Public Storage (PSA)
Real Estate · $54.7B market cap · SEC CIK 0001393311
fundamentals score out of 100
Next reports on Oct 27, 2026, after the close, with analysts expecting $2.27 in earnings per share.
The case for PSA
- 42% of revenue drops through to net profit.
- Pays a 4.7% dividend while you wait.
- Has compounded revenue at 10.6% a year over five years.
- Return on equity of 22%.
- Gross margin of 73% absorbs cost shocks.
The case against
- Priced at 11.2× sales with revenue growing only 3.0%.
- Current liabilities exceed current assets (ratio 0.20).
- Dividend takes 113% of earnings, leaving little cushion.
- Long-term debt of $10.3B against $318M of cash.
- Revenue grew only 3.0%, roughly the pace of inflation.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Real Estate companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 41 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 47 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 89 |
| Momentumhow the price has behaved lately | 44 |
| Stabilityhow violently it moves, what it owes and what it pays you | 78 |
- Each factor except momentum is half fixed thresholds, half rank among the 31 Real Estate companies.
Key numbers
| Price / earnings | 26.8× |
|---|---|
| Price / book | 6.08× |
| Price / sales | 11.2× |
| Revenue growth (YoY) | +3.0% |
| EPS growth (YoY) | +12.8% |
| Gross margin | 73% |
| Operating margin | 46% |
| Net margin | 42% |
| Return on equity | 22% |
| Debt / equity | 1.11× |
| Current ratio | 0.20 |
| Dividend yield | 4.71% |
| Beta | 0.89 |
| 52-week range | $256.54 – $335.55 |
| Position in that range | 42% of the way up |
| 3-month return | -6.7% |
| 1-year return | +6.3% |
Five years of financials, as filed
Pulled from Public Storage's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $4.8B | $4.7B | $4.5B | $4.2B | $3.4B |
| Net income | $1.8B | $2.1B | $2.1B | $4.3B | $2.0B |
| Operating cash flow | $3.2B | $3.1B | $3.2B | $3.1B | $2.5B |
| Total assets | $20.2B | $19.8B | $19.8B | $17.6B | $17.4B |
| Total liabilities | $10.9B | $9.9B | $9.7B | $7.4B | $8.0B |
| Shareholder equity | $9.2B | $9.7B | $10.0B | $10.1B | $9.3B |
| Cash | $318M | $447M | $370M | $775M | $735M |
| Long-term debt | $10.3B | $9.4B | $9.1B | $6.9B | $7.5B |
| Net margin | 37.0% | 44.1% | 47.6% | 104.0% | 57.2% |
| Diluted shares | 176M | 176M | 176M | 176M | 176M |
Share count is essentially flat over 4 years.
What Public Storage says it does
" Risks Related to Our Properties and Our Business Natural disasters, terrorist attacks, civil unrest, or other events that could damage or otherwise disrupt our ability to operate our facilities could adversely impact our business and financial results. Natural disasters, such as earthquakes, fires, hurricanes, drought, extreme temperatures and floods, terrorist attacks, civil unrest, and other events that damage our facilities or our tenants’ property, or that make our facilities temporarily unavailable, have in the past and may in the future adversely impact our business and financial results. Damage and business interruption losses could exceed the aggregate limits of our insurance coverage. In addition, because we self-insure a portion of our risks, losses below a certain level may not be covered by insurance. See Note 16 to our December 31, 2025 consolidated financial statements for a description of the risks of losses that are…
Risk factors PSA lists in its 10-K
- Risks Related to Our Properties and Our Business
- Natural disasters, terrorist attacks, civil unrest, or other events that could damage or otherwise disrupt our ability to operate our facilities could adversely impact our business and financial results
- Operating costs, including property taxes, could increase
- The acquisition of existing properties or self-storage operating companies is subject to risks that may adversely affect our growth and financial results
- Our development program subjects us to risks
- There is significant competition among self-storage operators and from other storage alternatives
- Demand for self-storage facilities may be affected by customer perceptions and factors outside of our control
- Our newly developed and expanded facilities, and facilities that we manage for third party owners, may negatively impact the revenues of our legacy facilities
- We may incur significant liabilities from environmental contamination or moisture infiltration
- Elevated interest rate levels could adversely impact us and our tenants
- Economic conditions can adversely affect our business, financial condition, and growth
- We have exposure to European operations through our ownership in Shurgard
- Legislative, tax, and regulatory risks
- Impediments to capital repatriation could negatively impact the realization of our investment in Shurgard