28 years of historical data (1997–2024) · Real Estate · REIT - Industrial
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Prologis, Inc. trades at 35.6x earnings, 6% below its 5-year average of 37.8x, sitting at the 74th percentile of its historical range. Compared to the Real Estate sector median P/E of 23.4x, the stock trades at a premium of 52%. On a free-cash-flow basis, the stock trades at 27.0x P/FCF, 20% below the 5-year average of 33.8x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $132.4B | $100.8B | $126.9B | $94.1B | $132.3B | $77.3B | $60.0B | $34.7B | $35.6B | $28.9B | $22.9B |
| Enterprise Value | $162.6B | $131.0B | $155.9B | $118.3B | $149.9B | $94.0B | $71.3B | $45.4B | $44.6B | $38.7B | $34.3B |
| P/E Ratio → | 35.55 | 26.36 | 40.52 | 27.30 | 43.84 | 51.11 | 37.14 | 21.05 | 21.08 | 23.26 | 26.17 |
| P/S Ratio | 16.14 | 12.29 | 15.81 | 15.75 | 27.79 | 17.40 | 18.02 | 12.36 | 13.61 | 11.39 | 10.43 |
| P/B Ratio | 2.32 | 1.72 | 2.19 | 1.63 | 3.50 | 2.13 | 2.30 | 1.34 | 1.90 | 1.56 | 1.24 |
| P/FCF | 26.95 | 20.52 | 23.61 | 26.32 | 52.98 | 45.75 | 30.92 | 39.04 | 22.60 | 21.94 | 26.04 |
| P/OCF | 26.95 | 20.52 | 23.61 | 22.81 | 44.15 | 26.30 | 26.52 | 19.22 | 21.12 | 20.37 | 23.79 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
Prologis, Inc.'s enterprise value stands at 23.2x EBITDA, 6% below its 5-year average of 24.6x. The Real Estate sector median is 13.6x, placing the stock at a 70% premium on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 15.97 | 19.44 | 19.81 | 31.49 | 21.17 | 21.41 | 16.19 | 17.03 | 15.26 | 15.60 |
| EV / EBITDA | 23.24 | 18.72 | 25.18 | 22.41 | 31.33 | 25.53 | 23.86 | 17.23 | 15.74 | 24.17 | 27.19 |
| EV / EBIT | 36.82 | 26.45 | 38.19 | 29.72 | 41.95 | 45.92 | 35.61 | 21.60 | 21.49 | 23.65 | 27.72 |
| EV / FCF | — | 26.66 | 29.02 | 33.10 | 60.03 | 55.66 | 36.73 | 51.14 | 28.29 | 29.39 | 38.95 |
Margins and return-on-capital ratios measuring operating efficiency
Prologis, Inc. earns an operating margin of 53.8%, significantly above the Real Estate sector average of 22.0%. Operating margins have compressed from 58.0% to 53.8% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 6.4% is modest. ROIC of 3.8% represents below-average returns on invested capital.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.9% | 74.9% | 74.9% | 74.7% | 73.8% | 73.6% | 72.4% | 73.0% | 72.3% | 72.5% | 70.3% |
| Operating Margin | 53.8% | 53.8% | 46.2% | 58.0% | 67.4% | 47.7% | 55.5% | 60.2% | 74.6% | 26.4% | 17.3% |
| Net Profit Margin | 45.5% | 45.5% | 38.1% | 56.3% | 61.8% | 33.4% | 47.2% | 58.8% | 63.1% | 47.8% | 39.6% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.4% | 6.4% | 5.3% | 7.0% | 7.9% | 4.7% | 6.1% | 7.4% | 8.9% | 6.6% | 5.2% |
| ROA | 4.0% | 4.0% | 3.4% | 4.6% | 5.1% | 3.1% | 4.0% | 4.9% | 5.5% | 3.9% | 3.0% |
| ROIC | 3.8% | 3.8% | 3.3% | 3.8% | 4.4% | 3.5% | 3.8% | 3.9% | 5.2% | 1.7% | 1.1% |
| ROCE | 4.8% | 4.8% | 4.3% | 4.9% | 5.8% | 4.5% | 4.8% | 5.1% | 6.8% | 2.2% | 1.4% |
Solvency and debt-coverage ratios — lower is generally safer
Prologis, Inc. carries a Debt/EBITDA ratio of 4.5x, which is highly leveraged (33% below the sector average of 6.7x). Net debt stands at $30.2B ($31.5B total debt minus $1.3B cash). Interest coverage of 5.3x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.54 | 0.54 | 0.51 | 0.42 | 0.48 | 0.48 | 0.47 | 0.43 | 0.50 | 0.57 | 0.63 |
| Debt / EBITDA | 4.50 | 4.50 | 4.78 | 4.64 | 3.80 | 4.71 | 4.14 | 4.21 | 3.32 | 6.63 | 9.22 |
| Net Debt / Equity | — | 0.51 | 0.50 | 0.42 | 0.47 | 0.46 | 0.43 | 0.42 | 0.48 | 0.53 | 0.62 |
| Net Debt / EBITDA | 4.31 | 4.31 | 4.69 | 4.59 | 3.68 | 4.55 | 3.78 | 4.08 | 3.16 | 6.13 | 9.01 |
| Debt / FCF | — | 6.14 | 5.41 | 6.78 | 7.05 | 9.91 | 5.81 | 12.10 | 5.69 | 7.45 | 12.91 |
