Latest Ratios: P/E Ratio 40.6x · EV/EBITDA 27.2x · ROE 5.9%. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $133.9B | $122.3B | $100.8B | $126.9B | $94.1B | $132.3B | $77.3B | $60.0B | $34.7B | $35.6B | $28.9B |
| Enterprise Value | $167.8B | $156.2B | $131.0B | $155.9B | $118.3B | $149.9B | $94.0B | $71.3B | $45.4B | $44.6B | $38.7B |
| P/E Ratio → | 40.57 | 36.06 | 26.36 | 40.52 | 27.30 | 43.84 | 51.11 | 37.14 | 21.05 | 21.08 | 23.26 |
| P/S Ratio | 15.23 | 13.91 | 12.29 | 15.81 | 15.75 | 27.79 | 17.40 | 18.02 | 12.36 | 13.61 | 11.39 |
| P/B Ratio | 2.38 | 2.12 | 1.72 | 2.19 | 1.63 | 3.50 | 2.13 | 2.30 | 1.34 | 1.90 | 1.56 |
| P/FCF | 26.73 | 24.42 | 20.52 | 23.61 | 26.32 | 52.98 | 45.75 | 30.92 | 39.04 | 22.60 | 21.94 |
| P/OCF | 26.73 | 24.42 | 20.52 | 23.61 | 22.81 | 44.15 | 26.30 | 26.52 | 19.22 | 21.12 | 20.37 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 17.77 | 15.97 | 19.44 | 19.81 | 31.49 | 21.17 | 21.41 | 16.19 | 17.03 | 15.26 |
| EV / EBITDA | 27.23 | 25.35 | 18.72 | 25.18 | 22.41 | 31.33 | 25.53 | 23.86 | 17.23 | 15.74 | 24.17 |
| EV / EBIT | 47.45 | 34.16 | 26.45 | 38.19 | 29.72 | 41.95 | 45.92 | 35.61 | 21.60 | 21.49 | 23.65 |
| EV / FCF | — | 31.19 | 26.66 | 29.02 | 33.10 | 60.03 | 55.66 | 36.73 | 51.14 | 28.29 | 29.39 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 59.6% | 59.6% | 74.9% | 74.9% | 74.7% | 73.8% | 73.6% | 72.4% | 73.0% | 72.3% | 72.5% |
| Operating Margin | 40.2% | 40.2% | 53.8% | 46.2% | 58.0% | 67.4% | 47.7% | 55.5% | 60.2% | 74.6% | 26.4% |
| Net Profit Margin | 38.8% | 38.8% | 45.5% | 38.1% | 56.3% | 61.8% | 33.4% | 47.2% | 58.8% | 63.1% | 47.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.9% | 5.9% | 6.4% | 5.3% | 7.0% | 7.9% | 4.7% | 6.1% | 7.4% | 8.9% | 6.6% |
| ROA | 3.5% | 3.5% | 4.0% | 3.4% | 4.6% | 5.1% | 3.1% | 4.0% | 4.9% | 5.5% | 3.9% |
| ROIC | 2.9% | 2.9% | 3.8% | 3.3% | 3.8% | 4.4% | 3.5% | 3.8% | 3.9% | 5.2% | 1.7% |
| ROCE | 3.8% | 3.8% | 4.8% | 4.3% | 4.9% | 5.8% | 4.5% | 4.8% | 5.1% | 6.8% | 2.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.61 | 0.61 | 0.54 | 0.51 | 0.42 | 0.48 | 0.48 | 0.47 | 0.43 | 0.50 | 0.57 |
| Debt / EBITDA | 5.69 | 5.69 | 4.50 | 4.78 | 4.64 | 3.80 | 4.71 | 4.14 | 4.21 | 3.32 | 6.63 |
| Net Debt / Equity | — | 0.59 | 0.51 | 0.50 | 0.42 | 0.47 | 0.46 | 0.43 | 0.42 | 0.48 | 0.53 |
| Net Debt / EBITDA | 5.50 | 5.50 | 4.31 | 4.69 | 4.59 | 3.68 | 4.55 | 3.78 | 4.08 | 3.16 | 6.13 |
| Debt / FCF | — | 6.77 | 6.14 | 5.41 | 6.78 | 7.05 | 9.91 | 5.81 | 12.10 | 5.69 | 7.45 |
| Interest Coverage | 4.56 | 4.56 | 5.91 | 6.60 | 12.89 | 13.42 | 6.53 | 8.84 | 9.74 | 7.98 | 5.68 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.23 | 0.23 | 0.92 | 0.55 | 0.46 | 0.97 | 1.36 | 1.92 | 1.33 | 0.96 | 1.93 |
| Quick Ratio | 0.23 | 0.23 | 0.92 | 0.55 | 0.46 | 0.97 | 1.36 | 1.92 | 1.33 | 0.96 | 1.93 |
| Cash Ratio | 0.19 | 0.19 | 0.50 | 0.16 | 0.08 | 0.27 | 0.37 | 0.97 | 0.35 | 0.38 | 1.03 |
| Asset Turnover | — | 0.09 | 0.09 | 0.09 | 0.07 | 0.08 | 0.08 | 0.08 | 0.07 | 0.09 | 0.08 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.7% | 3.1% | 3.5% | 2.5% | 2.7% | 1.4% | 2.2% | 2.2% | 3.2% | 2.6% | 3.1% |
| Payout Ratio | 110.4% | 110.4% | 95.7% | 105.5% | 74.1% | 63.7% | 116.3% | 85.5% | 68.1% | 57.1% | 73.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.5% | 2.8% | 3.8% | 2.5% | 3.7% | 2.3% | 2.0% | 2.7% | 4.8% | 4.7% | 4.3% |
| FCF Yield | 3.7% | 4.1% | 4.9% | 4.2% | 3.8% | 1.9% | 2.2% | 3.2% | 2.6% | 4.4% | 4.6% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.7% | 3.1% | 3.6% | 2.6% | 2.7% | 1.4% | 2.3% | 2.2% | 3.2% | 2.7% | 3.1% |
| Shares Outstanding | — | $958M | $954M | $952M | $835M | $786M | $775M | $673M | $590M | $552M | $547M |
Margin dilution from Essentials
