Real Estate · Self-Storage REITs · US stock · price as of 22 Oct 2026
Key indicators
Price
$309.13
52-week range
$256.54 – $335.55
Market cap
$54.6B
P/E (trailing)
26.6×
EV / EBITDA
19.7×
Free-cash-flow yield
5.8%
Dividend yield
3.9%
Revenue (last 12 months)
$4.9B
Revenue growth (3y a year)
4.9%
Operating margin
43.2%
Return on invested capital
10.0%
Net debt / EBITDA
3.0×
Fair value
Fair value (average of valid models)$354.61 middle half of models $295 – $308
Versus priceFair+15% to fair value
P/B multiple
$285.88
P/S multiple
$295.10
P/FFO multiple
$308.07
P/AFFO multiple
$295.75
Dividend discount, stable
$588.23
Model uncertainty
Medium
X-Ray Score
52/ 100 · Medium confidence · ahead of 52% of sector peers
Valuation59
Growth38
Profitability61
Financial health63
Dividends22
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives Public Storage an X-Ray Score of 52 out of 100 (medium confidence), ahead of 52% of the S&P 500 stocks in its sector. Its strongest lens is financial health (63) and its weakest is dividends (22).
Our fair value (the average of the valid models) is $354.61 (range $295.10 to $308.07). At $309.13 the stock trades 13% below that value, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Public Storage (PSA)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$301.40
$240.52
$273.24
$278.96
$251.94
$309.13
Market cap
$52.9B
$42.4B
$48.1B
$49.1B
$44.3B
$54.6B
P/E
30.5×
10.2×
24.7×
26.2×
28.0×
26.6×
EV / revenue
17.5×
11.6×
12.6×
12.4×
11.3×
13.2×
EV / EBITDA
21.5×
9.0×
17.0×
16.6×
16.7×
19.7×
Price / free cash flow
20.8×
13.6×
14.8×
15.7×
13.9×
17.2×
Free-cash-flow yield
4.8%
7.4%
6.7%
6.4%
7.2%
5.8%
Price / book
5.7×
4.2×
4.8×
5.1×
4.8×
5.9×
Dividend yield
2.65%
8.79%
4.39%
4.30%
4.76%
3.88%
Fundamentals checklist ● 7 Good · ● 2 Average · ● 2 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−5.6%Good
Risk models
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)−27.4%Bad
Revenue growth (3y)4.9%Bad
Growth consistency100%Good
Balance sheet
Net debt / EBITDA3.0×Good
Interest cover6.5×Good
Valuation
Fair value vs price1.1×Good
EBIT / EV yield3.3%Average
Profitability
Return on invested capital10.0%Good
Operating margin43.2%Good
XStocksXray
Public Storage (PSA)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
3,416
4,182
4,518
4,696
4,824
4,890
Gross profit
–
–
–
–
–
–
Operating income
2,063
4,517
2,372
2,376
2,094
2,115
Net income
1,953
4,349
2,148
2,072
1,784
2,044
Diluted EPS ($)
9.87
23.50
11.06
10.64
9.01
11.61
Free cash flow
2,544
3,117
3,247
3,128
3,186
3,172
Gross margin
–
–
–
–
–
–
Operating margin
60.4%
108.0%
52.5%
50.6%
43.4%
43.2%
Net margin
57.2%
104.0%
47.6%
44.1%
37.0%
41.8%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
17,381
17,552
19,809
19,755
20,209
20,118
Cash
735
775
370
447
318
260
Total debt
7,475
6,871
9,103
9,353
10,254
10,180
Equity
9,335
10,073
10,013
9,713
9,248
9,190
Dividend per share ($)
8.00
21.15
12.00
12.00
12.00
12.00
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