| Interest Coverage | 5.27 | 5.27 | 5.99 | 11.22 | 12.05 | 6.76 | 8.16 | 7.82 | 7.52 | 2.32 | 1.32 |
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.92x is below 1.0, meaning current liabilities exceed current assets — though the company's $1.3B cash position helps mitigate short-term liquidity concerns. The current ratio has improved from 0.46x to 0.92x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.92 | 0.92 | 0.55 | 0.46 | 0.97 | 1.36 | 1.92 | 1.33 | 0.96 | 1.93 | 1.32 |
| Quick Ratio | 0.92 | 0.92 | 0.55 | 0.46 | 0.97 | 1.36 | 1.92 | 1.33 | 0.96 | 1.93 | 1.32 |
| Cash Ratio | 0.50 | 0.50 | 0.16 | 0.08 | 0.27 | 0.37 | 0.97 | 0.35 | 0.38 | 1.03 | 0.29 |
| Asset Turnover | — | 0.09 | 0.09 | 0.07 | 0.08 | 0.08 | 0.08 | 0.07 | 0.09 | 0.08 | 0.07 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Prologis, Inc. returns 2.6% to shareholders annually — split between a 2.6% dividend yield and 0.0% buyback yield. The payout ratio of 95.7% is elevated — while still covered by earnings, there is limited headroom for dividend increases. The earnings yield of 2.8% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.6% | 3.5% | 2.5% | 2.7% | 1.4% | 2.2% | 2.2% | 3.2% | 2.6% | 3.1% | 3.5% |
| Payout Ratio | 95.7% | 95.7% | 105.5% | 74.1% | 63.7% | 116.3% | 85.5% | 68.1% | 57.1% | 73.8% | 92.6% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.8% | 3.8% | 2.5% | 3.7% | 2.3% | 2.0% | 2.7% | 4.8% | 4.7% | 4.3% | 3.8% |
| FCF Yield | 3.7% | 4.9% | 4.2% | 3.8% | 1.9% | 2.2% | 3.2% | 2.6% | 4.4% | 4.6% | 3.8% |
| 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 | 2.6% | 3.6% | 2.6% | 2.7% | 1.4% | 2.3% | 2.2% | 3.2% | 2.7% | 3.1% | 3.5% |
| Shares Outstanding | — | $954M | $952M | $835M | $786M | $775M | $673M | $590M | $552M | $547M | $534M |
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 | $132B | 35.6 | 23.2 | 27.0 | 74.9% | 53.8% | 6.4% | 3.8% | 4.5 |
| EGP | $10B | 42.1 | 19.9 | 29.3 | 72.7% | 69.4% | 7.7% | 7.3% | 2.6 |
| REXR | $9B | 31.2 | 13.5 | 82.7 | 77.5% | 68.8% | 3.2% | 4.3% | 3.8 |
| FR | $8B | 29.1 | 22.2 | 62.0 | 72.6% | 44.3% | 10.7% | 4.6% | 4.7 |
| STAG | $7B | 26.9 | 23.8 | 15.8 | — | 0.7% | 7.6% | 0.1% | — |
| TRNO | $7B | 16.9 | 25.5 | 32.8 | 50.3% | 40.3% | 10.3% | 2.9% | 3.8 |
| GRP-UN | $4B | 15.6 | 19.2 | 15.9 | 82.9% | 76.5% | 6.5% | 3.8% | 7.1 |
| LXP | $3B | 27.2 | — | 17.9 | 81.6% | 0.8% | 5.1% | 0.1% | — |
| PLYM | $979M | 7.1 | 13.3 | 10.2 | 68.9% | 18.2% | 25.9% | 2.1% | 5.4 |
| ILPT | $391M | -5.9 | 0.4 | 6.4 | 86.3% | 78.0% | -6.9% | 8.9% | — |
| LPA | $80M | -2.7 | 15.0 | 30.1 | 84.1% | 48.5% | -11.0% | 3.1% | 12.5 |
| Real Estate Median | — | 23.4 | 13.6 | 13.7 | 60.4% | 22.0% | 3.3% | 2.6% | 6.7 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 28 years · Updated daily
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorSee our Bear / Base / Bull DCF models and intrinsic value estimates.
View ValuationSee how PLD stacks up against sector leader EastGroup Properties, Inc..
Start ComparisonPrologis, Inc.'s current P/E ratio is 35.6x. The historical average is 28.0x. This places it at the 74th percentile of its historical range.
Prologis, Inc.'s current EV/EBITDA is 23.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.8x.
Prologis, Inc.'s return on equity (ROE) is 6.4%. The historical average is 4.8%.
Based on historical data, Prologis, Inc. is trading at a P/E of 35.6x. This is at the 74th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Prologis, Inc.'s current dividend yield is 2.63% with a payout ratio of 95.7%.
Prologis, Inc. has 74.9% gross margin and 53.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Prologis, Inc.'s Debt/EBITDA ratio is 4.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.