Prologis, Inc. (PLD) Key Metrics
PLD valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $122.24B
- Enterprise value
- $162.05B
- P/E (TTM)
- 27.7 10-yr median 31.9
- Forward P/E
- 29.2
- PEG ratio
- 116.61
- Price / sales
- 12.4 10-yr median 14.8
- Price / book
- 2.4 10-yr median 2.1
- EV / EBITDA
- 19.0 10-yr median 21.1
- Dividend yield
- 3.33% $4.28 a year
- Beta
- 1.32
PLD key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsPLD valuation Price multiples at each fiscal year-end price.
PLD returns How much profit the business earns on the capital it uses.
PLD per-share figures Results divided by the shares outstanding at year-end.
PLD financial health Debt, liquidity and how easily interest is covered.
PLD efficiency & capital use Working capital cycle and where the cash goes.
PLD valuation history
PLD returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PLD debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PLD cash returned to shareholders
PLD price vs earnings per share
PLD key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $122.30B | $100.79B | $126.87B | $94.11B | $132.28B | $77.25B | $60.03B | $34.66B | $35.63B | $28.86B |
| Enterprise value | $156.19B | $130.97B | $155.94B | $118.35B | $149.93B | $93.99B | $71.32B | $45.46B | $44.91B | $38.69B |
| P/E ratio | 35.9 | 27.0 | 41.5 | 28.0 | 45.0 | 52.1 | 38.2 | 21.0 | 21.6 | 23.9 |
| Price / sales | 13.9 | 12.3 | 15.8 | 15.8 | 27.8 | 17.4 | 18.0 | 12.4 | 13.6 | 11.4 |
| Price / book | 2.3 | 1.9 | 2.4 | 1.8 | 3.5 | 2.4 | 2.7 | 1.3 | 1.9 | 1.6 |
| Price / free cash flow | 24.4 | 20.5 | 27.1 | 22.8 | 44.2 | 45.7 | 26.5 | 39.0 | 22.6 | 21.9 |
| Price / operating cash flow | 24.4 | 20.5 | 23.6 | 22.8 | 44.2 | 26.3 | 26.5 | 19.2 | 21.1 | 20.4 |
| EV / sales | 17.8 | 16.0 | 19.4 | 19.8 | 31.5 | 21.2 | 21.4 | 16.2 | 17.2 | 15.3 |
| EV / EBITDA | 21.7 | 17.4 | 23.7 | 20.4 | 29.1 | 26.0 | 22.7 | 14.9 | 15.2 | 15.1 |
| EV / free cash flow | 31.2 | 26.7 | 33.3 | 28.7 | 50.0 | 55.7 | 31.5 | 51.2 | 28.5 | 29.4 |
| Earnings yield | 2.8% | 3.7% | 2.4% | 3.6% | 2.2% | 1.9% | 2.6% | 4.8% | 4.6% | 4.2% |
| Free cash flow yield | 4.1% | 4.9% | 3.7% | 4.4% | 2.3% | 2.2% | 3.8% | 2.6% | 4.4% | 4.6% |
| Dividend yield | 3.1% | 3.5% | 2.5% | 2.7% | 1.4% | 2.2% | 2.2% | 3.2% | 2.6% | 3.1% |
| Shareholder yield (dividends + buybacks) | 3.1% | 3.6% | 2.6% | 2.9% | 1.4% | 2.3% | 2.2% | 3.2% | 2.7% | 3.1% |
| Share price at fiscal year-end | $127.66 | $105.70 | $133.30 | $112.73 | $168.36 | $99.66 | $89.14 | $58.72 | $64.51 | $52.79 |
| Per share | ||||||||||
| Revenue per share | $9.18 | $8.60 | $8.43 | $7.16 | $6.06 | $5.73 | $4.95 | $4.75 | $4.74 | $4.63 |
| Earnings per share | $3.56 | $3.91 | $3.21 | $4.03 | $3.74 | $1.91 | $2.34 | $2.79 | $2.99 | $2.21 |
| Operating cash flow per share | $5.23 | $5.15 | $5.65 | $4.94 | $3.81 | $3.79 | $3.36 | $3.06 | $3.05 | $2.59 |
| Free cash flow per share | $5.23 | $5.15 | $4.92 | $4.94 | $3.81 | $2.18 | $3.36 | $1.50 | $2.85 | $2.41 |
| Cash per share | $1.20 | $1.38 | $0.56 | $0.33 | $0.71 | $0.77 | $1.62 | $0.58 | $0.81 | $1.48 |
| Book value per share | $55.52 | $56.58 | $55.88 | $63.77 | $48.04 | $41.25 | $33.64 | $43.71 | $33.87 | $33.76 |
| Tangible book value per share | $54.91 | $55.78 | $54.81 | $62.35 | $47.32 | $40.30 | $33.16 | $42.95 | $33.50 | $33.27 |
| Dividends per share | $3.93 | $3.74 | $3.39 | $3.08 | $2.38 | $2.22 | $2.00 | $1.90 | $1.71 | $1.63 |
| Capex per share | $5.12 | $6.21 | $0.73 | $6.72 | $6.31 | $1.61 | $1.18 | $1.55 | $0.20 | $0.19 |
| Debt per share | $36.57 | $33.03 | $31.10 | $29.36 | $23.17 | $22.36 | $18.38 | $18.87 | $17.62 | $19.47 |
