| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 22 | 30.2x | 17.8x | Bottom tier | |
Growth | 39 | 7.3% | 7.1% | Bottom tier | |
Quality | 43 | 5.0% | 4.5% | Around median | |
Safety | 55 | 4.3x | 2.6x | Around median | |
Capital Return | 37 | 0.02% | 2.12% | Bottom tier | |
Momentum | 63 | 22.2% | 2.9% | Around median | |
Sentiment | 47 | 6 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Prologis, Inc. is a global real estate platform focused on modern logistics real estate, generating income from leasing warehouses and distribution centers, developing and acquiring properties, and recycling capital through asset sales or contributions to strategic capital vehicles. The company is expanding the use of its land and customer relationships into data centers, energy, and warehouse operations solutions; in Q2 FY2026, its portfolio totaled 1.3 billion square feet, while its 14 thousand-acre land bank provided an embedded development opportunity of 240 million square feet.
According to the latest available EDGAR data, Q1 FY2026 recorded revenue of $2.3 billion, net income of $982 million, and earnings per share of $1.05, equivalent to a calculated net margin of approximately 42.7%, while the data did not include a gross margin. On a trailing-twelve-month basis ending in FY2026, revenue totaled $8.9 billion, net income $3.7 billion, and earnings per share approximately $3.88, compared with revenue of $8.8 billion, net income of $3.3 billion, and earnings per share of $3.56 in FY2025.
The Q2 FY2026 call showed a broadening contribution from business drivers, with core funds from operations per share of $1.63 including incentive income and $1.60 excluding it, while strategic capital generated $83 million in incentive revenue. Operationally, ending occupancy reached 95.5%, same-store net operating income grew 6.4% on a net effective basis and 8.5% on a cash basis, while data center development starts since the beginning of FY2026 exceeded $2.1 billion.
The analyst consensus is Buy with an average price target of $154.15, within a wide range of $135–$170, and the average is slightly above the top of the 52-week range of $153.35. RBC Capital set a target of $160 on August 5, 2026, above the consensus average but below the $170 upper bound. Conversely, an August 4, 2026 article cited a price-to-earnings ratio of 31.2 times, placing the valuation burden on continued rent growth, efficient execution of data center investments, and the SEGRO transaction.
Figures in the text are as of 2026-08-26; the live price is shown at the top of the page.
Prologis generated core funds from operations of $1.63 per share including incentive income and $1.60 excluding it in Q2 FY2026. Ending occupancy reached 95.5% after improving 20 basis points from the previous quarter, while the company signed 67 million square feet of leases. Same-store net operating income grew 6.4% on a net effective basis and 8.5% on a cash basis, and incentive revenue totaled $83 million.
On July 16, 2026, management raised net earnings guidance to $4.40–$4.55 per share and core funds from operations guidance to $6.22–$6.30 per share. It expects average occupancy of 95.25%–95.75% and same-store net operating income growth of 5.25%–5.75% on a net effective basis and 6.75%–7.25% on a cash basis. It also raised the range for owned and managed development starts to $5.5–$6.5 billion and acquisitions to $1.5–$2 billion.
On August 4, 2026, Prologis agreed to acquire SEGRO in full in a transaction valued at approximately $18.8 billion. The offer consists of shares with a partial cash alternative of up to £3.5 billion and was unanimously recommended by the SEGRO board. The transaction aims to combine two logistics real estate platforms and expand Prologis's presence in European markets, but its size makes execution, financing, and integration critical elements of the investment outcome.
Automated analysis for informational purposes only — not investment advice.
Prologis's power pipeline reached approximately 5.8 gigawatts in Q2 FY2026, after more than doubling over two years. This pipeline represents approximately $17 billion of powered-shell investment or up to $87 billion when projects are fully delivered, and approximately 85% of it is positioned to begin development through 2030. Since the beginning of FY2026, the company has started $2.1 billion of data center projects, including a 260-megawatt build-to-suit campus with an expected investment of approximately $800 million.
The gap between in-place lease rents and market rents was 17% in Q2 FY2026, equivalent to approximately $800 million of embedded net operating income opportunity. Rent change on rollover exceeded 36% on a net effective basis and 22% on a cash basis, generating $60 million of incremental net operating income. At the U.S. market level, net absorption totaled 66 million square feet in the quarter, vacancy declined to 7.2%, and rents increased 70 basis points from the previous quarter.
An analysis dated August 24, 2026 indicated that Prologis's payout ratio was 68.4% relative to the midpoint of FY2026 core funds from operations guidance. The company had raised this guidance range to $6.22–$6.30 per share on the July 16, 2026 call. Operating earnings support the ratio through 95.5% occupancy and 8.5% cash same-store net operating income growth in Q2, while the financing needs of the SEGRO transaction and data center expansions remain factors to monitor.
