Prologis, Inc. (PLD) Stock Analysis
Real Estate · REIT - Industrial · NYSE
Prologis, Inc. (PLD) posted $8.79B in revenue for fiscal 2025 (up 7.2% year over year), at a 37.9% net margin, and has compounded revenue about 14.6%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Prologis, Inc.
Prologis, Inc. has grown revenue from $2.53B to $8.79B over the last 10 fiscal years, compounding about 14.6% a year. The most recent year was up 7.2%, so growth has cooled from its longer-run pace.
Net margin sits at 37.9%, down 7.6 points year over year. It carries about $35.04B of total debt.
At today's valuation the market is pricing in roughly 26.9% annual free-cash-flow growth — versus the 33.6% it actually delivered over the last five years, so the price is arguably undemanding against what it has already proven. The one thing worth a second look in the filings is share count rising (dilution).
Synthesised from Prologis, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
Prologis, Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.53B | $2.62B | $2.80B | $3.33B | $4.44B | $4.76B | $5.97B | $8.02B | $8.20B | $8.79B |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $1.21B | $1.65B | $1.65B | $1.57B | $1.48B | $2.94B | $3.36B | $3.06B | $3.73B | $3.33B |
| Net margin | 47.8% | 63.1% | 58.8% | 47.2% | 33.4% | 61.8% | 56.3% | 38.1% | 45.5% | 37.9% |
Source: Prologis, Inc. SEC filings (10-K). 17 years of history available in the interactive view.
Prologis, Inc.: 3 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Share count rising (dilution)Shares outstanding grew 25.6% over 4 years (739.8M → 929.2M) — existing holders' stakes are being diluted.
- Heavy debt loadTotal debt of $35037.1M is 7.0× last year's operating cash flow — it would take years of cash flow to clear.
- Net margin shrinkingNet margin fell from 56.3% to 37.9% over ~3 years — profitability is compressing.
What growth is priced into PLD stock?
At today's market cap of $138.08B, Prologis, Inc. is priced for free-cash-flow growth of about 26.9% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $1.71B from the FY ending 2018-12-31). For comparison, free cash flow actually grew 33.6%/yr over the last five fiscal years and revenue 14.6%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 17 years of Prologis, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Prologis, Inc. financial history by metric
Compare Prologis, Inc. with peers
About Prologis, Inc.
Prologis, Inc. is a self-administered and self-managed REIT and is the sole general partner of Prologis, L.P. through which it holds substantially all of its assets. We operate Prologis, Inc. and Prologis, L.P. as one enterprise and, therefore, our discussion and analysis refer to Prologis, Inc. and its consolidated subsidiaries, including Prologis, L.P. We invest in real estate through wholly owned subsidiaries and other entities through which we co-invest with partners and investors (co-investment ventures). We have a significant ownership interest in the co-investment ventures, which are either consolidated or unconsolidated based on our level of control of the entity. Prologis, Inc. began operating as a fully integrated real estate company in 1997 and elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (Internal Revenue Code or IRC). We believe the current organization and method of operation enable Prologis, Inc. to maintain its status as a REIT. Prologis, L.P. was also formed in 1997. We operate, manage and measure the operating performance of our properties on an owned and managed (O&M) basis. Our O&M portfolio includes our consolidated properties as well as properties owned by our unconsolidated co investment ventures, which we manage. We make operating decisions based on our total O&M portfolio as we manage the properties without regard to their ownership. Prologis, Inc. was incorporated in 1983 in Maryland and is based in San Francisco, California.
Prologis, Inc. — frequently asked questions
What is Prologis, Inc.'s revenue?
Prologis, Inc. (PLD) reported revenue of $8.79B for fiscal year 2025, up 7.2% from the prior year, according to its SEC filings.
Is Prologis, Inc. profitable?
Yes. PLD earned net income of $3.33B in fiscal 2025, a net margin of 37.9%.
What is PLD's P/E ratio?
Prologis, Inc. trades at a price-to-earnings ratio of about 32.3 based on the latest data in our nightly-refreshed cache.
How fast is Prologis, Inc. growing?
PLD's revenue grew at roughly 14.6% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Prologis, Inc. have?
As of fiscal year 2025, PLD carried roughly $35.04B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Prologis, Inc.'s market cap?
Prologis, Inc. (PLD) has a market capitalization of about $138.08B, based on the latest data in our nightly-refreshed cache.
When does Prologis, Inc.'s fiscal year end?
PLD's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into PLD stock?
At today's market cap of $138.08B, Prologis, Inc. is priced for free-cash-flow growth of about 26.9% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $1.71B from the FY ending 2018-12-31). For comparison, free cash flow actually grew 33.6%/yr over the last five fiscal years and revenue 14.6%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Prologis, Inc.'s official SEC filings (10-K and 10-Q), covering 17 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.