Public Storage PSA

Real EstateResidential & Commercial REITsUnited States of America

Last close 324.77 USD on Nov 1, 2026, +28.9% year to date

Quant rating

Quant rating A Rank 14 of 175 in Real Estate

Growth B 65 of 175
Valuation C 116 of 175
Quality A 9 of 175
Revisions B 57 of 175
Momentum A 25 of 175

Wall Street consensus Hold (2.59)Average target 330.38 USD +1.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 60.7B
Enterprise value: 77.8B
52-week range: 256.54 – 335.29
3-year range: 242.59 – 365.01
Dividend yield: 3.69%
Beta (5 years): 0.93
Shares outstanding: 187M
Next earnings: Feb 18, 2027

About the company

Public Storage is a real estate investment trust. Its principal business activities include the ownership and operation of self-storage facilities that offer storage spaces for lease, generally on a month-to-month basis, for personal and business use, and other related operations, such as tenant reinsurance, merchandise sales, third party management, and bridge lending to third-party self-storage owners, as well as the acquisition and development of additional self-storage space. Its Self-Storage Operations segment includes the aggregated rental operations from the self-storage facilities it owns from same store facilities, acquired facilities, newly developed and expanded facilities, and other non-same store facilities. Its Ancillary Operations segment includes the combined operations of its tenant reinsurance, merchandise sales, and third-party property management operating segments. It owned interests in over 3,085 self-storage facilities located in 40 states in the United States.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	4,824	4,696	4,518	4,182	3,416	–
Revenue growth	2.7%	3.9%	8.0%	22.4%	17.2%	10.6%
EPS (basic, normalized)	9.01	10.64	11.06	23.50	9.87	–
EPS growth	−15.3%	−3.8%	−52.9%	138.1%	–	–
Gross margin	72.8%	73.2%	74.6%	74.8%	73.0%	73.7%
Net margin	32.9%	39.9%	43.1%	99.0%	50.7%	53.1%
ROE	18.8%	21.0%	21.4%	44.8%	21.8%	25.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	560
Current ratio	–
Long-term debt (mil)	11,342
Net debt (mil)	17,069
Total equity (mil)	14,502
Net debt / equity	1.18x
Net debt / EBITDA	7.23x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	4,824	+2.7%	16.1x	2,361	−30.3%	32.9x	9.01	−15.3%	36.0x
2026	5,057	+4.8%	15.4x	3,623	+53.4%	21.5x	9.99	+10.9%	32.5x
2027	5,473	+8.2%	14.2x	3,993	+10.2%	19.5x	10.20	+2.0%	31.9x
2028	5,707	+4.3%	13.6x	4,157	+4.1%	18.7x	10.69	+4.8%	30.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	5,057	+0.7%	+1.6%	+2.2%	9.99	−1.6%	−2.0%	+0.6%
2027	5,473	+1.3%	+2.5%	+3.8%	10.20	0.0%	−1.4%	−0.9%
2028	5,707	+2.6%	−0.1%	+3.4%	10.69	0.0%	−3.5%	−2.0%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,157	1,173	1,188	1,177	1,183	1,201	1,224	1,216	1,218	1,233
Sales mean (mil)	1,154	1,179	1,180	1,174	1,170	1,188	1,210	1,215	1,213	1,230
Surprise	+0.2%	−0.5%	+0.7%	+0.3%	+1.1%	+1.1%	+1.2%	+0.1%	+0.4%	+0.2%
EPS reported	2.60	2.66	2.16	3.21	2.04	1.76	2.62	2.60	2.71	2.55
EPS mean	2.47	2.60	2.60	2.57	2.40	2.56	2.53	2.50	2.39	2.59
Surprise	+5.2%	+2.3%	−17.0%	+25.0%	−14.8%	−31.2%	+3.5%	+4.0%	+13.5%	−1.4%

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
PSA Public Storage	60.7B	7.23x	32.9%	4.18x	32.5x	31.9x	21.5x	19.5x
WELL Welltower Inc.	172.1B	3.89x	−4.7%	3.53x	80.9x	71.9x	35.1x	29.1x
PLD Prologis, Inc.	121.6B	5.26x	37.8%	2.18x	31.1x	34.3x	22.0x	19.8x
EQIX Equinix, Inc.	100.3B	4.73x	14.6%	6.90x	56.5x	52.0x	23.1x	20.4x
SPG Simon Property Group Inc	70.5B	6.33x	72.7%	15.89x	33.1x	30.8x	19.1x	18.2x
DLR Digital Realty Trust, Inc.	67.0B	6.45x	20.7%	2.41x	64.8x	65.6x	23.2x	20.3x
Mean		5.65x	29.0%	5.85x	49.8x	47.8x	24.0x	21.2x
Median		5.79x	26.8%	3.86x	44.8x	43.2x	22.5x	20.0x

