PerpEquities

Equity

Is Prologis (PLD) tradable as a perp? Not yet

Prologis, Inc. creates intelligent infrastructure for global commerce, connecting digital and physical worlds with agile supply chains and clean energy solutions.

Not yet listed on any perp exchange

No perpetual-futures venue lists PLD yet. We track it continuously; as soon as the first listing appears, this page becomes a full market page. Until then: fundamentals below and tradable alternatives.

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Company data

Company fundamentals

Updated 5h ago
Market cap
$125.8B
Updated 5h ago
Revenue
$9.2B
Trailing 12 months
Revenue growth
-2%
Next fiscal year
Profit margin
+45.8%
P/E
30.0
Peer P/E 1.8
Free cash flow
$5.2B
Trailing 12 months
More metrics
Net income
$4.2B
Trailing 12 months
P/S
13.7
Peer P/E
1.8
Similar listed perps
Revenue estimate
$8.6B
Next fiscal year
Earnings
2026-10-15
Revenue est. $2.2B · Updated 5h ago
Dividend
$1.07
2026-09-16

Fundamental detail

Annual + quarterly
Latest revenue$8.8B
Net margin+38.8%
Free cash flow$5B
Net debt$33.9B
2020$4.4B
2021$4.8B
2022$6B
2023$8B
2024$8.2B
2025$8.8B
PeriodRevenueGrowthNet incomeFCF
2020$4.4B+33%$1.5B$1.7B
2021$4.8B+7%$2.9B$2.5B
2022$6B+26%$3.4B$3.6B
2023$8B+34%$3.1B$5.4B
2024$8.2B+2%$3.7B$4.9B
2025$8.8B+7%$3.4B$5B
PeriodGross marginOperating marginNet marginROEROA
2020+73.6%+47.7%+33.4%+4.6%+2.6%
2021+73.8%+67.4%+61.8%+8.8%+5.0%
2022+74.7%+58.0%+56.3%+6.3%+3.8%
2023+74.9%+46.2%+38.1%+5.8%+3.3%
2024+74.9%+53.8%+45.5%+6.9%+3.9%
2025+59.6%+40.2%+38.8%+6.4%+3.5%
PeriodCashDebtNet debtCurrent ratio
2020$598.1M$17.3B$16.7B1.36
2021$556.1M$18.2B$17.6B0.97
2022$278.5M$24.5B$24.2B0.46
2023$530.4M$29.6B$29.1B0.55
2024$1.3B$31.5B$30.2B0.92
2025$1.1B$35B$33.9B0.23
PeriodMarket capEnterprise valueP/SP/E
2020$74.7B$91.4B16.850.6
2021$128B$145.6B26.943.6
2022$91.2B$115.4B15.327.2
2023$126.3B$155.4B15.740.4
2024$97.9B$128.1B11.926.2
2025$119.8B$153.7B13.635.8
Q3 2024$2B
Q4 2024$2.2B
Q1 2025$2.1B
Q2 2025$2.2B
Q3 2025$2.2B
Q4 2025$2.3B
Q1 2026$2.3B
Q2 2026$2.4B
PeriodRevenueGrowthNet incomeFCF
Q3 2024$2B+6%$1B$1.4B
Q4 2024$2.2B+16%$1.3B$1.3B
Q1 2025$2.1B+9%$593M$1.2B
Q2 2025$2.2B+9%$571.2M$1.2B
Q3 2025$2.2B+9%$764.3M$1.4B
Q4 2025$2.3B+2%$1.4B$1.2B
Q1 2026$2.3B+7%$982M$1.1B
Q2 2026$2.4B+11%$1.1B$1.5B
PeriodGross marginOperating marginNet marginROEROA
Q3 2024+76.0%+61.4%+49.4%+1.9%+1.0%
Q4 2024+76.4%+64.6%+58.1%+2.4%+1.3%
Q1 2025+74.3%+41.1%+27.7%+1.1%+0.6%
Q2 2025+74.7%+41.8%+26.2%+1.1%+0.6%
Q3 2025+45.7%+40.3%+34.5%+1.5%+0.8%
Q4 2025+44.6%+37.8%+62.1%+2.6%+1.4%
Q1 2026+10.1%+36.0%+42.7%+1.8%+1.0%
Q2 2026+17.3%+39.6%+43.8%+2.0%+1.1%
PeriodCashDebtNet debtCurrent ratio
Q3 2024$780.9M$32.3B$31.5B0.45
Q4 2024$1.3B$31.5B$30.2B0.92
Q1 2025$671.1M$32.3B$31.6B0.57
Q2 2025$1.1B$34.7B$33.6B0.61
Q3 2025$1.2B$35.3B$34.1B0.75
Q4 2025$1.1B$35B$33.9B0.23
Q1 2026$861.1M$34.7B$33.8B0.39
Q2 2026$1.8B$36.4B$34.7B0.70
PeriodMarket capEnterprise valueP/SP/E
Q3 2024$117B$148.5B57.429.2
Q4 2024$97.9B$128.1B44.519.1
Q1 2025$103.7B$135.3B48.543.0
Q2 2025$97.6B$131.2B44.743.1
Q3 2025$106.4B$140.5B48.034.9
Q4 2025$119.8B$153.7B53.221.4
Q1 2026$123.1B$156.9B53.631.5
Q2 2026$126.4B$161.1B52.129.7

