Neither company can be declared the better investment from the available figures alone. Goodman Group shows strong portfolio occupancy, like-for-like income growth and a large development pipeline that is increasingly focused on data centres. Prologis offers a much larger global logistics platform and reports a clearly stated leverage ratio. A defensible stock choice still requires same-date valuation, operating metrics, currency and tax analysis for both securities.
What the comparison can—and cannot—tell you
Goodman Group (ASX: GMG) and Prologis, Inc. (NYSE: PLD) are both listed real-estate businesses with logistics property at their core. They are not, however, being compared on identical reporting dates in the figures currently available. Goodman’s detailed operating data here covers the half year ended 31 December 2025, while Prologis’s detailed release and filing cover financial year 2025. Goodman’s investor archive shows that FY26 full-year results and a 2026 annual report were published on 19 August 2026, but the detailed full-year numbers are not included in the available material.
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That timing difference matters. Occupancy, rent growth, development completions, interest costs and asset values can all change between reporting dates. The figures are useful for understanding each company’s business mix and financial direction, but they do not establish which share will produce the higher future return.
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A proper investment decision also needs a common share-price date, valuation measures such as price-to-FFO or price-to-NTA, distribution or dividend assumptions, expected growth, funding costs and the investor’s currency and tax position.
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At-a-glance comparison
| Company | Listing and reporting currency | Detailed period represented here | Key reported facts |
|---|---|---|---|
| Goodman Group | ASX: GMG; Australian dollars (A$) | Half year ended 31 December 2025 (1H FY26) | A$87.4 billion total portfolio; 95.9% occupancy; 4.2% like-for-like NPI growth; A$14.4 billion development work in progress |
| Prologis, Inc. | NYSE: PLD; US dollars (US$) | FY25 results and annual filing | Global logistics real-estate platform; 5.3x debt-to-adjusted EBITDA |
| Comparability | Periods, currencies and leverage definitions differ. No same-date valuation or total-return comparison is established. | ||
Goodman Group: what the latest detailed results show
Portfolio scale and operating performance
Goodman’s group structure comprises Goodman Limited, Goodman Industrial Trust and Goodman Logistics (HK) Limited. Its activities include logistics, distribution, warehouse, light-industrial and data-centre assets.
For the half year ended 31 December 2025, Goodman reported operating profit of A$1,203.5 million, operating earnings of 58.5 cents per security and statutory profit of A$824.7 million. These are different measures: operating profit and operating earnings are intended to describe recurring operating performance under the company’s reporting framework, while statutory profit includes the full accounting result for the period.
The total portfolio was A$87.4 billion at 31 December 2025. Portfolio occupancy was 95.9%, and like-for-like net property income (NPI) growth was 4.2%. Occupancy indicates how much space is leased, while like-for-like NPI growth compares income from a consistent property set and can help isolate underlying rental performance from acquisitions, disposals or development changes.
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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchFor context, Goodman’s FY25 release reported an A$85.6 billion portfolio, 96.5% occupancy and 4.3% like-for-like NPI growth at 30 June 2025. The two snapshots should not be treated as a clean annual trend because they cover different dates and periods, but they show the scale and operating measures Goodman uses to describe its portfolio.
Development pipeline and data-centre concentration
Goodman reported A$14.4 billion of development work in progress across 51 projects in 1H FY26. The forecast yield on cost was 8.1%. Yield on cost is a development assumption based on expected income relative to development cost; it is not a guaranteed return to shareholders and can change with construction costs, financing, leasing and completion timing.
Data centres represented 73% of development WIP. Goodman also reported a 6.0-gigawatt global power bank across 16 major global cities. A power bank represents the company’s reported access or pipeline context for electricity capacity. It is not the same as completed operating data-centre capacity, contracted revenue or realized investment yield.
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The concentration creates a distinct growth profile. Successful delivery of powered sites and data-centre facilities could support future development income and property values. At the same time, projects require substantial capital and depend on power availability, permits, grid connections, construction delivery, customer commitments and technology-market conditions. A large WIP number therefore describes both an opportunity and an execution obligation.
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Goodman reported net tangible assets of A$11.18 per security. It reported gearing of 4.1% and look-through gearing of 17.8%. Look-through gearing incorporates additional interests or obligations that may not appear in a simple consolidated debt figure. The definitions should be read in Goodman’s own financial statements rather than compared directly with a lender-style leverage multiple.
The group declared a 15.0-cent-per-security distribution for 1H FY26 and published a 30.0-cent forecast distribution for FY26. The forecast is management guidance, not a guaranteed payment. Investors should check the final distribution, funding sources and any changes in payout policy in the full-year release.
Prologis: what the available FY25 evidence shows
Global logistics platform
Prologis’s FY25 results and annual filing describe a global logistics real-estate platform that includes operating properties and development opportunities. That broad platform can provide geographic diversification and exposure to logistics demand across multiple markets, but the available figures here do not provide a directly comparable occupancy, like-for-like income-growth or development-WIP snapshot for the same date as Goodman’s 1H FY26 report.
