Comprehensive Stock Comparison
Compare First Industrial Realty Trust, Inc. (FR) vs Prologis, Inc. (PLD) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | FR | 8.7% revenue growth vs PLD's 2.2% |
| Value | PLD | PEG 3.94 vs 12.55 |
| Quality / Margins | PLD | 36.7% net margin vs FR's 33.2% |
| Stability / Safety | FR | Beta 0.78 vs PLD's 0.85 |
| Dividends | PLD | 2.6% yield, 11-year raise streak, vs FR's 2.3% |
| Momentum (1Y) | PLD | +18.3% vs FR's +13.7% |
| Efficiency (ROA) | FR | 4.3% ROA vs PLD's 3.3%, ROIC 4.6% vs 3.8% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
First Industrial Realty Trust is a real estate investment trust that owns, operates, and develops industrial properties like warehouses and distribution centers across major U.S. markets. It generates revenue primarily through property leasing — collecting rent from tenants — with additional income from property sales and development activities. The company's competitive advantage lies in its strategic portfolio concentrated in high-demand logistics hubs and its integrated platform for development, leasing, and property management.
Prologis is a global owner and operator of logistics real estate — primarily warehouses and distribution centers — serving e-commerce and supply chain customers. It generates revenue primarily through rental income from long-term leases to logistics companies, retailers, and manufacturers, with property management and development services providing additional income. The company's competitive advantage lies in its massive scale — owning nearly 1 billion square feet of prime logistics space in key global markets — and its deep relationships with major logistics and e-commerce players.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
FR leads in 2 of 6 categories (Valuation Metrics, Profitability & Efficiency). PLD leads in 1 (Financial Metrics). 3 tied.
Financial Metrics (TTM)
PLD is the larger business by revenue, generating $8.7B annually — 12.2x FR's $714M. Profitability is closely matched — net margins range from 36.7% (PLD) to 33.2% (FR).
| Metric | FRFirst Industrial … | PLDPrologis, Inc. |
|---|---|---|
| RevenueTrailing 12 months | $714M | $8.7B |
| EBITDAEarnings before interest/tax | $455M | $6.7B |
| Net IncomeAfter-tax profit | $237M | $3.2B |
| Free Cash FlowCash after capex | $437M | $5.2B |
| Gross MarginGross profit ÷ Revenue | +73.6% | +67.7% |
| Operating MarginEBIT ÷ Revenue | +36.9% | +47.0% |
| Net MarginNet income ÷ Revenue | +33.2% | +36.7% |
| FCF MarginFCF ÷ Revenue | +61.3% | +59.3% |
| Rev. Growth (YoY)Latest quarter vs prior year | +7.9% | +8.7% |
| EPS Growth (YoY)Latest quarter vs prior year | -34.7% | -24.1% |
Valuation Metrics
At 29.1x trailing earnings, FR trades at a 18% valuation discount to PLD's 35.6x P/E. Adjusting for growth (PEG ratio), PLD offers better value at 3.29x vs FR's 10.00x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | FRFirst Industrial … | PLDPrologis, Inc. |
|---|---|---|
| Market CapShares × price | $8.4B | $132.4B |
| Enterprise ValueMkt cap + debt − cash | $10.5B | $162.6B |
| Trailing P/EPrice ÷ TTM EPS | 29.10x | 35.55x |
| Forward P/EPrice ÷ next-FY EPS est. | 36.53x | 42.61x |
| PEG RatioP/E ÷ EPS growth rate | 10.00x | 3.29x |
| EV / EBITDAEnterprise value multiple | 22.24x | 23.24x |
| Price / SalesMarket cap ÷ Revenue | 12.44x | 16.14x |
| Price / BookPrice ÷ Book value/share | 3.04x | 2.32x |
| Price / FCFMarket cap ÷ FCF | 62.00x | 26.95x |
Profitability & Efficiency
FR delivers a 8.6% return on equity — every $100 of shareholder capital generates $9 in annual profit, vs $6 for PLD. PLD carries lower financial leverage with a 0.54x debt-to-equity ratio, signaling a more conservative balance sheet compared to FR's 0.81x. On the Piotroski fundamental quality scale (0–9), FR scores 7/9 vs PLD's 5/9, reflecting strong financial health.
