| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 25 | 27.9x | 17.3x | Bottom tier | |
Growth | 59 | 7.2% | 7.1% | Around median | |
Quality | 39 | 5.0% | 4.5% | Bottom tier | |
Safety | 68 | — | 2.6x | Top tier | |
Capital Return | 79 | 0.02% | 0.06% | Top tier | |
Momentum | 49 | 6.2% | -1.6% | Around median | |
Sentiment | 86 | 6 | 3 | Top tier |
The floor: what the company is worth if growth stopped today
67% of today's price is what a buyer pays for growth that has not happened yet.
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, 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 operates in logistics real estate, generating revenue from leasing warehouses and industrial facilities, developing and selling properties, and managing real estate investments in partnership with investors. Its platform extends into data centers and energy, drawing on the same land, customer relationships, and development capabilities. In the fiscal 2026 quarter 2 call (ended 2026-06-30), the company described a portfolio spanning 1.3 billion square feet and a land bank of 14,000 acres supporting 240 million square feet of development.
In fiscal 2026 quarter 3 (ended 2026-09-30), revenue according to EL7 data was approximately 2.4 billion dollars, net income was 817.1 million dollars, and diluted earnings per share were 0.86 dollars. The operating margin calculated by EL7 was 39.2%. Leasing remained the core business, generating rental revenue of 2.21 billion dollars for the same period, while funds from operations were 1.61 dollars per share, exceeding expectations by 0.04 dollars; this is a different measure from accounting earnings per share.
Occupancy at the end of fiscal 2026 quarter 3 was 95.6%, with leases signed for 60 million square feet. Over the last 12 months through 2026-09-30, revenue according to EL7 data was approximately 9.4 billion dollars and net income was 4.3 billion dollars. The investment case combines continued demand for logistics space and data center expansion against a decline in quarterly net income from 1.1 billion dollars in fiscal 2026 quarter 2 to 817.1 million dollars in fiscal 2026 quarter 3.
Q3 FY2026
Last 12 months to 2026-09-30
When: 2027-01-20
Core funds from operations for fiscal 2026 (ending 2026-12-31) against the range of 6.25–6.29 dollars per share at the expected earnings announcement
Period-end occupancy against the 95.6% level recorded in fiscal 2026 quarter 3 (ended 2026-09-30) at the expected earnings announcement
The median analyst price target is 155 dollars, with a range of 135–170 dollars across 3 analysts, a low-confidence indicative estimate that reflects growth expectations and is inherently inclined toward optimism. The industry-multiple value is 140 dollars, with a range of 112–328 dollars, based on a median forward earnings multiple of 37.6 times across 15 companies; this method prices Prologis based on its peers' valuations. The no-growth value is 41 dollars, representing current after-tax operating profit remaining constant forever at a discount rate of 11.0%. The analyst target and industry-multiple value are relatively close, while the no-growth value is substantially lower, highlighting how much the first two estimates depend on continued growth and peer valuations.
Figures in the text are as of 2026-10-19; the live price is shown at the top of the page.
Prologis generates revenue from leasing logistics properties, developing and selling assets, and managing real estate investments with partners. In fiscal 2026 quarter 3 (ended 2026-09-30), rental revenue was 2.21 billion dollars, while revenue according to EL7 data was approximately 2.4 billion dollars. In fiscal 2026 quarter 2 (ended 2026-06-30), the company closed a European joint venture worth 1.2 billion dollars with La Caisse, illustrating the role of partnerships alongside direct leasing.
Diluted earnings per share were 0.86 dollars in fiscal 2026 quarter 3 (ended 2026-09-30), compared with funds from operations of 1.61 dollars per share for the same period. Prologis presents funds from operations as a non-GAAP measure alongside its accounting results, so the two figures do not represent the same profit under a single definition. In its 2026-10-15 announcement, the company set its core funds from operations range for fiscal 2026 (ending 2026-12-31) at 6.25–6.29 dollars per share, which also differs from accounting earnings per share guidance.
Automated analysis for informational purposes only — not investment advice.
The power pipeline reached 5.8 gigawatts in the 2026-07-16 call, and the company said approximately 85% was positioned to support development starts through 2030. Data center development starts during the first half of fiscal 2026 (ended 2026-06-30) totaled approximately 2.1 billion dollars, exceeding the previous annual guidance for this business. Management estimated investment for the opportunity associated with the power pipeline at between 17 billion dollars and 87 billion dollars depending on the level of fit-out, so the upper end does not represent a firm investment commitment. The ability to secure power, approvals, and capital remains central to executing this opportunity.
The gap between portfolio rents and market rents was 17% in fiscal 2026 quarter 2 (ended 2026-06-30), equivalent to an opportunity of approximately 800 million dollars in net operating income without requiring additional market rent growth. During the same period, rent increases on lease renewals exceeded 36% on a net effective rent basis and generated 60 million dollars in additional net operating income. However, management explained in the 2026-07-16 call that this gap would decline over time, so its size should not be considered constant indefinitely.
In the 2026-07-16 call, Prologis described the matter as a potential offer for SEGRO and stated that it had submitted a proposal, without announcing a completed acquisition. It declined to answer related questions for regulatory reasons concerning British takeover rules. The transaction it announced as closed in fiscal 2026 quarter 2 (ended 2026-06-30) was a European joint venture worth 1.2 billion dollars with La Caisse, which is separate from the SEGRO proposal.