Public Storage (PSA)

NYSE: PSA · USD

$311

-1.56 (-0.5%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-01

Our latest published analysis: PSA rated Reduce

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.

Fair value

$241 / share

Potential value

$323 / share

Upside to FV

-15.1%

from $311

Moat

7.5/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

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

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 5B
Net income (ttm): 1.7B
EPS (ttm): $9.51
P/E (trailing): 32.7x
P/E (forward): 27.3x
Market cap: $53.1B

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%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AMT	American Tower Corporation	85.1B	25.8x	7.5x	7.8%	+4.0%	+0.7%	비중 축소
ARE	Alexandria Real Estate Equities Inc.	6.9B	—	2.4x	0.9%	+6.6%	-45.8%	보유
CCI	Crown Castle Inc.	37.4B	46.3x	9.1x	5.1%	-7.9%	-6.2%	매도
CPT	Camden Property Trust	10.3B	32.3x	6.6x	3.2%	+7.7%	-0.6%	매수
DLR	Digital Realty Trust, Inc.	68B	86.6x	10.0x	2.4%	+9.3%	+3.7%	매도
DOC	Healthpeak Properties, Inc.	13B	53.8x	4.4x	2.5%	+10.5%	+3.0%	적극 매수

Base and Bull scenarios

Base60%

Price target

$241.03

-15.1% from spot

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.

Revenue CAGR reflects steady multi-year expansion, supported by solid top-line performance across FY2026 and FY2027.
Consolidated EBIT margin normalizes gradually from FY2025 levels through FY2026 and the remainder of the forecast period.
Discounted at computed WACC and moderate Ke with steady long-term terminal growth.

Bull20%

Price target

$322.66

+13.6% from spot

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.

Revenue growth accelerates in FY2027 and sustains above-trend expansion over the forecast horizon.
Consolidated operating margins expand toward peak historical levels as street discounts disappear.
Cost of equity remains moderate, supporting elevated terminal valuation multiples.

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($241.03). Each row and column shows what Fair value becomes when one assumption moves.

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

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E27.3

P25 n/aP50 n/aP75 n/a

Trailing P/E27

P25 n/aP50 n/aP75 n/a

ROE15.6

P25 n/aP50 n/aP75 n/a

ROIC9.5

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All PSA indicators

Market & fundamental data

Available fields

268

Groups with data

Currency

USD

Showing 268 of 268 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001393311
Company name	Public Storage
Country	United States
Country code	US
CUSIP number	74460D109
Earnings date	2026-10-26
Earnings time	amc
Employees	5,770
Employees change	-130
Employees growth	-2.2%
Enterprise value	$72B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-09-30
First seen	2026-05-09
Fiscal year end	December
Founded	1972
In index	SP500
Industry	REIT - Industrial
Is primary listing	Yes
Is SPAC	No
ISIN number	US74460D1090
Last 10-K release date	2026-02-12
Last earnings date	2026-10-26
Last refreshed	2026-10-28
Last stock split type	Never
Market cap	$60.4B
Market cap category	Large-Cap
Next earnings date	2027-02-11
Options	Yes
Price	$310.91
Price currency	USD
Sector	Real Estate
SIC code	6798
Stock price date	2026-10-28
Symbol	PSA
U.S. state	Texas
Website	https://www.publicstorage.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	32.26x
Average P/E ratio (10Y)	28.76x
Average P/E ratio (3Y)	29.64x
Average P/E ratio (5Y)	26.56x
Earnings yield	3.06%
EV/Earnings	42.86x
EV/EBIT	32.49x
EV/EBITDA	20.63x
EV/FCF	156.06x
EV/Sales	14.41x
FCF / EV yield	0.64%
FCF yield	0.76%
Forward EV/Sales	12.87x
Forward P/E	33.47x
Forward P/S	10.81x
Graham number	105.83395
Graham upside	-66.34%
Industry forward P/E	35.87x
Industry P/E	36.68x
Lynch fair value	$47.54
Lynch upside	-84.88%
P/(FCF - SBC) ratio	145.02x
P/(OCF - SBC) ratio	20.62x
P/B ratio	5.97x
P/E ratio	32.7x
P/FCF ratio	131.09x
P/FFO ratio	18.8x
P/OCF ratio	20.32x
P/S ratio	12.11x
PEG ratio	7.33x
Price / tangible book value	7.25x
Price/EBITDA ratio	17.33x
Sector forward P/E	29.99x
Sector P/E	40.99x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	44.37%
EBITDA margin	69.88%
FCF margin	9.24%
Gross margin	74.29%
Operating margin	44.37%
Pretax margin	37.58%
Profit margin	37.68%
Profit per employee	$293,987
Profitable quarters	78
Profitable years	34
Revenue per employee	$874,081
ROA	5.7%
ROA (5Y)	7.63%
ROCE	8.65%
ROE	15.6%
ROE (5Y)	25.4%
ROIC	9.55%
ROIC (5Y)	12.53%
SBC / revenue	0.89%
Tax / revenue	-0.51%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	-1.27%
EPS growth (Q)	-35.45%
EPS growth (QoQ)	-33.79%
EPS growth 10Y	3.83%
EPS growth 3Y	-4.47%
EPS growth 5Y	2.58%
EPS growth years	0
Net income growth	0.44%
Net income growth (Q)	-28.2%
Net income growth (QoQ)	-30.64%
Net income growth 3Y	-4.07%
Net income growth 5Y	2.95%
Net income growth years	0
OCF growth	-6.7%
OCF growth (Q)	-19%
OCF growth (QoQ)	-18.38%
OCF growth 10Y	4.6%
OCF growth 3Y	-1.98%
OCF growth 5Y	5.25%
Revenue growth	5.18%
Revenue growth (Q)	10.83%
Revenue growth (QoQ)	9.93%
Revenue growth 10Y	6.89%
Revenue growth 3Y	4.06%
Revenue growth 5Y	8.8%
Revenue growth quarters	63
Revenue growth years	15

