Comprehensive Stock Comparison
Compare Prologis, Inc. (PLD) vs First Industrial Realty Trust, Inc. (FR) 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
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.
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.
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 | PLDPrologis, Inc. | FRFirst Industrial … |
|---|---|---|
| RevenueTrailing 12 months | $8.7B | $714M |
| EBITDAEarnings before interest/tax | $6.7B | $455M |
| Net IncomeAfter-tax profit | $3.2B | $237M |
| Free Cash FlowCash after capex | $5.2B | $437M |
| Gross MarginGross profit ÷ Revenue | +67.7% | +73.6% |
| Operating MarginEBIT ÷ Revenue | +47.0% | +36.9% |
| Net MarginNet income ÷ Revenue | +36.7% | +33.2% |
| FCF MarginFCF ÷ Revenue | +59.3% | +61.3% |
| Rev. Growth (YoY)Latest quarter vs prior year | +8.7% | +7.9% |
| EPS Growth (YoY)Latest quarter vs prior year | -24.1% | -34.7% |
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 | PLDPrologis, Inc. | FRFirst Industrial … |
|---|---|---|
| Market CapShares × price | $132.4B | $8.4B |
| Enterprise ValueMkt cap + debt − cash | $162.6B | $10.5B |
| Trailing P/EPrice ÷ TTM EPS | 35.55x | 29.10x |
| Forward P/EPrice ÷ next-FY EPS est. | 42.61x | 36.53x |
| PEG RatioP/E ÷ EPS growth rate | 3.29x | 10.00x |
| EV / EBITDAEnterprise value multiple | 23.24x | 22.24x |
| Price / SalesMarket cap ÷ Revenue | 16.14x | 12.44x |
| Price / BookPrice ÷ Book value/share | 2.32x | 3.04x |
| Price / FCFMarket cap ÷ FCF | 26.95x | 62.00x |
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 | PLDPrologis, Inc. | FRFirst Industrial … |
|---|---|---|
| ROE (TTM)Return on equity | +5.6% | +8.6% |
| ROA (TTM)Return on assets | +3.3% | +4.3% |
| ROICReturn on invested capital | +3.8% | +4.6% |
| ROCEReturn on capital employed | +4.8% | +5.9% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 7 |
| Debt / EquityFinancial leverage | 0.54x | 0.81x |
| Net DebtTotal debt minus cash | $30.2B | $2.2B |
| Cash & Equiv.Liquid assets | $1.3B | $45M |
| Total DebtShort + long-term debt | $31.5B | $2.2B |
| Interest CoverageEBIT ÷ Interest expense | 5.27x | 3.59x |
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 | PLDPrologis, Inc. | FRFirst Industrial … |
|---|---|---|
| YTD ReturnYear-to-date | +10.5% | +9.1% |
| 1-Year ReturnPast 12 months | +18.3% | +13.7% |
| 3-Year ReturnCumulative with dividends | +24.7% | +28.3% |
| 5-Year ReturnCumulative with dividends | +60.5% | +62.7% |
| 10-Year ReturnCumulative with dividends | +340.5% | +245.4% |
| CAGR (3Y)Annualised 3-year return | +7.6% | +8.7% |
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 | PLDPrologis, Inc. | FRFirst Industrial … |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.85x | 0.78x |
| 52-Week HighHighest price in past year | $143.95 | $64.00 |
| 52-Week LowLowest price in past year | $85.35 | $40.31 |
| % of 52W HighCurrent price vs 52-week peak | +99.0% | +98.7% |
| RSI (14)Momentum oscillator 0–100 | 67.9 | 72.9 |
| Avg Volume (50D)Average daily shares traded | 2.8M | 885K |
Analyst Outlook
Wall Street rates PLD as "Buy" and FR 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 | PLDPrologis, Inc. | FRFirst Industrial … |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $136.00 | $63.89 |
| # AnalystsCovering analysts | 41 | 29 |
| Dividend YieldAnnual dividend ÷ price | +2.6% | +2.3% |
| Dividend StreakConsecutive years of raises | 11 | 13 |
| Dividend / ShareAnnual DPS | $3.74 | $1.46 |
| 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 |
|---|---|---|---|
| Prologis, Inc. (PLD) | 100 | 146.91 | +46.9% |
| First Industrial Re… (FR) | 100 | 143.31 | +43.3% |
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 |
|---|---|---|---|
| Prologis, Inc. (PLD) | $2.2B | $8.2B | +273.3% |
| First Industrial Re… (FR) | $366M | $672M | +83.7% |
Prologis, Inc.'s revenue grew from $2.2B (2015) to $8.2B (2024) — a 15.8% CAGR. First Industrial Realty Trust, Inc.'s revenue grew from $366M (2015) to $672M (2024) — a 7.0% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Prologis, Inc. (PLD) | 39.6% | 45.5% | +15.0% |
| First Industrial Re… (FR) | 20.2% | 42.7% | +111.9% |
Prologis, Inc.'s net margin went from 40% (2015) to 45% (2024). First Industrial Realty Trust, Inc.'s net margin went from 20% (2015) to 43% (2024).
Chart 4P/E Ratio History — 8 Years
| Stock | 2017 | 2024 | Change |
|---|---|---|---|
| Prologis, Inc. (PLD) | 21.1 | 26.4 | +25.1% |
| First Industrial Re… (FR) | 18.6 | 23.1 | +24.2% |
Prologis, Inc. has traded in a 21x–51x P/E range over 8 years; current trailing P/E is ~36x. First Industrial Realty Trust, Inc. has traded in a 18x–32x P/E range over 8 years; current trailing P/E is ~29x.
Chart 5EPS Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Prologis, Inc. (PLD) | 1.64 | 4.01 | +144.5% |
| First Industrial Re… (FR) | 0.66 | 2.17 | +228.8% |
Prologis, Inc.'s EPS grew from $1.64 (2015) to $4.01 (2024) — a 10% CAGR. First Industrial Realty Trust, Inc.'s EPS grew from $0.66 (2015) to $2.17 (2024) — a 14% CAGR.
Chart 6Free Cash Flow — 5 Years
Prologis, Inc. generated $5B FCF in 2024 (+97% vs 2021). First Industrial Realty Trust, Inc. generated $135M FCF in 2024 (+298% vs 2021).
PLD vs FR: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is PLD or FR 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 Prologis, Inc. (PLD) a "Buy" — based on 41 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 — PLD or FR?
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 — PLD or FR?
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 — PLD or FR?
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 — PLD or FR?
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 PLD or FR 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 — PLD or FR?
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 PLD or FR 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 PLD and FR?
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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