Prologis, Inc. vs Public Storage, two REIT stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Prologis warehouses and Public Storage lockers are both industrial-adjacent real estate with strong margins, Prologis netting 42.5% and Public Storage 39.2%, but Public Storage earns the higher return on equity, 20.4% against 6.6%, from its pricing power over sticky tenants. Prologis is far larger at $134B against $57B and yields less, 2.89% against 3.70%; Public Storage converts more free cash, 5.57% against 3.84%. Both trade at depreciation-distorted P/Es in the mid-30s. Prologis runs lighter leverage at 0.6 turns against 1.04. The two are the sector's quiet compounders: Prologis rides e-commerce demand for distribution space, Public Storage rides the inertia of tenants who never empty their units, and both throw off strong cash with far less drama than malls or healthcare.
Comparison updated 2026-07-11.
| Metric | PLD | PSA |
|---|---|---|
| Price | $139.85 | $324.33 |
| Market cap | $133.9B | $57.1B |
| Sector | REIT | REIT |
| Stage | Mature | Mature |
| P/E | 35.2 | 33.5 |
| P/B | 2.31 | 6.12 |
| P/S | 14.97 | 11.74 |
| EV/EBITDA | 22.7 | 40.8 |
| Revenue growth | +6.8% | +2.9% |
| Operating margin | 52.7% | 39.0% |
| Net margin | 42.5% | 39.2% |
| Return on equity | 6.6% | 20.4% |
| Return on assets | 3.9% | 9.6% |
| Return on invested capital | 4.8% | 2.5% |
| FCF yield | 3.8% | 5.6% |
| Dividend yield | 2.9% | 3.7% |
| Debt / equity | 0.60 | 1.04 |
| Altman Z (solvency) | 2.12 | 3.49 |
| Piotroski F (quality) | 8 / 9 | 8 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.