainties, pockets of regional softness (notably SoCal, LA County and Seattle), elevated concessions in some markets, and execution risks tied to data center permitting and equipment supply. Overall, the company’s positive fundamentals, capital formation and pipeline progress materially outweigh the noted risks and localized challenges.Positive Updates
Record Leasing and Strong Demand
Signed a record 64 million square feet in Q1 2026; leasing pipeline replenished and reached new highs, with broad mix of transactions across sizes and geographies and strong retention of nearly 76%.
Negative Updates
Macroeconomic and Geopolitical Uncertainty
Conflict in the Middle East introduced upside pressure on energy and inflation and downside risk to rates and macro visibility; company notes the primary risk is that uncertainty could slow customer decision-making even though they have not yet seen meaningful evidence of a pullback.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Leasing and Strong Demand
Signed a record 64 million square feet in Q1 2026; leasing pipeline replenished and reached new highs, with broad mix of transactions across sizes and geographies and strong retention of nearly 76%.
Read all positive updates
Company Guidance
Prologis raised its 2026 outlook, reflecting Q1 strength (occupancy 95.3%, core FFO $1.50/sh including net promote and $1.52/sh excluding): average occupancy guidance was increased to about 95%, full-year net effective same-store NOI growth is now expected at 4.75%–5.50% (cash same-store growth 6.25%–7.00%), net earnings $3.80–$4.05/sh, core FFO $6.07–$6.23/sh (including net promote) and $6.12–$6.28/sh (excluding net promote, an 80 bp raise to the prior midpoint); strategic capital revenue $660M–$680M, G&A $510M–$525M; development starts raised to $4.5B–$5.5B (own & managed) with ~40% to data‑center build‑to‑suits, acquisitions $1.0B–$1.5B, and combined contribution/disposition activity $3.5B–$4.5B.Prologis Financial Statement Overview
Summary
Income Statement
83
Very Positive
Balance Sheet
72
Positive
Cash Flow
64
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 8.79B | 8.20B | 8.02B | 5.97B | 4.76B |
| Gross Profit | 5.24B | 6.14B | 6.01B | 4.46B | 3.51B |
| EBITDA | 7.20B | 7.53B | 6.57B | 5.80B | 5.15B |
| Net Income | 3.41B | 3.73B | 3.06B | 3.36B | 2.94B |
Balance Sheet | |||||
| Total Assets | 98.72B | 95.33B | 93.02B | 87.90B | 58.49B |
| Cash, Cash Equivalents and Short-Term Investments | 1.15B | 1.32B | 530.39M | 278.48M | 556.12M |
| Total Debt | 35.04B | 31.49B | 29.60B | 24.51B | 18.16B |
| Total Liabilities | 40.97B | 36.71B | 35.20B | 30.03B | 20.74B |
| Stockholders Equity | 53.19B | 53.95B | 53.18B | 53.24B | 33.43B |
Cash Flow | |||||
| Free Cash Flow | 5.01B | 4.91B | 5.37B | 3.58B | 2.50B |
| Operating Cash Flow | 5.01B | 4.91B | 5.37B | 4.13B | 3.00B |
| Investing Cash Flow | -3.63B | -3.10B | -6.42B | -4.50B | -1.99B |
| Financing Cash Flow | -1.56B | -999.96M | 1.32B | 115.79M | -1.01B |
Prologis Technical Analysis
Positive
145.10
Price Trends
135.71
Positive
131.66
Positive
121.90
Positive
Market Momentum
2.24
Negative
74.55
Negative
91.35
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PLD, the sentiment is Positive. The current price of 145.1 is above the 20-day moving average (MA) of 134.32, above the 50-day MA of 135.71, and above the 200-day MA of 121.90, indicating a bullish trend. The MACD of 2.24 indicates Negative momentum. The RSI at 74.55 is Negative, neither overbought nor oversold. The STOCH value of 91.35 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PLD.
Prologis Risk Analysis
Prologis disclosed 28 risk factors in its most recent earnings report. Prologis reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Prologis Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $6.99B | 14.93 | 10.09% | 3.38% | 21.13% | 74.37% | |
74 Outperform | $10.42B | 36.86 | 7.48% | 3.15% | 11.10% | -1.65% | |
73 Outperform | $133.34B | 35.12 | 7.01% | 3.16% | 10.75% | 4.29% | |
71 Outperform | $7.35B | 25.24 | 7.85% | 4.02% | 9.62% | 31.08% | |
71 Outperform | $8.38B | 30.66 | 9.32% | 2.98% | 9.66% | -23.17% | |
66 Neutral | $8.27B | 42.45 | 2.44% | 4.30% | 10.27% | 15.25% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
PLD
Prologis
145.03
48.44
50.14%
EGP
Eastgroup Properties
203.11
49.53
32.25%
STAG
Stag Industrial
39.89
8.65
27.69%
TRNO
Terreno Realty
67.13
12.27
22.36%
FR
First Industrial Realty
64.40
19.61
43.79%
REXR
Rexford Industrial Realty
37.44
6.70
21.79%
Prologis Corporate Events
Business Operations and StrategyDividendsFinancial Disclosures
Prologis Posts Strong Q1 2026 Results, Boosts Cash Generation
Positive
Apr 16, 2026
On April 16, 2026, Prologis reported solid first-quarter 2026 results, with total revenues rising to $2.30 billion from $2.14 billion a year earlier and rental income driving most of the growth. Net earnings attributable to common stockholders jum...
Business Operations and StrategyDividendsFinancial Disclosures
Prologis Posts Strong Q1 2026 Results, Raises Outlook
Positive
Apr 16, 2026
On April 16, 2026, Prologis reported its first-quarter 2026 financial results, highlighting solid growth in rental and strategic capital revenues and stronger profitability versus the prior year. Net earnings attributable to common stockholders ro...
Business Operations and StrategyPrivate Placements and Financing
Prologis Expands Global Credit Facilities to Enhance Liquidity
Positive
Mar 31, 2026
On March 26, 2026, Prologis, L.P. and its affiliates entered into an Amended and Restated Global Senior Credit Agreement providing a revolving, multicurrency credit facility of up to the U.S. Dollar equivalent of approximately $3 billion, with an ...
Business Operations and StrategyPrivate Placements and Financing
Prologis Expands Global Credit Facility to Enhance Liquidity
Positive
Mar 31, 2026
On March 26, 2026, Prologis, L.P. and affiliated borrowers entered into an Amended and Restated Global Senior Credit Agreement providing a revolving, multi-currency credit facility of approximately $3 billion, with an accordion feature of up to an...
Business Operations and StrategyDividendsFinancial Disclosures
Prologis Posts Higher 2025 Revenue Amid Earnings Decline
Negative
Jan 21, 2026
On January 21, 2026, Prologis reported its fourth-quarter and full-year 2025 results, showing total 2025 revenues of $8.79 billion, up from $8.20 billion in 2024, driven primarily by higher rental income, while strategic capital revenues declined ...
Business Operations and StrategyDividendsFinancial Disclosures
Prologis Reports Q4 and Full-Year 2025 Financial Results
Neutral
Jan 21, 2026
On January 21, 2026, Prologis reported its fourth-quarter and full-year 2025 results, highlighting steady revenue growth but some pressure on profitability metrics. Total revenues rose to $2.25 billion in the fourth quarter and $8.79 billion for 2...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.