Prologis PLD

NYSE · Real Estate Investment Trusts · $122.5B

$128.55−2.14%Nov 5 close · Databento

Every report since 2023 →

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PLD Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $128.551D −2.14%3M −7.36%SMA20 $128.18SMA50 $131.90RSI(14) 47.9

128.55

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 47.9

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$122.5B

Enterprise value$156.4B

Revenue$8.8B +7.2%

ROIC3.8%

EPS, diluted$3.56 −11.2%

Modern Valuation (EOD)

Market Cap$122.5B

Enterprise Value$156.4B

EV / True FCF—

EV / FCF—

EV / Gross Profit—

EV / EBIT35.88

EV / Sales17.79

P / E (GAAP)36.80

P / FCF—

P / Oper. CF24.45

P / Book2.12

Owner & Cash Yields

True FCF Yield—

FCF Yield—

Owner Earn. Yield—

Earnings Yield2.7%

Shareholder Yield+2.9%

Buyback Yield—

Dividend Yield0.02%

Dividend / sh$0.03

Payout Ratio113%

FCF / sh—

EPS (diluted)$3.56

Compounder & Returns

Rule of 40—

ROIC3.8%

Cash ROIC (CROIC)—

GP / Assets—

ROE5.8%

ROA3.4%

Gross Margin—

Oper. Margin49.6%

Net Margin37.9%

FCF Margin—

True FCF Margin—

Quality & Dilution

Cash Conversion—

Accrual Ratio−1.7%

SBC % of FCF—

SBC % of Rev2.1%

Reinvest. Rate—

Sales Growth Y/Y+7.2%

Sales 3Y CAGR+13.7%

EPS Growth Y/Y−11.2%

FCF Growth Y/Y—

FCF 3Y CAGR—

Share Change Y/Y+0.3%

Balance Sheet & Scale

Revenue (FY)$8.8B

Gross Profit (FY)—

Oper. Income (FY)$4.4B

GAAP Net Income$3.3B

True FCF (ex-SBC)—

Cash & Equiv$1.1B

Total Debt$35.0B

Net Cash (Debt)$-33.9B

Net Cash % MCap−27.7%

Debt / FCF (yrs)—

Current Ratio—932.34M sh

Price & Technicals (EOD)

Perf Week+0.41%

Perf Month+0.98%

Perf Quarter−8.28%

Perf Half Y−9.66%

Perf YTD−11.36%

SMA 20 Dist+0.29%$128.18

SMA 50 Dist−2.54%$131.90

SMA 100 Dist−6.32%$137.22

Window High−14.33%$150.06

Window Low+3.59%$124.09

RSI (14) · Vol47.924%v

Income Distribution & Cash Flow ConversionHow every dollar of PLD revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$0 ($0.0 / $100)

Operating Expenses$4.4B ($50.4 / $100)

Tax & Non-Operating$1.0B ($11.7 / $100)

Net Profit Kept$3.3B ($37.9 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$3.3B (37.9% margin)

Operating Cash Flow (OCF)$5.0B(57.0% of rev)

Less: Capital Expenditures—

Standard Free Cash Flow (FCF)—

Less: Stock-Based Comp (SBC)−$185.5M

True FCF (Owner Cash ex-SBC)—

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$4.8B	$6.0B	$8.0B	$8.2B	$8.8B	+7.2%	+16.6%
Total Operating Expenses	—	$-1.5B	$-2.1B	$-2.1B	$-2.3B	−8.4%	—
Operating Income (EBIT)	$3.2B	$3.5B	$3.7B	$4.4B	$4.4B	−1.3%	+8.0%
Interest Expense	$266.2M	$309.0M	$641.3M	$863.9M	$1.0B	+16.0%	+39.3%
Income Tax Expense	$174.3M	$135.4M	$211.0M	$166.9M	$204.0M	+22.2%	+4.0%
GAAP Net Income	$2.9B	$3.4B	$3.1B	$3.7B	$3.3B	−10.8%	+3.2%
Diluted EPS	$3.94	$4.25	$3.29	$4.01	$3.56	−11.2%	−2.5%
Diluted Shares	764.8M	811.6M	951.8M	953.6M	956.8M	+0.3%	+5.8%
Balance Sheet
Cash & Equivalents	$556.0M	$278.0M	$530.0M	$1.3B	$1.1B	−13.1%	+19.8%
Total Assets	$58.5B	$87.9B	$93.0B	$95.3B	$98.7B	+3.6%	+14.0%
Total Debt (Short + Long Term)	$215.3M	$23.9B	$29.0B	$30.9B	$35.0B	+13.5%	+257.2%
Total Liabilities	$20.7B	$30.0B	$35.2B	$36.7B	$41.0B	+11.6%	+18.5%
Stockholders' Equity	$37.7B	$57.9B	$57.8B	$58.6B	$57.8B	−1.5%	+11.2%
Net Cash / (Net Debt)	$340.7M	$-23.6B	$-28.5B	$-29.6B	$-33.9B	−14.7%	—
Invested Capital	$37.4B	$81.5B	$86.3B	$88.2B	$91.6B	+3.9%	+25.1%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$3.0B	$4.1B	$5.4B	$4.9B	$5.0B	+2.0%	+13.7%
Depreciation & Amortization (D&A)	$1.6B	$1.8B	$2.5B	$2.6B	$2.6B	+1.8%	+13.6%
Stock-Based Compensation (SBC)	$113.0M	$175.4M	$267.6M	$231.7M	$185.5M	−20.0%	+13.2%
Dividends Paid	$1.9B	$2.5B	$3.2B	$3.6B	$3.8B	+5.4%	+19.1%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what PLD did at the next close after each story

