A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
Public Storage
PSA
$56.8B
Mkt Cap
$322.48
+2.37%
Public Storage (PSA) has a current P/E ratio of 35.8, 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 14.8%. This indicates solid capital allocation.
Public Storage (PSA) has a market capitalization of $56.6B. It is classified as a large-cap stock.
Yes, Public Storage (PSA) pays a dividend with a trailing twelve-month yield of 3.72%.
Based on historical P/E analysis, Public Storage (PSA) appears expensive. The current P/E of 35.8 is 48% above its historical median of 24.1. The estimated fair value CAGR (P/E method) is 8.8%.
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 is the largest owner of self-storage facilities in the United States, operating 3,171 facilities representing 229 million net rentable square feet across 40 states under the Public Storage® brand, with a recognized brand and ubiquitous orange color providing competitive advantages. The company operates a month-to-month rental model for personal and business storage, generating revenue through occupancy and rental rates optimized via centralized pricing and marketing strategies supported by advanced technology platforms including its website, customer care center, eRental® digital move-in process, and smartphone application. Beyond core self-storage operations, Public Storage generates ancillary revenue through tenant reinsurance programs (approximately 1.5 million certificates representing $7.2 billion in coverage), third-party management services (362 facilities managed with 84 additional under contract), merchandise sales, and a bridge lending program to third-party self-storage owners (with $142.1 million outstanding and $43.9 million in unfunded commitments as of December 31, 2025). The company's scale, centralized operations, and technology platform enable high operating margins and low administrative costs relative to revenues, with economies of scale allowing materially higher cash flow per square foot than competitors; the company owns approximately 9% of U.S. self-storage square footage while the four largest operators collectively own approximately 22%. Public Storage also holds a 35% interest in Shurgard Self Storage Limited, a publicly traded company operating 332 facilities across seven Western European countries, and operates as a REIT, distributing REIT taxable income to shareholders while avoiding U.S. federal corporate income tax on that distributed income.
【Cyclical recovery with operational leverage】 Management expects 2026 to show modest improvement over 2025 as new supply continues to taper and occupancy stabilizes, with same-store revenue and NOI guidance at -1.1% and -2.2% at the midpoint respectively, though performance is expected to improve sequentially throughout the year and particularly strengthen in the fourth quarter as easier comparisons emerge. The company is investing in its PS Next operating platform and enhanced data science capabilities to drive customer experience improvements and revenue optimization, with early first-quarter 2026 results showing better-than-expected same-store NOI, improved move-in rents, and lower move-out activity, positioning the company to benefit from the secular tailwinds supporting storage demand. Non-same-store NOI is expected to contribute significantly with 16% year-over-year growth before future transaction activity, while expense growth remains constrained with mid-single-digit property tax growth offset by initiatives in personnel and R&M, and the company maintains substantial free cash flow and debt capacity to support capital deployment through acquisitions, development, and lending activities. Management is focused on compounding per-share earnings growth through its value creation engine combining operational improvements, accretive portfolio growth, and ancillary business expansion, with the Welltower partnership enhancing data science and micro-market targeting capabilities to improve capital allocation and portfolio construction over time.
| Metric | Target | Period |
|---|---|---|
| Core FFO per share | $16.35–$17.00 | FY2026 |
| Same-store revenue growth | -1.1% | FY2026 (midpoint) |
| Same-store NOI growth | -2.2% | FY2026 (midpoint) |
| Non-same-store NOI growth | 16% | FY2026 |
| Expected synergies from Welltower transaction | $110 million–$130 million | Over time |
| Per share earnings accretion from Welltower transaction | $0.35–$0.50 | By stabilization in 2028–2029 |
Core FFO per share (FY2026): “We've established an initial Core FFO range of $16.35-$17, resulting in a midpoint of $16.68 and a year-over-year decline of 1.7%.”
Same-store revenue growth (FY2026 (midpoint)): “Same-store revenue and NOI guidance are -1.1% and -2.2% at the midpoint, respectively.”
Same-store NOI growth (FY2026 (midpoint)): “Same-store revenue and NOI guidance are -1.1% and -2.2% at the midpoint, respectively.”
Non-same-store NOI growth (FY2026): “In addition, our non-same store NOI is once again expected to be a significant contributor, with year-over-year growth of 16% before factoring in future transaction activity.”
