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Public Storage's published Reduce conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.
| Market cap | $53.1B | |
|---|---|---|
| Revenue (ttm) | 5B | |
| Net income (ttm) | 1.7B | |
| EPS (ttm) | $9.51 | |
| Shares out | 194.2M | |
| P/E (trailing) | 32.7x | |
| P/E (forward) | 27.3x | |
| Dividend | $12.0 (3.86%) | |
| Volume | 988,303 | |
| Beta | 0.93 |
Recent price action with selectable time range.
| Item | P1 | P2 | P3 | P4 | P5 | Trend |
|---|---|---|---|---|---|---|
| Period | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | Trend |
| Revenue | $3.42B | $4.18B | $4.52B | $4.70B | $4.82B | +9.0% |
| Gross profit | $2.50B | $3.13B | $3.37B | $3.44B | $1.20B | -16.7% |
| Operating income | $2.06B | $2.27B | $2.37B | $2.38B | $2.09B | +0.4% |
| Net income | $1.95B | $4.35B | $2.15B | $2.07B | $1.78B | -2.2% |
| EPS (diluted) | $9.87 | $23.50 | $11.06 | $10.64 | $9.01 | -2.3% |
| EBITDA | $2.78B | $3.16B | $3.34B | $3.51B | $3.25B | +4.0% |
| R&D | $8.4M | $17.5M | $0 | — | — | -100.0% |
| SG&A | $76.0M | $114.7M | $80.6M | $106.7M | $106.7M | +8.9% |
Recent company headlines from major financial publishers.
The modal expected path reflects steady, gradual normalization in self-storage operating fundamentals. Public Storage's core self-storage operations generate the vast majority of consolidated revenue, with top-line growth pacing through FY2026 and FY2027 before moderating. Operating margins recover moderately from FY2025 levels as Sunbelt deliveries are digested. Disciplined capital expenditure sustains robust annual free cash flow, yielding our house Fair value of $241.03.
In the upside scenario, new competitive supply decelerates sharply across major metropolitan areas as elevated construction borrowing costs halt speculative starts. Rapid absorption of Sunbelt inventory restores pricing power on move-in rental rates, lifting FY2027 revenue growth. Operating margins expand through operational leverage and digital customer capture, allowing free cash flow expansion and supporting equity valuation up to Potential value of $322.66.
| Ke ↓ / g → | 1.1% | 1.4% | 1.6% | 1.9% | 2.1% |
|---|---|---|---|---|---|
| 7.8% | $255 | $257 | $260 | $262 | $265 |
| 8.3% | $245 | $247 | $249 | $251 | $254 |
| 8.8% | $236 | $237 | $241 | $241 | $243 |
| 9.3% | $228 | $230 | $231 | $233 | $235 |
| 9.8% | $222 | $223 | $224 | $226 | $227 |
Upcoming earnings date and setup when available.
The rating each month's published research edition carried. A rating compares the price at analysis with the Fair value; it is not a record of whether the call was right.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 |
