# PROLOGIS, INC. (PLD) — Stock CV

Prologis, Inc. is a $123B real estate company. Revenue grew 7.3% over the last year, it keeps 46¢ of every dollar of sales as profit, and its net debt equals ~6.5 years of free cash flow. It trades at 29.8× earnings — in the cheapest third of its own history.

> Prologis was formed by the 2011 merger of AMB Property and Prologis Trust. The company develops, acquires, and operates around 1.3 billion square feet of high-quality industrial and logistics facilities across the globe.

## Identity

- **Ticker**: PLD
- **Sector**: Real Estate
- **Industry**: Real Estate Investment Trusts
- **Headquarters**: SAN FRANCISCO, CA
- **Employees**: 2 802
- **Website**: https://www.prologis.com
- **Market cap**: $123B
- **Last price**: $129.49
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $9.19B
- **Net income**: $4.21B
- **Free cash flow**: $5.24B
- **Net debt**: $33.9B
- **P/E**: 29.8
- **Revenue growth (YoY)**: 7.3%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 42 |
| Growth | 46 |
| Profitability | 60 |
| Health | 26 |
| Quality | 42 |
| Moat | 50 |

## Qualifications (beginner checklist) — 7 of 11 passed

- [x] Revenue growing — +7.3% YoY
- [x] Profitable — $4.21B TTM
- [ ] Profit growing — -5.7% YoY
- [x] Generates cash — $5.24B TTM
- [ ] Debt under control — ~6.5y of cash flow to repay
- [x] Established company — $123B market cap
- [ ] Not printing shares — +26.8% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — Altman Z 0.1 — distress
- [x] Pays a dividend — yield 3.18%
- [x] Valuation not extreme — P/E 29.8

## Experience (career milestones)

- **FY2024** — Best year on record: $3.73B net income
- **2022** — Prologis acquired competitor Duke Realty in October 2022, for $23 billion, completing the largest commercial real…
- **FY2018** — Revenue crossed $1B: $2.80B for the year
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2011** — Completed in June 2011, the merger was one of the biggest real estate deals since the Great Recession
- **2005** — Prologis was headquartered in Aurora, Colorado, and acquired Catellus Development Corporation for $3.6…
- **2004** — The company acquired Keystone Industrial Trust for $1.6 billion
- **1998** — SCI officially changed its name to ProLogis Trust in July 1998, then active in 84 markets in 12 countries
- **1998** — ProLogis Trust acquired Meridian Industrial Trust for $862.5 million in stock
- **Nov 24, 1997** — ProLogis, Inc. (then with a capitalized L) was incorporated on November 24, 1997 under the leadership of K
- **1997** — AMB became a public company via an initial public offering
- **1991** — Real Estate entrepreneur William Sanders formed Security Capital Industrial Trust (SCI), a legacy company of…
- **1989** — AMB launched its first private equity fund in 1989, which focused on industrial and retail properties

## Strengths

- High gross margin (74.3%)
- Strongly profitable — 45.8% net margin
- Strong cash conversion — FCF is 57.0% of revenue
- Interest covered 7.4× by operating earnings

## Watch-outs

- Altman Z-Score 0.13 — elevated financial-distress risk
- Net debt equals ~6.5 years of free cash flow

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $4.76B | $2.94B | $3.00B |
| FY2022 | $5.97B | $3.36B | $4.13B |
| FY2023 | $8.33B | $3.05B | $5.37B |
| FY2024 | $8.20B | $3.73B | $4.91B |
| FY2025 | $8.79B | $3.33B | $5.01B |

---

Source: https://stockcv.com/PLD — derived from company filings; may be delayed or incomplete. Information, not investment advice.