Prologis, Inc. (PLD) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-26.9%

$94.86

vs $129.85 price

Levered DCF

$57.86

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.91

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	35.76×	26.23×	40.39×	27.16×	43.62×	50.59×	36.99×	20.18×
P/B	2.25×	1.81×	2.38×	1.71×	3.83×	2.33×	2.55×	1.49×
P/S	13.63×	11.94×	15.74×	15.27×	26.9×	16.82×	17.37×	11.88×
EV / EBITDA	21.35×	17×	23.66×	19.92×	28.27×	25.32×	22×	14.45×
Gross margin	59.6%	74.9%	74.9%	74.7%	73.8%	73.6%	72.4%	73.0%
Operating margin	40.2%	53.8%	46.2%	58.0%	67.4%	47.7%	55.5%	60.2%
Net margin	38.8%	45.5%	38.1%	56.3%	61.8%	33.4%	47.2%	58.8%
Current ratio	0.23×	0.92×	0.55×	0.46×	0.97×	1.36×	1.92×	1.33×
Debt / equity	0.66×	0.58×	0.56×	0.46×	0.54×	0.54×	0.55×	0.5×
Interest coverage	3.53×	5.27×	5.99×	11.22×	12.05×	6.76×	8.16×	7.82×
Dividend yield	3.1%	3.6%	2.6%	2.7%	1.5%	2.3%	2.3%	3.4%
Payout ratio	110.4%	95.7%	105.5%	74.1%	63.7%	116.3%	85.5%	68.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.4%	6.9%	5.8%	6.3%	8.8%	4.6%	6.9%	7.4%
Return on invested capital	3.6%	4.6%	3.8%	3.9%	5.3%	3.6%	4.5%	4.4%
Return on assets	3.5%	3.9%	3.3%	3.8%	5.0%	2.6%	3.9%	4.3%
Free cash flow yield	4.2%	5.0%	4.3%	3.9%	2.0%	2.3%	3.4%	2.7%
Earnings yield	2.8%	3.8%	2.4%	3.7%	2.3%	2.0%	2.7%	5.0%
Enterprise value	$153.7B	$128.1B	$155.4B	$115.4B	$145.6B	$91.4B	$69.2B	$44.1B
Net debt / EBITDA	4.71×	4.01×	4.43×	4.18×	3.42×	4.64×	3.59×	3.52×
Cash conversion cycle (days)	0	-286	-295	-375	-321	-325	-253	-335