Prologis key statistics and ratios

In fiscal 2025, Prologis had return on equity of 6.2%, an operating margin of 49.6% and debt equal to 66.9% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Prologis: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Operating margin	26.4%	74.6%	60.2%	55.5%	47.7%	67.4%	58.0%	46.2%	53.8%	49.6%	54.8%
Net margin	47.8%	63.1%	58.8%	47.2%	33.4%	61.8%	56.3%	38.1%	45.5%	37.9%	45.5%
Free-cash-flow margin	51.9%	60.2%	61.0%	68.0%	66.2%	62.9%	69.1%	67.0%	59.9%	57.0%	59.3%
Return on equity	8.1%	10.8%	8.7%	7.0%	5.4%	9.0%	7.8%	5.7%	7.0%	6.2%	7.8%
Return on assets	4.0%	5.5%	4.9%	4.0%	3.1%	5.1%	4.6%	3.4%	4.0%	3.4%	4.2%
Asset turnover	0.08	0.09	0.08	0.08	0.09	0.08	0.08	0.09	0.09	0.09	0.09
Debt to equity	70.8%	60.2%	49.7%	52.9%	52.9%	53.2%	45.9%	55.6%	58.3%	66.9%	66.8%
Interest cover (operating income ÷ interest)	2.2x	7.1x	7.4x	7.7x	6.7x	12.0x	11.2x	5.8x	5.1x	4.3x	4.8x
Effective tax rate	4.1%	3.0%	3.4%	4.2%	7.5%	5.2%	3.7%	6.1%	4.1%	5.4%	6.9%
Capital spending as % of revenue	4.0%	4.2%	3.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Free cash flow ÷ net income	108.7%	95.4%	103.7%	143.9%	198.2%	101.9%	122.6%	175.6%	131.6%	150.5%	130.3%
Dividends ÷ net income	73.8%	57.1%	68.1%	85.5%	116.3%	63.7%	74.1%	105.5%	95.7%	113.1%	93.1%
Dividends and buybacks ÷ free cash flow	67.9%	59.8%	65.7%	59.4%	59.9%	62.5%	60.5%	60.1%	72.7%	75.2%	71.4%

US$ thousands unless shown otherwise. Fiscal quarters.

Prologis: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Operating margin	64.6%	41.1%	41.8%	42.5%	72.2%	52.7%	51.6%	43.8%
Net margin	58.0%	27.7%	26.2%	34.5%	62.1%	42.7%	43.8%	34.2%
Free-cash-flow margin	60.7%	54.2%	56.9%	65.4%	51.4%	56.1%	55.5%	73.6%
Debt to equity	57.2%	60.3%	65.7%	67.1%	65.9%	64.8%	67.8%	65.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

65 /100

Moderate moat

How hard Prologis's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 3 / 20

Net income has been a median 3.5% of total assets over 10 years.
Durability 20 / 20

Operating margin has been a median 52.9%; its worst year was 46.7%.
Cash conversion 20 / 20

Free cash flow was positive in 9 of 9 years, at a median 31.4% of revenue.
Discipline 9 / 20

The diluted share count rose 25.7% over five years; stock-based pay has been a median 2.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: LINE vs PLD COLD vs PLD PLD vs REXR

More: Industrial REITs stocks compared, Real Estate sector, rankings of US companies

Figures from Prologis's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Prologis.