Comprehensive Stock Comparison
Compare First Industrial Realty Trust, Inc. (FR) vs Public Storage (PSA) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | FR | 8.7% revenue growth vs PSA's 2.7% |
| Value | PSA | Lower P/E (30.5x vs 36.5x), PEG 4.10 vs 12.55 |
| Quality / Margins | PSA | 39.5% net margin vs FR's 33.2% |
| Stability / Safety | PSA | Beta 0.45 vs FR's 0.78 |
| Dividends | FR | 2.3% yield; 13-year raise streak; PSA pays no meaningful dividend |
| Momentum (1Y) | FR | +13.7% vs PSA's +5.1% |
| Efficiency (ROA) | PSA | 9.4% ROA vs FR's 4.3%, ROIC 13.5% vs 4.6% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
First Industrial Realty Trust is a real estate investment trust that owns, operates, and develops industrial properties like warehouses and distribution centers across major U.S. markets. It generates revenue primarily through property leasing — collecting rent from tenants — with additional income from property sales and development activities. The company's competitive advantage lies in its strategic portfolio concentrated in high-demand logistics hubs and its integrated platform for development, leasing, and property management.
Public Storage is a real estate investment trust that owns and operates self-storage facilities across the United States and Europe. It generates revenue primarily through rental income from storage units — with additional income from tenant insurance, truck rentals, and property management services — making it one of the largest self-storage operators globally. The company's competitive advantage lies in its massive scale, prime locations, and strong brand recognition that creates pricing power and operational efficiency.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
PSA leads in 3 of 6 categories (Financial Metrics, Valuation Metrics). FR leads in 2 (Total Returns, Analyst Outlook). 1 tied.
Financial Metrics (TTM)
PSA is the larger business by revenue, generating $4.8B annually — 6.7x FR's $714M. PSA is the more profitable business, keeping 39.5% of every revenue dollar as net income compared to FR's 33.2%. On growth, FR holds the edge at +7.9% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | FRFirst Industrial … | PSAPublic Storage |
|---|---|---|
| RevenueTrailing 12 months | $714M | $4.8B |
| EBITDAEarnings before interest/tax | $455M | $3.7B |
| Net IncomeAfter-tax profit | $237M | $1.9B |
| Free Cash FlowCash after capex | $437M | $3.1B |
| Gross MarginGross profit ÷ Revenue | +73.6% | +73.0% |
| Operating MarginEBIT ÷ Revenue | +36.9% | +53.0% |
| Net MarginNet income ÷ Revenue | +33.2% | +39.5% |
| FCF MarginFCF ÷ Revenue | +61.3% | +65.2% |
| Rev. Growth (YoY)Latest quarter vs prior year | +7.9% | +3.1% |
| EPS Growth (YoY)Latest quarter vs prior year | -34.7% | +21.3% |
Valuation Metrics
At 29.1x trailing earnings, FR trades at a 15% valuation discount to PSA's 34.1x P/E. Adjusting for growth (PEG ratio), PSA offers better value at 4.57x vs FR's 10.00x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | FRFirst Industrial … | PSAPublic Storage |
|---|---|---|
| Market CapShares × price | $8.4B | $53.9B |
| Enterprise ValueMkt cap + debt − cash | $10.5B | $63.8B |
| Trailing P/EPrice ÷ TTM EPS | 29.10x | 34.08x |
| Forward P/EPrice ÷ next-FY EPS est. | 36.53x | 30.53x |
| PEG RatioP/E ÷ EPS growth rate | 10.00x | 4.57x |
| EV / EBITDAEnterprise value multiple | 22.24x | 14.00x |
| Price / SalesMarket cap ÷ Revenue | 12.44x | 11.17x |
| Price / BookPrice ÷ Book value/share | 3.04x | 5.78x |
| Price / FCFMarket cap ÷ FCF | 62.00x | 16.91x |
Profitability & Efficiency
PSA delivers a 20.1% return on equity — every $100 of shareholder capital generates $20 in annual profit, vs $9 for FR. FR carries lower financial leverage with a 0.81x debt-to-equity ratio, signaling a more conservative balance sheet compared to PSA's 1.10x. On the Piotroski fundamental quality scale (0–9), FR scores 7/9 vs PSA's 5/9, reflecting strong financial health.
