Want to see PLD full AI Analyst Report?
Top Page
Prologis
(NYSE:PLD)
Select Model
Select Model
Rating:77Outperform
Price Target:
$165.00
▲(11.77% Upside)
Action:Reiterated
Date:07/30/26
PLD’s score is driven primarily by high-quality financials (strong margins and durable operating/free cash flow) and a notably positive earnings update with raised 2026 guidance and strong leasing/NOI trends. The main offsets are a premium valuation (P/E ~32.7) and signs of moderating growth/margin variability, while technicals are constructive but lack momentum confirmation due to missing indicator data.
Positive Factors
Robust cash generation
Consistently strong operating cash flow and near-parity free cash flow to net income give Prologis durable internal funding for development, dividends, and capital recycling. This sustained cash generation supports long-term growth investments and buffers against cyclical downturns in occupier demand.
Negative Factors
Leverage trending higher
Rising debt-to-equity reduces balance-sheet flexibility and raises refinancing sensitivity in a higher-rate environment. For a capital-intensive REIT, higher leverage increases interest expense risk and constrains the pace of opportunistic acquisitions or sizable M&A without incremental equity.
Read all positive and negative factors
Positive Factors
Negative Factors
Robust cash generation
Consistently strong operating cash flow and near-parity free cash flow to net income give Prologis durable internal funding for development, dividends, and capital recycling. This sustained cash generation supports long-term growth investments and buffers against cyclical downturns in occupier demand.
Read all positive factors
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 (PLD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$137.67B
Dividend Yield2.88%
Average Volume (3M)4.18M
Price to Earnings (P/E)32.1
Beta (1Y)0.73
Revenue Growth7.35%
EPS Growth21.58%
CountryUS
Employees2,802
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)4.50
Shares Outstanding933,076,000
10 Day Avg. Volume4,920,711
30 Day Avg. Volume4,178,794
Financial Highlights & Ratios
PEG Ratio-3.13
Price to Book (P/B)2.25
Price to Sales (P/S)13.63
P/FCF Ratio23.92
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$158.25Price Target Upside7.19% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering13
EPS Forecast (FY)3.44
Revenue Forecast (FY)$8.73B
Prologis Business Overview & Revenue Model
Company Description
Prologis, Inc. is the undisputed global leader in logistics real estate, strategically focusing its operations on high-barrier, high-growth markets. As of December 31, 2020, the company's extensive portfolio spanned approximately 984 million squar...
How the Company Makes Money
Prologis primarily makes money from (1) rental income generated by leasing its logistics properties to customers under lease agreements, which is the core recurring revenue stream; and (2) development and related activities, where it develops new ...
Prologis Earnings Call Summary
Earnings Call Date:Apr 16, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Oct 21, 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
78
Positive
Balance Sheet
74
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.19B | 8.79B | 8.20B | 8.02B | 5.97B | 4.76B |
| Gross Profit | 2.67B | 5.24B | 6.14B | 6.01B | 4.46B | 3.51B |
| EBITDA | 8.35B | 7.20B | 7.53B | 6.57B | 5.80B | 5.15B |
| Net Income | 4.21B | 3.41B | 3.73B | 3.06B | 3.36B | 2.94B |
Balance Sheet | ||||||
| Total Assets | 101.01B | 98.72B | 95.33B | 93.02B | 87.90B | 58.49B |
| Cash, Cash Equivalents and Short-Term Investments | 1.77B | 1.15B | 1.32B | 530.39M | 278.48M | 556.12M |
| Total Debt | 36.44B | 35.04B | 31.49B | 29.60B | 24.51B | 18.16B |
| Total Liabilities | 42.89B | 40.97B | 36.71B | 35.20B | 30.03B | 20.74B |
| Stockholders Equity | 53.73B | 53.19B | 53.95B | 53.18B | 53.24B | 33.43B |