No Wire story has named PLD yet.

What happened · big days

21 big days in a year, and what we hold on each

A big day is a close more than 2.33% from the one before, three times PLD’s median day (0.78%). On 8 of the 21, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±2.33%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayPLDWhat we hold that dayGroup (median of 4) · each

1 Dec 16, 2025−2.33%
Before our storiesgroup −0.5%, did not move with it
1Dec 16, 2025−2.33%
Before our stories
−0.5% did not move with itSPG −0.9 · AMT −0.6 · EQIX −0.4 · WELL −0.0
2 Jan 22, 2026−3.41%
Before our storiesgroup −0.5%, did not move with it
2Jan 22, 2026−3.41%
Before our stories
−0.5% did not move with itWELL −2.2 · AMT −0.7 · EQIX −0.3 · SPG −0.0
3 Jan 29, 2026+2.58%
Before our storiesgroup +1.7%, moved with PLD
3Jan 29, 2026+2.58%
Before our stories
+1.7% moved with PLDSPG +3.3 · AMT +2.2 · EQIX +1.2 · WELL +0.9
4 Feb 10, 2026+2.33%
Before our storiesgroup +0.8%, did not move with it
4Feb 10, 2026+2.33%
Before our stories
+0.8% did not move with itAMT +2.8 · WELL +1.8 · EQIX −0.1 · SPG −0.1
5 Feb 12, 2026−2.50%
Before our storiesgroup +2.2%, did not move with it
5Feb 12, 2026−2.50%
Before our stories
+2.2% did not move with itSPG −1.7 · WELL +0.1 · AMT +4.3 · EQIX +10.4
6 Mar 6, 2026−2.40%
Before our storiesgroup −1.0%, did not move with it
6Mar 6, 2026−2.40%
Before our stories
−1.0% did not move with itSPG −3.1 · EQIX −1.7 · WELL −0.4 · AMT +0.5
7 Mar 20, 2026−2.35%
Before our storiesgroup −3.4%, moved with PLD
7Mar 20, 2026−2.35%
Before our stories
−3.4% moved with PLDWELL −4.9 · SPG −3.5 · AMT −3.3 · EQIX −1.6
8 Mar 31, 2026+2.64%
Before our storiesgroup +1.5%, moved with PLD
8Mar 31, 2026+2.64%
Before our stories
+1.5% moved with PLDSPG +2.3 · EQIX +1.7 · AMT +1.3 · WELL +1.2
9 Apr 8, 2026+3.15%
Before our storiesgroup +1.4%, did not move with it
9Apr 8, 2026+3.15%
Before our stories
+1.4% did not move with itSPG +1.8 · WELL +1.6 · AMT +1.2 · EQIX +1.0
10 Jun 1, 2026−3.10%
Before our storiesgroup −1.4%, did not move with it
10Jun 1, 2026−3.10%
Before our stories
−1.4% did not move with itWELL −3.9 · EQIX −1.6 · SPG −1.1 · AMT +0.3
11 Jun 9, 2026+3.32%
Before our storiesgroup +1.6%, did not move with it
11Jun 9, 2026+3.32%
Before our stories
+1.6% did not move with itWELL +3.4 · SPG +2.2 · AMT +0.9 · EQIX −0.3
12 Jun 17, 2026−3.55%
Nothing on PLDgroup −2.2%, moved with PLD
12Jun 17, 2026−3.55%
Nothing on PLDNo PLD story, brief or results filing in our record that day
−2.2% moved with PLDWELL −3.3 · SPG −2.5 · AMT −1.8 · EQIX −0.6
13 Jun 22, 2026+2.34%
Nothing on PLDgroup +1.9%, moved with PLD
13Jun 22, 2026+2.34%
Nothing on PLDNo PLD story, brief or results filing in our record that day
+1.9% moved with PLDWELL +2.3 · EQIX +2.2 · SPG +1.5 · AMT +0.2
14 Jun 24, 2026−3.02%
Nothing on PLDgroup −0.1%, did not move with it
14Jun 24, 2026−3.02%
Nothing on PLDNo PLD story, brief or results filing in our record that day
−0.1% did not move with itAMT −2.7 · EQIX −1.9 · WELL +1.7 · SPG +2.5
15 Jun 30, 2026−2.46%
Nothing on PLDgroup −2.4%, moved with PLD
15Jun 30, 2026−2.46%
Nothing on PLDNo PLD story, brief or results filing in our record that day
−2.4% moved with PLDEQIX −3.9 · AMT −3.0 · SPG −1.7 · WELL −0.3
16 Jul 7, 2026+2.43%
Nothing on PLDgroup +2.0%, moved with PLD
16Jul 7, 2026+2.43%
Nothing on PLDNo PLD story, brief or results filing in our record that day
+2.0% moved with PLDEQIX +2.4 · WELL +2.1 · AMT +1.9 · SPG +1.0
17 Jul 16, 2026+4.63%
Resultsgroup +1.5%, did not move with it
17Jul 16, 2026+4.63%
ResultsFirst close after the Jul 16 results filing
+1.5% did not move with itWELL +3.5 · SPG +2.9 · AMT +0.2 · EQIX −1.3
18 Jul 22, 2026−3.49%
Nothing on PLDgroup −0.1%, did not move with it
18Jul 22, 2026−3.49%
Nothing on PLDNo PLD story, brief or results filing in our record that day
−0.1% did not move with itWELL −0.5 · SPG −0.3 · EQIX +0.1 · AMT +1.6
19 Aug 4, 2026−3.54%
Nothing on PLDgroup +0.3%, did not move with it
19Aug 4, 2026−3.54%
Nothing on PLDNo PLD story, brief or results filing in our record that day
+0.3% did not move with itSPG −1.4 · WELL −0.7 · AMT +1.3 · EQIX +1.9
20 Oct 15, 2026−2.70%
Resultsgroup +1.1%, did not move with it
20Oct 15, 2026−2.70%
ResultsFirst close after the Oct 15 results filing
+1.1% did not move with itEQIX +0.0 · WELL +1.1 · AMT +1.1 · SPG +2.4
21 Oct 20, 2026+2.72%
Nothing on PLDgroup +1.6%, moved with PLD
21Oct 20, 2026+2.72%
Nothing on PLDNo PLD story, brief or results filing in our record that day
+1.6% moved with PLDSPG +2.2 · WELL +2.0 · EQIX +1.2 · AMT +0.3

