Public Storage (PSA)
Real Estate · Self-Storage REITs · US stock · S&P 500 component
$309.13
▲ +10.82 (3.63%)
Fair valueFair
$355 +14.7% to fair value
$177fair band $302–$430$532
Day's range
$298.00 – $309.21
52-week range
$256.54 – $335.55
About Public Storage
Public Storage is a real estate investment trust that owns and operates self-storage facilities, where individuals and businesses rent space to keep belongings, inventory and records. Its properties are located across the United States. Customers include households that are moving or downsizing, students and small businesses, and the company also offers tenant insurance and moving supplies.
Revenue consists mostly of monthly rent, with additional income from insurance and merchandise. It was $4.9 billion over the last twelve months, with growth of 4.9% a year across the last three years. The operating margin is 43.2%, and the business earns a profit of 10% on the capital invested in it. Net debt is 3.0 times EBITDA. The dividend yield is 3.9%. On the site's X-Ray Score it receives 52 out of 100.
Price chart
52-wk range $256.54 – $335.55Volume 773,906Daily, split-adjusted
Vitals
Market cap$54.6B
52-week range$256.54 – $335.55
Volume (last day)773,906
P/E (TTM)26.6
EBIT / EV yield3.3%
Free-cash-flow yield–
Dividend yield3.9%
Revenue (TTM)$4.9B
Net income (TTM)$2.0B
Operating margin43.2%
Return on capital10.0%
Debt incl. leases$10.2B
Cash & securities$260M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$355middle half of models $295 – $308
Fair
+14.7% to fair value
Average of the 5 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $309
Undervalued < $302Fair $302 – $430Overvalued > $430
P/B multiple
$286
P/S multiple
$295
P/FFO multiple
$308
P/AFFO multiple
$296
Dividend discount, stable
$588
Dividend discount, multi-stage · not used
$1,049
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Real Estate peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Fair
59/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield3.3%
Fair value vs price1.1×
Growth
Weak
38/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)4.9%
EPS growth (3y)-27.4%
Growth consistency100%
Profitability
Fair
61/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital10.0%
Operating margin43.2%
Financial health
Fair
63/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score6 / 9
Net debt / EBITDA3.0×
Interest cover6.5×
Dividends
Weak
22/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield3.9%
Quarterly results: last 6 quarters
+2.2%
Mar '25
+2.4%
Jun '25
+3.1%
Sep '25
+3.3%
Dec '25
+2.9%
Mar '26
+2.6%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $1.2B, diluted EPS $2.55.
Compare with peers
EXR Extra Space Storage In...58Other Self-Storage REITs companies by X-Ray Score.
SWOT analysis: Public Storage
Strengthsinside the company
- Operating margin of 43.2% is well above the 32.5% median of sector peers, a sign of pricing power or lower costs.
Weaknessesinside the company
- Earnings per share have declined 27.4% a year over three years.
Opportunitiesvaluation and setting
- No specific opportunity is visible in our valuation, sector or growth data.
Threatsvaluation and setting
- Our Market Compass rates the backdrop for Real Estate as unfavourable.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare PSA with peers and sector
Medians of 28 Real Estate peers and of 28 Real Estate stocks in our universe.
Largest peers (X-Ray Score): WELL 48, PLD 43, EQIX 51, AMT 53, SPG 42, DLR 37.
