Research / Stock / PLD

PLD

Prologis, Inc.

FY2025Mkt cap 134.0BFinancialDual-class

143.33

-0.03 -0.02%

close 2026-08-25

PLD reports no free cash flow we can read, so this model is discounting net income instead. That is a different model — net income carries non-cash charges and ignores capital spending — and its answer should be read as a rougher one.

Assumptions

FCF growth rate

13.6%

Market is pricing 13.6%— you agree

Actually grew +33.6%/yrFCF, 2013–2018 — the market is pricing 20.0pts SLOWER than history

Projection years

10 yrs

Terminal growth

3.00%

Discount rate (WACC)

8.83%

8.8% derived for this company beta 0.92 (1254d vs the S&P 500) · cost of equity 8.8% = 4.7% risk-free + 0.92 × 4.5% premium · treated as all-equity no market cap; capital structure assumed all-equity

Fair value DCF model

$142.82

-0.4%

At the market's assumptions

Current price $143.33Enterprise value 132.8B

Bear $97.32 (8.6% growth)Bull $208.66 (18.6%)

market $143.33

Today's market price is inside the range · band = your growth ±5pts, same model · the market itself prices 13.6%

Y10

Present value of each projected year, Y1–Y10

32% the 10 forecast years68% terminal value

Same industry · REITs · trailing P/E for context

WELLP/E 173168.3B EQIXP/E 78105.5B AMTP/E 3383.2B OP/E 5458.6Bthis P/E: 40

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Assumptions

Fair valuei DCF model

Same industryi · REITs · trailing P/E for context

Assumptions

Fair valuei DCF model

Same industryi · REITs · trailing P/E for context

Fair value DCF model

Same industry · REITs · trailing P/E for context

Fair value DCF model

Same industry · REITs · trailing P/E for context