Prologis, Inc. (PLD) 10-Year Financial Performance & Capital Metrics

PLD • • REIT / Real Estate

Real EstateIndustrial REITsIndustrial & Logistics REITsGlobal Logistics Leaders

AboutPrologis, 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 and development projects expected to total approximately 984 million square feet (91 million square meters) in 19 countries. Prologis leases modern logistics facilities to a diverse base of approximately 5,500 customers principally across two major categories: business-to-business and retail/online fulfillment.Show more

Revenue $8.2B +2.2%
FFO $6.31B +13.9%
FFO/Share 6.62 +13.6%
FFO Payout 56.57% -2.9%
FFO per Share 6.62 +13.6%
NOI Margin 74.92%
FFO Margin 76.96% +11.4%
ROE 6.41% +21.2%
ROA 3.96% +17.2%
Debt/Assets 33.04% +3.8%
Net Debt/EBITDA 4.31 -8.1%
Book Value/Share 61.47 +1.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 18.9%
✓Sustainable FFO payout ratio of 56.6%
✓11 consecutive years of dividend growth
✓High NOI margin of 74.9%
✓Healthy dividend yield of 2.8%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y16.63%

5Y19.75%

3Y19.89%

TTM10.75%

Profit (Net Income) CAGR

10Y19.35%

5Y18.86%

3Y8.28%

TTM4.01%

EPS CAGR

10Y12.45%

5Y10.81%

3Y1.45%

TTM3.95%

ROCE

10Y Avg4.47%

5Y Avg4.87%

3Y Avg4.68%

Latest4.84%

Peer Comparison

Global Logistics Leaders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PLDPrologis, Inc.	123.31B	132.75	33.10	2.22%	36.7%	5.61%	3.98%	0.54
GRP-UNGranite Real Estate Investment Trust	3.82B	63.09	11.05	9.19%	48.04%	5.27%	8.85%	0.54

