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Prologis

PLD
40
REIT - Industrial · Real Estate
Price
$149.71
-0.35 (-0.23%)
Market Cap
$139.58B
Exchange
New York Stock Exchange
Winston Score
40
Winston is serious
Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+21.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 785.7M (2021) → 958.0M (2025)

Prologis owns and rents out large warehouses and distribution centers — the giant buildings where companies store goods before shipping them to customers. Its main tenants are e-commerce companies, retailers, and logistics firms like Amazon, FedEx, and UPS. It is the largest industrial real estate company in the world, with a portfolio focused on locations close to major cities and transportation hubs.

Prologis makes money by collecting rent from the businesses that lease its warehouse space, operating as a Real Estate Investment Trust (REIT). It operates across 19 countries, with major presence in the United States, Europe, and Asia, and manages roughly 1.2 billion square feet of space. Its size and prime locations near ports, highways, and population centers are difficult for competitors to replicate, but rising interest rates and slowing e-commerce growth could pressure both property values and demand for new leases.

Winston Score History

Politician Trades

19 trades / 12mo

12 Congressional buys and 7 sells on PLD in the last 12 months.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+7.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+61.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.5%ownership

Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$861M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Prologis is growing revenue at 7% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin
10.1%
Thin — 10.1% gross margin
Operating Margin
36.0%
Excellent — 36.0% operating margin
ROCE
0.9%
Weak — 0.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+6.7%
Slow sales growth (6.7% YoY)
EPS YoY
-1.7%
Earnings shrinking (-1.7% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
138%
Turns 138% of profit into real cash
FCF Margin
55.7%
Converts sales into free cash efficiently (55.7%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity
0.65
Moderate — manageable debt (0.65)
Interest Cover
3.40x
Tight — interest eats into profit (3.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)
37.7x
Pricey — P/E 37.7

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward
+0.2
GROWING
Earnings roughly flat

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Dividends

Dividend Yield
2.94%
Moderate income — 2.94% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth
+5.6%
Dividend growing modestly (5.6% YoY)

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