Stock Analysis Report

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Executive Summary

Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high growth markets.

Snowflake Analysis

Mediocre balance sheet second-rate dividend payer.

Similar Companies

Share Price & News

How has Prologis's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: PLD has not had significant price volatility in the past 3 months.

Market Performance

7 Day Return






US Market

1 Year Return






US Market

Return vs Industry: PLD exceeded the US REITs industry which returned -12.5% over the past year.

Return vs Market: PLD exceeded the US Market which returned 6% over the past year.

Shareholder returns

7 Day0.6%-2.7%2.3%
30 Day-2.1%-9.0%-0.7%
90 Day4.4%-1.0%17.1%
1 Year18.5%15.3%-9.3%-12.9%9.0%6.7%
3 Year80.2%65.7%13.3%-0.6%36.7%27.8%
5 Year186.9%145.5%40.0%11.2%65.2%46.9%

Price Volatility Vs. Market

How volatile is Prologis's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is Prologis undervalued compared to its fair value and its price relative to the market?


Price to Earnings (PE) ratio

Share Price vs. Fair Value

Below Fair Value: PLD ($95.76) is trading above our estimate of fair value ($76.47)

Significantly Below Fair Value: PLD is trading above our estimate of fair value.

Price To Earnings Ratio

PE vs Industry: PLD is poor value based on its PE Ratio (36.3x) compared to the REITs industry average (27.3x).

PE vs Market: PLD is poor value based on its PE Ratio (36.3x) compared to the US market (16.1x).

Price to Earnings Growth Ratio

PEG Ratio: PLD is poor value based on its PEG Ratio (11.5x)

Price to Book Ratio

PB vs Industry: PLD is overvalued based on its PB Ratio (2.2x) compared to the US REITs industry average (1.3x).

Next Steps

Future Growth

How is Prologis forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: PLD's forecast earnings growth (3.1% per year) is above the savings rate (2.2%).

Earnings vs Market: PLD's earnings (3.1% per year) are forecast to grow slower than the US market (22.8% per year).

High Growth Earnings: PLD's earnings are forecast to grow, but not significantly.

Revenue vs Market: PLD's revenue (5.2% per year) is forecast to grow slower than the US market (9.3% per year).

High Growth Revenue: PLD's revenue (5.2% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: PLD's Return on Equity is forecast to be low in 3 years time (5.4%).

Next Steps

Past Performance

How has Prologis performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: PLD has a large one-off gain of $807.1M impacting its March 31 2020 financial results.

Growing Profit Margin: PLD's current net profit margins (45.4%) are lower than last year (51.2%).

Past Earnings Growth Analysis

Earnings Trend: PLD's earnings have grown by 14.5% per year over the past 5 years.

Accelerating Growth: PLD's earnings growth over the past year (5.2%) is below its 5-year average (14.5% per year).

Earnings vs Industry: PLD earnings growth over the past year (5.2%) underperformed the REITs industry 5.3%.

Return on Equity

High ROE: PLD's Return on Equity (5%) is considered low.

Next Steps

Financial Health

How is Prologis's financial position?

Financial Position Analysis

Short Term Liabilities: PLD's short term assets ($2.8B) exceed its short term liabilities ($936.4M).

Long Term Liabilities: PLD's short term assets ($2.8B) do not cover its long term liabilities ($17.3B).

Debt to Equity History and Analysis

Debt Level: PLD's debt to equity ratio (42.6%) is considered high.

Reducing Debt: PLD's debt to equity ratio has reduced from 55% to 42.6% over the past 5 years.

Debt Coverage: PLD's debt is not well covered by operating cash flow (15.6%).

Interest Coverage: PLD's interest payments on its debt are well covered by EBIT (5.5x coverage).

Balance Sheet

Next Steps


What is Prologis's current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: PLD's dividend (2.42%) is higher than the bottom 25% of dividend payers in the US market (1.68%).

High Dividend: PLD's dividend (2.42%) is low compared to the top 25% of dividend payers in the US market (4.6%).

Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, PLD has been paying a dividend for less than 10 years.

Growing Dividend: PLD's dividend payments have increased, but the company has only paid a dividend for 9 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (50.6%), PLD's dividend payments are covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: PLD's dividends in 3 years are forecast to be thoroughly covered by earnings (0.09% payout ratio).

