PLDPrologis, Inc.

Real Estate Investment Trusts

Revenue: $8.8B; 7.2% YoY
Operating margin: 49.6%; 7.9% YoY
EBITDA: $7.0B; 0.2% YoY
Market cap: $119.3B
Employees: 1,800; $5M revenue each
Net debt / EBITDA: 4.8×; $33.8B net debt
AI in 10-K: 0.8; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
150% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
75% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentYes
58% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$5M · 87th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.8 per 10K words · 30th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$119.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$8M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$4.8B	$6.0B	$8.0B	$8.2B	$8.8B	7.2%
Operating income	$3.2B	$3.5B	$3.7B	$4.4B	$4.4B	1.3%
Net income	$2.9B	$3.4B	$3.1B	$3.7B	$3.3B	11%
Operating cash flow	$3.0B	$4.1B	$5.4B	$4.9B	$5.0B	2.0%
Stock-based comp	$113M	$175M	$268M	$232M	$185M	20%
Dividends	$1.9B	$2.5B	$3.2B	$3.6B	$3.8B	5.4%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $8M · 5
Net: −$8M

Pay vs performance

No pay-versus-performance disclosure yet.