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Prologis

PLD NYSE Industrial REITs Financials FY2016–FY2025

Prologis' revenue rose 7.2% to $8.8 billion in fiscal 2025. Its operating margin was 49.6%, down from 53.8% a year earlier. It paid out $3.8 billion in dividends and buybacks. The diluted share count rose 0.3%.

Last close · Oct 23, 2026

$126.45

0.2%
Value it Compare
Revenue Total sales reported in the income statement.
$8.8B
7.2% vs prior year
Operating margin Operating income as a share of revenue.
49.6%
4.3 pts
Net income Profit after all expenses, interest and tax.
$3.3B
10.8%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
4.6%
0.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$121.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
31.9x
On $3.97 EPS (TTM)

About these figures. Prologis' 2023 10-K tags a US$215 million part of its debt as the whole of its 2021 debt, so debt in each year is the figure first reported for it. Prologis's cash flow statement splits its spending on its properties across several lines (development, and tenant improvements and leasing costs) with no total, so capital spending and free cash flow are left blank.

What Prologis does

No business description yet.

Legal name
Prologis, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001193125-26-051453
0001045609

Revenue and margins

Prologis had $8.8B of revenue in fiscal 2025, up 7.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 5.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Prologis returned $3.8B to shareholders in fiscal 2025. The diluted share count rose 0.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Prologis yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$33.9B and divides by 956.8M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 31.9x · peers 28.1x · sector 27.8x.

Balance sheet

Cash, debt and the ratios that show how comfortably Prologis can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $556M$278M$530M$1.3B$1.1B
Debt incl. finance leases $17.7B$23.9B$29.0B$30.9B$35.0B
Net debt / EBITDA 3.6x4.5x4.6x4.2x4.9x
Debt / equity 0.5x0.5x0.6x0.6x0.7x
Interest coverage 12.1x11.2x5.8x5.1x4.4x
Total assets $58.5B$87.9B$93.0B$95.3B$98.7B
Total liabilities $20.7B$30.0B$35.2B$36.7B$41.0B
Shareholders' equity $33.4B$53.2B$53.2B$54.0B$53.2B
Net debt (− = net cash) $17.2B$23.6B$28.5B$29.6B$33.9B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$8.2M