Expected synergies from Welltower transaction (Over time): “We still expect $110 million-$130 million of synergies over time.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.9B | 4.8B | 4.7B | 4.5B | 4.2B | 3.4B |
| Net Income | 1.7B | 1.6B | 1.9B | 1.9B | 4.1B | 1.7B |
| EPS | $9.71 | $9.01 | $10.64 | $11.06 | $23.50 | $9.87 |
| Free Cash Flow | 2.4B | 2.2B | 2.9B | 2.8B | 2.4B | -2.5B |
| ROIC | 0.0% | 10.0% | 11.6% | 12.3% | 26.5% | 13.6% |
| Gross Margin | - | 48.6% | 48.8% | 52.5% | 52.9% | 54.2% |
| Debt/Equity | 1.05 | 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 | 0 | 1.9B | 2.2B | 2.2B | 4.3B | 1.8B |
| Operating Margin | 0.0% | 39.0% | 46.1% | 47.8% | - | 53.7% |
| ROE | 18.5% | 16.7% | 19.0% | 19.4% | 42.7% | 19.4% |
| Shares Outstanding | 176M | 176M | 176M | 176M | 176M | 176M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.2B | 2.4B | 2.6B | 2.7B | 2.8B | 2.9B | 2.9B | 3.4B | 4.2B | 4.5B | 4.7B | 4.8B | 4.9B |
| Gross Margin | 51.8% | 55.4% | 56.9% | 56.4% | 55.5% | 55.3% | 53.3% | 54.2% | 52.9% | 52.5% | 48.8% | 48.6% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 71M | 88M | 84M | 83M | 105M | 62M | 83M | 76M | 72M | 81M | 107M | 107M | 112M |
| EBIT | 1.1B | 1.2B | 1.4B | 1.4B | 1.5B | 1.3B | 1.2B | 1.8B | 4.3B | 2.2B | 2.2B | 1.9B | 0 |
| Op. Margin | 48.5% | 51.7% | 53.7% | 53.3% | 55.1% | 46.2% | 39.6% | 53.7% | N/A | 47.8% | 46.1% | 39.0% | 0.0% |
| Net Income | 908M | 1.1B | 1.2B | 1.2B | 1.5B | 1.3B | 1.1B | 1.7B | 4.1B | 1.9B | 1.9B | 1.6B | 1.7B |
| Net Margin | 41.7% | 44.2% | 46.2% | 43.9% | 54.0% | 44.6% | 37.7% | 50.7% | 99.0% | 43.1% | 39.9% | 32.9% | 35.1% |
| Non-Recurring | 2.5M | 19M | 689K | 1.4M | 38M | 341K | 1.5M | 14M | 0 | 0 | 0 | 9.2M | 9.2M |
| Returns on Capital | |||||||||||||
| ROIC | 10.7% | 13.3% | 14.7% | 14.6% | 15.1% | 12.7% | 10.8% | 13.6% | 26.5% | 12.3% | 11.6% | 10.0% | 0.0% |
| ROE | N/A | 11.3% | 12.7% | 12.8% | 16.5% | 14.0% | 12.5% | 19.4% | 42.7% | 19.4% | 19.0% | 16.7% | 18.5% |
| ROA | 9.2% | 10.7% | 11.9% | 11.2% | 13.7% | 11.4% | 9.5% | 11.9% | 23.7% | 10.4% | 9.5% | 7.9% | 8.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.6B | 1.7B | 1.9B | 2.0B | 2.1B | 2.1B | 2.0B | 2.5B | 3.1B | 3.2B | 3.1B | 3.2B | 3.2B |
| Free Cash Flow | 1.5B | 1.7B | 1.9B | 1.9B | 1.9B | 1.9B | 1.3B | -2.5B | 2.4B | 2.8B | 2.9B | 2.2B | 2.4B |
| Owner Earnings | 1.1B | 1.3B | 1.5B | 1.5B | 1.5B | 1.5B | 1.5B | 1.8B | 2.2B | 2.2B | 2.0B | 2.0B | 2.0B |
| CapEx | 81M | 66M | 81M | 121M | 141M | 187M | 792M | 5.0B | 758M | 473M | 267M | 946M | 825M |
| Maint. CapEx | 437M | 426M | 433M | 455M | 484M | 513M | 553M | 713M | 888M | 970M | 1.1B | 1.2B | 1.2B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 239M | 4.3B | 0 | 0 | 0 | 0 | 0 |
| D&A | 437M | 426M | 433M | 455M | 484M | 513M | 553M | 713M | 888M | 970M | 1.1B | 1.2B | 1.2B |
| CapEx/OCF | 0.1% | 0.1% | 0.2% | 0.1% | 0.6% | 9.1% | 8.3% | 10.6% | 7.0% | 7.3% | 7.7% | 6.9% | 26.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 968M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | 5.1% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 270M | 863M | 923M | 0 | 1.1B | 1.5B | 875M | 0 | 0 | 200M | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.4% | N/A | 0.0% |