Refreshed 5h ago

Charts: revenue, profit, cash flow & valuation
Revenue$2.4BQ2 2026
$606.4M$1.2B$1.8B$2.4BQ3 2023: $1.9BQ4 2023: $1.9BQ1 2024: $2BQ2 2024: $2BQ3 2024: $2BQ4 2024: $2.2BQ1 2025: $2.1BQ2 2025: $2.2BQ3 2025: $2.2BQ4 2025: $2.3BQ1 2026: $2.3BQ2 2026: $2.4BQ3 2023Q2 2026
Net income$1.1BQ2 2026
$349.9M$699.9M$1B$1.4BQ3 2023: $747.6MQ4 2023: $630.9MQ1 2024: $585.7MQ2 2024: $861.3MQ3 2024: $1BQ4 2024: $1.3BQ1 2025: $593MQ2 2025: $571.2MQ3 2025: $764.3MQ4 2025: $1.4BQ1 2026: $982MQ2 2026: $1.1BQ3 2023Q2 2026
EBITDA$2.2BQ2 2026
$573.8M$1.1B$1.7B$2.3BQ3 2023: $1.7BQ4 2023: $1.5BQ1 2024: $1.5BQ2 2024: $1.8BQ3 2024: $1.9BQ4 2024: $2.3BQ1 2025: $1.6BQ2 2025: $1.6BQ3 2025: $1.8BQ4 2025: $2.3BQ1 2026: $2.1BQ2 2026: $2.2BQ3 2023Q2 2026
Free cash flow$1.5BQ2 2026
$445.9M$891.8M$1.3B$1.8BQ3 2023: $1.8BQ4 2023: $810.1MQ1 2024: $921MQ2 2024: $878.9MQ3 2024: $1.4BQ4 2024: $1.3BQ1 2025: $1.2BQ2 2025: $1.2BQ3 2025: $1.4BQ4 2025: $1.2BQ1 2026: $1.1BQ2 2026: $1.5BQ3 2023Q2 2026
EPS$1.13Q2 2026
$0.37$0.75$1.12$1.49Q3 2023: $0.77Q4 2023: $0.68Q1 2024: $0.63Q2 2024: $0.9Q3 2024: $1.08Q4 2024: $1.37Q1 2025: $0.63Q2 2025: $0.6Q3 2025: $0.82Q4 2025: $1.49Q1 2026: $1.05Q2 2026: $1.13Q3 2023Q2 2026
Cash / Debt$1.8BQ2 2026
$9.1B$18.2B$27.3B$36.4BQ3 2023 · Cash: $740.8MQ3 2023 · Debt: $27.6BQ4 2023 · Cash: $530.4MQ4 2023 · Debt: $29.6BQ1 2024 · Cash: $500.6MQ1 2024 · Debt: $29.6BQ2 2024 · Cash: $598.3MQ2 2024 · Debt: $29.9BQ3 2024 · Cash: $780.9MQ3 2024 · Debt: $32.3BQ4 2024 · Cash: $1.3BQ4 2024 · Debt: $31.5BQ1 2025 · Cash: $671.1MQ1 2025 · Debt: $32.3BQ2 2025 · Cash: $1.1BQ2 2025 · Debt: $34.7BQ3 2025 · Cash: $1.2BQ3 2025 · Debt: $35.3BQ4 2025 · Cash: $1.1BQ4 2025 · Debt: $35BQ1 2026 · Cash: $861.1MQ1 2026 · Debt: $34.7BQ2 2026 · Cash: $1.8BQ2 2026 · Debt: $36.4BQ3 2023Q2 2026
CashDebt
Profitability+17.3%Q2 2026
