Prologis (PLD) stock
Real Estate · Industrial REITs
Prologis (PLD) is an Industrial REITs company in the Real Estate sector, headquartered in San Francisco, California. As of October 23, 2026, PLD closed at $126.45, a market capitalization of $122.92 billion, the 100th largest company in the S&P 500. Over the last twelve months it generated $9.89 billion in revenue (+10% year over year) and $5.24 billion in free cash flow. The stock trades at 28.1x trailing earnings and 39.9x forward earnings.
- 1-year total return: +3.7% (dividends reinvested)
- 5-year return: +0.3% a year
- 52-week range: $121.40 – $153.35
- Gross margin 75.7%, operating margin 42.9%
- Dividend yield: 3.38%, 12 straight years of increases
- FI Handbook report card: C across 10 metrics
- 2nd largest of 30 Real Estate stocks in the S&P 500
PLD price chart
1Y price change: +0.5% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| PLD | -5.6% | +1.4% | +3.7% | +11.4% | +0.3% | +12.3% | +10.3% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1997.
PLD key statistics
- Market cap
- $122.9B
- #100 in S&P 500
- P/E (TTM)
- 28.1x
- Forward P/E
- 39.9x
- EPS (TTM)
- $4.50
- Revenue (TTM)
- $9.9B
- +10%
- Free cash flow
- $5.2B
- Gross margin
- 75.7%
- Operating margin
- 42.9%
- Return on equity
- 7.7%
- Dividend yield
- 3.38%
- 52-week range
- $121.40 – $153.35
- Beta
- 1.32
- Price / sales
- 12.4x
- EV / EBITDA
- 23.3x
- Debt / equity
- 0.61x
- Employees
- 2,802
PLD report card
CTen fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth10.2%B
- Gross margin75.7%A
- Operating margin42.9%A
- FCF margin53.0%A
- Return on equity7.7%D
- Net debt / EBITDA5.0xF
- Forward P/E39.9xD
- PEG ratio116.4xF
- Shareholder yield3.4%B
- Share count change / yr4.9%F
Prologis financials
Revenue went from $2.5B in fiscal 2016 to $8.8B in fiscal 2025, growing 14.8% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.5B | $2.6B | $2.8B | $3.3B | $4.4B | $4.8B | $6.0B | $8.0B | $8.2B | $8.8B |
| Operating income | $668.4M | $2.0B | $1.7B | $1.8B | $2.1B | $3.2B | $3.5B | $3.7B | $4.4B | $4.4B |
| Net income | $1.2B | $1.7B | $1.6B | $1.6B | $1.5B | $2.9B | $3.4B | $3.1B | $3.7B | $3.3B |
| EPS (diluted) | $2.27 | $3.06 | $2.87 | $2.46 | $2.01 | $3.94 | $4.25 | $3.29 | $4.01 | $3.56 |
| Dividends paid | $893.5M | $942.9M | $1.1B | $1.3B | $1.7B | $1.9B | $2.5B | $3.2B | $3.6B | $3.8B |
| Diluted shares | 546.7M | 552.3M | 590.2M | 654.9M | 754.4M | 764.8M | 811.6M | 951.8M | 953.6M | 956.8M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into PLD?
A reverse DCF asks what growth the current price requires. With an enterprise value of $157.5B and $5.2B of trailing free cash flow, Prologis needs to grow free cash flow about 20.9% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return.
P/E ratio history
Current 35.5x vs. median 31.2x (10th–90th percentile 22.9x–47.8x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
PLD dividend
- Dividend yield
- 3.38%
- Annual dividend
- $4.28
- Years of increases
- 12
- 5-yr dividend growth
- 11.7%
- per year
- Payout ratio
- 92%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
PLD earnings
Next report: January 20, 2027. Prologis has beaten EPS estimates 5 quarters in a row.
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Oct 15, 2026 | $0.79 | $0.84 | +6.6% |
| Jul 16, 2026 | $0.75 | $1.11 | +48.3% |
| Apr 16, 2026 | $0.72 | $1.02 | +41.3% |
| Jan 21, 2026 | $0.68 | $1.46 | +113.5% |
| Oct 15, 2025 | $0.73 | $0.80 | +8.8% |
| Jul 16, 2025 | $0.73 | $0.60 | -18.5% |
| Apr 16, 2025 | $0.63 | $0.62 | -1.3% |
| Jan 21, 2025 | $0.68 | $1.37 | +100.8% |
Stocks like PLD
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 WELL Welltower | -0.03% | +37% | $171.0B | 106.4x | Compare |
 EQIX Equinix | +0.25% | +17% | $94.2B | 61.5x | Compare |
 AMT American Tower Corporation (REI | +4.08% | +3% | $88.1B | 26.0x | Compare |
 SPG Simon Property | -0.19% | +24% | $80.3B | 14.9x | Compare |
 DLR Digital Realty Trust | +0.84% | +1% | $65.1B | 83.7x | Compare |
 PSA Public Storage | +0.25% | +5% | $57.9B | 29.6x | Compare |
 O Realty Income | -0.30% | -0% | $53.8B | 41.2x | Compare |
 VMRK Vivmark Residential | -0.85% | +4% | $48.8B | 24.1x | Compare |
PLD news
- Form 8.3 Prologis, Inc · Oct 23, 2026
- Dimensional Fund Advisors Ltd. : Form 8.3 - PROLOGIS INC - Ordinary Shares · Oct 23, 2026
- Warehouse Demand Is Heating Up. These 4 REITs Pay Investors to Own the Space · Oct 23, 2026
- Form 8.3 · Oct 22, 2026
- What Is Driving SEGRO (LSE:SGRO) After 32% New Rent Growth And Deal Progress? · Oct 23, 2026
PLD stock FAQ
What is PLD's market cap?
Prologis's market capitalization is $122.92 billion as of October 23, 2026, ranking 100th in the S&P 500.
What is PLD's P/E ratio?
PLD trades at a trailing price-to-earnings ratio of 28.1x and a forward P/E of 39.9x. Its median P/E over the period we track is 31.2x.
Does PLD pay a dividend?
Yes. Prologis pays $4.28 per share a year, a 3.38% yield. It has raised its dividend 12 years in a row. Dividends grew 11.7% a year over the last five years.
How much has PLD stock returned?
Including reinvested dividends, PLD returned +3.7% over one year, +0.3% a year over five years, +12.3% a year over ten years through October 23, 2026.
Is PLD stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Prologis must grow free cash flow about 21% a year for the next decade. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
When does PLD report earnings?
Prologis is expected to report earnings on January 20, 2027. It has beaten EPS estimates 5 quarters in a row.
How many employees does Prologis have?
Prologis has about 2,802 full-time employees, or $3.5 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology