Prologis, Inc. (PLD) Financial Ratios
29 years of historical data (1997–2025) · Real Estate · REIT - Industrial
EV/EBITDA
↓
27.35
+11% vs avg
5yr avg: 24.60
30Y Low9.5·High33.2
P/FCF
↓
26.88
-9% vs avg
5yr avg: 29.57
30Y Low20.5·High53.0
P/B Ratio
↓
2.33
+4% vs avg
5yr avg: 2.23
30Y Low0.7·High3.5
ROE
↓
5.9%
-10% vs avg
5yr avg: 6.5%
30Y Low-2%·High10%
Debt/EBITDA
↑
5.69
↑+21% vs avg
5yr avg: 4.68
30Y Low3.3·High26.1
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
PLD Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Prologis, Inc. trades at 39.7x earnings, 14% above its 5-year average of 34.8x, sitting at the 83rd percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a premium of 65%. On a free-cash-flow basis, the stock trades at 26.9x P/FCF, 9% below the 5-year average of 29.6x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $134.6B | $122.3B | $100.8B | $126.9B | $94.1B | $132.3B | $77.3B | $60.0B | $34.7B | $35.6B | $28.9B |
| Enterprise Value | $168.5B | $156.2B | $131.0B | $155.9B | $118.3B | $149.9B | $94.0B | $71.3B | $45.4B | $44.6B | $38.7B |
| P/E Ratio → | 39.70 | 36.06 | 26.36 | 40.52 | 27.30 | 43.84 | 51.11 | 37.14 | 21.05 | 21.08 | 23.26 |
| P/S Ratio | 15.32 | 13.91 | 12.29 | 15.81 | 15.75 | 27.79 | 17.40 | 18.02 | 12.36 | 13.61 | 11.39 |
| P/B Ratio | 2.33 | 2.12 | 1.72 | 2.19 | 1.63 | 3.50 | 2.13 | 2.30 | 1.34 | 1.90 | 1.56 |
| P/FCF | 26.88 | 24.42 | 20.52 | 23.61 | 26.32 | 52.98 | 45.75 | 30.92 | 39.04 | 22.60 | 21.94 |
| P/OCF | 26.88 | 24.42 | 20.52 | 23.61 | 22.81 | 44.15 | 26.30 | 26.52 | 19.22 | 21.12 | 20.37 |
P/E links to full P/E history page with 30-year chart
PLD EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Prologis, Inc.'s enterprise value stands at 27.3x EBITDA, 11% above its 5-year average of 24.6x. The Real Estate sector median is 17.0x, placing the stock at a 61% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 17.77 | 15.97 | 19.44 | 19.81 | 31.49 | 21.17 | 21.41 | 16.19 | 17.03 | 15.26 |
| EV / EBITDA | 27.35 | 25.35 | 18.72 | 25.18 | 22.41 | 31.33 | 25.53 | 23.86 | 17.23 | 15.74 | 24.17 |
| EV / EBIT | 47.66 | 34.16 | 26.45 | 38.19 | 29.72 | 41.95 | 45.92 | 35.61 | 21.60 | 21.49 | 23.65 |
| EV / FCF | — | 31.19 | 26.66 | 29.02 | 33.10 | 60.03 | 55.66 | 36.73 | 51.14 | 28.29 | 29.39 |
PLD Profitability
Margins and return-on-capital ratios measuring operating efficiency
Prologis, Inc. earns an operating margin of 40.2%, significantly above the Real Estate sector average of 24.8%. Operating margins have compressed from 46.2% to 40.2% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 5.9% is modest. ROIC of 2.9% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 59.6% | 59.6% | 74.9% | 74.9% | 74.7% | 73.8% | 73.6% | 72.4% | 73.0% | 72.3% | 72.5% |
| Operating Margin | 40.2% | 40.2% | 53.8% | 46.2% | 58.0% | 67.4% | 47.7% | 55.5% | 60.2% | 74.6% | 26.4% |
| Net Profit Margin | 38.8% | 38.8% | 45.5% | 38.1% | 56.3% | 61.8% | 33.4% | 47.2% | 58.8% | 63.1% | 47.8% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.9% | 5.9% | 6.4% | 5.3% | 7.0% | 7.9% | 4.7% | 6.1% | 7.4% | 8.9% | 6.6% |
| ROA | 3.5% | 3.5% | 4.0% | 3.4% | 4.6% | 5.1% | 3.1% | 4.0% | 4.9% | 5.5% | 3.9% |
| ROIC | 2.9% | 2.9% | 3.8% | 3.3% | 3.8% | 4.4% | 3.5% | 3.8% | 3.9% | 5.2% | 1.7% |
| ROCE | 3.8% | 3.8% | 4.8% | 4.3% | 4.9% | 5.8% | 4.5% | 4.8% | 5.1% | 6.8% | 2.2% |
PLD Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Prologis, Inc. carries a Debt/EBITDA ratio of 5.7x, which is highly leveraged (28% below the sector average of 7.9x). Net debt stands at $33.9B ($35.0B total debt minus $1.1B cash). Interest coverage of 4.6x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.61 | 0.61 | 0.54 | 0.51 | 0.42 | 0.48 | 0.48 | 0.47 | 0.43 | 0.50 | 0.57 |
| Debt / EBITDA | 5.69 | 5.69 | 4.50 | 4.78 | 4.64 | 3.80 | 4.71 | 4.14 | 4.21 | 3.32 | 6.63 |
| Net Debt / Equity | — | 0.59 | 0.51 | 0.50 | 0.42 | 0.47 | 0.46 | 0.43 | 0.42 | 0.48 | 0.53 |
| Net Debt / EBITDA | 5.50 | 5.50 | 4.31 | 4.69 | 4.59 | 3.68 | 4.55 | 3.78 | 4.08 | 3.16 | 6.13 |