| Shares outstanding | 958.0M | 953.6M | 951.8M | 834.8M | 785.7M | 775.2M | 673.4M | 590.2M | 552.3M | 546.7M |
| Change in shares outstanding | +0.5% | +0.2% | +14.0% | +6.3% | +1.4% | +15.1% | +14.1% | +6.9% | +1.0% | +2.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 6.4% | 7.0% | 5.7% | 7.4% | 8.4% | 5.4% | 6.5% | 7.4% | 8.9% | 6.6% |
| Return on invested capital (ROIC) | 3.9% | 5.1% | 4.4% | 5.0% | 5.8% | 4.7% | 5.0% | 5.1% | 6.7% | 2.2% |
| Return on assets (ROA) | 3.5% | 4.0% | 3.4% | 4.6% | 5.1% | 3.1% | 4.0% | 4.9% | 5.5% | 3.9% |
| Return on tangible assets | 3.5% | 3.9% | 3.3% | 3.9% | 5.1% | 2.7% | 4.0% | 4.3% | 5.6% | 4.0% |
| Free cash flow margin | 57.0% | 59.9% | 58.3% | 69.1% | 62.9% | 38.0% | 68.0% | 31.7% | 60.2% | 51.9% |
| Income quality (OCF / net income) | 1.47 | 1.32 | 1.76 | 1.23 | 1.02 | 1.98 | 1.44 | 1.09 | 1.02 | 1.17 |
| Financial health | ||||||||||
| Total debt | $35.04B | $31.49B | $29.60B | $24.51B | $18.21B | $17.34B | $12.38B | $11.14B | $9.73B | $10.64B |
| Cash & short-term investments | $1.15B | $1.32B | $530.4M | $278.5M | $556.1M | $598.1M | $1.09B | $343.9M | $447.0M | $807.3M |
| Net debt | $33.89B | $30.18B | $29.07B | $24.24B | $17.65B | $16.74B | $11.29B | $10.80B | $9.28B | $9.84B |
| Debt / equity | 0.66 | 0.58 | 0.56 | 0.46 | 0.48 | 0.54 | 0.55 | 0.43 | 0.52 | 0.58 |
| Debt / assets | 0.35 | 0.33 | 0.32 | 0.28 | 0.31 | 0.31 | 0.31 | 0.29 | 0.33 | 0.35 |
| Net debt / EBITDA | 4.71 | 4.01 | 4.43 | 4.18 | 3.43 | 4.64 | 3.59 | 3.54 | 3.14 | 3.83 |
| Current ratio | 0.23 | 0.92 | 0.55 | 0.46 | 0.96 | 1.36 | 1.92 | 0.63 | 0.60 | 1.93 |
| Quick ratio | 0.23 | 0.92 | 0.52 | 0.69 | 0.96 | 1.36 | 1.92 | 0.86 | 0.61 | 1.93 |
| Interest coverage | 3.5 | 5.3 | 6.0 | 11.2 | 12.0 | 6.8 | 8.2 | 7.8 | 7.5 | 2.3 |
| Working capital | −$4.58B | −$219.4M | −$1.49B | −$2.01B | −$91.6M | $578.4M | $1.04B | −$560.8M | −$539.3M | $735.8M |
| Invested capital | $87.08B | $84.13B | $82.25B | $77.47B | $55.39B | $48.71B | $33.94B | $36.60B | $27.99B | $28.29B |
| Tangible asset value | $57.17B | $57.85B | $56.81B | $56.67B | $37.18B | $35.59B | $25.75B | $25.35B | $18.50B | $18.19B |
| Net current asset value | −$39.62B | −$34.29B | −$33.40B | −$28.35B | −$18.77B | −$17.55B | −$11.80B | −$11.65B | −$9.95B | −$10.27B |
| Graham number | $66.69 | $70.58 | $63.57 | $76.05 | $63.59 | $42.12 | $42.04 | $52.43 | $47.75 | $41.01 |
| Graham net-net per share | −$41.10 | −$36.62 | −$35.94 | −$35.59 | −$25.13 | −$24.33 | −$18.84 | −$20.78 | −$18.66 | −$19.72 |
| Capital allocation | ||||||||||
| Dividends paid | $3.76B | $3.57B | $3.23B | $2.57B | $1.87B | $1.72B | $1.35B | $1.12B | $942.9M | $893.5M |
| Share buybacks (net) | $23.9M | $30.5M | $24.5M | $164.7M | $0 | $42.0M | $0 | $0 | $13.2M | $8.6M |
| Dividend payout ratio | 110.4% | 95.7% | 105.5% | 76.4% | 63.7% | 116.3% | 85.5% | 68.1% | 57.1% | 73.8% |
| Dividends + buybacks / free cash flow | 75.6% | 73.3% | 69.5% | 66.3% | 62.5% | 104.5% | 59.4% | 126.5% | 60.6% | 68.6% |
| Capex / revenue | 55.8% | 72.2% | 8.6% | 93.9% | 104.2% | 28.1% | 23.8% | 32.7% | 4.2% | 4.0% |
| Capex / operating cash flow | 98.0% | 120.5% | 12.9% | 136.0% | 165.6% | 42.5% | 35.0% | 50.8% | 6.6% | 7.2% |
| Capex / depreciation | 1.87 | 2.29 | 0.28 | 3.09 | 3.14 | 0.80 | 0.69 | 0.97 | 0.13 | 0.11 |
| Stock-based compensation / revenue | 2.1% | 2.8% | 3.3% | 2.9% | 2.4% | 2.5% | 2.9% | 2.7% | 2.9% | 2.4% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 5.4% | 5.1% | 4.9% | 5.5% | 6.2% | 6.2% | 8.0% | 8.5% | 8.8% | 8.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 25.5 | 26.2 | 27.1 | 37.6 | 37.3 | 25.6 | 26.4 | 17.8 | 21.5 | 52.3 |