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	2.2B	2.53B	2.62B	2.8B	3.33B	4.44B	4.76B	5.97B	8.02B	8.2B
Revenue Growth %	0.25%	0.15%	0.03%	0.07%	0.19%	0.33%	0.07%	0.26%	0.34%	0.02%
Property Operating Expenses	652.6M	697.38M	724.66M	757.69M	918.93M	1.17B	1.25B	1.51B	2.01B	2.06B
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	1.16B	1.17B	-60.56M	358.76M	561.93M	1.15B	303.96M	997.06M	2.31B	1.73B
G&A Expenses	217.23M	222.07M	231.06M	238.99M	266.72M	274.85M	293.17M	331.08M	390.41M	418.76M
EBITDA+	1.26B	1.6B	2.83B	2.64B	2.99B	3.68B	4.78B	5.28B	6.19B	7B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	880.37M	930.99M	879.14M	947.21M	1.14B	1.56B	1.58B	1.81B	2.48B	2.58B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	380.17M	668.38M	1.95B	1.69B	1.85B	2.12B	3.21B	3.47B	3.71B	4.42B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	287.95M	287.69M	260.01M	215.9M	226.66M	313.46M	266.23M	309.04M	618.72M	837.3M
Interest Coverage	1.32x	2.32x	7.52x	7.82x	8.16x	6.76x	12.05x	11.22x	5.99x	5.27x
Non-Operating Income	-856.38M	-966.41M	-121.54M	-414.19M	-153.26M	71.95M	-365.95M	-515.17M	-375.11M	-536.25M
Pretax Income+	948.61M	1.35B	1.82B	1.89B	1.78B	1.75B	3.32B	3.69B	3.46B	4.11B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	23.09M	54.56M	54.61M	63.33M	74.52M	130.46M	174.26M	135.41M	211.04M	166.94M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	869.44M	1.21B	1.65B	1.65B	1.57B	1.48B	2.94B	3.36B	3.06B	3.73B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.37%	0.39%	0.37%	-0%	-0.05%	-0.06%	0.98%	0.14%	-0.09%	0.22%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.37%	0.22%	0.18%	0.03%	0.04%	0.12%	0.48%	0.15%	0.07%	0.14%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	1.64	2.27	3.06	2.79	2.40	1.95	3.84	4.13	3.29	4.01
EPS Growth %	0.32%	0.38%	0.35%	-0.09%	-0.14%	-0.19%	0.97%	0.08%	-0.2%	0.22%
EPS (Basic)	1.66	2.29	3.10	2.91	2.41	1.97	3.86	4.15	3.30	4.03
Diluted Shares Outstanding	533.94M	546.67M	552.3M	590.24M	673.45M	775.15M	785.71M	834.84M	951.79M	953.59M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	31.39B	30.25B	29.48B	38.42B	40.03B	56.07B	58.49B	87.9B	93.02B	95.33B
Asset Growth %	0.22%	-0.04%	-0.03%	0.3%	0.04%	0.4%	0.04%	0.5%	0.06%	0.02%
Real Estate & Other Assets+	24.89B	24.11B	22.53B	30.79B	30.72B	44.93B	46.76B	74.47B	79.78B	81.14B
PP&E (Net)	94.18M	102.83M	109.82M	112.21M	593.8M	610.5M	577.41M	855.33M	891.74M	920.13M