| Stock-Based Comp | 30M | 33M | 37M | 38M | 70M | 26M | 33M | 60M | 57M | 42M | 45M | 40M | 42M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -123M | -49M | 207M | 998M | 1.1B | 1.5B | 2.3B | 6.7B | 6.1B | 8.7B | 8.9B | 9.9B | 9.6B |
| Cash & Equiv. | 188M | 104M | 184M | 433M | 361M | 410M | 258M | 735M | 775M | 370M | 447M | 318M | 135M |
| Long-Term Debt | 64M | 55M | 391M | 1.4B | 1.4B | 1.9B | 2.5B | 7.5B | 6.9B | 9.1B | 9.4B | 10.3B | 9.7B |
| Debt/Equity | N/A | 0.01 | 0.04 | 0.16 | 0.15 | 0.21 | 0.30 | 0.80 | 0.68 | 0.91 | 0.96 | 1.11 | 1.05 |
| Interest Coverage | 155.6 | 2019.7 | 326.5 | 112.1 | 46.8 | 28.9 | 20.5 | 20.2 | 31.5 | 10.7 | 7.5 | 6.2 | 6.2 |
| Equity | N/A | 9.2B | 9.4B | 8.9B | 9.1B | 9.1B | 8.6B | 9.3B | 10.1B | 10.0B | 9.7B | 9.2B | 9.2B |
| Total Assets | 9.8B | 9.8B | 10.1B | 10.7B | 10.9B | 11.4B | 11.8B | 17.4B | 17.6B | 19.8B | 19.8B | 20.2B | 19.9B |
| Total Liabilities | N/A | 581M | 689M | 1.8B | 1.8B | 2.3B | 3.2B | 8.0B | 7.4B | 9.7B | 9.9B | 10.9B | 10.5B |
| Intangibles | 19M | 19M | 19M | 22M | 17M | 13M | 20M | 118M | 48M | 203M | 98M | 67M | 49M |
| Retained Earnings | -375M | -435M | -488M | -676M | -577M | -666M | -915M | -550M | -110M | -268M | -699M | -1.2B | -1.3B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -498M |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 800K |
| Current Liabilities | 247M | 262M | 298M | 337M | 371M | 383M | 395M | 482M | 515M | 599M | 588M | 613M | 498M |
| Per Share Data | |||||||||||||
| EPS | 5.25 | 6.07 | 6.81 | 6.73 | 8.54 | 7.29 | 6.29 | 9.87 | 23.50 | 11.06 | 10.64 | 9.01 | 9.71 |
| Owner EPS | 6.57 | 7.43 | 8.48 | 8.51 | 8.66 | 8.76 | 8.34 | 10.09 | 12.32 | 12.68 | 11.10 | 11.33 | 11.25 |
| Book Value | N/A | 52.86 | 54.14 | 51.35 | 52.31 | 51.91 | 49.02 | 53.18 | 57.15 | 56.83 | 55.18 | 52.55 | 52.55 |
| Cash Flow/Share | 9.27 | 10.08 | 11.19 | 11.33 | 11.84 | 11.84 | 11.70 | 14.49 | 17.68 | 18.43 | 17.77 | 18.11 | 16.31 |
| Dividends/Share | 5.60 | 6.50 | 7.30 | 8.00 | 8.00 | 8.00 | 8.00 | 8.00 | 21.15 | 12.00 | 12.00 | 12.00 | 0.00 |
| Shares Out. | 173.0M | 173.5M | 173.8M | 174.1M | 174.3M | 174.6M | 174.6M | 175.5M | 176.3M | 176.2M | 176.0M | 176.0M | 175.5M |
| Valuation | |||||||||||||
| P/E Ratio | 23.3 | 27.9 | 22.3 | 22.4 | 17.7 | 22.5 | 29.4 | 31.1 | 10.5 | 25.7 | 26.9 | 28.9 | 33.2 |
| P/FCF | 13.9 | 17.4 | 14.1 | 14.2 | 13.7 | 15.3 | 25.8 | N/A | 18.4 | 18.0 | 17.6 | 20.5 | 24.1 |
| EV/EBIT | 19.8 | 23.9 | 19.2 | 22.7 | 14.2 | 15.5 | 29.7 | 32.9 | 11.3 | 27.0 | 27.2 | 29.5 | N/A |
| Price/Book | N/A | 3.2 | 2.8 | 2.9 | 2.9 | 3.2 | 3.8 | 5.8 | 4.3 | 5.0 | 5.2 | 5.0 | 6.1 |
| Price/Sales | 8.7 | 9.9 | 11.1 | 9.8 | 9.6 | 10.6 | 9.9 | 12.1 | 11.9 | 9.9 | 10.7 | 10.3 | 11.7 |
| FCF Yield | 7.2% | 5.7% | 7.1% | 7.0% | 7.3% | 6.6% | 3.9% | -4.6% | 5.4% | 5.5% | 5.7% | 4.9% | 4.2% |
