Question 1

What is Prologis's P/B ratio?

Accepted Answer

Prologis (PLD) P/B ratio is 2.6× as of July 15, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Prologis?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Prologis specifically, the relevant sector benchmark is the current sector median of 2.0×.

Question 5

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

Accepted Answer

Prologis's P/B ratio of 2.6× is above its own 5-year average of 2.3× and above the sector median of 2.0×. That places the current reading at the 73th 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/B ratio range?

Accepted Answer

In the available daily series, Prologis (PLD) P/B ratio has ranged from a low of 0.5× in 2009 to a high of 4.0× in 2021. The 5-year average is 2.3× and the 5-year median is 2.2×.

Question 7

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

Accepted Answer

Prologis (PLD) P/B ratio at the end of 2025 was 2.3×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$53.2B	2.3×	+0.4×	Dec 31, 2025
2024	$97.9B	$54B	1.8×	-0.5×	Dec 31, 2024
2023	$123B	$53.2B	2.3×	+0.4×	Dec 31, 2023
2022	$104B	$53.2B	1.9×	-1.8×	Dec 31, 2022
2021	$124B	$33.4B	3.7×	+1.5×	Dec 31, 2021
2020	$72.6B	$32B	2.3×	-0.2×	Dec 31, 2020
2019	$56.2B	$22.7B	2.5×	+1.0×	Dec 31, 2019
2018	$33.3B	$22.3B	1.5×	-0.7×	Dec 31, 2018
2017	$34.2B	$15.6B	2.2×	+0.3×	Dec 31, 2017
2016	$27.8B	$15B	1.9×	+0.3×	Dec 31, 2016
2015	$22.4B	$14.7B	1.5×	-0.0×	Dec 31, 2015
2014	$21.5B	$14B	1.5×	+0.2×	Dec 31, 2014
2013	$18B	$13.7B	1.3×	+0.0×	Dec 31, 2013
2012	$16.7B	$13.1B	1.3×	+0.5×	Dec 31, 2012
2011	$10.6B	$13.7B	0.8×	-0.8×	Dec 31, 2011
2010	$5.14B	$3.32B	1.5×	+0.4×	Dec 31, 2010
2009	$3.32B	$2.94B	1.1×	+0.2×	Dec 31, 2009
2008	$2.28B	$2.52B	0.9×	-1.1×	Dec 31, 2008
2007	$5.59B	$2.76B	2.0×	-0.3×	Dec 31, 2007
2006	$5.14B	$2.17B	2.4×	+0.2×	Dec 31, 2006
2005	$4.13B	$1.92B	2.2×	+0.2×	Dec 31, 2005
2004	$3.32B	$1.67B	2.0×	+0.4×	Dec 31, 2004
2003	$2.67B	$1.67B	1.6×	+0.2×	Dec 31, 2003
2002	$2.28B	$1.68B	1.4×	—	Dec 31, 2002


UDR (UDR)	3.4×
Welltower (WELL)	3.2×
Ventas (VTR)	3.0×
Digital Realty Trust (DLR)	2.7×
Mid-America Apartment Communities (MAA)	2.6×
Camden Property Trust (CPT)	2.5×
CoStar Group (CSGP)	2.1×
Regency Centers (REG)	2.1×
Extra Space Storage (EXR)	2.1×
AvalonBay Communities (AVB)	2.0×
Host Hotels & Resorts (HST)	1.9×
STAG Industrial (STAG)	1.9×
Weyerhaeuser (WY)	1.9×
NNN REIT (NNN)	1.8×
Invitation Homes (INVH)	1.7×
BXP (BXP)	1.6×
Healthpeak Properties (DOC)	1.5×
Kimco Realty (KIM)	1.5×
Agree Realty (ADC)	1.4×
Realty Income (O)	1.4×
VICI Properties (VICI)	1.0×
Apartment Investment and Management (AIV)	0.8×
Medical Properties Trust (MPT)	0.6×
Alexandria Real Estate Equities (ARE)	0.6×
Arbor Realty Trust (ABR)	0.5×

P/B Ratio for Prologis (PLD) 2002-2026

P/B Ratio daily chart for Prologis (PLD)

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

About P/B Ratio at Prologis (PLD)

Prologis P/B Ratio by Year

Prologis P/B Ratio 2025: 2.3×

Prologis P/B Ratio 2024: 1.8×

Prologis P/B Ratio 2023: 2.3×

Prologis P/B Ratio 2022: 1.9×

Prologis P/B Ratio 2021: 3.7×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Prologis (PLD) Key Financials