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	1.2B	1.52B	1.13B	1.31B	2.16B	2.19B	1.97B	1.69B	1.79B	2.42B
Cash & Equivalents	264.08M	807.32M	447.05M	343.86M	1.09B	598.09M	556.12M	278.48M	530.39M	1.32B
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	378.42M	322.14M	342.06M	622.29M	720.68M	1.07B	669.69M	531.26M	461.66M	248.51M
Intangible Assets	433.95M	267.91M	202.09M	450.69M	314.18M	726.82M	552.52M	1.18B	1.01B	764.55M
Total Liabilities	12.97B	11.79B	10.78B	12.62B	13.96B	19.74B	20.74B	30.03B	35.2B	36.71B
Total Debt+	11.63B	10.61B	9.41B	11.09B	12.38B	17.34B	18.16B	24.51B	29.6B	31.49B
Net Debt	11.36B	9.8B	8.97B	10.75B	11.29B	16.74B	17.61B	24.24B	29.07B	30.18B
Long-Term Debt	11.63B	10.57B	9.1B	11.04B	11.72B	16.68B	17.22B	22.34B	28.02B	30.65B
Short-Term Borrowings	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	31.71M	24.77M	76.09M	471.63M	486.97M	448.44M	638.81M	597.56M	615.3M
Total Current Liabilities+	911.05M	787.62M	1.17B	990.96M	1.13B	1.61B	2.03B	3.7B	3.29B	2.64B
Accounts Payable	712.73M	556.18M	702.8M	760.51M	704.95M	1.14B	1.25B	1.71B	1.77B	1.77B
Deferred Revenue	106.93M	111.86M	87.15M	96.17M	118.12M	167.97M	186.37M	329.78M	377.06M	475.29M
Other Liabilities	329.12M	319.04M	418.54M	490.33M	523.67M	798.68M	1.04B	3.36B	3.29B	2.8B
Total Equity+	18.42B	18.46B	18.71B	25.8B	26.07B	36.32B	37.74B	57.86B	57.82B	58.62B
Equity Growth %	0.21%	0%	0.01%	0.38%	0.01%	0.39%	0.04%	0.53%	-0%	0.01%
Shareholders Equity	14.67B	14.99B	15.63B	22.3B	22.65B	31.97B	33.43B	53.24B	53.18B	53.95B
Minority Interest	3.75B	3.47B	3.07B	3.5B	3.42B	4.35B	4.32B	4.63B	4.64B	4.67B
Common Stock	5.25M	5.29M	5.32M	6.3M	6.32M	7.39M	7.4M	9.23M	9.24M	9.26M
Additional Paid-in Capital	19.3B	19.46B	19.36B	25.69B	25.72B	35.49B	35.56B	54.07B	54.25B	54.46B
Retained Earnings	-3.93B	-3.61B	-2.9B	-2.38B	-2.15B	-2.39B	-1.33B	-457.69M	-627.07M	-465.91M
Preferred Stock	78.23M	78.23M	68.95M	68.95M	68.95M	63.95M	63.95M	63.95M	63.95M	63.95M
Return on Assets (ROA)	0.03%	0.04%	0.06%	0.05%	0.04%	0.03%	0.05%	0.05%	0.03%	0.04%
Return on Equity (ROE)	0.05%	0.07%	0.09%	0.07%	0.06%	0.05%	0.08%	0.07%	0.05%	0.06%
Debt / Assets	0.37%	0.35%	0.32%	0.29%	0.31%	0.31%	0.31%	0.28%	0.32%	0.33%
Debt / Equity	0.63x	0.57x	0.50x	0.43x	0.47x	0.48x	0.48x	0.42x	0.51x	0.54x
Net Debt / EBITDA	9.01x	6.13x	3.16x	4.08x	3.78x	4.55x	3.68x	4.59x	4.69x	4.31x
Book Value per Share	34.50	33.76	33.87	43.71	38.71	46.86	48.04	69.31	60.75	61.47