| Market Cap | 21.2B | 29.3B | 26.4B | 26.3B | 26.4B | 28.7B | 32.3B | 53.9B | 43.3B | 50.0B | 50.3B | 45.9B | 56.6B |
| Avg. Price | 109.69 | 136.48 | 162.82 | 150.86 | 151.06 | 173.56 | 165.82 | 236.36 | 282.50 | 254.27 | 286.67 | 283.66 | 322.48 |
| Year-End Price | 122.52 | 169.09 | 151.66 | 150.97 | 151.35 | 164.31 | 184.87 | 307.18 | 245.80 | 284.03 | 286.05 | 260.66 | 322.48 |
Public Storage passes 5 of 9 quality checks, suggesting mixed fundamentals.
Public Storage trades at 35.8x 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 19.1x vs a median of 17.6x. The company's 5-year average ROIC is 14.8% with a gross margin of 51.4%. Total shareholder yield (dividends) is 3.7%. At current prices, the estimated annualized return to fair value is +8.5%.
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 51.4%. 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.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to show modest improvement over 2025 as new supply continues to taper and occupancy stabilizes, with same-store revenue and NOI guidance at -1.1% and -2.2% at the midpoint respectively, though performance is expected to improve sequentially throughout the year and particularly strengthen in the fourth quarter as easier comparisons emerge. The company is investing in its PS Next operating platform and enhanced data science capabilities to drive customer experience improvements and revenue optimization, with early first-quarter 2026 results showing better-than-expected same-store NOI, improved move-in rents, and lower move-out activity, positioning the company to benefit from the secular tailwinds supporting storage demand. Non-same-store NOI is expected to contribute significantly with 16% year-over-year growth before future transaction activity, while expense growth remains constrained with mid-single-digit property tax growth offset by initiatives in personnel and R&M, and the company maintains substantial free cash flow and debt capacity to support capital deployment through acquisitions, development, and lending activities. Management is focused on compounding per-share earnings growth through its value creation engine combining operational improvements, accretive portfolio growth, and ancillary business expansion, with the Welltower partnership enhancing data science and micro-market targeting capabilities to improve capital allocation and portfolio construction over time.
Based on recent SEC filings and earnings calls, Public Storage (PSA) has provided the following forward guidance: Core FFO per share: $16.35–$17.00 (FY2026); Same-store revenue growth: -1.1% (FY2026 (midpoint)); Same-store NOI growth: -2.2% (FY2026 (midpoint)); Non-same-store NOI growth: 16% (FY2026); Expected synergies from Welltower transaction: $110 million–$130 million (Over time), plus 1 additional metric.
Per share earnings accretion from Welltower transaction (By stabilization in 2028–2029): “By the time we get to stabilization out in 2028 and 2029, we do think we'll have $0.35-$0.50 of per share earnings to compound on top of our existing profile”