Company Overview
Prologis owns and operates industrial real estate, centered on logistics-focused properties. The business is built around leasing space to customers and managing a large property footprint at scale. Its model depends on keeping buildings occupied, renewing leases, and running the portfolio efficiently. With a market value around USD 122.5 billion, it sits among the larger public real estate operators.
Analysis of recent data
FundamentalsFor 2025, reported in USD, revenue reached USD 8.16 billion, with EBIT at USD 3.41 billion and net income at USD 3.57 billion. That profit profile shows up in the trailing margins as well, with a 74.58% gross margin feeding through to a 38.80% operating margin and a 37.86% net margin.
Cash generation, using the provided proxy, was USD 5.88 billion, alongside depreciation and amortization of USD 2.63 billion. Revenue grew 8.6% year over year, while the balance sheet carried USD 35.0 billion of total debt.
Valuation
DCF / MultiplesAt USD 132.18, the stock is priced near the DCF’s central estimate of USD 135.71, with the valuation range running from USD 72.59 in a weaker scenario to USD 212.50 in a stronger outcome. The headline multiples attached to that price include 36.81x trailing earnings and 22.41x EV/EBITDA.
Conclusion
TakeawayThe business is currently converting revenue into profit efficiently. Today’s pricing assumes that execution stays consistent. Durability depends on keeping margins resilient as conditions change. Debt adds pressure if cash generation softens. If operations wobble, the valuation support can thin quickly.