First Industrial Realty Trust vs Prologis
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The short version
- Prologis is the larger business, with $8.8B of revenue in fiscal 2025 against $727M for First Industrial Realty Trust, about 12 times as much.
- First Industrial Realty Trust grew revenue faster (8.6%, against 7.2%).
- Investors pay more for each dollar of Prologisβs earnings: a P/E of 31.9x against 19.8x for First Industrial Realty Trust.
| Latest fiscal year | FR Β· FY25 | PLD Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.2B | $121.1B |
| Revenue | $727M | $8.8B |
| Free cash flow | β | β |
| Net income | $247M | $3.3B |
| Growth | ||
| Revenue growth | 8.6% | 7.2% |
| 5-year growth | 10.2% | 14.6% |
| Share count change | 0.1% | 0.3% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | 49.6% |
| Net margin | 34.0% | 37.9% |
| FCF margin | β | β |
| Return on capital | β | 4.6% |
| Return on equity | 9.3% | 6.2% |
| Balance sheet | ||
| Net debt | β | $33.9B |
| Net debt / EBITDA | β | 4.9x |
| Dividends and buybacks | $231M | $3.8B |
| Valuation & quality | ||
| P/E | 19.8x | 31.9x |
| Piotroski F-score | β | β |
Revenue
FY16
FR $378M
PLD $2.5B
FY17
FR $396M
PLD $2.6B
FY18
FR $404M
PLD $2.8B
FY19
FR $426M
PLD $3.3B
FY20
FR $448M
PLD $4.4B
FY21
FR $476M
PLD $4.8B
FY22
FR $540M
PLD $6.0B
FY23
FR $614M
PLD $8.0B
FY24
FR $670M
PLD $8.2B
FY25
FR $727M
PLD $8.8B
FR
PLD
Operating margin
FY16
FR β
PLD 26.4%
FY17
FR β
PLD 74.6%
FY18
FR β
PLD 60.2%
FY19
FR β
PLD 55.5%
FY20
FR β
PLD 47.7%
FY21
FR β
PLD 67.4%
FY22
FR β
PLD 58.1%
FY23
FR β
PLD 46.2%
FY24
FR β
PLD 53.8%
FY25
FR β
PLD 49.6%
FR
PLD
Free cash flow
FY16
FR β
PLD β
FY17
FR β
PLD β
FY18
FR β
PLD β
FY19
FR β
PLD β
FY20
FR β
PLD β
FY21
FR β
PLD β
FY22
FR β
PLD β
FY23
FR β
PLD β
FY24
FR β
PLD β
FY25
FR β
PLD β
FR
PLD
Return on capital
FY16
FR β
PLD 2.2%
FY17
FR β
PLD 6.8%
FY18
FR β
PLD 5.1%
FY19
FR β
PLD 4.8%
FY20
FR β
PLD 4.4%
FY21
FR β
PLD 5.7%
FY22
FR β
PLD 4.9%
FY23
FR β
PLD 4.2%
FY24
FR β
PLD 4.9%
FY25
FR β
PLD 4.6%
FR
PLD
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.