First Industrial Realty Trust Inc (FR) is overvalued and Prologis Inc (PLD) is overvalued.
Both trade above our estimate of their intrinsic value. PLD is the closer of the two: -58%, against -85% for FR.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.0% (average of 3 methods) values the shares at $33.50; the price of $61.89 is 85% above that value, and 76% of that value comes from beyond year five.
Leak Score 14/100 on 3 of 12 signals
Discounting its cash flows at 10.1% (average of 3 methods) values the shares at $85.98; the price of $135.88 is 58% above that value, and 72% of that value comes from beyond year five.
Leak Score 33/100 on 8 of 12 signals
| Metric | FR | PLD |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $61.89 | $135.88 |
| Intrinsic value | $33.50 | $85.98 |
| Margin of safety | -85% | -58% |
| Leak Score | 14/100 (3/12) | 33/100 (8/12) |
| Market cap | $8.5B | $131.7B |
| Revenue growth, 5 years | 10.1% | 14.6% |
| Operating margin | 41.6% | 38.6% |
| Net margin | 47.9% | 45.7% |
| Return on equity | 13.4% | 7.9% |
| Debt to equity | 0.93 | 0.69 |
| P/E | 22.5x | 30.3x |
| Forward P/E | 31.7x | 37.1x |
| P/B | 3.0x | 2.4x |
| Dividend yield | 3.2% | 3.1% |