Cash Flow | ||||||
| Free Cash Flow | 5.24B | 5.01B | 4.91B | 5.37B | 3.58B | 2.50B |
| Operating Cash Flow | 5.24B | 5.01B | 4.91B | 5.37B | 4.13B | 3.00B |
| Investing Cash Flow | -2.59B | -3.63B | -3.10B | -6.42B | -4.50B | -1.99B |
| Financing Cash Flow | -1.92B | -1.56B | -999.96M | 1.32B | 115.79M | -1.01B |
Prologis Technical Analysis
Positive
147.63
Price Trends
143.56
Positive
139.96
Positive
133.73
Positive
Market Momentum
1.05
Positive
49.87
Neutral
36.19
Neutral
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 147.63 is above the 20-day moving average (MA) of 145.02, above the 50-day MA of 143.56, and above the 200-day MA of 133.73, indicating a neutral trend. The MACD of 1.05 indicates Positive momentum. The RSI at 49.87 is Neutral, neither overbought nor oversold. The STOCH value of 36.19 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $137.67B | 32.14 | 7.94% | 2.82% | 7.35% | 21.58% | |
77 Outperform | $7.62B | 17.56 | 10.36% | 2.86% | 20.19% | 105.93% | |
75 Outperform | $11.24B | 36.60 | 8.61% | 2.91% | 10.80% | 22.88% | |
75 Outperform | $9.02B | 23.94 | 13.42% | 2.82% | 8.44% | 34.29% | |
71 Outperform | $7.38B | 29.43 | 6.95% | 3.70% | 9.63% | 3.17% | |
67 Neutral | $8.42B | -20.64 | -4.75% | 4.44% | 0.58% | -234.18% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
PLD
Prologis
144.61
42.70
41.90%
EGP
Eastgroup Properties
209.01
50.84
32.15%
STAG
Stag Industrial
38.26
4.67
13.91%
TRNO
Terreno Realty
71.65
18.62
35.10%
FR
First Industrial Realty
65.84
19.25
41.31%
REXR
Rexford Industrial Realty
37.77
3.30
9.57%
Prologis Corporate Events
Business Operations and StrategyExecutive/Board Changes
Prologis Adds Former Visa CEO to Board
Positive
Jul 1, 2026
On June 29, 2026, Prologis appointed former Visa chief executive Alfred F. Kelly, Jr. to its board of directors, determining him to be an independent director under New York Stock Exchange and U.S. securities rules. Kelly will serve on the Board G...
Business Operations and StrategyExecutive/Board Changes
Prologis Adds Alfred Kelly to Board of Directors
Positive
Jul 1, 2026
On June 29, 2026, Prologis’ board of directors appointed Alfred F. Kelly, Jr. as an independent director, with the move disclosed on July 1, 2026. Kelly, the former chief executive officer and executive chairman of Visa and a past senior lea...
Business Operations and StrategyPrivate Placements and Financing
Prologis Prices ¥45 Billion Multi-Tranche Yen Bond Offering
Positive
Jun 11, 2026
On June 4, 2026, Prologis Yen Finance LLC priced a multi‑tranche yen‑denominated bond offering totaling ¥45 billion, consisting of ¥32.6 billion of 2.527% notes due 2030, ¥3.5 billion of 3.389% notes due 2035 and ¥8...
Business Operations and StrategyPrivate Placements and Financing
Prologis Issues Multi-Tranche Yen-Denominated Bond Offering
Positive
Jun 11, 2026
On June 4, 2026, Prologis Yen Finance LLC priced a multi-tranche yen-denominated bond offering totaling ¥45 billion, consisting of 2.527% notes due 2030, 3.389% notes due 2035, and 3.905% notes due 2041, all fully and unconditionally guarante...
Executive/Board ChangesShareholder Meetings
Prologis Shareholders Back Board, Scrutinize Executive Pay
Positive
Apr 30, 2026
At its April 28, 2026 annual meeting, Prologis stockholders elected 11 directors, including Chair and CEO Hamid R. Moghadam, to serve until the next annual meeting, signaling continued support for the company’s existing board composition and...
Executive/Board ChangesShareholder Meetings
Prologis Shareholders Reaffirm Board, Pay and Auditor Choices
Positive
Apr 30, 2026
At its April 28, 2026 annual meeting, Prologis stockholders elected eleven directors, including Chair and CEO Hamid R. Moghadam, to serve until the next annual meeting, reaffirming the company’s existing board composition. Investors also app...
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.