Leverage measure
Prologis reported debt-to-adjusted EBITDA of 5.3x in its FY25 results. This ratio compares debt with a company-defined adjusted earnings measure and is commonly used to discuss debt capacity and financial resilience.
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It is not interchangeable with Goodman’s 4.1% gearing or 17.8% look-through gearing. A percentage of assets or equity and a debt-to-EBITDA multiple use different denominators, consolidation rules and adjustments. A lower-looking number in one format does not automatically mean lower leverage than a higher-looking number in another format.
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The available Prologis material does not supply a full FY26 operating snapshot that aligns with Goodman’s 31 December 2025 data. Before ranking the companies, obtain Prologis’s latest official results and compare occupancy, rent growth, development commitments, debt maturities, interest coverage and cash-flow measures on matching dates.
Compare the companies by decision-making factor
| Factor | Why it matters | What is established | What remains to verify |
|---|---|---|---|
| Earnings composition | Property income, development gains and management activities can have different timing and volatility. | Goodman reported A$1,203.5 million operating profit and 58.5 cents operating earnings per security for 1H FY26. | Use Prologis’s same-period, company-defined earnings measures before comparing growth. |
| Occupancy and rent growth | Leasing supports recurring property income and can indicate demand and pricing power. | Goodman reported 95.9% occupancy and 4.2% like-for-like NPI growth at 31 December 2025. | Find Prologis’s matching-date occupancy, rent-change and like-for-like definitions. |
| Development pipeline | Pipeline investment can drive future growth but requires capital and execution. | Goodman had A$14.4 billion WIP across 51 projects, with an 8.1% forecast yield on cost. | Compare Prologis’s development commitments, expected yields, starts, completions and pre-leasing. |
| Data-centre exposure | Data centres may offer high growth but bring power, permitting, customer and construction risks. | Data centres were 73% of Goodman’s development WIP; Goodman reported a 6.0 GW power bank. | Determine how much capacity is operational, contracted, funded and expected to generate income. |
| Balance sheet | Debt affects resilience, refinancing risk and the ability to fund projects or distributions. | Goodman reports gearing and look-through gearing; Prologis reports 5.3x debt-to-adjusted EBITDA. | Reconcile definitions, debt maturities, interest costs, secured debt and joint-venture obligations. |
| Valuation | A high-quality business can still be a poor purchase at an excessive price. | No same-date share prices or valuation multiples are established here. | Calculate price-to-FFO or earnings, price-to-NTA, implied cap rate and distribution yield using one date. |
| Currency and tax | Exchange rates and withholding taxes change an investor’s realized return. | Goodman reports in A$ and trades in Australia; Prologis reports in US$ and trades in the United States. | Assess home-currency exposure, broker access, tax forms, withholding and estate or local-market rules. |
How to perform a fair GMG-versus-PLD investment check
1. Align the reporting dates
- Download the latest annual and interim reports for both companies.
- Choose a common cut-off date. Do not compare Goodman’s 1H FY26 numbers with a later Prologis quarter while calling the result a same-period analysis.
- Record whether each figure is reported, adjusted, annualized, forecast or a one-time amount.
- Note currency and unit conventions before putting figures into one spreadsheet.
2. Normalize property metrics
Compare occupancy on the same basis, including whether it is measured by area, income or another denominator. Do the same for rent growth and NPI. Separate stabilized operating properties from assets under construction, recently acquired properties and assets held for sale.
For development, compare total cost, remaining cost to complete, expected completion dates, pre-leasing, forecast yield and sensitivity to construction or financing costs. A forecast yield on cost should not be substituted for a realized portfolio return.
3. Use the right earnings measure
Listed property companies often present statutory profit alongside recurring or adjusted measures. Goodman’s 58.5 cents operating earnings per security should be compared with Prologis’s equivalent company-defined recurring measure, not automatically with statutory EPS. Identify fair-value movements, disposal gains, development profits, depreciation and foreign-exchange effects before calculating growth.
4. Build a valuation bridge
On one share-price date, calculate at least:
- Price-to-recurring earnings or funds-from-operations, using each company’s definition and explaining any adjustments.
- Price-to-net tangible assets or net asset value, with asset revaluation assumptions noted.
- Distribution or dividend yield based on declared payments, clearly separating forecasts from paid amounts.
- Implied property yield or capitalization rate where the asset and net-operating-income data support it.
Then test how the valuation changes if interest rates, property values, rents or development margins move against the base case. A premium valuation may be justified by stronger growth, but the growth must be sufficient to compensate for the price paid.
5. Examine funding and refinancing
Read debt maturity schedules, fixed-versus-floating exposure, interest costs, undrawn facilities and covenant headroom. For Goodman, review both reported and look-through obligations. For Prologis, understand what is included in adjusted EBITDA and debt-to-adjusted EBITDA. Consider whether planned development spending can be funded without excessive new equity or debt.
