Is Prologis, Inc. overvalued or undervalued?

As of 31 October 2025, the valuation grade for Prologis, Inc. moved from very expensive to expensive. The company appears to be overvalued based on its current metrics. The P/E ratio stands at 28, while the EV to EBITDA ratio is 17.07, and the Price to Book Value is 1.93. In comparison, Welltower, Inc. has a significantly higher P/E ratio of 88.35, while Realty Income Corp. shows a more attractive valuation with a P/E of 39.28.
In terms of recent performance, Prologis has underperformed against the S&P 500 over multiple periods, particularly in the 3-year and 5-year returns, where it achieved 15.01% and 19.00% respectively, compared to the S&P 500's 76.66% and 109.18%. This trend reinforces the notion that Prologis may be overvalued at its current price.