| Metric | FRFirst Industrial … | PSAPublic Storage |
|---|---|---|
| ROE (TTM)Return on equity | +8.6% | +20.1% |
| ROA (TTM)Return on assets | +4.3% | +9.4% |
| ROICReturn on invested capital | +4.6% | +13.5% |
| ROCEReturn on capital employed | +5.9% | +17.1% |
| Piotroski ScoreFundamental quality 0–9 | 7 | 5 |
| Debt / EquityFinancial leverage | 0.81x | 1.10x |
| Net DebtTotal debt minus cash | $2.2B | $9.9B |
| Cash & Equiv.Liquid assets | $45M | $318M |
| Total DebtShort + long-term debt | $2.2B | $10.3B |
| Interest CoverageEBIT ÷ Interest expense | 3.59x | 11.19x |
Total Returns (with DRIP)
A $10,000 investment in FR five years ago would be worth $16,273 today (with dividends reinvested), compared to $16,046 for PSA. Over the past 12 months, FR leads with a +13.7% total return vs PSA's +5.1%. The 3-year compound annual growth rate (CAGR) favors FR at 8.7% vs PSA's 4.7% — a key indicator of consistent wealth creation.
| Metric | FRFirst Industrial … | PSAPublic Storage |
|---|---|---|
| YTD ReturnYear-to-date | +9.1% | +18.8% |
| 1-Year ReturnPast 12 months | +13.7% | +5.1% |
| 3-Year ReturnCumulative with dividends | +28.3% | +14.8% |
| 5-Year ReturnCumulative with dividends | +62.7% | +60.5% |
| 10-Year ReturnCumulative with dividends | +245.4% | +64.9% |
| CAGR (3Y)Annualised 3-year return | +8.7% | +4.7% |
Risk & Volatility
PSA is the less volatile stock with a 0.45 beta — it tends to amplify market swings less than FR's 0.78 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. FR currently trades 98.7% from its 52-week high vs PSA's 95.2% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | FRFirst Industrial … | PSAPublic Storage |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.78x | 0.45x |
| 52-Week HighHighest price in past year | $64.00 | $322.49 |
| 52-Week LowLowest price in past year | $40.31 | $256.54 |
| % of 52W HighCurrent price vs 52-week peak | +98.7% | +95.2% |
| RSI (14)Momentum oscillator 0–100 | 72.9 | 64.2 |
| Avg Volume (50D)Average daily shares traded | 885K | 959K |
Analyst Outlook
Wall Street rates FR as "Buy" and PSA as "Hold". Consensus price targets imply 1.2% upside for FR (target: $64) vs -1.9% for PSA (target: $301). FR is the only dividend payer here at 2.31% yield — a key consideration for income-focused portfolios.
| Metric | FRFirst Industrial … | PSAPublic Storage |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold |
| Price TargetConsensus 12-month target | $63.89 | $301.22 |
| # AnalystsCovering analysts | 29 | 36 |
| Dividend YieldAnnual dividend ÷ price | +2.3% | — |
| Dividend StreakConsecutive years of raises | 13 | 0 |
| Dividend / ShareAnnual DPS | $1.46 | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| First Industrial Re… (FR) | 100 | 143.31 | +43.3% |
| Public Storage (PSA) | 100 | 123.97 | +24.0% |
First Industrial Re… (FR) returned +63% over 5 years vs Public Storage (PSA)'s +60%. A $10,000 investment in FR 5 years ago would be worth $16,273 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| First Industrial Re… (FR) | $378M | $672M | +77.8% |
| Public Storage (PSA) | $2.6B | $4.8B | +88.4% |
Public Storage's revenue grew from $2.6B (2016) to $4.8B (2025) — a 7.3% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| First Industrial Re… (FR) | 32.1% | 42.7% | +33.3% |
| Public Storage (PSA) | 56.8% | 37.3% | -34.4% |
Public Storage's net margin went from 57% (2016) to 37% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| First Industrial Re… (FR) | 18.6 | 23.1 | +24.2% |
| Public Storage (PSA) | 31.1 | 28.8 | -7.4% |
First Industrial Realty Trust, Inc. has traded in a 18x–32x P/E range over 8 years; current trailing P/E is ~29x. Public Storage has traded in a 12x–38x P/E range over 9 years; current trailing P/E is ~34x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| First Industrial Re… (FR) | 1.05 | 2.17 | +106.7% |
| Public Storage (PSA) | 6.81 | 9.01 | +32.3% |
Public Storage's EPS grew from $6.81 (2016) to $9.01 (2025) — a 3% CAGR.