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6. Convert company returns into investor returns
Translate A$ and US$ cash flows into your home currency using several exchange-rate scenarios. Include brokerage, foreign-exchange spreads and local tax treatment. Australian and US securities can have different withholding, reporting and estate-tax consequences depending on the investor’s residence and account type. This is a jurisdiction-specific issue, so obtain professional tax advice rather than assuming the headline distribution yield is your net yield.
Development and data-centre risks that deserve extra scrutiny
Power is not the same as capacity
Goodman’s reported 6.0 GW power bank is strategically relevant, but it does not prove that 6.0 GW of data-centre space is built, energized or producing rent. Ask whether each project has secured grid connection, planning approval, customer commitment, construction funding and a delivery timetable.
Forecast yield can change
The 8.1% yield on cost attached to Goodman’s WIP is a forecast. Rising construction prices, delays, redesigns, higher financing costs or weaker leasing can reduce the eventual yield. Conversely, rent growth or favorable financing could improve economics. Treat the figure as an underwriting assumption, not as a promised shareholder return.
Concentration changes the risk profile
With data centres representing 73% of Goodman’s development WIP, future results may become more sensitive to a specialized customer and infrastructure market than a conventional warehouse portfolio would be. Review customer concentration, contract duration, energy pricing, cooling technology, water availability and obsolescence risk.
Balance-sheet interpretation without false precision
Goodman’s 4.1% gearing and 17.8% look-through gearing provide two views of leverage within its reporting framework. Prologis’s 5.3x debt-to-adjusted EBITDA provides a different view based on debt relative to adjusted operating earnings. Neither set of figures should be converted into a simple winner’s ranking.
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A useful comparison asks what each balance sheet can withstand: a fall in property values, a period of weaker leasing, delayed development receipts, higher refinancing rates or a foreign-exchange move. Check debt duration, secured versus unsecured borrowing, rating-agency commentary, joint ventures and liquidity reserves. The ratio itself is only the starting point.
Which company may suit which investor objective?
An investor seeking data-centre-led growth
Goodman’s disclosed WIP mix and power-bank strategy provide a clear data-centre growth pathway to investigate. The trade-off is greater dependence on development execution, power delivery and capital availability. This profile suits analysis focused on project underwriting rather than simply current occupancy.
An investor seeking broad global logistics exposure
Prologis’s described global platform may appeal to investors who want logistics exposure across multiple markets. The available material does not, by itself, establish its current growth rate, valuation or risk-adjusted return against Goodman, so the latest operating and valuation data are still essential.
An investor focused on distributions
Goodman’s 15.0-cent 1H FY26 distribution and 30.0-cent FY26 forecast provide a reference point, but the forecast must be checked against the final declaration. For Prologis, use the latest declared dividend, payout coverage and foreign withholding treatment rather than comparing an unverified yield.
Checklist before buying either security
- Use official reports with matching dates and clearly labeled currencies.
- Confirm current share prices and calculate valuation multiples on the same day.
- Reconcile recurring earnings, statutory profit, funds-from-operations and net asset measures.
- Review occupancy, rent reversions, lease expiry schedules and top-tenant concentration.
- Break development pipelines into committed, under-construction, permitted and prospective projects.
- Test development yields against higher costs, slower leasing and delayed completion.
- Read debt maturities, interest-rate exposure, liquidity and joint-venture commitments.
- Model exchange-rate, withholding-tax and transaction-cost effects in your home currency.
- Decide whether your objective is income, growth, diversification or capital preservation.
- Set a valuation range and an adverse-case exit rule before purchasing.
Common mistakes in a Goodman-versus-Prologis comparison
- Comparing mismatched periods: a half-year Goodman number and a full-year Prologis number do not describe the same economic window.
- Treating different leverage ratios as equivalent: gearing percentages and debt-to-adjusted-EBITDA multiples cannot be ranked by their face values.
- Calling forecast yield a return: an 8.1% development yield on cost is not a guaranteed distribution or total return.
- Counting power-bank capacity as operating revenue: planned or secured power is not completed, leased data-centre space.
- Ignoring price: operating quality does not determine expected shareholder return without entry valuation.
- Overlooking currency and tax: a gross distribution in A$ or US$ is not necessarily the investor’s net cash return.
- Using a single metric: occupancy, NPI growth, leverage or NTA alone cannot capture development, refinancing and valuation risk.
Bottom line
The available evidence supports two different investment narratives rather than a definitive winner. Goodman presents a high-occupancy portfolio, positive like-for-like income growth and a development program strongly weighted toward data centres, with meaningful execution and funding requirements. Prologis presents a global logistics platform and reports 5.3x debt-to-adjusted EBITDA, but the detailed figures available here are from a different period and do not form a complete head-to-head operating comparison.
Choose between GMG and PLD only after aligning the latest reports, calculating valuation on a common date, reconciling leverage definitions and modeling currency and tax effects. Until those inputs are available, “better investment” is an unresolved question rather than a conclusion supported by the operating statistics alone.
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