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Prologis, Inc. is a self-administered and self-managed REIT and is the sole general partner of Prologis, L.P. through which it holds substantially all of its assets. We operate Prologis, Inc. and Prologis, L.P. as one enterprise and, therefore, our discussion and analysis refers to Prologis, Inc. and its consolidated subsidiaries, including Prologis, L.P.
$139.02
$4.45 (-3.10%)
Price from 4 days ago
49.58% operating margin is above average. ROIC at 4.77%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue grew 7.2%, steady but not accelerating. Margins contracted 4.3pp, which offsets some of the top-line progress.
At 35x earnings, the current multiple leaves limited room for execution misses or growth deceleration. Operating margin contracted 4.3pp YoY, cost discipline may be slipping.
34.9x earnings. Not cheap, the quality is already reflected in the price. Upside from here requires either margin expansion or growth re-acceleration, not just continuation.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$8.95B
▲ +7.2% YoY
Net Income (TTM)
$3.72B
▼ -10.8% YoY
Op. Margin
52.42%
▼ -4.3pp YoY
ROIC
5.06%
▼ -0.3pp YoY
Cash Flow & Balance Sheet
FCF
N/A
Op. Cash Flow (TTM)
$5.14B
▲ +2.0% YoY
Net Debt
$34.45B
Cash & Equiv.
$861M
5Y CAGR: +14.6%
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