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Prologis
(NYSE:PLD)
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Rating:74Outperform
Price Target:
$158.00
▲(7.02% Upside)
Action:Reiterated
Date:08/18/26
PLD scores well primarily on high-quality financial performance (strong margins and cash generation) and a constructive earnings update with raised guidance and strong leasing/NOI momentum. Offsetting factors include only middling technical momentum near term and a premium valuation (high P/E), partially mitigated by a near-3% dividend yield.
Positive Factors
Strong Cash Generation
Consistent operating and free cash flow gives Prologis internal funding for development, acquisitions and distributions. FCF tracking net income indicates strong earnings quality, supporting resilience when capital markets or property values are less favorable.
Negative Factors
Slowing Revenue Growth
Revenue growth has slowed to roughly 2.7% in TTM from stronger expansion since 2021, while gross margins have been volatile. This indicates the recent growth phase is normalizing and could limit operating leverage if leasing and development activity moderate.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Cash Generation
Consistent operating and free cash flow gives Prologis internal funding for development, acquisitions and distributions. FCF tracking net income indicates strong earnings quality, supporting resilience when capital markets or property values are less favorable.
Read all positive factors
Prologis Key Performance Indicators (KPIs)
Any
Buildings
Counts the total number of properties owned, reflecting the scale of the company's real estate portfolio and its capacity to generate rental revenue.
Counts the total number of properties owned, reflecting the scale of the company's real estate portfolio and its capacity to generate rental revenue.
Data provided by:
The Fly
The FlyPrologis (PLD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$136.38B
Dividend Yield2.95%
Average Volume (3M)4.18M
Price to Earnings (P/E)31.3
Beta (1Y)0.70
Revenue Growth7.35%
EPS Growth21.58%
CountryUS
Employees2,802
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)4.50
Shares Outstanding948,081,100
10 Day Avg. Volume4,920,711
30 Day Avg. Volume4,178,794
Financial Highlights & Ratios
PEG Ratio-3.13
Price to Book (P/B)2.25
Price to Sales (P/S)13.63
P/FCF Ratio23.92
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$159.15Price Target Upside7.81% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)3.44
Revenue Forecast (FY)$8.59B
Prologis Business Overview & Revenue Model
Company Description
Prologis, Inc. is the undisputed global leader in logistics real estate, strategically focusing its operations on high-barrier, high-growth markets. As of December 31, 2020, the company's extensive portfolio spanned approximately 984 million squar...
How the Company Makes Money
Prologis primarily makes money from (1) rental income generated by leasing its logistics properties to customers under lease agreements, which is the core recurring revenue stream; and (2) development and related activities, where it develops new ...
Prologis Earnings Call Summary
Earnings Call Date:Jul 16, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 21, 2026
Earnings Call Sentiment Positive
The call was largely positive: the company reported record leasing, strong same-store NOI growth, elevated occupancy, robust data center momentum with YTD starts ahead of guidance, an expanded 5.8 GW power pipeline, and raised earnings and development guidance. Key challenges include entitlement/NIMBY risks for data centers, variability in development yields driven by deal mix, and uncertainty around the ultimate capital mix and valuation range for the data center opportunity. Management emphasized disciplined capital allocation, meaningful borrowing capacity, and multiple avenues to monetize development (sales, JVs and strategic capital), leaving the growth outlook constructive despite execution and permitting risks.Positive Updates
Record Leasing Volume
Signed a record 67 million sq ft of leases in Q2, marking the fourth record in the last seven quarters and supported by broad customer demand.
Negative Updates
Entitlement and Community Opposition Risks (NIMBYism)
Approval and entitlement risks for data center and other developments noted (examples: moratorium in New York and a rejected project in Northern Virginia); management cites growing complexity and multi-year processes for entitlements.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Leasing Volume
Signed a record 67 million sq ft of leases in Q2, marking the fourth record in the last seven quarters and supported by broad customer demand.
Read all positive updates
Company Guidance
Prologis raised its 2026 outlook: average occupancy is now guided to 95.25%–95.75%; net effective same‑store NOI growth 5.25%–5.75% (cash same‑store NOI 6.75%–7.25%); Core FFO $6.22–$6.30 per share (including and excluding promotes), a 100‑bp increase at the midpoint versus prior guidance; net earnings $4.40–$4.55 per share; strategic capital revenue (ex‑promotes) $660M–$680M with net promote income expected to be flat; G&A $510M–$525M; development starts (owned & managed) raised to $5.5B–$6.5B (including $2.1B of data center starts year‑to‑date); acquisitions $1.5B–$2.0B; and contributions plus dispositions targeted at $4.25B–$5.25B.Prologis Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.19B | 8.79B | 8.20B | 8.02B | 5.97B | 4.76B |
| Gross Profit | 2.67B | 5.24B | 6.14B | 6.01B | 4.46B | 3.51B |
| EBITDA | 8.35B | 7.20B | 7.53B | 6.57B | 5.80B | 5.15B |
| Net Income | 4.21B | 3.41B | 3.73B | 3.06B | 3.36B | 2.94B |
Balance Sheet | ||||||
| Total Assets | 101.01B | 98.72B | 95.33B | 93.02B | 87.90B | 58.49B |
| Cash, Cash Equivalents and Short-Term Investments | 1.77B | 1.15B | 1.32B | 530.39M | 278.48M | 556.12M |
| Total Debt | 36.44B | 35.04B | 31.49B | 29.60B | 24.51B | 18.16B |
| Total Liabilities | 42.89B | 40.97B | 36.71B | 35.20B | 30.03B | 20.74B |
| Stockholders Equity | 53.73B | 53.19B | 53.95B | 53.18B | 53.24B | 33.43B |
Cash Flow | ||||||
| Free Cash Flow | 5.24B | 5.01B | 4.91B | 5.37B | 3.58B | 2.50B |
| Operating Cash Flow | 5.24B | 5.01B | 4.91B | 5.37B | 4.13B | 3.00B |
| Investing Cash Flow | -2.59B | -3.63B | -3.10B | -6.42B | -4.50B | -1.99B |
| Financing Cash Flow | -1.92B | -1.56B | -999.96M | 1.32B | 115.79M | -1.01B |
Prologis Technical Analysis
Positive
147.63
Price Trends
143.08
Negative
140.93
Positive
134.69
Positive
Market Momentum
-0.98
Positive
46.28
Neutral
55.35
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PLD, the sentiment is Positive. The current price of 147.63 is above the 20-day moving average (MA) of 143.50, above the 50-day MA of 143.08, and above the 200-day MA of 134.69, indicating a neutral trend. The MACD of -0.98 indicates Positive momentum. The RSI at 46.28 is Neutral, neither overbought nor oversold. The STOCH value of 55.35 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for PLD.