| Debt / FCF | — | 6.77 | 6.14 | 5.41 | 6.78 | 7.05 | 9.91 | 5.81 | 12.10 | 5.69 | 7.45 |
| Interest Coverage | 4.56 | 4.56 | 5.91 | 6.60 | 12.89 | 13.42 | 6.53 | 8.84 | 9.74 | 7.98 | 5.68 |
PLD Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.23x is below 1.0, meaning current liabilities exceed current assets — though the company's $1.1B cash position helps mitigate short-term liquidity concerns. The current ratio has declined from 0.55x to 0.23x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.23 | 0.23 | 0.92 | 0.55 | 0.46 | 0.97 | 1.36 | 1.92 | 1.33 | 0.96 | 1.93 |
| Quick Ratio | 0.23 | 0.23 | 0.92 | 0.55 | 0.46 | 0.97 | 1.36 | 1.92 | 1.33 | 0.96 | 1.93 |
| Cash Ratio | 0.19 | 0.19 | 0.50 | 0.16 | 0.08 | 0.27 | 0.37 | 0.97 | 0.35 | 0.38 | 1.03 |
| Asset Turnover | — | 0.09 | 0.09 | 0.09 | 0.07 | 0.08 | 0.08 | 0.08 | 0.07 | 0.09 | 0.08 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
PLD Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Prologis, Inc. returns 2.8% to shareholders annually primarily through dividends. The payout ratio exceeds 100% at 110.4%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 2.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.8% | 3.1% | 3.5% | 2.5% | 2.7% | 1.4% | 2.2% | 2.2% | 3.2% | 2.6% | 3.1% |
| Payout Ratio | 110.4% | 110.4% | 95.7% | 105.5% | 74.1% | 63.7% | 116.3% | 85.5% | 68.1% | 57.1% | 73.8% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.5% | 2.8% | 3.8% | 2.5% | 3.7% | 2.3% | 2.0% | 2.7% | 4.8% | 4.7% | 4.3% |
| FCF Yield | 3.7% | 4.1% | 4.9% | 4.2% | 3.8% | 1.9% | 2.2% | 3.2% | 2.6% | 4.4% | 4.6% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.8% | 3.1% | 3.6% | 2.6% | 2.7% | 1.4% | 2.3% | 2.2% | 3.2% | 2.7% | 3.1% |
| Shares Outstanding | — | $958M | $954M | $952M | $835M | $786M | $775M | $673M | $590M | $552M | $547M |
Peer Comparison
Compare PLD with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 PLDYou | $135B | 39.7 | 27.3 | 26.9 | 59.6% | 40.2% | 5.9% | 2.9% | 5.7 |
 EGP | $11B | 41.1 | 24.8 | 26.5 | 43.3% | 39.9% | 7.6% | 4.3% | 3.5 |
 STAG | $7B | 25.9 | 16.9 | 18.0 | 61.3% | 37.7% | 7.6% | 3.5% | 5.3 |
 FR | $8B | 33.0 | 21.7 | 71.3 | 22.6% | 42.3% | 9.0% | 4.5% | 5.2 |
 REXR | $8B | 38.5 | 16.1 | 37.7 | 77.3% | 37.9% | 2.4% | 2.4% | 5.0 |
 LXP | $3B | 29.2 | 17.6 | 19.1 | -30.7% | 14.0% | 5.4% | 1.1% | 5.6 |
 TRNO | $7B | 16.4 | 24.7 | 32.8 | 75.8% | 40.4% | 10.3% | 3.0% | 3.0 |
 PSA | $56B | 35.3 | 19.3 | 19.3 | 25.0% | 46.7% | 18.6% | 8.9% | 3.0 |
 EXR | $31B | 31.7 | 20.7 | 16.8 | 28.4% | 44.1% | 6.7% | 3.9% | 6.8 |
 COR | $53B | 34.1 | 12.6 | 16.5 | 3.2% | 1.1% | 122.7% | 44.5% | 2.3 |
 ILPT | $540M | -8.1 | 14.6 | 8.9 | 12.6% | 33.0% | -6.9% | 2.2% | 13.5 |
| Real Estate Median | — | 24.1 | 17.0 | 15.4 | 49.3% | 24.8% | 3.7% | 2.7% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 29 years · Updated daily
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PLD — Frequently Asked Questions
Quick answers to the most common questions about buying PLD stock.
What is Prologis, Inc.'s P/E ratio?
Prologis, Inc.'s current P/E ratio is 39.7x. The historical average is 28.4x. This places it at the 83th percentile of its historical range.
What is Prologis, Inc.'s EV/EBITDA?
Prologis, Inc.'s current EV/EBITDA is 27.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.9x.
What is Prologis, Inc.'s ROE?
Prologis, Inc.'s return on equity (ROE) is 5.9%. The historical average is 4.8%.
Is PLD stock overvalued?
Based on historical data, Prologis, Inc. is trading at a P/E of 39.7x. This is at the 83th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Prologis, Inc.'s dividend yield?
Prologis, Inc.'s current dividend yield is 2.80% with a payout ratio of 110.4%.
What are Prologis, Inc.'s profit margins?
Prologis, Inc. has 59.6% gross margin and 40.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Prologis, Inc. have?
Prologis, Inc.'s Debt/EBITDA ratio is 5.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.