A Business at a Glance
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Cautionary Statement Regarding Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements relating to our 2026 guidance and all underlying assumptions, our expected acquisition, disposition, development, and redevelopment activity, supply and demand for our self-storage facilities, information relating to operating trends in our markets, expectations regarding operating expenses, including property tax changes, expectations regarding the impacts from inflation and changes in macroeconomic conditions, our strategic priorities, expectations with respect to financing activities, rental rates, zoning, cap rates, and yields, leasing expectations, our credit ratings, and all other statements other than statements of historical fact.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.8B | 4.8B | 4.7B | 4.5B | 4.2B | 3.4B |
| Net Income | 1.6B | 1.6B | 1.9B | 1.9B | 4.1B | 1.7B |
| EPS | $9.01 | $9.01 | $10.64 | $11.06 | $23.50 | $9.87 |
| Free Cash Flow | 2.2B | 2.2B | 2.9B | 3.0B | 2.4B | -2.5B |
| ROIC | 9.9% | 10.2% | 11.9% | 11.7% | 27.8% | 11.9% |
| Gross Margin | 51.7% | 51.7% | 51.7% | 55.0% | 55.3% | 54.2% |
| Debt/Equity | 1.11 | 1.11 | 0.96 | 0.91 | 0.68 | 0.80 |
| Dividends/Share | $0.00 | $12.00 | $12.00 | $12.00 | $21.15 | $8.00 |
| Operating Income | 1.9B | 1.9B | 2.2B | 2.2B | 4.3B | 1.8B |
| Operating Margin | 39.0% | 39.0% | 46.1% | 47.8% | 102.6% | 53.4% |
| ROE | 17.1% | 16.7% | 19.3% | 19.5% | 41.1% | 18.6% |
| Shares Outstanding | 176M | 176M | 176M | 176M | 176M | 176M |
Public Storage passes 5 of 9 quality checks, suggesting mixed fundamentals.
Public Storage trades at 32.9x trailing earnings, compared to its 15-year median P/E of 24.1x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 17.5x vs a median of 16.6x. The company's 5-year average ROIC is 14.7% with a gross margin of 53.6%. Total shareholder yield (dividends) is 4.1%. At current prices, the estimated annualized return to fair value is +8.5%.
Public Storage (PSA) has a current P/E ratio of 32.9, compared to its historical median P/E of 24.1. The stock is currently considered Expensive based on its historical valuation range.
Public Storage (PSA) has a 5-year average return on invested capital (ROIC) of 14.7%. This indicates solid capital allocation.
Public Storage (PSA) has a market capitalization of $52.1B. It is classified as a large-cap stock.
Yes, Public Storage (PSA) pays a dividend with a trailing twelve-month yield of 4.05%.
Based on historical P/E analysis, Public Storage (PSA) appears expensive. The current P/E of 32.9 is 36% above its historical median of 24.1. The estimated fair value CAGR (P/E method) is 8.9%.
Public Storage (PSA) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
Public Storage (PSA) reported annual revenue of $4.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
Public Storage (PSA) has a net profit margin of 32.9%. This is a strong margin indicating high profitability.
Public Storage (PSA) generated $2.2 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Public Storage (PSA) has a debt-to-equity ratio of 1.11. This indicates moderate leverage.
Public Storage (PSA) reported earnings per share (EPS) of $9.01 in its most recent fiscal year.
Public Storage (PSA) has a return on equity (ROE) of 16.7%. This indicates the company generates strong returns for shareholders.
Public Storage (PSA) has a 5-year average gross margin of 53.6%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 19 years of financial data for Public Storage (PSA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Public Storage (PSA) has a book value per share of $52.55, based on its most recent annual SEC filing.