| Days of inventory on hand | — | — | -71.7 | -212.2 | — | — | -69.1 | -86.3 | -2.7 | -0.1 |
| Days payables outstanding | 191.8 | 313.6 | 315.7 | 358.5 | 350.3 | 288.3 | 291.0 | 352.5 | 317.1 | 332.1 |
| Cash conversion cycle (days) | -166.4 | -287.4 | -360.3 | -533.1 | -312.9 | -262.7 | -333.8 | -421.0 | -298.3 | -279.9 |
| Receivables turnover | 14.34 | 13.92 | 13.46 | 9.70 | 9.78 | 14.26 | 13.83 | 20.49 | 17.01 | 6.98 |
| Payables turnover | 1.90 | 1.16 | 1.16 | 1.02 | 1.04 | 1.27 | 1.25 | 1.04 | 1.15 | 1.10 |
| Asset turnover | 0.09 | 0.09 | 0.09 | 0.08 | 0.08 | 0.09 | 0.08 | 0.08 | 0.09 | 0.08 |
| Average receivables | $612.9M | $589.4M | $596.1M | $615.5M | $486.8M | $311.2M | $240.8M | $136.9M | $153.9M | $362.8M |
| Average payables | $1.87B | $1.77B | $1.74B | $1.48B | $1.20B | $924.2M | $732.7M | $731.7M | $629.5M | $634.5M |
| Average inventory | — | — | −$395.0M | −$877.3M | — | — | −$174.1M | −$179.2M | −$5.3M | −$217,499 |
| Intangibles / total assets | 0.6% | 0.8% | 1.1% | 1.4% | 1.0% | 1.3% | 0.8% | 1.2% | 0.7% | 0.9% |
Computed from PLD's annual financial statements (latest annual report filed February 13, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
PLD valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Prologis traded at 35.9 times earnings, against a 10-year median of 31.9. Based on the latest twelve months, the trailing P/E is 27.7 and the forward P/E is 29.2. Prologis earned a return on equity of 6.4% and a return on invested capital of 3.9% in fiscal 2025. It ended the year with $35.0 billion of debt and $1.1 billion in cash and short-term investments, net debt of $33.9 billion. It returned $3.8 billion to shareholders: $3.8 billion in dividends and $23.9 million in share buybacks, 76% of free cash flow. The share count rose 75.2% from 546.7M to 958.0M over 9 years.
See the PLD income statement, the PLD chart for price history, or the PLD stock overview for the latest quote and news.
PLD key metrics FAQ
What is Prologis's P/E ratio?
Prologis's trailing P/E ratio is 27.7 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 29.2. At the end of fiscal 2025 it was 35.9, compared with a 10-year median of 31.9.
What is Prologis's EV/EBITDA?
Prologis's enterprise value was 21.7 times EBITDA at the end of fiscal 2025 (enterprise value $156.2 billion, EBITDA $7.2 billion); the current EV/EBITDA is 19.0.
What is Prologis's return on equity?
Prologis's return on equity (ROE) was 6.4% in fiscal 2025: net income of $3.4 billion on average shareholders' equity of $53.6 billion.
What is Prologis's ROIC?
Prologis's return on invested capital was 3.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Prologis have?
Prologis had total debt of $35.0 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.66 and $33.9 billion of net debt (4.71 times EBITDA).
What is Prologis's dividend yield?
Prologis's forward dividend yield is 3.33%. Prologis paid $3.8 billion in dividends in fiscal 2025 ($3.93 per share), a payout ratio of 110.4%.
Does Prologis buy back its shares?
Yes. Prologis spent $23.9 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.5% over the year, to 958.0M..
What is Prologis's free cash flow yield?
Prologis generated $5.0 billion of free cash flow in fiscal 2025, a free cash flow yield of 4.1% on its market value at year-end ($122.3 billion).
What is Prologis's current ratio?
Prologis's current ratio was 0.23 at the end of fiscal 2025: current assets were 0.23 times current liabilities.