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PLD (Prologis) Piotroski F-Score : 6 (As of Jun. 28, 2025)


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What is Prologis Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Prologis has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Prologis's Piotroski F-Score or its related term are showing as below:

PLD' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 7
Current: 6

During the past 13 years, the highest Piotroski F-Score of Prologis was 7. The lowest was 3. And the median was 6.


Prologis Piotroski F-Score Historical Data

The historical data trend for Prologis's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Prologis Piotroski F-Score Chart

Prologis Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.00 6.00 6.00 6.00 5.00

Prologis Quarterly Data
Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 5.00 3.00 5.00 6.00

Competitive Comparison of Prologis's Piotroski F-Score

For the REIT - Industrial subindustry, Prologis's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Prologis's Piotroski F-Score Distribution in the REITs Industry

For the REITs industry and Real Estate sector, Prologis's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Prologis's Piotroski F-Score falls into.


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How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar25) TTM:Last Year (Mar24) TTM:
Net Income was 861.348 + 1005.719 + 1278.853 + 592.953 = $3,739 Mil.
Cash Flow from Operations was 1086.453 + 1434.845 + 1335.451 + 1160.753 = $5,018 Mil.
Revenue was 2007.954 + 2036.389 + 2200.646 + 2139.665 = $8,385 Mil.
Gross Profit was 1492.183 + 1547.622 + 1681.011 + 1590.571 = $6,311 Mil.
Average Total Assets from the begining of this year (Mar24)
to the end of this year (Mar25) was
(93310.31 + 93537.418 + 95905.196 + 95328.909 + 95993.391) / 5 = $94815.0448 Mil.
Total Assets at the begining of this year (Mar24) was $93,310 Mil.
Long-Term Debt & Capital Lease Obligation was $31,730 Mil.
Total Current Assets was $1,217 Mil.
Total Current Liabilities was $2,152 Mil.
Net Income was 1216.028 + 747.627 + 630.936 + 585.715 = $3,180 Mil.

Revenue was 2450.971 + 1914.664 + 1889.247 + 1956.621 = $8,212 Mil.
Gross Profit was 1912.127 + 1414.519 + 1402.164 + 1423.553 = $6,152 Mil.
Average Total Assets from the begining of last year (Mar23)
to the end of last year (Mar24) was
(88520.884 + 92392.041 + 91949.409 + 93020.84 + 93310.31) / 5 = $91838.6968 Mil.
Total Assets at the begining of last year (Mar23) was $88,521 Mil.
Long-Term Debt & Capital Lease Obligation was $28,526 Mil.
Total Current Assets was $883 Mil.
Total Current Liabilities was $2,784 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Prologis's current Net Income (TTM) was 3,739. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Prologis's current Cash Flow from Operations (TTM) was 5,018. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Mar24)
=3738.873/93310.31
=0.04006924

ROA (Last Year)=Net Income/Total Assets (Mar23)
=3180.306/88520.884
=0.03592718

Prologis's return on assets of this year was 0.04006924. Prologis's return on assets of last year was 0.03592718. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Prologis's current Net Income (TTM) was 3,739. Prologis's current Cash Flow from Operations (TTM) was 5,018. ==> 5,018 > 3,739 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Mar25)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar24 to Mar25
=31729.923/94815.0448
=0.33465072

Gearing (Last Year: Mar24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar23 to Mar24
=28526.401/91838.6968
=0.31061417

Prologis's gearing of this year was 0.33465072. Prologis's gearing of last year was 0.31061417. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Mar25)=Total Current Assets/Total Current Liabilities
=1216.659/2152.498
=0.56523119

Current Ratio (Last Year: Mar24)=Total Current Assets/Total Current Liabilities
=883.382/2783.751
=0.31733514

Prologis's current ratio of this year was 0.56523119. Prologis's current ratio of last year was 0.31733514. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Prologis's number of shares in issue this year was 956.08. Prologis's number of shares in issue last year was 953.912. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=6311.387/8384.654
=0.75273076

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=6152.363/8211.503
=0.74923714

Prologis's gross margin of this year was 0.75273076. Prologis's gross margin of last year was 0.74923714. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Mar24)
=8384.654/93310.31
=0.08985774

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar23)
=8211.503/88520.884
=0.09276345

Prologis's asset turnover of this year was 0.08985774. Prologis's asset turnover of last year was 0.09276345. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+1+0+1+0+1+0
=6

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Prologis has an F-score of 6 indicating the company's financial situation is typical for a stable company.

Prologis  (NYSE:PLD) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Prologis Piotroski F-Score Related Terms

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Prologis Business Description

Address
Pier 1, Bay 1, San Francisco, CA, USA, 94111
Prologis was formed by the June 2011 merger of AMB Property and Prologis Trust. The company develops, acquires, and operates around 1.3 billion square feet of high-quality industrial and logistics facilities across the globe. The company also has a strategic capital business segment that has around $60 billion of third-party AUM. The company is organized into four global divisions (Americas, Europe, Asia, and other Americas) and operates as a real estate investment trust.
Executives
James B. Connor director 600 E 96TH ST, #100, INDIANAPOLIS IN 46240
George L Fotiades director 281 SUMMIT AVENUE, SUMMIT NJ 07901
Daniel Letter officer: President PIER 1, BAY 1, SAN FRANCISCO CA 94111
David P Oconnor director C/O HIGH RISE, 325 NORTH AVENUE E, WESTFIELD NJ 07090
Avid Modjtabai director 420 MONTGOMERY STREET, 12TH FLOOR, SAN FRANCISCO CA 94104
Lyons Irving F Iii director C/O ESSEX PROPERTY TRUST, INC., 925 E. MEADOW DRIVE, PALO ALTO CA 94303
Timothy D Arndt officer: Chief Financial Officer PIER 1, BAY 1, SAN FRANCISCO CA 94111
William D Zollars director 10777 BARKLEY, PO BOX 7563, OVERLAND PARK KS 66207-0563
Hamid R Moghadam director, officer: Chairman & CEO PIER 1, BAY 1, SAN FRANCISCO CA 94111
Lydia H Kennard director 155 N LAKE AVE, PASADENA CA 91101
Jeffrey L Skelton director
Eugene F Reilly officer: Executive Vice President C/O AMB PROPERTY CORP, PIER I BAY 1, SAN FRANCISCO CA 94111
Thomas S Olinger officer: Chief Financial Officer C/O AMB PROPERTY CORPORATION, PIER 1, BAY 1, SAN FRANCISCO CA 94111
Philip L Hawkins director C/O CORPORATE OFFICE PROPERTIES TRUST, 6711 COLUMBIA GATEWAY DRIVE, #300, COLUMBIA MD 21046
Edward S Nekritz officer: Chief Legal Off./Gen. Counsel KATE MEADE, 14100 E 35TH PL, AURORA CO 80011