4 insiders

Of sales under plans

100%

$8.2M

DateInsiderTradeSharesPriceValueFiling
Jul 16, 2026 Hamid MoghadamDirector Sold plan 50,000 $149.91 $7.5M Form 4
Jun 15, 2026 Timothy D ArndtChief Financial Officer Sold plan 3,597 $150.00 $0.5M Form 4
Jan 28, 2026 Sarah A SlusserDirector Sold 10 $127.57 $0.0M Form 4
Dec 1, 2025 Cristina Gabriela BitaDirector Sold plan 621 $127.60 $0.1M Form 4
Nov 3, 2025 Cristina Gabriela BitaDirector Sold plan 500 $123.14 $0.1M Form 4
Oct 24, 2025 James B. ConnorDirector Sold 80,000 $126.58 $10.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose — — —
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✓
F-score — / 9— / 9— / 9
Accruals ratio −2.6%−1.3%−1.7%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Prologis PLD $121.1B 7.2% 49.6% — 4.6% 31.9x —
CubeSmart CUBE $9.2B 5.3% — — — 28.1x — Compare →
Rexford Industrial Realty REXR $8.7B 7.1% — 20.8% — — — Compare →
STAG Industrial STAG $7.0B 10.1% — 30.6% — 28.2x — Compare →
First Industrial Realty Trust FR $7.2B 8.6% — — — 19.8x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.5B $2.6B $2.8B $3.3B $4.4B $4.8B $6.0B $8.0B $8.2B $8.8B
Operating income $668M $2.0B $1.7B $1.8B $2.1B $3.2B $3.5B $3.7B $4.4B $4.4B
Interest expense $303M $275M $229M $240M $315M $266M $309M $641M $864M $1.0B
Pretax income $1.3B $1.8B $1.9B $1.8B $1.7B $3.3B $3.7B $3.5B $4.1B $3.8B
Income tax $54.6M $54.6M $63.3M $74.5M $131M $174M $135M $211M $167M $204M
Net income $1.2B $1.7B $1.6B $1.6B $1.5B $2.9B $3.4B $3.1B $3.7B $3.3B
Diluted EPS $2.27 $3.06 $2.87 $2.46 $2.01 $3.94 $4.25 $3.29 $4.01 $3.56
Diluted shares 0.55B 0.55B 0.59B 0.65B 0.75B 0.76B 0.81B 0.95B 0.95B 0.96B
Cash flow
Cash from operations $1.4B $1.7B $1.8B $2.3B $2.9B $3.0B $4.1B $5.4B $4.9B $5.0B
Depreciation and amortization $931M $879M $947M $1.1B $1.6B $1.6B $1.8B $2.5B $2.6B $2.6B
Stock-based compensation $60.3M $76.6M $76.1M $97.6M $110M $113M $175M $268M $232M $186M
Acquisitions $0.0M $0.0M $45.9M $0.0M $0.0M $0.0M $92.1M $33.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $34.8M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $894M $943M $1.1B $1.3B $1.7B $1.9B $2.5B $3.2B $3.6B $3.8B
Dividends and buybacks $893M $943M $1.1B $1.3B $1.8B $1.9B $2.5B $3.2B $3.6B $3.8B
Balance sheet
Cash and short-term investments $807M $447M $344M $1.1B $598M $556M $278M $530M $1.3B $1.1B
Total debt $10.6B $9.4B $11.1B $11.9B $16.8B $17.7B $23.9B $29.0B $30.9B $35.0B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net — — $112M $108M $118M $118M $120M $208M $212M $222M
Total assets $30.2B $29.5B $38.4B $40.0B $56.1B $58.5B $87.9B $93.0B $95.3B $98.7B
Total liabilities $11.8B $10.8B $12.6B $14.0B $19.7B $20.7B $30.0B $35.2B $36.7B $41.0B
Shareholders' equity $15.0B $15.6B $22.3B $22.7B $32.0B $33.4B $53.2B $53.2B $54.0B $53.2B
Margins
Operating margin 26.4% 74.6% 60.2% 55.5% 47.7% 67.4% 58.1% 46.2% 53.8% 49.6%
EBITDA margin 63.1% 108.2% 94.0% 89.8% 82.9% 100.5% 88.4% 77.2% 85.3% 79.5%
Net margin 47.8% 63.1% 58.8% 47.2% 33.4% 61.8% 56.3% 38.1% 45.5% 37.9%
Returns
Return on capital 2.2% 6.8% 5.1% 4.8% 4.4% 5.7% 4.9% 4.2% 4.9% 4.6%
Return on equity 8.2% 10.8% 8.7% 7.0% 5.4% 9.0% 7.8% 5.8% 7.0% 6.2%
Return on assets 3.9% 5.5% 4.9% 4.0% 3.1% 5.1% 4.6% 3.4% 4.0% 3.4%
Growth
Revenue growth — 3.4% 7.1% 18.8% 33.3% 7.2% 25.5% 34.3% 2.2% 7.2%
Net income growth 39.2% 36.6% −0.2% −4.6% −5.8% 98.4% 14.5% −9.1% 22.0% −10.8%
EPS growth 38.4% 34.8% −6.2% −14.3% −18.3% 96.0% 7.9% −22.6% 21.9% −11.2%
Share count change 2.4% 1.0% 6.9% 11.0% 15.2% 1.4% 6.1% 17.3% 0.2% 0.3%
Financial health
Net debt / EBITDA 6.1x 3.2x 4.1x 3.6x 4.4x 3.6x 4.5x 4.6x 4.2x 4.9x
Debt / equity 0.7x 0.6x 0.5x 0.5x 0.5x 0.5x 0.5x 0.6x 0.6x 0.7x
Interest coverage 2.2x 7.1x 7.4x 7.7x 6.7x 12.1x 11.2x 5.8x 5.1x 4.4x
Capital allocation
Stock comp / revenue 2.4% 2.9% 2.7% 2.9% 2.5% 2.4% 2.9% 3.3% 2.8% 2.1%
Quality scores
Accruals ratio −0.7% −0.1% −0.5% −1.8% −3.0% −0.1% −1.0% −2.6% −1.3% −1.7%

Source: SEC EDGAR XBRL filings (CIK 0001045609). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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