+19.1%+38.2%+57.3%+76.4%Q3 2023 · Gross margin: +73.9%Q4 2023 · Gross margin: +74.2%Q1 2024 · Gross margin: +72.8%Q2 2024 · Gross margin: +74.3%Q3 2024 · Gross margin: +76.0%Q4 2024 · Gross margin: +76.4%Q1 2025 · Gross margin: +74.3%Q2 2025 · Gross margin: +74.7%Q3 2025 · Gross margin: +45.7%Q4 2025 · Gross margin: +44.6%Q1 2026 · Gross margin: +10.1%Q2 2026 · Gross margin: +17.3%Q3 2023 · Operating margin: +46.1%Q4 2023 · Operating margin: +44.2%Q1 2024 · Operating margin: +36.8%Q2 2024 · Operating margin: +51.0%Q3 2024 · Operating margin: +61.4%Q4 2024 · Operating margin: +64.6%Q1 2025 · Operating margin: +41.1%Q2 2025 · Operating margin: +41.8%Q3 2025 · Operating margin: +40.3%Q4 2025 · Operating margin: +37.8%Q1 2026 · Operating margin: +36.0%Q2 2026 · Operating margin: +39.6%Q3 2023 · Net margin: +39.0%Q4 2023 · Net margin: +33.4%Q1 2024 · Net margin: +29.9%Q2 2024 · Net margin: +42.9%Q3 2024 · Net margin: +49.4%Q4 2024 · Net margin: +58.1%Q1 2025 · Net margin: +27.7%Q2 2025 · Net margin: +26.2%Q3 2025 · Net margin: +34.5%Q4 2025 · Net margin: +62.1%Q1 2026 · Net margin: +42.7%Q2 2026 · Net margin: +43.8%Q3 2023Q2 2026
Gross marginOperating marginNet margin
Revenue growth+11.1%Q2 2026
+4.1%+8.2%+12.4%+16.5%Q3 2024: +6.4%Q4 2024: +16.5%Q1 2025: +9.4%Q2 2025: +8.8%Q3 2025: +8.7%Q4 2025: +2.4%Q1 2026: +7.4%Q2 2026: +11.1%Q3 2023Q2 2026
Shares outstanding957.9MQ2 2026
243.8M487.6M731.4M975.2MQ3 2023: 975.2MQ4 2023: 952.4MQ1 2024: 953.9MQ2 2024: 953.2MQ3 2024: 953.8MQ4 2024: 953.6MQ1 2025: 956.1MQ2 2025: 956.1MQ3 2025: 956.6MQ4 2025: 958MQ1 2026: 957.6MQ2 2026: 957.9MQ3 2023Q2 2026
Valuation29.7Q2 2026
16.332.648.965.2Q3 2023 · P/E: 35.5Q4 2023 · P/E: 49.0Q1 2024 · P/E: 50.8Q2 2024 · P/E: 30.1Q3 2024 · P/E: 29.2Q4 2024 · P/E: 19.1Q1 2025 · P/E: 43.0Q2 2025 · P/E: 43.1Q3 2025 · P/E: 34.9Q4 2025 · P/E: 21.4Q1 2026 · P/E: 31.5Q2 2026 · P/E: 29.7Q3 2023 · P/S: 55.5Q4 2023 · P/S: 65.2Q1 2024 · P/S: 60.5Q2 2024 · P/S: 51.6Q3 2024 · P/S: 57.4Q4 2024 · P/S: 44.5Q1 2025 · P/S: 48.5Q2 2025 · P/S: 44.7Q3 2025 · P/S: 48.0Q4 2025 · P/S: 53.2Q1 2026 · P/S: 53.6Q2 2026 · P/S: 52.1Q3 2023Q2 2026
P/EP/S
Revenue$8.8B2025
$2.2B$4.4B$6.6B$8.8B2018: $2.8B2019: $3.3B2020: $4.4B2021: $4.8B2022: $6B2023: $8B2024: $8.2B2025: $8.8B20182025
Net income$3.4B2025
$932.9M$1.9B$2.8B$3.7B2018: $1.6B2019: $1.6B2020: $1.5B2021: $2.9B2022: $3.4B2023: $3.1B2024: $3.7B2025: $3.4B20182025