Prologis Risk Analysis
Prologis disclosed 28 risk factors in its most recent earnings report. Prologis reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Prologis Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $10.92B | 35.56 | 8.61% | 2.91% | 10.80% | 22.88% | |
75 Outperform | $8.62B | 22.86 | 13.42% | 2.82% | 8.44% | 34.29% | |
74 Outperform | $136.38B | 31.34 | 7.90% | 2.82% | 7.35% | 21.58% | |
73 Outperform | $7.43B | 18.34 | 9.21% | 2.86% | 18.05% | 47.75% | |
71 Outperform | $7.09B | 28.27 | 6.94% | 3.70% | 9.63% | 3.17% | |
67 Neutral | $8.08B | -19.80 | -4.75% | 4.44% | 0.58% | -234.18% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
PLD
Prologis
140.62
38.49
37.69%
EGP
Eastgroup Properties
203.55
47.80
30.69%
STAG
Stag Industrial
36.80
3.71
11.22%
TRNO
Terreno Realty
68.18
16.36
31.58%
FR
First Industrial Realty
62.90
15.98
34.05%
REXR
Rexford Industrial Realty
35.86
-0.06
-0.17%
Prologis Corporate Events
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Prologis boosts capital with expanded common stock offering
Positive
Aug 6, 2026
On August 5, 2026, Prologis said underwriters J.P. Morgan Securities LLC and BofA Securities, Inc. exercised their option to purchase an additional 2,250,000 shares in its recent common stock offering of 15,000,000 shares, which also closed that d...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Prologis Raises Additional Equity Capital Through Share Offering
Positive
Aug 6, 2026
On August 5, 2026, Prologis, Inc. disclosed that underwriters J.P. Morgan Securities LLC and BofA Securities, Inc. exercised their option to purchase an additional 2,250,000 shares of the company’s common stock following a recently closed of...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Prologis launches major equity offering to fund expansion
Positive
Aug 5, 2026
On August 4, 2026, Prologis entered into an underwriting agreement with J.P. Morgan Securities LLC and BofA Securities, Inc. for an underwritten public offering of 15,000,000 shares of common stock, expected to close on August 5, 2026 and generate...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Prologis Launches Large Public Equity Offering for Growth
Positive
Aug 5, 2026
On August 4, 2026, Prologis entered into an underwriting agreement with J.P. Morgan Securities LLC and BofA Securities, Inc. for an underwritten public offering of 15,000,000 shares of common stock, expected to close on August 5, 2026 and generate...
Business Operations and StrategyExecutive/Board Changes
Prologis Adds Former Visa CEO to Board
Positive
Jul 1, 2026
On June 29, 2026, Prologis appointed former Visa chief executive Alfred F. Kelly, Jr. to its board of directors, determining him to be an independent director under New York Stock Exchange and U.S. securities rules. Kelly will serve on the Board G...
Business Operations and StrategyExecutive/Board Changes
Prologis Adds Alfred Kelly to Board of Directors
Positive
Jul 1, 2026
On June 29, 2026, Prologis’ board of directors appointed Alfred F. Kelly, Jr. as an independent director, with the move disclosed on July 1, 2026. Kelly, the former chief executive officer and executive chairman of Visa and a past senior lea...
Business Operations and StrategyPrivate Placements and Financing
Prologis Prices ¥45 Billion Multi-Tranche Yen Bond Offering
Positive
Jun 11, 2026
On June 4, 2026, Prologis Yen Finance LLC priced a multi‑tranche yen‑denominated bond offering totaling ¥45 billion, consisting of ¥32.6 billion of 2.527% notes due 2030, ¥3.5 billion of 3.389% notes due 2035 and ¥8...
Business Operations and StrategyPrivate Placements and Financing
Prologis Issues Multi-Tranche Yen-Denominated Bond Offering
Positive
Jun 11, 2026
On June 4, 2026, Prologis Yen Finance LLC priced a multi-tranche yen-denominated bond offering totaling ¥45 billion, consisting of 2.527% notes due 2030, 3.389% notes due 2035, and 3.905% notes due 2041, all fully and unconditionally guarante...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.