# Prologis, Inc. (PLD)

> Prologis owns, leases and develops warehouses, distribution centers and selected data centers.

- Exchange: New York Stock Exchange · Sector: Real Estate · Industry: Reit Industrial
- Headquarters: San Francisco, California
- Founded: 1997 (began operating as a fully integrated real estate company)
- Employees: 2,802 (December 31, 2025)
- SEC CIK: 0001045609 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001045609))
- Full page: https://inspectstocks.com/stocks/pld
- Data as of: price 2026-09-25; newest filing used 2026-04-30; latest fiscal period ended 2026-03-31

## Grade

**B+** on the balance-sheet rubric used for lenders, 4 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | $3.7B |  |
| Earnings growing overall | passed | $3.7B | $2.7B |
| Earnings growing recently | passed | $3.7B | $3.3B |
| Earns well on its assets | passed | 3.8% |  |
| Book value per share growing | failed | $55.59 | $65.59 |

Business quality (the + / − mark): 5 of 6 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 41.5% |  |
| Healthy profit margin | passed | 41.5% |  |
| Strong operating margin | passed | 52.4% |  |
| Good return on equity | failed | 7.0% |  |
| Debt under control | passed | 0.67 |  |
| Turns sales into cash | passed | 21.6% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $8.9B |
| Net income, trailing twelve months | $3.7B |
| Net margin | 41.5% |
| Operating margin | 52.4% |
| Return on equity | 7.0% |
| Debt to equity | 0.67 |
| Diluted EPS, trailing twelve months | $3.97 |
| Share price | $133.05 |
| Market value | $124B |
| Price / earnings | 33.5x |
| Price / sales | 13.9x |

## What the business does

Prologis owns, leases, manages and develops warehouses and distribution centers near major cities, ports and transport links. Its owned-and-managed portfolio was approximately 1.3 billion square feet (June 30, 2026, high), and its operating properties were 95.5% occupied (June 30, 2026, high). It also manages real estate ventures for institutional investors and is selectively developing data centers where it can secure power and customer leases.

### How it makes money

- **Real Estate Operations: rents from logistics properties, plus reimbursements for many property operating costs.** (93.0% of segment revenue (quarter ended March 31, 2026)) — Customers pay rent under operating leases. The segment also includes development management and other revenue; Prologis may earn value from developing properties and later contributing or selling them.
- **Strategic Capital: management and service fees from co-investment ventures, plus incentive fees when investment-return conditions are met.** (7.0% of segment revenue (quarter ended March 31, 2026)) — Institutional investment partners pay recurring asset-management and property-management fees, as well as fees for services such as leasing, acquisitions and development. Incentive fees can vary with venture results and timing.

### Products

- **Logistics warehouses and distribution centers** — Industrial buildings customers rent to store, sort and move goods, including facilities near cities, ports and transport hubs.
- **Logistics property development** — New warehouses built for a named customer or for future tenants, and redevelopment of existing properties for industrial uses.
- **Data center development** — Selected development of data centers, including projects planned around access to electricity and leases with customers.
- **Prologis Essentials** — Services and equipment for customers’ building operations, energy use and sustainability, including solar power, efficient lighting and energy storage.
- **Services for co-investment ventures** — Asset and property management, leasing, acquisition, construction management, development and disposition services for properties held with investment partners.

### Customers

- Amazon rents logistics space for storing and moving goods through its supply chain.
- The Home Depot rents logistics space for distributing goods to stores and customers.
- FedEx rents logistics space for its goods-handling and distribution operations.
- UPS rents logistics space for its goods-handling and distribution operations.
- Walmart rents logistics space for distributing goods through its supply chain.
- DHL rents logistics space for its logistics and distribution operations.

### Competitors

- Rexford Industrial Realty, Inc. (REXR) — Competes for tenants and industrial properties, particularly in Southern California.
- EastGroup Properties, Inc. (EGP) — Competes for tenants, land and industrial property investments in U.S. markets.
- First Industrial Realty Trust, Inc. (FR) — Competes for tenants and industrial property investments in U.S. markets.

### What it depends on

- Rental income depends on customers paying their leases and on Prologis leasing vacant space or renewing leases as existing agreements expire.
- The co-investment business depends on institutional partners investing capital and on the ventures’ properties generating fees and, at times, incentive fees.
- Acquisitions and development depend on access to financing and capital markets; data center projects also depend on securing electricity and required local approvals.
- Maintaining its real estate investment trust tax treatment depends on meeting United States tax and distribution rules.

### What could go wrong

- Customers may fail to meet lease obligations, or Prologis may be unable to lease vacant space, renew leases or re-lease properties on favorable terms.
- A downturn in logistics demand or increased competing warehouse supply could reduce occupancy or the rents Prologis can charge.
- The company’s international properties and ventures expose it to currency movements, geopolitical and regulatory changes, and region-specific economic disruptions.

## More on this company

- [Overview](https://inspectstocks.com/stocks/pld)
- [Financial statements](https://inspectstocks.com/stocks/pld/financials)
- [Competitors](https://inspectstocks.com/stocks/pld/peers)
- [Earnings](https://inspectstocks.com/stocks/pld/earnings)

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Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.