REIT Report Card · August 15, 2026
After a +32.8% year, Prologis is a $136.7B industrial landlord trading near 25.5x EV / EBITDA. About $741 million of PLD changes hands on an average day. A lot of that year is already in the price.
| Category | Grade | What It Means |
|---|---|---|
| Liquidity | A+ | Hundreds of millions a day |
| Balance Sheet | B+ | A fair amount of debt, still in a range these names live with |
| Debt Service | A- | Interest is covered with a useful cushion |
| Operating Quality | A | Excellent profit margins |
| Cash Generation | B | Strong cash in dollars, but a lot of it gets reinvested |
| Dividend | B | The dividend looks supported, but the yield is not high |
| Valuation | C+ | You're paying a real premium for PLD's quality |
| Recent Performance | A+ | A standout year for the share price |
| Overall | B+ | A strong industrial name at a full price |
1. Valuation
This is the price of PLD's operating earnings, counting both the equity and the debt.
At about 25.5x EV / EBITDA, PLD is expensive on this measure.
Bottom line: A buyer is paying for a good company, or for a good year that already happened. The multiple needs the results to stay good.
2. Leverage
For every $1 of annual EBITDA PLD generates, it has about $5.24 of net debt.
For a REIT, this is usually the first leverage number worth reading.
Bottom line: PLD uses a fair amount of debt, but the load looks manageable relative to earnings.
3. Debt Exposure
About 21% of PLD's total enterprise value is net debt.
That gives equity investors more of a cushion than you'd get with a more leveraged REIT.
Bottom line: PLD's equity value makes the capital structure less debt-heavy than Net Debt / EBITDA alone might suggest.
4. Interest Protection
PLD generates about 6.42x of EBITDA for every $1 of estimated interest.
Higher coverage usually means a REIT can absorb higher rates, refinancing costs, or a soft patch in the properties more easily.
Bottom line: Interest looks well covered.
5. Operating Profitability
PLD turns about 70 cents of every revenue dollar into EBITDA.
Bottom line: The properties and the platform make a lot of money on this measure.
6. Cash Generation
PLD generated operating cash flow equal to about 3.8% of its current equity value.
For every $100 of current equity value, the company generated about $3.83 of trailing operating cash flow.
Bottom line: There's real cash in dollars, but a higher stock price compresses the yield you get today.
7. Cash Conversion
About 78% of PLD's EBITDA turned into operating cash flow.
Bottom line: Most of the reported operating earnings are showing up as actual cash.
8. Dividend Safety
On our standardized math, operating cash flow covers PLD's annualized dividend about 1.26x.
PLD generates roughly 1.26x of operating cash flow for every $1.00 of estimated dividends.
Bottom line: The dividend looks covered by operating cash flow, though the margin isn't huge under this conservative method.
9. Dividend Yield
PLD is not mainly a high-income REIT.
Put $10,000 into PLD at the current indicated yield and you'd get about $304 a year if the dividend stays the same.
Bottom line: People who buy PLD are usually after the mix of a check plus the assets, not the fattest current yield here.
10. Market Liquidity
About $741 million of PLD stock changes hands on an average trading day.
Bottom line: About $741 million a day is a lot of REIT volume.
If you put $10,000 into PLD today, based on the numbers in this report:
PLD has $37.09B of total debt against $1.77B of cash (5.24x net debt / EBITDA). Interest coverage of 6.4x takes some pressure off that load.
At 25.5x EV / EBITDA, a buyer is already paying for strong future results. A miss could hit the share price harder than it would at a cheaper name.
OCF dividend coverage is 1.26x and the indicated yield is 3.04%. The dividend looks supported, but the margin isn't huge, and capex definitions still matter.
Average daily dollar volume is $741.1M, one of the more active names on this list.
Prologis had the year. The stock is +32.8%, and the multiple is 25.5x. The platform looks expensive because it just had a good year.
CapEx was 108.8% of operating cash flow in this TTM period. The 3.8% OCF yield on equity is real. After that spending, residual cash is not.
You pay 25.5x EV / EBITDA for the industrial platform. Leverage is 5.24x, OCF dividend coverage 1.26x, yield 3.0%.
| Metric | PLD |
|---|---|
| Market Capitalization | $136.73B |
| Enterprise Value | $172.05B |
| Share Price | $141.03 |
| Revenue (TTM) | $9.66B |
| EBITDA (TTM) | $6.74B |
| EBIT (TTM) | $4.00B |
| Operating Cash Flow (TTM) | $5.24B |
| CapEx (TTM) | $5.70B |
| Cash | $1.77B |
| Total Debt | $37.09B |
| Average Daily $ Volume | $741.1M |
| Daily Equity Turnover | 0.54% |
| EV / EBITDA | 25.53x |
| EBITDA Yield on EV | 3.92% |
| EBITDA Margin | 69.77% |
| Net Debt / EBITDA | 5.24x |
| Net Debt / Market Cap | 25.83% |
| Net Debt / Enterprise Value | 20.53% |
| Debt / Total Capital | 21.34% |
| Cash / Debt | 4.77% |
| EV Premium to Equity | 25.83% |
| Operating Cash Flow Yield | 3.83% |
| OCF / EBITDA Conversion | 77.74% |
| CapEx / Operating Cash Flow | 108.78% |
| CapEx / Revenue | 59.01% |
| Post-CapEx Cash Yield | -0.34% |
| Dividend / OCF Burden | 0.79x |
| OCF Dividend Coverage | 1.26x |
| Implied Interest / Revenue | 10.87% |
| EBITDA Interest Coverage | 6.42x |
| Reported Interest Coverage (source) | 3.81x |
| Dividend Yield | 3.04% |
| 52-Week Price Change | +32.81% |
| Approx. 1-Year Total Carry | +35.85% |
| Beta (5Y) | 1.32 |
We grade each REIT on several things at once. A cheap multiple next to heavy debt is a different story than a cheap multiple next to a light load.
Financial Strength looks at leverage, how much of the firm is debt, daily trading volume, and whether earnings cover interest.
Operating Quality looks at the EBITDA margin and how much of those earnings show up as cash.
Dividend Quality looks at the indicated yield, whether operating cash flow covers the payout, and how heavy the payout is versus cash.
Valuation is what you pay for the REIT's earnings: enterprise value over EBITDA.
Market Performance looks at last year's share-price change and how much stock trades on an ordinary day.
A hotel and a net-lease REIT will not look the same on these measures, and they should not. Read each name next to peers in the same property type.
Read the full methodology and the grading bands.
The numbers come from trailing financials and market data we pulled for this report. Some ratios we calculate ourselves. They are not always the figures the company highlights.
We use them so these 20 REITs can be lined up on the same math. That does not replace company-reported FFO, AFFO, same-store NOI, occupancy, lease schedules, or NAV.
Source: https://stockanalysis.com/stocks/pld/statistics/
Report date: August 15, 2026
This is for information only. It isn't investment advice, a buy or sell recommendation, or a judgment about whether any of these REITs fit your situation.