Based on reported figures, the P/FFO multiple of 60.52 in 2026Q1 reflects a significant scarcity premium, which appears to be pricing in long-term logistics dominance rather than the immediate, erratic FFO growth trajectory observed over the last ten quarters.
The elevated valuation multiple suggests that investors are willing to overlook the recent 37.6% FFO growth volatility in favor of the company's irreplaceable land-banked portfolio. However, the lack of a stable P/AFFO metric complicates the assessment of whether this premium is justified by cash-generative capacity or merely speculative sentiment regarding industrial real estate demand.
As reported in quarterly financial statements, the NOI margin plummeted to 10.1% in 2026Q1, a stark departure from the 70% plus levels maintained throughout 2024 and 2025, suggesting that the integration of the Essentials platform may be fundamentally altering the company's cost structure.
This sharp contraction in property-level profitability implies that the shift toward service-intensive logistics solutions may carry lower margins than traditional rental income. Investors should monitor whether this margin compression is a temporary byproduct of strategic investment or a permanent erosion of the core real estate profitability profile.
According to recent SEC filings, the FFO payout ratio of 59.9% in 2026Q1 indicates that Prologis retains a substantial portion of its distributable cash flow, providing a comfortable buffer to support dividend payments despite the recent volatility in core earnings performance.
The ability to maintain a payout ratio below 60% while navigating a complex development pipeline suggests that the dividend remains well-covered by recurring rental income. This retention of cash flow appears critical for funding the capital-intensive requirements of the portfolio without necessitating dilutive equity issuance.
Based on the company's reported figures, the debt-to-equity ratio remained stable at 0.60 in 2026Q1, demonstrating a disciplined approach to capital structure that provides the necessary balance sheet strength to navigate potential interest rate headwinds and ongoing global asset expansion.
The consistent maintenance of this leverage profile suggests that management prioritizes financial stability over aggressive debt-fueled growth. This conservative stance appears to be a key component of the company's ability to sustain its development pipeline while managing the inherent risks of a global, multi-currency real estate portfolio.
The standard P/E ratio of 39.54 is fundamentally misapplied to Prologis, as it fails to account for the massive non-cash depreciation charges inherent in industrial real estate, which significantly obscure the company's true cash-generating capacity and operational performance.
Investors should prioritize FFO or AFFO multiples over the P/E ratio to gain a clearer understanding of the company's valuation relative to its actual cash flow. Relying on GAAP earnings metrics in this context risks misinterpreting the company's profitability and dividend sustainability by ignoring the non-cash nature of real estate asset depreciation.
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying PLD stock.
Prologis, Inc.'s current P/E ratio is 40.6x. The historical average is 28.4x. This places it at the 88th percentile of its historical range.
Prologis, Inc.'s current EV/EBITDA is 27.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 20.9x.
Prologis, Inc.'s return on equity (ROE) is 5.9%. The historical average is 4.8%.
Based on historical data, Prologis, Inc. is trading at a P/E of 40.6x. This is at the 88th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Prologis, Inc.'s current dividend yield is 2.74% with a payout ratio of 110.4%.
Prologis, Inc. has 59.6% gross margin and 40.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Prologis, Inc.'s Debt/EBITDA ratio is 5.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.