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Hamid Moghadam (63yo)





Mr. Hamid R. Moghadam has been the Chief Executive Officer at Prologis, Inc. since December 31, 2012. Mr. Moghadam served as the Co-Chief Executive Officer from June 2011 to December 31, 2012 and is primar ...

CEO Compensation Analysis

Compensation vs Market: Hamid's total compensation ($USD30.38M) is above average for companies of similar size in the US market ($USD11.54M).

Compensation vs Earnings: Hamid's compensation has been consistent with company performance over the past year.

Leadership Team

Hamid Moghadam
Chairman of the Board & CEO7.58yrsUS$30.38m0.22% $151.5m
Thomas Olinger
Chief Financial Officer8.17yrsUS$10.99m0.0021% $1.4m
Gary Anderson
Chief Operating Officer1.33yrsUS$11.17m0.00025% $175.9k
Eugene Reilly
Chief Investment Officer1.33yrsUS$12.14m0.0011% $745.8k
Edward Nekritz
Chief Legal Officer9.08yrsUS$11.17m0.0024% $1.7m
Michael Curless
Chief Customer Officer1.33yrsUS$10.69mno data
Lori Palazzolo
MD, Chief Accounting Officer & Senior VP9.5yrsno data0.000030% $21.1k
Sineesh Keshav
Chief Technical Officerno datano datano data
Charles Sullivan
Chief Administrative Officer9.92yrsno datano data
Tracy Ward
Senior Vice President of Investor Relations & Corporate Communications9.08yrsno datano data


Average Tenure


Average Age

Experienced Management: PLD's management team is seasoned and experienced (8.2 years average tenure).

Board Members

Hamid Moghadam
Chairman of the Board & CEO7.58yrsUS$30.38m0.22% $151.5m
George Fotiades
Independent Director8.67yrsUS$347.47k0.0031% $2.2m
William Zollars
Independent Director9.08yrsUS$322.47k0.0023% $1.6m
Carl Webb
Independent Director12.92yrsUS$342.43k0.011% $7.5m
Irving Lyons
Lead Independent Director9.08yrsUS$372.47k0.012% $8.7m
Jeffrey Skelton
Independent Director22.67yrsUS$342.47k0.0069% $4.9m
Lydia Kennard
Independent Director15.92yrsUS$322.47k0.0054% $3.8m
Olivier Piani
Independent Director3.17yrsUS$309.97k0.0068% $4.8m
David O'Connor
Independent Director5.5yrsUS$322.47k0.00055% $387.0k
Cristina Bita
Independent Director2.17yrsUS$309.97kno data


Average Tenure


Average Age

Experienced Board: PLD's board of directors are considered experienced (9.1 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: PLD insiders have only sold shares in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 17.1%.

Top Shareholders

Company Information

Prologis, Inc.'s company bio, employee growth, exchange listings and data sources

Key Information

  • Name: Prologis, Inc.
  • Ticker: PLD
  • Exchange: NYSE
  • Founded: 1991
  • Industry: Industrial REITs
  • Sector: Real Estate
  • Implied Market Cap: US$70.357b
  • Market Cap: US$70.727b
  • Shares outstanding: 741.92m
  • Website: https://www.prologis.com

Number of Employees


  • Prologis, Inc.
  • Pier 1
  • Bay 1
  • San Francisco
  • California
  • 94111
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
PLDG.POTCPK (Pink Sheets LLC)8.54% PFD SR QUSUSDApr 1997
PLDNYSE (New York Stock Exchange)YesNew Common StockUSUSDJun 2011
PLD *BMV (Bolsa Mexicana de Valores)YesNew Common StockMXMXNJun 2011
POJNDB (Deutsche Boerse AG)YesNew Common StockDEEURJun 2011
0KODLSE (London Stock Exchange)YesNew Common StockGBUSDJun 2011
POJNETLX (Eurotlx)YesNew Common StockITEURJun 2011
PRLDWBAG (Wiener Boerse AG)YesNew Common StockATEURJun 2011
P1LD34BOVESPA (Bolsa de Valores de Sao Paulo)BDR EACH 2 REPR 1 SHS UNSPONBRBRLJan 2020


Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high growth markets. As of March 31, 2020, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 965 million square feet (90 million square meters) in 19 countries. Prologis leases modern logistics facilities to a diverse base of approximately 5,500 customers principally across two major categories: business-to-business and retail/online fulfillment. 

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/08 23:51
End of Day Share Price2020/07/08 00:00
Annual Earnings2019/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.