| Metric | PSA | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 52 | 51 | 51 |
| Valuation | 59 | 52 | 52 |
| Growth | 38 | 56 | 56 |
| Profitability | 61 | 50 | 50 |
| Financial health | 63 | 53 | 53 |
| Dividends | 22 | 48 | 48 |
Sector leaders: highest X-Ray Score in Real Estate
PSA ranks #14 of 29 in Real Estate by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for PSA
Each factor is rated by where PSA stands among the 29 Real Estate stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 9 Good · 2 Average · 6 Bad of 17
Growth: 0 · 0 · 3
Profitability: 4 · 0 · 0
Financial strength: 2 · 1 · 0
Valuation: 1 · 1 · 2
Cash flow: 2 · 0 · 1
| Factor | PSA | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +4.9% | Bad beats 33% | +6.8% | – | – |
| Revenue growth, last year | +2.7% | Bad beats 26% | +5.1% | +8.0% | ▼ Worse |
| EPS growth, 3 years a year | −27.4% | Bad beats 25% | −1.9% | – | – |
| Profitability | |||||
| Operating margin | 43.2% | Good beats 69% | 34.3% | 52.5% | ▼ Worse |
| Net margin | 41.8% | Good beats 88% | 21.5% | 47.6% | ▼ Worse |
| Return on invested capital | 10.0% | Good beats 77% | 7.5% | – | – |
| Return on equity | 22.2% | Good beats 90% | 7.3% | 21.3% | ≈ In line |
| Financial strength | |||||
| Net debt / EBITDA | 3.0x | Good beats 69% | 4.6x | 2.5x | ▼ Worse |
| Interest cover | 6.5x | Good beats 81% | 3.4x | 11.8x | ▼ Worse |
| Piotroski F-score | 6 / 9 | Average beats 47% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 26.7x | Good beats 70% | 32.1x | 25.4x | ≈ In line |
| Price / book | 5.9x | Bad beats 13% | 2.6x | 5.4x | ▼ Worse |
| Price / sales | 11.2x | Bad beats 9% | 7.0x | 11.8x | ≈ In line |
| EV / EBITDA | 19.7x | Average beats 35% | 18.6x | 17.6x | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | 64.9% | Good beats 95% | 44.6% | 71.9% | ≈ In line |
| Cash from operations / net income | 1.55 | Bad beats 27% | 1.91 | 1.51 | ≈ In line |
| Accruals (lower is better) | −5.6% | Good beats 88% | −3.7% | – | – |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 7 Good · ● 2 Average · ● 2 BadCash quality
Earnings backed by cashGood
Risk models
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Bad
Revenue growth (3y)Bad
Growth consistencyGood
Balance sheet
Net debt / EBITDAGood
Interest coverGood
Valuation
Fair value vs priceGood
EBIT / EV yieldAverage
Profitability
Return on invested capitalGood
Operating marginGood
Each check is graded against the company's sector, not a fixed number. Checklist score 64/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $3.4B | $4.2B | $4.5B | $4.7B | $4.8B |
| Operating income | $2.1B | $4.5B | $2.4B | $2.4B | $2.1B |
| Net income | $2.0B | $4.3B | $2.1B | $2.1B | $1.8B |
| Operating cash flow | $2.5B | $3.1B | $3.2B | $3.1B | $3.2B |
| Operating margin | 60.4% | 108.0% | 52.5% | 50.6% | 43.4% |
| Free cash flow | – | – | – | – | – |
| Diluted EPS | $9.87 | $23.50 | $11.06 | $10.64 | $9.01 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 1 neutral · 3 bearish
Weekly
Bullish
8 bullish · 1 neutral · 3 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 295.4 | Bullish |
| EMA 10 | 296.9 | Bullish |
| SMA 20 | 289.9 | Bullish |
| EMA 20 | 294.2 | Bullish |
| SMA 50 | 298.8 | Bullish |
| EMA 50 | 297.6 | Bullish |
| SMA 100 | 307.7 | Bullish |
| EMA 100 | 300.1 | Bullish |
| SMA 200 | 297.0 | Bullish |
| EMA 200 | 296.7 | Bullish |
Oscillators (daily)
| RSI (14) | 65.61 | Neutral |
| MACD (12, 26) | 1.56 | Bullish |
| Momentum (12) | 8.14 | Bullish |
| Stochastic %K (14) | 99.74 | Bearish |
| Williams %R (14) | -0.26 | Bearish |
| CCI (20) | 183.4 | Bearish |
Pivot points (classic, last session)
S3 290.5 | S2 294.2 | S1 301.7 | Pivot 305.4 | R1 312.9 | R2 316.7 | R3 324.1 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
12.00 USD
Yield on today's price
3.88%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 3.0000 | |
| 3.0000 | |
| 3.0000 | |
| 3.0000 | |
| 3.0000 | |
| 3.0000 | |
| 3.0000 | |
| 3.0000 | |
| 3.0000 | |
| 3.0000 | |
| 3.0000 | |
| 3.0000 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold PSA
| ETF | Share of the fund |
|---|---|
| REZ iShares Residential and Multisector Re... | 9.05% |
| ICF iShares Cohen & Steers REIT | 5.23% |
| XLRE The Real Estate Select Sector SPDR | 4.48% |
| RWR SPDR Dow Jones REIT | 4.36% |
| USRT iShares Core U.S. REIT | 4.21% |
| DFAR DFA Investment Dimensions Group Inc. | 4.05% |
| IYR iShares U.S. Real Estate | 3.72% |
| SCHH Schwab U.S. REIT | 3.40% |
The eight funds with the largest weight in PSA among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
PSA SEC filings
8-KSEC EDGAR
Entered a material agreement
8-KSEC EDGAR
Regulation FD disclosure
8-KSEC EDGAR
Entered a material agreement
424B5SEC EDGAR
424B5
424B5SEC EDGAR
424B5
8-KSEC EDGAR
Regulation FD disclosure; Other events
8-KSEC EDGAR
Director or officer change
10-QSEC EDGAR
Quarterly report
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.