# Prologis, Inc. (PLD)

> Source: Nexqual · https://nexqual.com/PLD · data as of 2026-10-22 20:02 UTC · cite as "Nexqual, Prologis, Inc. (PLD), nexqual.com/PLD" · informational, not investment advice.

**Price:** USD 126.66 (-0.74% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 127.6 · day 125.17–127.87 · 52w 121.4–153.35 · market cap $123B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $9.19B, net income $4.29B (46.7% margin) (SEC filings).
- Valuation: P/E 28.7x (avg 35.1x at the last 3 fiscal year-ends), EV/EBITDA 20.3x, net debt $34.7B.
- 3 of 80 tracked superinvestors hold PLD (13F, Q2 2026): 0 new, 1 added, 2 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $8.0M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.94 on a 1–5 scale) (17 analysts), mean target USD 153.14 (range 136–170).
- Total return with dividends: 1Y +3.9% vs S&P 500 +14.9%; 5Y +1.9% vs S&P 500 +80.3%.
- Next earnings: 2027-01-20, EPS estimate USD 0.72, revenue estimate $2.25B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.76B | $5.97B | $8.02B | $8.20B | $8.79B | $9.19B |
| Operating income | $3.21B | $3.47B | $3.71B | $4.42B | $4.36B | $5.03B |
| Net income | $2.94B | $3.36B | $3.06B | $3.73B | $3.33B | $4.29B |
| EPS (diluted) | $3.94 | $4.25 | $3.29 | $4.01 | $3.56 | — |
| Operating margin | 67.4% | 58.0% | 46.2% | 53.8% | 49.6% | 54.7% |
| Net margin | 61.8% | 56.3% | 38.1% | 45.5% | 37.9% | 46.7% |
| Revenue growth | +7.2% | +25.5% | +34.3% | +2.2% | +7.2% | — |
| Cash + short-term investments | $556M | $278M | $530M | $1.32B | $1.15B | — |
| Total debt | $215M | $23.9B | $29.0B | $30.9B | $35.0B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 28.7x · P/S 13.4x · EV/EBITDA 20.3x · EV/Sales 17.2x · P/B 2.3x · Earnings yield 3.48% · Dividend yield (paid, TTM) 3.16% · Net debt $34.7B · EV $158B
P/E at fiscal year-ends: Dec 2025 36.7x, Dec 2024 27.0x, Dec 2023 41.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold PLD. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Torray Funds |  | 2.45% | $18.2M | Added +0.5% |
| Third Avenue Management |  | 2.27% | $14.2M | Reduced -16.8% |
| Christopher Davis | Davis Advisors | 0.10% | $24.2M | Reduced -2.2% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
2 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-16 | Moghadam Hamid | Director | 50,000 | $7.5M | 2.6% | Yes (adopted March 31, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-15 | Arndt Timothy D | Chief Financial Officer | 3,597 | $540K | 100% | Yes (adopted November 26, 2025) | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.94 on a 1–5 scale), 17 analysts; mean target USD 153.14 (low 136, high 170).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Raymond James | Upgrade | Market Perform → Outperform | $163 |
| 2026-10-20 | Baird | Target lowered | Neutral | $140 → $136 |
| 2026-10-16 | BTIG | Reiterated | Buy | $170 |
| 2026-10-13 | Scotiabank | Upgrade | Sector Perform → Sector Outperform | $150 |
| 2026-09-01 | Wells Fargo | Target lowered | Overweight | $167 → $166 |
| 2026-08-05 | RBC Capital | Upgrade | Sector Perform → Outperform | $148 → $160 |
| 2026-07-23 | Scotiabank | Target raised | Sector Perform | $146 → $150 |
| 2026-07-21 | Truist Securities | Target raised | Buy | $154 → $162 |
| 2026-07-17 | Mizuho | Target raised | Outperform | $150 → $159 |
| 2026-07-16 | Barclays | Target raised | Overweight | $139 → $156 |
| 2026-07-01 | BTIG | Target raised | Buy | $160 → $170 |
| 2026-06-29 | BMO Capital | Target lowered | Outperform | $162 → $158 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +3.9% | +1.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +3.9% | +0.4% |
| Volatility (annualized) | 20.4% | 27.6% |
| Max drawdown | -16.6% (Jul 2026→Oct 2026) | -40.2% (Apr 2022→Oct 2022) |

## Peers (REIT - Industrial)
PSA (Public Storage) USD 309.13 +3.63% · EXR (Extra Space Storage Inc) USD 143.19 +2.37% · EGP (EastGroup Properties, Inc.) USD 202.7 -0.30% · CUBE (CubeSmart) USD 40.15 +3.05% · LINE (Lineage, Inc.) USD 35.09 +2.42% · REXR (Rexford Industrial Realty, Inc.) USD 36.28 -1.41%

## More
Full page: https://nexqual.com/PLD · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name PLD in their own reports (relationship from PLD's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Sow Good Inc. (SOWG) | 10-K 2026-03-31 | "On October 26, 2023, the Company entered into a lease agreement with Prologis, Inc., a Maryland corporation." |
| supplier | Electra Battery Materials Corp (ELBM) | 20-F 2026-03-30 | "Ms. Uthayakumar is the current Chief Energy and Sustainability Officer at Prologis Inc. Susan Uthayakumar leads the Prologis' customer-focused sustainability and energy solutions business as Chief Ene…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Real Estate Operations | $2.18B | 90.0% | +7.2% | $1.63B | 74.8% |
| Strategic Capital | $241.6M | 10.0% | +64.2% | $146.0M | 60.4% |
| Corporate costs (not allocated) | — | — | — | $1.25B | — |
| Total revenue | $2.43B | 100% | — | $1.78B | 73.3% |

## Company outlook (8-K filed 2026-10-15)

- "At September 30, 2026, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 1.3 billion square feet (123 million square meters) in 20 countries."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $0.71 | $0.77 | -7.1% | $2.25B | 2 |
| Next quarter (ends 2027-03-31) | $0.83 | $0.91 | -8.3% | $2.27B | 2 |
| Current fiscal year (ends 2026-12-31) | $3.31 | $3.26 | +1.5% | $8.76B | 3 |
| Next fiscal year (ends 2027-12-31) | $3.21 | $3.40 | -5.6% | $9.48B | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-02-19 (includes earnings 2027-01-20): ±10.8%; earnings reaction alone ±2.8%; last 8 reports averaged ±3.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 24.7% | ±5.7% |
| 2026-12-18 | 56 | 24.0% | ±7.9% |
| 2027-01-15 | 84 | 22.8% | ±8.8% |
| 2027-02-19 | 119 | 23.5% | ±10.8% |
| 2027-03-19 | 147 | 24.4% | ±12.5% |
| 2027-05-21 | 210 | 24.9% | ±15.0% |
| 2027-06-17 | 237 | 24.4% | ±15.6% |
| 2027-09-17 | 329 | 25.5% | ±18.9% |