PLD
Prologis, Inc.
PLD's fundamentals are strong: its operating margin rose 7 points to 55% and earnings per share grew 32%. At 28x earnings, it's trading below its usual 36x. Analysts expect earnings growth.
PLD Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
PLD's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for real estate companies like PLD.
PLD PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 27x | $124 | -3.5% |
| Current | 28x | $129 | — |
| Fair | 36x | $161 | +25% |
| Forward | 40x | $129 | — |
| Expensive | 44x | $198 | +54% |
Historical ranges are pointers, not guarantees.
PLD's PE is in its cheap range at 28x. On analysts' estimates for next year's earnings, today's price would be 40x, in its expensive range.
PLD Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Growth | |
| Growth | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for PLD, but weaker profitability.
PLD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.25 | -28% |
| Q3 2026 | $4.53 | +32% |
| Q2 2026 | $4.49 | +22% |
| Q1 2026 | $3.97 | -0.7% |
| Q4 2025 | $3.55 | -11% |
| Q3 2025 | $3.43 | +3.6% |
| Q2 2025 | $3.69 | +22% |
| Q1 2025 | $4.00 | +17% |
| Q4 2024 | $4.00 | +22% |
PLD earned $4.53 per share over the past year, up 32% from the year before.
PLD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.4B | +7.8% |
| Q2 2026 | $2.4B | +11% |
| Q1 2026 | $2.3B | +7.4% |
| Q4 2025 | $2.3B | +2.4% |
| Q3 2025 | $2.2B | +8.7% |
| Q2 2025 | $2.2B | +8.8% |
| Q1 2025 | $2.1B | +9.4% |
| Q4 2024 | $2.2B | +16% |
PLD's revenue has grown year over year for nine quarters in a row: $2.4B last quarter, up 7.8% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 44% | +1.3 points |
| Q2 2026 | 52% | +9.8 points |
| Q1 2026 | 53% | +12 points |
| Q4 2025 | 72% | +7.6 points |
| Q3 2025 | 42% | -19 points |
| Q2 2025 | 42% | -9.2 points |
| Q1 2025 | 41% | +4.2 points |
| Q4 2024 | 65% | +20 points |
PLD's operating margin was 44% last quarter, up 1.3 points from the same quarter a year ago.
PLD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.8B | +21% |
| Q2 2026 | $1.3B | +8.5% |
| Q1 2026 | $1.3B | +11% |
| Q4 2025 | $1.2B | -13% |
| Q3 2025 | $1.4B | +0.9% |
| Q2 2025 | $1.2B | +14% |
| Q1 2025 | $1.2B | +10% |
| Q4 2024 | $1.3B | +24% |
PLD's free cash flow was $5.6B over the past year, up 7% from the year before. Free cash flow isn't a meaningful measure for real estate companies like PLD.
PLD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.1% | +10.6M shares |
| 1 year | +1.2% | +11.9M shares |
| 3 years | +1.7% | +16.6M shares |
| 5 years | +27% | +204M shares |
| Available history | +48% | +314M shares |
PLD has 969M diluted shares, up 1.2% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
| Q1 2021 | — |
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | $34.8M |
PLD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.4x | High |
| Q2 2026 | 4.5x | High |
| Q1 2026 | 4.6x | High |
| Q4 2025 | 4.9x | High |
| Q3 2025 | 5.0x | High |
| Q2 2025 | 4.8x | High |
| Q1 2025 | 4.4x | High |
| Q4 2024 | 4.2x | High |
PLD's net debt is about 4.4 years of its operating earnings (EBITDA), down from 5.0 years a year ago. Net leverage isn't a meaningful measure for real estate companies like PLD.
PLD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.6 | Neutral |
| Stochastic | 19.7 | Oversold |
PLD's weekly RSI is 41 (neutral) and its Stochastic is 20 (oversold).
PLD PE vs Real Estate Sector
| Metric | PLD | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 24x | 19% above |
| PE % | 20 | 23 | 3 pts below |
PLD is trading at 28x earnings, a 19% premium to the Real Estate sector's median of 24x.
PLD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $128.4 | 0.1% above |
| 20 week MA | $136.1 | 5.5% below |
| 50 week MA | $136.3 | 5.7% below |
| 100 week MA | $124.2 | 3.5% above |
| 200 week MA | $122.4 | 5% above |
PLD's trend is mixed: it's above three of its five weekly moving averages, and 5% above its 200-week average.
PLD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $88.7 | $97.2 | +9.7% |
| 2021 | $97.2 | $161.8 | +66% |
| 2022 | $161.8 | $113.6 | -30% |
| 2023 | $113.6 | $133.3 | +17% |
| 2024 | $133.3 | $105.2 | -21% |
| 2025 | $105.2 | $128.7 | +22% |
| 2026 YTD | $128.7 | $128.6 | -0.1% |
PLD has finished higher in four of the last six years. It's roughly flat so far in 2026.