Question 1

What is Prologis's P/FCF ratio?

Accepted Answer

Prologis (PLD) P/FCF ratio is 27.5× as of July 15, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Prologis?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Prologis specifically, the relevant sector benchmark is the current sector median of 15.9×.

Question 5

Is Prologis's P/FCF ratio high or low?

Accepted Answer

Prologis's P/FCF ratio of 27.5× is above its own 5-year average of 27.4× and above the sector median of 15.9×. That places the current reading at the 56th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Prologis's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Prologis (PLD) P/FCF ratio has ranged from a low of 18.4× in 2023 to a high of 166.9× in 2013. The 5-year average is 27.4× and the 5-year median is 25.8×.

Question 7

What was Prologis's P/FCF ratio in 2025?

Accepted Answer

Prologis (PLD) P/FCF ratio at the end of 2025 was 23.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Prologis's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$120B	$5.01B	23.9×	+2.5×	Dec 31, 2025
2024	$97.9B	$4.57B	21.4×	-4.9×	Dec 31, 2024
2023	$123B	$4.68B	26.3×	-1.3×	Dec 31, 2023
2022	$104B	$3.75B	27.7×	-18.0×	Dec 31, 2022
2021	$124B	$2.73B	45.7×	+19.0×	Dec 31, 2021
2020	$72.6B	$2.73B	26.6×	+1.8×	Dec 31, 2020
2019	$56.2B	$2.26B	24.8×	+6.4×	Dec 31, 2019
2018	$33.3B	$1.8B	18.5×	-3.2×	Dec 31, 2018
2017	$34.2B	$1.58B	21.7×	+0.6×	Dec 31, 2017
2016	$27.8B	$1.32B	21.1×	-4.3×	Dec 31, 2016
2015	$22.4B	$880M	25.4×	-8.9×	Dec 31, 2015
2014	$21.5B	$626M	34.3×	-10.3×	Dec 31, 2014
2013	$18B	$402M	44.6×	—	Dec 31, 2013
2012	$16.7B	-$383M	—	—	Dec 31, 2012
2011	$10.6B	-$874M	—	—	Dec 31, 2011
2010	$5.14B	-$20.2M	—	—	Dec 31, 2010
2009	$3.32B	-$160M	—	—	Dec 31, 2009
2008	$2.28B	-$915M	—	—	Dec 31, 2008
2007	$5.59B	-$1.12B	—	—	Dec 31, 2007
2006	$5.14B	-$1.15B	—	—	Dec 31, 2006
2005	$4.13B	-$791M	—	—	Dec 31, 2005
2004	$3.32B	-$702M	—	—	Dec 31, 2004
2003	$2.67B	-$490M	—	—	Dec 31, 2003
2002	$2.28B	-$274M	—	—	Dec 31, 2002


CBRE Group (CBRE)	44.5×
Regency Centers (REG)	24.4×
Mid-America Apartment Communities (MAA)	23.3×
American Tower (AMT)	21.3×
Simon Property Group (SPG)	18.5×
Kimco Realty (KIM)	17.9×
SBA Communications (SBAC)	17.9×
BXP (BXP)	17.7×
Tanger (SKT)	17.2×
STAG Industrial (STAG)	16.0×
Extra Space Storage (EXR)	15.8×
Public Storage (PSA)	15.5×
AvalonBay Communities (AVB)	15.2×
Host Hotels & Resorts (HST)	14.4×
Camden Property Trust (CPT)	14.3×
Realty Income (O)	13.6×
Invitation Homes (INVH)	13.3×
Medical Properties Trust (MPT)	12.8×
UDR (UDR)	12.4×
NNN REIT (NNN)	12.2×
VICI Properties (VICI)	11.4×
Healthpeak Properties (DOC)	9.7×
Arbor Realty Trust (ABR)	7.6×
Alexandria Real Estate Equities (ARE)	6.2×
Opendoor Technologies (OPEN)	4.2×

P/FCF Ratio for Prologis (PLD) 2013-2026

P/FCF Ratio daily chart for Prologis (PLD)

Historical P/FCF Ratio for Prologis (PLD) from 2002 to 2025

About P/FCF Ratio at Prologis (PLD)

Prologis P/FCF Ratio by Year

Prologis P/FCF Ratio 2025: 23.9×

Prologis P/FCF Ratio 2024: 21.4×

Prologis P/FCF Ratio 2023: 26.3×

Prologis P/FCF Ratio 2022: 27.7×

Prologis P/FCF Ratio 2021: 45.7×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Prologis (PLD) Key Financials