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-2.5B
Depreciation and amortization	$1.3B
EBIT	$2.2B
EBITDA	$3.5B
EPS	$9.51
FCF per share	$2.40
Financing cash flow	$150.1M
Free cash flow	$465.8M
Free cash flow minus SBC	$421.1M
Funds from operations (FFO)	$3B
Gross profit	$3.7B
Income taxes	$-25.5M
Investing cash flow	$-2.9B
Net cash flow	$263.9M
Net income	$1.7B
Operating cash flow minus SBC	$3B
Operating income	$2.2B
Revenue	$5B
Stock-based compensation	$44.8M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Book value per share	$52.36
Debt / EBITDA	3.46
Debt / equity	0.8
Debt / FCF	26.17
Goodwill	$617.3M
Interest coverage	6.42
Net cash (debt)	$-11.6B
Net cash / market cap	-19.05%
Net debt / EBITDA	3.3
Net debt / equity	0.76
Net debt / FCF	24.97
Piotroski F-Score	5
Property, plant and equipment	$25.1B
Shareholders' equity	$15.2B
Tangible book value	$8.4B
Tangible book value per share	$45.10
Total assets	$29B
Total cash	$560.4M
Total debt	$12.2B
Total liabilities	$13.8B
WACC	8.18%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.21
Current ratio	0.37
Net working capital	$-977.5M
Quick ratio	0.18
Working capital	$-2B

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	-1.46%
Dividend growth	0%
Dividend growth (10Y)	5.54%
Dividend growth (3Y)	2.94%
Dividend growth (5Y)	8.45%
Dividend growth years	0
Dividend payment date	2026-10-06
Dividend payment years	46
Dividend payout frequency	Quarterly
Dividend per share	$12.00
Dividend yield	3.86%
Ex-dividend date	2026-09-15
FCF payout ratio	500.25%
Last dividend	$3.00
Payout ratio	126.24%
Shareholder yield	2.36%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	54.27%
10Y return CAGR	8.73%
10Y total return	130.8%
150-day SMA	$306.41
15Y price change	138.51%
15Y return CAGR	10.01%
15Y total return	318.57%
1D price change	-0.5%
1M price change	8.35%
1M total return	8.35%
1W price change	3.39%
1W total return	3.39%
1Y price change	3.88%
1Y return CAGR	8.19%
1Y total return	8.18%
20-day SMA	$294.93
200-day SMA	$302.50
20Y price change	253.1%
20Y return CAGR	10.39%
20Y total return	622.2%
3M price change	-3.71%
3M total return	-2.72%
3Y price change	30.78%
3Y return CAGR	13.85%
3Y total return	47.58%
50-day SMA	$298.95
50-day SMA vs 200-day SMA	50under200
52-week high	$335.55
52-week high date	2026-07-29
52-week low	$256.54
52-week low date	2026-01-05
5Y price change	-3.24%
5Y return CAGR	3.88%
5Y total return	20.93%
6M price change	2.13%
6M total return	4.14%
All-time high	$421.76
All-time high date	2022-04-21
All-time low	$6.25
All-time low date	1990-10-15
Average true range (ATR)	$6.54
Average volume	870K
Beta (1Y)	0.63
Beta (2Y)	0.45
Beta (5Y)	0.93
Change from 52-week high	-7.34%
Change from 52-week low	21.19%
Change from all-time high	-26.02%
Change from all-time low	4,892%
Change from open	-1.26%
Day's gap	0.77%
Dollar volume	$307.3M
High price	$318.48
Low price	$309.97
Monthly RSI	53.16
Open price	$314.88
Position in 52-week range	11.05%
Premarket change	-0%
Premarket close	$312.47
Premarket price	$312.46
Previous close	$312.47
Price vs 150-day SMA	1.82%
Price vs 20-day SMA	5.79%
Price vs 200-day SMA	3.14%
Price vs 50-day SMA	4.36%
Relative volume	1.14
RSI	65.36
Sharpe ratio	0.28
Sharpe ratio (3Y)	0.45
Sharpe ratio (5Y)	0.11
Sortino ratio	0.67
Sortino ratio (3Y)	0.91
Sortino ratio (5Y)	0.39
Volume	988.3K
Weekly RSI	54.7
YTD price change	20.23%
YTD total return	23.84%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	168.7M
Float percentage	86.89%
Shares change (QoQ)	4.87%
Shares change (YoY)	1.46%
Shares held by insiders	9.56%
Shares held by institutions	82.88%
Shares outstanding	194.2M
Short % of float	3.95%
Short % of shares	3.43%
Short ratio	7.2 days

Deeper analysis on PSA

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this PSA report

What is the latest published PSA stock rating?

Public Storage is shown with Reduce in the latest published report, analyzed 2026-10-01. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full PSA analysis?

The full latest published report, analyzed 2026-10-01, lives at /stocks/PSA/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for PSA?

The latest published report analyzed 2026-10-01 gives PSA a fair value of USD 241 and a potential value of USD 323. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the PSA page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-01). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

ReducePSA · Fair value $241-15.1%

Read full analysis →

Public Storage (PSA)

Our latest published analysis: PSA rated Reduce

Price

Financial snapshot

Fair-value bridge

Latest news · PSA

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All PSA indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on PSA

Frequently asked questions

등급 이력

Category	Score	Reading
Valuation	3.0
Management	8.5
Balance Sheet	3.0
Profitability	7.5
Revenue Growth	4.5
Risk Assessment	4.5
Competitive Moat	7.5
Earnings Quality	9.0
Capital Efficiency	6.5