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Held by 1,592 of 5,944 reporting institutions (99th percentile) — extremely crowded.
Data as of Q1 2026
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Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Ranked against 240 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WELL | $163.3B | 168.7× | — | 15.1× | 35.6% | 40.1% | 8.9% | 2.3% | 1.6% | — | 1,425 |
| XHG | $130.7B | — | — | 2546.6× | 24.9% | 2.2% | -205% | 85.0% | 88.3% | — | 1 |
| PLD | $124.3B | 37.6× | — | 14.1× | 7.2% | — | 37.9% | 6.3% | 3.8% | — | 1,592 |
| EQIX | $99.8B | 73.8× | 25.5× | 10.8× | 5.4% | 51.1% | 14.6% | 9.5% | 8.7% | 0.3× | 1,229 |
| AMT | $82.3B | 32.7× | 14.2× | 7.7× | 5.1% | — | 24.7% | 72.0% | 37.3% | 0.6× | 1,662 |
| SPG | $66.2B | 14.3× | — | 10.4× | 6.7% | — | 84.3% | 103% | 15.9% | — | 1,242 |
| O | $53.4B | 48.9× | — | 9.3× | 9.1% | — | 18.4% | 2.7% | 2.7% | — | 1,389 |
| PSA | $51.7B | 32.7× | — | 10.7× | 2.7% | — | 37.0% | 19.3% | 9.1% | — | 1,045 |
| VTR | $41.9B | 163.3× | — | 7.2× | 18.5% | — | 4.5% | 2.1% | 1.0% | — | 891 |
| CBRE | $41.0B | 36.0× | — | 1.0× | 13.4% | 18.7% | 2.9% | 13.0% | 7.1% | — | 1,020 |
| IRM | $33.2B | 228.9× | 22.6× | 4.8× | 12.2% | — | 2.2% | -15.5% | 1.0% | 7.5× | 1,043 |
| EXR | $28.8B | 29.7× | 13.5× | 8.5× | 3.7% | 72.8% | 28.8% | 7.3% | 7.3% | — | 722 |
| AVB | $26.6B | 25.6× | 12.2× | 8.7× | 4.4% | — | 34.7% | 9.1% | 5.0% | 3.2× | 715 |
| VICI | $26.2B | 9.4× | — | 6.5× | 4.1% | 99.3% | 69.3% | 10.0% | 6.2% | — | 898 |
| EQR | $25.6B | 23.0× | — | — | — | — | — | 10.1% | 5.8% | — | 681 |
| SBAC | $19.0B | 18.4× | 21.5× | 6.8× | 5.1% | 75.5% | 37.4% | -21.7% | 13.1% | 8.7× | 636 |
| BEKE | $17.6B | 133.1× | 37.9× | 1.3× | 5.6% | 21.4% | 3.2% | 4.5% | 4.5% | — | 197 |
| ESS | $17.5B | 26.1× | 11.6× | 9.3× | 6.4% | 69.9% | 37.2% | 12.7% | 12.7% | — | 582 |
| INVH | $16.6B | 28.3× | — | 6.1× | 4.2% | — | 21.5% | 6.2% | 3.3% | — | 560 |
| JLL | $16.0B | 20.7× | 11.9× | 0.6× | 11.4% | — | 3.0% | 10.6% | 10.4% | 0.1× | 615 |
| WY | $15.7B | 48.5× | 16.8× | 2.3× | -3.1% | 14.8% | 4.7% | 3.4% | 2.2% | 4.5× | 868 |
| KIM | $15.2B | — | 16.3× | 7.1× | 5.1% | — | 27.3% | 5.6% | 3.2% | 5.5× | 633 |
| NLY | $15.0B | 7.3× | — | — | — | — | — | 12.6% | 12.6% | — | 743 |
| LAMR | $15.0B | 25.6× | — | 6.6× | 2.7% | 67.0% | 25.9% | 57.3% | 13.2% | — | 655 |
| HST | $15.0B | 19.8× | — | 2.5× | 7.6% | — | 12.5% | 11.7% | 9.8% | — | 656 |
Peers = companies sharing PLD's sector (Real Estate) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 4%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $1.1B is below the $1.9B due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~2.9% on $35.0B of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
No trend data available for this metric.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.79B 100.0% | $8.20B 100.0% | $8.02B 100.0% | $5.97B 100.0% | $4.76B 100.0% | $4.44B 100.0% | $3.33B 100.0% | $2.80B 100.0% | $2.62B 100.0% | $2.53B 100.0% |