Chart 6Free Cash Flow — 5 Years
First Industrial Realty Trust, Inc. generated $135M FCF in 2024 (+298% vs 2021). Public Storage generated $3B FCF in 2025 (+40% vs 2021).
FR vs PSA: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is FR or PSA a better buy right now?
First Industrial Realty Trust, Inc. (FR) offers the better valuation at 29.1x trailing P/E (36.5x forward), making it the more compelling value choice. Analysts rate First Industrial Realty Trust, Inc. (FR) a "Buy" — based on 29 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — FR or PSA?
On trailing P/E, First Industrial Realty Trust, Inc. (FR) is the cheapest at 29.1x versus Public Storage at 34.1x. On forward P/E, Public Storage is actually cheaper at 30.5x — notably different from the trailing picture, reflecting expected earnings growth. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Public Storage wins at 4.10x versus First Industrial Realty Trust, Inc.'s 12.55x.
03Which is the better long-term investment — FR or PSA?
Over the past 5 years, First Industrial Realty Trust, Inc. (FR) delivered a total return of +62.7%, compared to +60.5% for Public Storage (PSA). A $10,000 investment in FR five years ago would be worth approximately $16K today (assuming dividends reinvested). Over 10 years, the gap is even starker: FR returned +245.4% versus PSA's +64.9%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — FR or PSA?
By beta (market sensitivity over 5 years), Public Storage (PSA) is the lower-risk stock at 0.45β versus First Industrial Realty Trust, Inc.'s 0.78β — meaning FR is approximately 73% more volatile than PSA relative to the S&P 500. On balance sheet safety, First Industrial Realty Trust, Inc. (FR) carries a lower debt/equity ratio of 81% versus 110% for Public Storage — giving it more financial flexibility in a downturn.
05Which has better profit margins — FR or PSA?
First Industrial Realty Trust, Inc. (FR) is the more profitable company, earning 42.7% net margin versus 37.3% for Public Storage — meaning it keeps 42.7% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: PSA leads at 70.6% versus 44.3% for FR. At the gross margin level — before operating expenses — PSA leads at 72.8%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is FR or PSA more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Public Storage (PSA) is the more undervalued stock at a PEG of 4.10x versus First Industrial Realty Trust, Inc.'s 12.55x. Both stocks trade at elevated growth-adjusted valuations, so expected growth needs to materialise. On forward earnings alone, Public Storage (PSA) trades at 30.5x forward P/E versus 36.5x for First Industrial Realty Trust, Inc. — 6.0x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for FR: 1.2% to $63.89.
07Which pays a better dividend — FR or PSA?
In this comparison, FR (2.3% yield) pays a dividend. PSA does not pay a meaningful dividend and should not be held primarily for income.
08Is FR or PSA better for a retirement portfolio?
For long-horizon retirement investors, First Industrial Realty Trust, Inc. (FR) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.78), 2.3% yield, +245.4% 10Y return). Both have compounded well over 10 years (FR: +245.4%, PSA: +64.9%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between FR and PSA?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. FR pays a dividend while PSA does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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