Technical analysis

1M+14.0%
3M−0.7%
1Y+13.5%
3Y+53.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Public Storage, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	4,824	4,696	4,518	4,182	3,416	2,915
Cost of revenue	1,310	1,258	1,148	1,053	921	867
Gross profit	3,514	3,438	3,370	3,129	2,495	2,048
Selling, general & administrative expenses	107	107	80.6	71.7	101	83.2
Research & development	–	–	–	–	–	–
Depreciation/amortization	1,152	1,130	970	888	713	553
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	19.6	15.5	26.5	−2,100	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	2,236	2,186	2,293	4,270	1,681	1,411
Net interest income (expense)	−475	−116	−147	109	265	−51.4
Gain (loss) on sale of assets	1.1	1.5	17.2	1.5	13.7	1.5
Other non-operating income (expense)	27.7	18.2	8.4	0.8	0	0
Net income before taxes	1,790	2,089	2,171	4,381	1,960	1,361
Provision for taxes	−7.2	4.7	10.8	14.3	–	–
Minority interest	−12.7	−12.4	−11.8	−17.1	−6.4	−4.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,784	2,072	2,148	4,349	1,953	1,357
Extraordinary items	–	–	–	–	–	–
Net income	1,784	2,072	2,148	4,349	1,953	1,357
EBIT, normalized	2,256	2,201	2,319	2,169	1,681	1,411
EBITDA, normalized	3,407	3,331	3,289	3,058	2,394	1,964
Basic EPS, normalized	9.01	10.64	11.06	23.50	9.87	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Public Storage, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	318	447	370	775	735	258
Receivables	–	–	–	–	–	–
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	18,805	18,361	18,387	16,038	15,307	10,409
Goodwill	166	166	166	166	166	175
Intangibles	85.8	116	221	66.7	137	30.1
Long-term investments	389	382	390	276	829	773
Note receivable	142	10.0	–	–	–	–
Other long-term assets	622	720	645	1,006	942	430
Total assets	20,209	19,755	19,809	17,552	17,381	11,817
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	613	588	599	515	482	395
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	1,150	652	810	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	9,104	8,702	8,293	6,871	7,475	2,845
Minority interest	93.7	101	93.8	93.4	88.4	18.0
Other liabilities	1,763	1,240	1,409	515	482	395
Total liabilities	10,960	10,042	9,796	7,479	8,046	3,258
Shareholders' equity
Preferred stock	4,350	4,350	4,350	4,350	4,100	3,792
Common stock	17.6	17.5	17.6	17.5	17.5	17.5
Additional paid-in capital	6,148	6,116	5,981	5,896	5,822	5,707
Retained earnings (accumulated deficit)	−1,219	−699	−268	−110	−550	−915
Treasury stock	–	–	–	–	–	–
Other equity	−47.8	−72.0	−67.2	−80.3	−53.6	−43.4
Total equity	9,248	9,713	10,013	10,073	9,335	8,559
Total liabilities & shareholders' equity	20,209	19,755	19,809	17,552	17,381	11,817

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Public Storage, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,797	2,084	2,160	4,366	1,960	1,361
Depreciation, depletion & amortization	1,152	1,130	970	888	713	553
Deferred taxes	–	–	–	–	–	–
Non-cash items	234	−67.2	68.2	−2,272	−280	56.3
Changes in working capital	3.6	−18.7	48.2	135	150	72.1
Cash from operations	3,186	3,128	3,247	3,117	2,544	2,043
Investing activities
Capital expenditures	−1,562	−1,014	−1,299	−1,531	−5,599	−1,152
Other investing cash flows	−123	11.7	−2,240	2,651	35.8	34.0
Cash from investing	−1,685	−1,003	−3,539	1,120	−5,564	−1,118
Financing activities
Financing cash flow items	−41.6	−26.8	−33.1	−48.9	−18.0	−13.3
Cash dividends paid	−2,303	−2,302	−2,306	−3,909	−1,589	−1,606
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	714	250	2,226	−235	5,105	544
Cash from financing	−1,631	−2,079	−113	−4,193	3,498	−1,076
Foreign exchange effects	–	–	0	0	0.5	−0.4
Net change in cash	−129	47.0	−405	43.9	479	−151
Free cash flow	1,624	2,114	1,948	1,586	−3,056	891

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.