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World's largest owner and developer of logistics/industrial warehouses, leased to e-commerce and supply-chain companies.
World's largest owner and developer of logistics/industrial warehouses, leased to e-commerce and supply-chain companies.
Earns rent on long leases with contractual annual increases and a chance to reset rents to market as leases roll over, plus fees for managing warehouse funds and gains from developing and selling or contributing new buildings to those funds.
Moat: narrow (scale, installed base, distribution). Largest global logistics real estate portfolio located near major population/transport hubs, hard to replicate quickly.
Headquarters: San Francisco, California, United States · Founded: 1983 · Employees: 2,802
Size Prologis (PLD) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $123B, the 104th largest of 3,117 United States companies the cockpit tracks. Shares closed at $126.96 on 6 Nov 2026.
Performance Over six months the shares fell 11.2%, against +0.6% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 13 in its peer set.
Growth Revenue grew 7.2% over the last twelve months (peer median +11.1%); the operating margin is 38.2% (peer median 29.1%).
Valuation It trades at 2.16× book value against a peer median of 2.97× (2nd cheapest of 12).
Price implies The share price implies a return on equity of about 20.9%; Prologis delivers 7.9%, so the price asks more than the business earns today.
Credit Prologis has 43 bonds outstanding ($24.2B), rated A by the agencies and trading like A- at a weighted spread of 81 bp.
Short interest Short interest is 1.8% of the free float (15 Oct 2026).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $9.36B | $8.79B | $8.20B | $8.02B | $5.97B |
| Revenue growth | — | +7% | +2% | +34% | — |
| Gross profit | $4.16B | $3.93B | $3.56B | $3.53B | $2.65B |
| EBITDA | $6.38B | $5.90B | $5.85B | $5.59B | $4.18B |
| Net income | $4.26B | $3.33B | $3.73B | $3.06B | $3.36B |
| Free cash flow | $4.66B | $4.12B | $4.03B | $4.68B | $3.58B |
| Capital expenditure | $894M | $890M | $886M | $692M | $551M |
| Total debt | $37.5B | $37.1B | $33.3B | $31.8B | $26.9B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Prologis PLD | $123B | -11% | +7% | 8% | 2.16× | 20.9% |
| Rexford Industrial Realty REXR | $8.02B | +4% | -2% | -6% | 1.16× | 11.7% |
| SEGRO SGRO.L | $16.6B | +33% | +7% | 2% | 1.03× | 14.8% |
| EastGroup Properties EGP | $10.4B | -6% | +10% | 9% | 2.92× | 22.3% |
| First Industrial Realty Trust FR | $7.13B | -14% | +9% | 13% | 2.57× | 20.9% |
| STAG Industrial STAG | $7.06B | -6% | +9% | 8% | 1.93× | 15.5% |
| Terreno Realty TRNO | $7.24B | 0% | +18% | 9% | 1.61× | 14.0% |
| Goodman GMG.AX | $39.6B | -11% | +17% | 12% | 2.28× | 26.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PLD | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.8% | +9.2% | 2nd lowest of 14 |
| 6-month return | -11.2% | +0.6% | 2nd lowest of 13 |
| Return on equity | 7.8% | 8.1% | 6th lowest of 12 |
| Price / book | 2.16× | 2.97× | 2nd cheapest of 12 |
| Trailing P/E | 28.0× | 38.0× | 4th cheapest of 13 |
| ROE the price implies | 20.9% | 23.1% | 5th least demanding of 11 |
| ROE delivered | 7.9% | 8.1% | 6th lowest of 12 |
| Bond spread | 81 bp | 84 bp | 5th tightest of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Prologis PLD | United States | $123B | -11% | +7% | 8% | 2.16× | 20.9% | 7.9% |
| Equinix EQIX | United States | $100B | -5% | +11% | 26% | 7.03× | n/a | 25.8% |
| American Tower AMT | United States | $87.6B | +8% | +5% | 89% | 24.92× | 155.2% | 88.7% |
| Welltower WELL | United States | $180B | +15% | +39% | 4% | 3.69× | 24.4% | 3.8% |
| Simon Property SPG | United States | $73.9B | +14% | +15% | 135% | 16.82× | 143.3% | 135.4% |
| Digital Realty DLR | United States | $65.9B | -10% | +21% | 4% | 2.39× | 19.2% | 3.6% |
| Public Storage PSA | United States | $63.1B | +10% | +5% | 16% | 6.45× | 43.1% | 16.0% |
| Realty Income O | United States | $56.1B | -4% | +11% | 3% | 1.42× | 10.3% | 3.5% |
| Equity Residential VMRK | United States | $50.7B | n/a | +4% | 8% | 2.34× | 16.0% | 8.1% |
| Ventas VTR | United States | $47.9B | +2% | +22% | 2% | 2.97× | 20.2% | 1.9% |
| Goodman GMG.AX | Australia | $39.6B | -11% | +17% | 12% | 2.28× | 26.9% | 11.5% |
| Crown Castle CCI | United States | $37.7B | -1% | -16% | n/a | n/a | n/a | n/a |
| Extra Space Storage EXR | United States | $33.2B | +12% | +4% | 8% | 2.59× | 21.8% | 7.8% |
| Iron Mountain IRM | United States | $31.7B | -17% | +17% | n/a | n/a | n/a | n/a |
Prologis has 43 bonds outstanding with $24.2B face value. The agencies rate it A; its bonds trade like A-. Weighted yield 5.21%, a spread of 81 bp over government bonds.