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Prologis

PLD
48
REIT - Industrial · Real Estate
Also trades as: 0KOD.L
Price
$140.51
+1.01 (+0.73%)
Market Cap
$131.11B
Exchange
New York Stock Exchange
Winston Score
48
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 12, 2026 · filings through Jun 30, 2026

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

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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

+11.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+86.9% 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

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$92.0B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth + cash flow

Prologis is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin
17.3%
Thin — 17.3% gross margin
Operating Margin
39.6%
Excellent — 39.6% operating margin
ROCE
1.1%
Weak — 1.1% 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
+7.3%
Steady sales growth (+7.3% YoY)
EPS YoY
+21.0%
Earnings growing fast (+21.0% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion
122%
Turns 122% of profit into real cash
FCF Margin
54.3%
Converts sales into free cash efficiently (54.3%)

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
3.37x
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)
31.2x
Pricey — P/E 31.2

P/E above the market average. People are paying up for expected growth.

P/E vs Forward
-4.6
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield
2.96%
Moderate income — 2.96% 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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