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	963.41M	1.42B	1.69B	1.8B	2.26B	2.94B	3B	4.13B	5.37B	4.91B
Operating CF Growth %	0.37%	0.47%	0.19%	0.07%	0.26%	0.3%	0.02%	0.38%	0.3%	-0.09%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	925.51M	1.29B	1.76B	1.82B	1.7B	1.62B	3.15B	3.56B	3.06B	3.95B
Depreciation & Amortization	880.37M	930.99M	879.14M	947.21M	1.14B	1.56B	1.58B	1.81B	2.48B	2.58B
Stock-Based Compensation	53.66M	60.34M	76.64M	76.09M	97.56M	109.83M	113.03M	175.36M	267.65M	231.75M
Other Non-Cash Items	-780.28M	-796.34M	-1.07B	-961.44M	-706.08M	-333.32M	-1.68B	-1.4B	-526.48M	-1.74B
Working Capital Changes	-110.81M	-65M	42.76M	-82.72M	18.61M	-18.84M	-165.88M	-26.22M	70.07M	-126.53M
Cash from Investing+	-4.79B	1.25B	543.28M	-663.8M	-685.35M	-3.07B	-1.99B	-4.5B	-6.42B	-3.1B
Acquisitions (Net)	-304.39M	510.6M	-415.19M	199.92M	113.29M	-1.82B	-739.83M	-365.37M	64.09M	71.44M
Purchase of Investments	-981K	101.68M	-5.06M	-11.7M	-30.42M	-9.03M	-16.51M	-3.46M	-2.23M	-3M
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	-4.53B	661.67M	1.07B	34.26M	-469.56M	4.31M	-738.03M	-3.64B	-6.52B	-3.18B
Cash from Financing+	3.6B	-2.13B	-2.61B	-1.23B	-839.6M	-372.16M	-1.01B	115.79M	1.32B	-999.96M
Dividends Paid	-804.7M	-893.46M	-942.88M	-1.12B	-1.35B	-1.72B	-1.87B	-2.49B	-3.23B	-3.57B
Common Dividends	-804.7M	-893.46M	-942.88M	-1.12B	-1.35B	-1.72B	-1.87B	-2.49B	-3.23B	-3.57B
Debt Issuance (Net)	1000K	-1000K	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Share Repurchases	0	0	-13.18M	0	0	-34.83M	0	-27.69M	-24.54M	-30.53M
Other Financing	2.09B	-373.16M	-807.54M	-174.66M	-302.72M	359.39M	-497.06M	-391.45M	-342.41M	-255.22M
Net Change in Cash+	-86.61M	543.24M	-360.27M	-103.19M	745M	-490.77M	-41.97M	-277.63M	251.91M	788.2M
Exchange Rate Effect	-1000K	-342K	1000K	-1000K	1000K	1000K	-1000K	-1000K	-1000K	-1000K
Cash at Beginning	350.69M	264.08M	807.32M	447.05M	343.86M	1.09B	598.09M	556.12M	278.48M	530.39M
Cash at End	264.08M	807.32M	447.05M	343.86M	1.09B	598.09M	556.12M	278.48M	530.39M	1.32B
Free Cash Flow+	880.06M	1.32B	1.58B	887.86M	1.94B	1.69B	2.5B	3.58B	5.37B	4.91B
FCF Growth %	0.41%	0.49%	0.2%	-0.44%	1.19%	-0.13%	0.48%	0.43%	0.5%	-0.09%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	3.28	3.92	4.58	4.4	4.03	3.93	5.75	6.2	5.82	6.62
FFO Payout Ratio	45.99%	41.73%	37.25%	43.26%	49.6%	56.61%	41.46%	48.18%	58.23%	56.57%
NOI Margin	70.3%	72.47%	72.32%	72.98%	72.41%	73.64%	73.77%	74.74%	74.94%	74.92%
Net Debt / EBITDA	9.01x	6.13x	3.16x	4.08x	3.78x	4.55x	3.68x	4.59x	4.69x	4.31x
Debt / Assets	37.03%	35.07%	31.93%	28.87%	30.92%	30.92%	31.06%	27.89%	31.82%	33.04%
Interest Coverage	1.32x	2.32x	7.52x	7.82x	8.16x	6.76x	12.05x	11.22x	5.99x	5.27x
Book Value / Share	34.5	33.76	33.87	43.71	38.71	46.86	48.04	69.31	60.75	61.47
Revenue Growth	24.78%	15.3%	3.36%	7.12%	18.76%	33.27%	7.23%	25.51%	34.31%	2.22%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Real Estate Operations	-	-	-	2.17B	2.65B	3.79B	4.15B	4.91B	6.82B	7.53B
Real Estate Operations Growth	-	-	-	-	21.71%	43.32%	9.41%	18.45%	38.88%	10.35%
Strategic Capital	-	-	-	74.62M	86.27M	636.99M	590.75M	1.04B	1.2B	671.91M
Strategic Capital Growth	-	-	-	-	15.62%	638.36%	-7.26%	75.98%	15.45%	-44.02%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
U.S.	-	-	-	-	-	-	-	-	7.39B	7.51B
U.S. Growth	-	-	-	-	-	-	-	-	-	1.66%
Europe	112.79M	185.5M	106.86M	-	-	-	-	-	277.57M	309.63M
Europe Growth	-	64.46%	-42.39%	-	-	-	-	-	-	11.55%
Other Americas	-	58.54M	28.49M	-	-	-	-	-	185.7M	230.2M
Other Americas Growth	-	-	-51.33%	-	-	-	-	-	-	23.96%
Asia	35.88M	46.92M	61.81M	-	-	-	-	-	157.36M	147.97M
Asia Growth	-	30.75%	31.74%	-	-	-	-	-	-	-5.97%
UNITED STATES	-	39.36M	176.72M	-	-	-	-	-	-	-
UNITED STATES Growth	-	-	348.98%	-	-	-	-	-	-	-
Americas	61.68M	-	-	-	-	-	-	-	-	-
Americas Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Prologis, Inc. (PLD) has a price-to-earnings (P/E) ratio of 33.1x. This suggests investors expect higher future growth.

Growth & Financials

Prologis, Inc. (PLD) reported $8.74B in revenue for fiscal year 2024. This represents a 470% increase from $1.53B in 2011.

Prologis, Inc. (PLD) grew revenue by 2.2% over the past year. Growth has been modest.

Yes, Prologis, Inc. (PLD) is profitable, generating $3.21B in net income for fiscal year 2024 (45.5% net margin).

Dividend & Returns

Yes, Prologis, Inc. (PLD) pays a dividend with a yield of 2.82%. This makes it attractive for income-focused investors.

Prologis, Inc. (PLD) has a return on equity (ROE) of 6.4%. This is below average, suggesting room for improvement.

Industry Metrics

Prologis, Inc. (PLD) generated Funds From Operations (FFO) of $5.82B in the trailing twelve months. FFO is the primary profitability metric for REITs.

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