Rankings Transport & logistics Prologis
Prologis
75
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Quality of growth−3
- Multiples vs own history−3
- M&A (SEGRO)−3
Strengths
- Raised guidance+2
- Pricing power and occupancy+2
- Dividend+1
How the score is built
From 100 to 75, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 129.65 USD
- Median analyst target
- 151.50 USD
- Upside to median
- +16.9%
- Analysts
- 17
- Target range
- 136.00 – 170.00 USD
- 52-week change
- +4%
- P/E (trailing)
- 28.6
- Forward P/E
- 39.9
- PEG
- 5.53
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 2 findings−5 of −30
- −3Quality of growthBuilt-in rental growth is fading: the portfolio's mark-to-market is down to about 17% after several quarters of low or negative market rental growth, so the high rent uplifts on re-letting (36.9% net effective in Q2) will diminish. Future growth will have to come more from development and data centres.
- −2Return on capitalROIC of about 4.0% (3.5-3.9% in 2021-2025) and ROE of 7.8% against a WACC of about 9.5% according to stockanalysis; the return on capital is close to the cost of financing, as for most property companies.
Price
Today's multiples against the company's own history and its peers. · 2 findings−4 of −35
- −3Multiples vs own historyP/FFO 20.0 versus 16.4 (2024), 16.7 (2022) and 21.0 (2025); P/core FFO about 20.7 on 2026 guidance. In the upper half of the range, and the dividend yield of 3.3% is below the 10-year US Treasury yield.
- −1PeersP/FFO 20.0 versus EastGroup 21.1 and Rexford 16.1; P/B 2.25 versus 2.92 and 1.11. No discount, but the premium is moderate relative to quality.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−9 of −35
- −3M&A (SEGRO)Recommended offer of approx. 14bn GBP for UK-listed SEGRO (0.0920 new Prologis shares per SEGRO share plus a cash option of up to 3.5bn GBP), after three bids were rejected. The largest UK acquisition in years: dilution via new shares, currency risk, integration and a substantial premium; completion expected in H1 2027.
- −2Leverage and interestDebt 37.1bn USD, debt/EBITDA 5.5x and interest cover of only 3.8x; beta 1.32. As a REIT, the valuation is sensitive to long-term rates, and the SEGRO deal is partly financed with new debt.
- −2Market and demandVacancy in the US logistics market is 7.2%, and market rents have been flat to falling; tariffs and trade policy may dampen warehouse demand.
- −1Data-centre developmentData-centre construction starts of USD 4bn in 2026 (including a 260 MW build-to-suit campus at USD 800m) and a power pipeline of 5.8 GW; the strategy is to sell on completion, which makes results dependent on AI demand and the transaction market.
- −1
Plus
Only documented strengths. · 3 findings+5 of +15
- +2Raised guidanceCore FFO guidance for 2026 raised for the second time to USD 6.22–6.30 (from 6.07–6.23); core FFO USD 1.63 in Q2 versus 1.46 a year earlier.
- +2Pricing power and occupancyRecord leasing of over 67m square feet in Q2, occupancy 95.5% versus a market vacancy of 7.2%, and same-store NOI +6.4% (net effective) and +8.5% (cash).
- +1DividendThe dividend of USD 4.28 (12 years of growth, +5.8%) corresponds to about 68% of core FFO guidance and is thus covered by ongoing cash flow.
Caveats
What the score does not capture, or where the data is weak.
Q3 report Thursday 15 Oct. 2026 before the open; the score is from before the report. Logistics REIT: the industry 'Transport & logistics' is the closest on the list (no real estate category). EPS, P/E, PEG and stockanalysis' FCF (negative due to development investments) are not meaningful; valuation on P/FFO (core FFO guidance of USD 6.22-6.30 gives P/core FFO of about 20.7). Formula PEG (4.4) is based on EPS and therefore unfairly penalizes a REIT. AFFO and the 10-year P/FFO history have not been examined. The SEGRO acquisition (about GBP 14bn) is expected to close in H1 2027.
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