A story on the same day is not a cause, and a group move is not proof either. Group: the median of WELL, EQIX, AMT and SPG that day, the largest companies in PLD’s SEC industry; “moved with PLD” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). PLD reports before the open, so day 1 is that day’s close. 3 of 4 times, day 6 ended on the same side as day 1.

Reported Jan 21, 2026

day 1+0.25%day 6−2.81%

Reported Apr 16, 2026

day 1+1.72%day 6+1.84%

Reported Jul 16, 2026

day 1+4.63%day 6+1.19%

Reported Oct 15, 2026

day 1−2.70%day 6−2.91%

Next report: expected mid-to-late JanuaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 15 report: +0.69%. Four reports is a small sample.

Every report since 2023 →

Each line is PLD’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

PLD against four REIT peers, a year at 100

PLD is up 4.6% in a year. Welltower is up 30.3%, Equinix 27.8%, Simon Property 24.5% and American Tower 9.5%. All four did more. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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PLD +4.6%. Welltower +30.3%, Equinix +27.8%, Simon Property +24.5%, American Tower +9.5%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in PLD’s SEC industry (Real Estate Investment Trusts) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

WELL	Welltower	$178.7B	—
EQIX	Equinix	$104.0B	—
AMT	American Tower	$90.8B	—
SPG	Simon Property	$74.6B	—
DLR	Digital Realty Trust	$65.0B	—
PSA	Public Storage	$60.2B	—
O	Realty Income	$56.0B	—
VTR	Ventas	$45.8B	—