EBITDA$7.2B2025
$1.9B$3.8B$5.6B$7.5B2018: $3B2019: $3.1B2020: $3.6B2021: $5.2B2022: $5.8B2023: $6.6B2024: $7.5B2025: $7.2B20182025
Free cash flow$5B2025
$1.3B$2.7B$4B$5.4B2018: $887.9M2019: $1.9B2020: $1.7B2021: $2.5B2022: $3.6B2023: $5.4B2024: $4.9B2025: $5B20182025
EPS$3.542025
$1.03$2.07$3.1$4.132018: $2.792019: $2.42020: $1.952021: $3.842022: $4.132023: $3.292024: $4.012025: $3.5420182025
Cash / Debt$1.1B2025
$8.8B$17.5B$26.3B$35B2018 · Cash: $343.9M2018 · Debt: $11.1B2019 · Cash: $1.1B2019 · Debt: $12.4B2020 · Cash: $598.1M2020 · Debt: $17.3B2021 · Cash: $556.1M2021 · Debt: $18.2B2022 · Cash: $278.5M2022 · Debt: $24.5B2023 · Cash: $530.4M2023 · Debt: $29.6B2024 · Cash: $1.3B2024 · Debt: $31.5B2025 · Cash: $1.1B2025 · Debt: $35B20182025
CashDebt
Profitability+59.6%2025
+18.7%+37.5%+56.2%+74.9%2018 · Gross margin: +73.0%2019 · Gross margin: +72.4%2020 · Gross margin: +73.6%2021 · Gross margin: +73.8%2022 · Gross margin: +74.7%2023 · Gross margin: +74.9%2024 · Gross margin: +74.9%2025 · Gross margin: +59.6%2018 · Operating margin: +60.2%2019 · Operating margin: +55.5%2020 · Operating margin: +47.7%2021 · Operating margin: +67.4%2022 · Operating margin: +58.0%2023 · Operating margin: +46.2%2024 · Operating margin: +53.8%2025 · Operating margin: +40.2%2018 · Net margin: +58.8%2019 · Net margin: +47.2%2020 · Net margin: +33.4%2021 · Net margin: +61.8%2022 · Net margin: +56.3%2023 · Net margin: +38.1%2024 · Net margin: +45.5%2025 · Net margin: +38.8%20182025
Gross marginOperating marginNet margin
Revenue growth+7.2%2025
+8.6%+17.2%+25.7%+34.3%2019: +18.8%2020: +33.3%2021: +7.2%2022: +25.5%2023: +34.3%2024: +2.2%2025: +7.2%20182025
Shares outstanding958M2025
239.5M479M718.5M958M2018: 590.2M2019: 673.4M2020: 775.2M2021: 785.7M2022: 834.8M2023: 951.8M2024: 953.6M2025: 958M20182025
Valuation35.82025
12.625.337.950.62018 · P/E: 20.22019 · P/E: 37.02020 · P/E: 50.62021 · P/E: 43.62022 · P/E: 27.22023 · P/E: 40.42024 · P/E: 26.22025 · P/E: 35.82018 · P/S: 11.92019 · P/S: 17.42020 · P/S: 16.82021 · P/S: 26.92022 · P/S: 15.32023 · P/S: 15.72024 · P/S: 11.92025 · P/S: 13.620182025
P/EP/S