| Selling, General & Admin | $469.1M 5.3% | $418.8M 5.1% | $390.4M 4.9% | $331.1M 5.5% | $293.2M 6.2% | $274.8M 6.2% | $266.7M 8.0% | $239.0M 8.5% | $231.1M 8.8% | $222.1M 8.8% |
| Total Operating Expenses | -$2.28B -25.9% | -$2.10B -25.7% | -$2.06B -25.7% | -$1.55B -25.9% | — | — | — | $1.96B 69.8% | $1.85B 70.5% | $1.86B 73.6% |
| Operating Income | $4.36B 49.6% | $4.42B 53.8% | $3.71B 46.2% | $3.47B 58.0% | $3.21B 67.4% | $2.12B 47.7% | $1.85B 55.5% | $1.69B 60.2% | $1.95B 74.6% | $668.4M 26.4% |
| Interest Expense | $1.00B 11.4% | $863.9M 10.5% | $641.3M 8.0% | $309.0M 5.2% | $266.2M 5.6% | $314.5M 7.1% | $240.0M 7.2% | $229.1M 8.2% | $274.5M 10.5% | $303.1M 12.0% |
| Other Income (Expense), net | -$588.5M -6.7% | -$301.0M -3.7% | -$243.6M -3.0% | $223.3M 3.7% | $115.9M 2.4% | -$371.9M -8.4% | -$73.4M -2.2% | $198.3M 7.1% | -$138.5M -5.3% | $678.7M 26.8% |
| Pretax Income | $3.77B 42.9% | $4.11B 50.2% | $3.46B 43.2% | $3.69B 61.8% | $3.32B 69.8% | $1.75B 39.4% | $1.78B 53.3% | $1.89B 67.3% | $1.82B 69.3% | $1.35B 53.2% |
| Income Tax Expense | $204.0M 2.3% | $166.9M 2.0% | $211.0M 2.6% | $135.4M 2.3% | $174.3M 3.7% | $130.5M 2.9% | $74.5M 2.2% | $63.3M 2.3% | $54.6M 2.1% | $54.6M 2.2% |
| Net Income | $3.33B 37.9% | $3.73B 45.5% | $3.06B 38.1% | $3.36B 56.3% | $2.94B 61.8% | $1.48B 33.4% | $1.57B 47.2% | $1.65B 58.8% | $1.65B 63.1% | $1.21B 47.8% |
| Per Share | ||||||||||
| EPS (Basic) | $3.58 | $4.02 | $3.30 | $4.28 | $3.97 | $2.02 | $2.48 | $2.90 | $3.10 | $2.29 |
| EPS (Diluted) | $3.56 | $4.01 | $3.29 | $4.25 | $3.94 | $2.01 | $2.46 | $2.87 | $3.06 | $2.27 |
| Weighted Avg Shares (Basic) | 928.5M | 926.2M | 924.4M | 785.7M | 739.4M | 728.3M | 630.6M | 567.4M | 530.4M | 526.1M |
| Weighted Avg Shares (Diluted) | 956.8M | 953.6M | 951.8M | 811.6M | 764.8M | 754.4M | 654.9M | 590.2M | 552.3M | 546.7M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow, so a reverse DCF can't be run.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
5/7 of the 9 checks — 2 couldn't be scored (see above), so the score is out of the 7 with data.
Insufficient balance-sheet detail (needs retained earnings, working capital, equity).
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
Free-cash-flow coverage unavailable. Last year: $3.8B dividends + $0 buybacks = $3.8B returned.
9 consecutive years of dividend increases · 10%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
EOD close · as of 2026-09-17
No material risks flagged.
Where each multiple sits in its own 14-yr range · 86th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 8.5 | 8.0 | 6.2 | 6.2 | 5.5 | 4.9 | 5.1 | 5.3 |
| Operating Income | 60.2 | 55.5 | 47.7 | 67.4 | 58.0 | 46.2 | 53.8 | 49.6 |
| Income Tax | 2.3 | 2.2 | 2.9 | 3.7 | 2.3 | 2.6 | 2.0 | 2.3 |
| Net Income | 58.8 | 47.2 | 33.4 | 61.8 | 56.3 | 38.1 | 45.5 | 37.9 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on PLD: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.