| Metric | FRFirst Industrial … | PLDPrologis, Inc. |
|---|---|---|
| ROE (TTM)Return on equity | +8.6% | +5.6% |
| ROA (TTM)Return on assets | +4.3% | +3.3% |
| ROICReturn on invested capital | +4.6% | +3.8% |
| ROCEReturn on capital employed | +5.9% | +4.8% |
| Piotroski ScoreFundamental quality 0–9 | 7 | 5 |
| Debt / EquityFinancial leverage | 0.81x | 0.54x |
| Net DebtTotal debt minus cash | $2.2B | $30.2B |
| Cash & Equiv.Liquid assets | $45M | $1.3B |
| Total DebtShort + long-term debt | $2.2B | $31.5B |
| Interest CoverageEBIT ÷ Interest expense | 3.59x | 5.27x |
Total Returns (with DRIP)
A $10,000 investment in FR five years ago would be worth $16,273 today (with dividends reinvested), compared to $16,053 for PLD. Over the past 12 months, PLD leads with a +18.3% total return vs FR's +13.7%. The 3-year compound annual growth rate (CAGR) favors FR at 8.7% vs PLD's 7.6% — a key indicator of consistent wealth creation.
| Metric | FRFirst Industrial … | PLDPrologis, Inc. |
|---|---|---|
| YTD ReturnYear-to-date | +9.1% | +10.5% |
| 1-Year ReturnPast 12 months | +13.7% | +18.3% |
| 3-Year ReturnCumulative with dividends | +28.3% | +24.7% |
| 5-Year ReturnCumulative with dividends | +62.7% | +60.5% |
| 10-Year ReturnCumulative with dividends | +245.4% | +340.5% |
| CAGR (3Y)Annualised 3-year return | +8.7% | +7.6% |
Risk & Volatility
FR is the less volatile stock with a 0.78 beta — it tends to amplify market swings less than PLD's 0.85 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | FRFirst Industrial … | PLDPrologis, Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.78x | 0.85x |
| 52-Week HighHighest price in past year | $64.00 | $143.95 |
| 52-Week LowLowest price in past year | $40.31 | $85.35 |
| % of 52W HighCurrent price vs 52-week peak | +98.7% | +99.0% |
| RSI (14)Momentum oscillator 0–100 | 72.9 | 67.9 |
| Avg Volume (50D)Average daily shares traded | 885K | 2.8M |
Analyst Outlook
Wall Street rates FR as "Buy" and PLD as "Buy". Consensus price targets imply 1.2% upside for FR (target: $64) vs -4.6% for PLD (target: $136). For income investors, PLD offers the higher dividend yield at 2.63% vs FR's 2.31%.
| Metric | FRFirst Industrial … | PLDPrologis, Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $63.89 | $136.00 |
| # AnalystsCovering analysts | 29 | 41 |
| Dividend YieldAnnual dividend ÷ price | +2.3% | +2.6% |
| Dividend StreakConsecutive years of raises | 13 | 11 |
| Dividend / ShareAnnual DPS | $1.46 | $3.74 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| First Industrial Re… (FR) | 100 | 143.31 | +43.3% |
| Prologis, Inc. (PLD) | 100 | 146.91 | +46.9% |
First Industrial Re… (FR) returned +63% over 5 years vs Prologis, Inc. (PLD)'s +61%. A $10,000 investment in FR 5 years ago would be worth $16,273 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| First Industrial Re… (FR) | $366M | $672M | +83.7% |
| Prologis, Inc. (PLD) | $2.2B | $8.2B | +273.3% |
First Industrial Realty Trust, Inc.'s revenue grew from $366M (2015) to $672M (2024) — a 7.0% CAGR. Prologis, Inc.'s revenue grew from $2.2B (2015) to $8.2B (2024) — a 15.8% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| First Industrial Re… (FR) | 20.2% | 42.7% | +111.9% |
| Prologis, Inc. (PLD) | 39.6% | 45.5% | +15.0% |
First Industrial Realty Trust, Inc.'s net margin went from 20% (2015) to 43% (2024). Prologis, Inc.'s net margin went from 40% (2015) to 45% (2024).
