PLD · Orin

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Real Estate · REIT - Industrial

Prologis, Inc.PLD

$140.54-0.40 · -0.28%

As of 6/18/2026, 8:00:03 PM · Market cap $131.03B · 52w $103.41–$150.18

holdCONF 0.65

Buy 25Hold 16Sell 1

Analyst target$145.57

Implied upside+3.6%

LineCandles

1M3M6M1YALL

scroll = zoom · drag = pan · double-click = reset · — 50d ┄ 200d MA · ▲ earningsCharts by TradingView

P/E (TTM)

37.2

Rev growth

+7%

Gross margin

59.6%

FCF margin

57.0%

Net income

$3.41B

Total debt

$35.04B

Thesis

deepseek/deepseek-v4

Prologis offers a dominant global logistics portfolio and an emerging data center growth story, highlighted by record leasing and a raised 2026 NOI outlook. However, per-share earnings have been stagnant (EPS diluted $3.54 in 2025 vs. $4.01 in 2024 and $3.84 in 2021) due to equity dilution, and the stock trades at a premium to industrial REIT peers (PE 36.6x vs. median 32.0x, PS 15.2x vs. 10.5x). Positive technical momentum (price above 50- and 200-day MAs) and strong operational cash flows keep the stock compelling, but full valuation and negative net insider selling value suggest staying on the sidelines for now.

Interest Rate Sensitivity

As a REIT with $35.0B total debt (FY2025), rising rates could pressure borrowing costs and cap rates, compressing property values and FFO multiples.

Per-Share Growth Dilution

Continued equity issuance to fund development has kept EPS flat despite revenue growth, creating a headwind for shareholder returns.

E-Commerce/Logistics Demand Slowdown

A cyclical pullback in goods consumption or overbuilding could reduce leasing spreads and occupancy, reversing recent momentum.

Data Center Execution Risk

The expansion into data centers, while promising, carries execution risk and heightened capex demands in an increasingly competitive space.

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Technicals

Neutral

last cross: golden 2025-09-23

Valuation

37× P/E

60th pct of its own history

Smart money

0.1

institutional composite 0–10

Insiders

$-4.0M

net, last 24mo (117 buys / 36 sells)

Short interest

1.3%

of float sold short

What most people miss

rule-derived · no AI

Golden cross on 2025-09-23

The 50d average crossed above the 200d — the classic long-trend confirmation.

Price and smart money disagree

The stock beats SPY (+34% vs +25%) while the institutional composite sits at 0.1 — retail momentum, not fund accumulation.

Earns less than a treasury today

Earnings yield trails the 10Y by 1.8pts — you're paying for the future, not the present.

1Y vs S&P 500

stock +33.7% · SPY +25.0% · outperforming

Both lines indexed to 100 one year ago — the gap is your real edge (or drag) vs just buying the index.

Research only, not investment advice. Orin publishes general research output; your investment decisions are your own.