Research data

Analysts, filings and peer context

Estimates

6
DateEPS estimateRevenue estimateGrowthAnalysts
FY 20263.64$8.6B-2%4
FY 20273.65$9.4B+7%3
FY 20283.95$10.1B+15%3
FY 20294.74$10.4B+18%1
FY 20305.31$11.1B+26%1
Q1 20290.00$2.5B+8%0

Company events

6
2026-10-15EarningsActual - / Estimate 0.81-
2026-09-16Dividend$1.07-
2026-07-16EarningsActual 1.13 / Estimate 0.75Beat
2026-06-16Dividend$1.07-
2026-04-16EarningsActual 1.05 / Estimate 0.81Beat
2026-03-17Dividend$1.07-

Peer comparison

Similar listed perps
NameMarket capP/SP/EProfit marginVenues
AGNC$11.3B3.75.0+72.0%1OPEN$2.5B0.6-1.4-46.7%1

Analyst track record

How the analysts covering PLD have done: ratings, price-target accuracy and the measured reaction after their calls.

12 months3 years
Ratings97344
Analysts2231
Buy / hold / sell68 / 28 / 1245 / 87 / 12
Upgrades / downgrades / initiations4 / 3 / 29 / 13 / 2
Price targets hit / missed20 / 68 (23%)174 / 143 (55%)
Avg. return after a rating (TipRanks)-6.9%+1.8%
Best / worst call+28.7% / -20.5%+42.3% / -20.5%

After buy calls on this stock: median 21-day move +2.1% vs S&P 500 -0.9% (n = 247)

Most accurate on this stock

Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.

  1. Ronald KamdemMorgan Stanley65% hit rate on this stock · 17 targets measuredHoldtarget $151May 27, 2026
  2. Brendan LynchBarclays58% hit rate on this stock · 19 targets measuredBuytarget $156Jul 27, 2026
  3. John KimBMO Capital50% hit rate on this stock · 10 targets measuredBuytarget $163Aug 5, 2026

Latest ratings

DateAnalystCallTarget
Sep 1, 2026Blaine HeckWells FargoBuyReiterated$166article ↗
Aug 6, 2026Unknown AnalystJefferiesBuyMaintained$168article ↗
Aug 5, 2026John KimBMO CapitalBuyMaintained$163article ↗
Aug 4, 2026Michael CarrollRBC CapitalBuyUpgraded$160article ↗
Aug 3, 2026Nicholas YulicoScotiabankHoldMaintained$150article ↗
Consensus over the last 12 months buy hold sell avg. target month-end close
Monthly buy, hold and sell shares of analyst ratings with the average price target and the month-end close$125$130$135$140$145$150$155$160Oct 25 · Buy 14 · Hold 6 · Sell 0Oct 25Nov 25 · Buy 12 · Hold 6 · Sell 0Dec 25 · Buy 12 · Hold 5 · Sell 0Dec 25Jan 26 · Buy 10 · Hold 6 · Sell 0Feb 26 · Buy 10 · Hold 6 · Sell 0Feb 26Mar 26 · Buy 11 · Hold 6 · Sell 0Apr 26 · Buy 13 · Hold 7 · Sell 0Apr 26May 26 · Buy 14 · Hold 6 · Sell 0Jun 26 · Buy 13 · Hold 8 · Sell 0Jun 26Jul 26 · Buy 13 · Hold 8 · Sell 0Aug 26 · Buy 14 · Hold 7 · Sell 0Aug 26Sep 26 · Buy 13 · Hold 7 · Sell 0Oct 25 · avg. target $126Nov 25 · avg. target $127Dec 25 · avg. target $129Jan 26 · avg. target $138Feb 26 · avg. target $139Mar 26 · avg. target $141Apr 26 · avg. target $150May 26 · avg. target $152Jun 26 · avg. target $153Jul 26 · avg. target $156Aug 26 · avg. target $157Sep 26 · avg. target $158Oct 25 · month-end close $124Nov 25 · month-end close $129Dec 25 · month-end close $128Jan 26 · month-end close $131Feb 26 · month-end close $143Mar 26 · month-end close $132Apr 26 · month-end close $142May 26 · month-end close $143Jun 26 · month-end close $135Jul 26 · month-end close $145Aug 26 · month-end close $140Sep 26 · month-end close $135

Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.

TipRanks data via FMP · computed Sep 18, 2026 · 97 ratings