Chart 4P/E Ratio History — 8 Years
| Stock | 2017 | 2024 | Change |
|---|---|---|---|
| First Industrial Re… (FR) | 18.6 | 23.1 | +24.2% |
| Prologis, Inc. (PLD) | 21.1 | 26.4 | +25.1% |
First Industrial Realty Trust, Inc. has traded in a 18x–32x P/E range over 8 years; current trailing P/E is ~29x. Prologis, Inc. has traded in a 21x–51x P/E range over 8 years; current trailing P/E is ~36x.
Chart 5EPS Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| First Industrial Re… (FR) | 0.66 | 2.17 | +228.8% |
| Prologis, Inc. (PLD) | 1.64 | 4.01 | +144.5% |
First Industrial Realty Trust, Inc.'s EPS grew from $0.66 (2015) to $2.17 (2024) — a 14% CAGR. Prologis, Inc.'s EPS grew from $1.64 (2015) to $4.01 (2024) — a 10% CAGR.
Chart 6Free Cash Flow — 5 Years
First Industrial Realty Trust, Inc. generated $135M FCF in 2024 (+298% vs 2021). Prologis, Inc. generated $5B FCF in 2024 (+97% vs 2021).
FR vs PLD: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is FR or PLD a better buy right now?
First Industrial Realty Trust, Inc. (FR) offers the better valuation at 29.1x trailing P/E (36.5x forward), making it the more compelling value choice. Analysts rate First Industrial Realty Trust, Inc. (FR) a "Buy" — based on 29 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — FR or PLD?
On trailing P/E, First Industrial Realty Trust, Inc. (FR) is the cheapest at 29.1x versus Prologis, Inc. at 35.6x. On forward P/E, First Industrial Realty Trust, Inc. is actually cheaper at 36.5x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Prologis, Inc. wins at 3.94x versus First Industrial Realty Trust, Inc.'s 12.55x.
03Which is the better long-term investment — FR or PLD?
Over the past 5 years, First Industrial Realty Trust, Inc. (FR) delivered a total return of +62.7%, compared to +60.5% for Prologis, Inc. (PLD). A $10,000 investment in FR five years ago would be worth approximately $16K today (assuming dividends reinvested). Over 10 years, the gap is even starker: PLD returned +340.5% versus FR's +245.4%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — FR or PLD?
By beta (market sensitivity over 5 years), First Industrial Realty Trust, Inc. (FR) is the lower-risk stock at 0.78β versus Prologis, Inc.'s 0.85β — meaning PLD is approximately 8% more volatile than FR relative to the S&P 500. On balance sheet safety, Prologis, Inc. (PLD) carries a lower debt/equity ratio of 54% versus 81% for First Industrial Realty Trust, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — FR or PLD?
Prologis, Inc. (PLD) is the more profitable company, earning 45.5% net margin versus 42.7% for First Industrial Realty Trust, Inc. — meaning it keeps 45.5% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: PLD leads at 53.8% versus 44.3% for FR. At the gross margin level — before operating expenses — PLD leads at 74.9%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is FR or PLD more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Prologis, Inc. (PLD) is the more undervalued stock at a PEG of 3.94x versus First Industrial Realty Trust, Inc.'s 12.55x. Both stocks trade at elevated growth-adjusted valuations, so expected growth needs to materialise. On forward earnings alone, First Industrial Realty Trust, Inc. (FR) trades at 36.5x forward P/E versus 42.6x for Prologis, Inc. — 6.1x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for FR: 1.2% to $63.89.
07Which pays a better dividend — FR or PLD?
All stocks in this comparison pay dividends. Prologis, Inc. (PLD) offers the highest yield at 2.6%, versus 2.3% for First Industrial Realty Trust, Inc. (FR).
08Is FR or PLD better for a retirement portfolio?
For long-horizon retirement investors, Prologis, Inc. (PLD) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.85), 2.6% yield, +340.5% 10Y return). Both have compounded well over 10 years (PLD: +340.5%, FR: +245.4%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between FR and PLD?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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