Comprehensive Stock Comparison
Compare Public Storage (PSA) vs Welltower Inc. (WELL) 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 | WELL | 38.0% revenue growth vs PSA's 2.7% |
| Value | PSA | Lower P/E (30.5x vs 73.3x) |
| Quality / Margins | PSA | 39.5% net margin vs WELL's 8.6% |
| Stability / Safety | WELL | Beta 0.29 vs PSA's 0.45, lower leverage |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | WELL | +36.8% vs PSA's +5.1% |
| Efficiency (ROA) | PSA | 9.4% ROA vs WELL's 1.4%, ROIC 13.5% vs 0.9% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
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.
Welltower is a healthcare-focused real estate investment trust that owns and invests in seniors housing communities, post-acute care facilities, and outpatient medical properties. It generates revenue primarily through rental income from its healthcare real estate portfolio — with seniors housing contributing roughly 60% of net operating income, outpatient medical properties about 25%, and post-acute care facilities the remainder. The company's competitive advantage lies in its scale and strategic partnerships with leading healthcare operators, creating a diversified portfolio concentrated in high-growth markets across the U.S., Canada, and the U.K.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
PSA leads in 3 of 6 categories (Financial Metrics, Valuation Metrics). WELL leads in 3 (Total Returns, Risk & Volatility).
Financial Metrics (TTM)
WELL is the larger business by revenue, generating $10.8B annually — 2.3x PSA's $4.8B. PSA is the more profitable business, keeping 39.5% of every revenue dollar as net income compared to WELL's 8.6%. On growth, WELL holds the edge at +46.3% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | PSAPublic Storage | WELLWelltower Inc. |
|---|---|---|
| RevenueTrailing 12 months | $4.8B | $10.8B |
| EBITDAEarnings before interest/tax | $3.7B | $2.6B |
| Net IncomeAfter-tax profit | $1.9B | $934M |
| Free Cash FlowCash after capex | $3.1B | $2.1B |
| Gross MarginGross profit ÷ Revenue | +73.0% | +20.9% |
| Operating MarginEBIT ÷ Revenue | +53.0% | +4.9% |
| Net MarginNet income ÷ Revenue | +39.5% | +8.6% |
| FCF MarginFCF ÷ Revenue | +65.2% | +19.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | +3.1% | +46.3% |
| EPS Growth (YoY)Latest quarter vs prior year | +21.3% | -26.3% |
Valuation Metrics
At 34.1x trailing earnings, PSA trades at a 77% valuation discount to WELL's 149.0x P/E. On an enterprise value basis, PSA's 14.0x EV/EBITDA is more attractive than WELL's 54.4x.
| Metric | PSAPublic Storage | WELLWelltower Inc. |
|---|---|---|
| Market CapShares × price | $53.9B | $144.3B |
| Enterprise ValueMkt cap + debt − cash | $63.8B | $142.0B |
| Trailing P/EPrice ÷ TTM EPS | 34.08x | 149.01x |
| Forward P/EPrice ÷ next-FY EPS est. | 30.53x | 73.28x |
| PEG RatioP/E ÷ EPS growth rate | 4.57x | — |
| EV / EBITDAEnterprise value multiple | 14.00x | 54.40x |
| Price / SalesMarket cap ÷ Revenue | 11.17x | 13.31x |
| Price / BookPrice ÷ Book value/share | 5.78x | 3.26x |
| Price / FCFMarket cap ÷ FCF | 16.91x | 50.06x |
Profitability & Efficiency
PSA delivers a 20.1% return on equity — every $100 of shareholder capital generates $20 in annual profit, vs $2 for WELL. WELL carries lower financial leverage with a 0.07x debt-to-equity ratio, signaling a more conservative balance sheet compared to PSA's 1.10x.
| Metric | PSAPublic Storage | WELLWelltower Inc. |
|---|---|---|
| ROE (TTM)Return on equity | +20.1% | +2.2% |
| ROA (TTM)Return on assets | +9.4% | +1.4% |
| ROICReturn on invested capital | +13.5% | +0.9% |
| ROCEReturn on capital employed | +17.1% | +0.9% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 5 |
| Debt / EquityFinancial leverage | 1.10x | 0.07x |
| Net DebtTotal debt minus cash | $9.9B | -$2.2B |
| Cash & Equiv.Liquid assets | $318M | $5.0B |
| Total DebtShort + long-term debt | $10.3B | $2.8B |
| Interest CoverageEBIT ÷ Interest expense | 11.19x | 0.81x |
Total Returns (with DRIP)
A $10,000 investment in WELL five years ago would be worth $32,119 today (with dividends reinvested), compared to $16,046 for PSA. Over the past 12 months, WELL leads with a +36.8% total return vs PSA's +5.1%. The 3-year compound annual growth rate (CAGR) favors WELL at 42.6% vs PSA's 4.7% — a key indicator of consistent wealth creation.
| Metric | PSAPublic Storage | WELLWelltower Inc. |
|---|---|---|
| YTD ReturnYear-to-date | +18.8% | +11.2% |
| 1-Year ReturnPast 12 months | +5.1% | +36.8% |
| 3-Year ReturnCumulative with dividends | +14.8% | +190.2% |
| 5-Year ReturnCumulative with dividends | +60.5% | +221.2% |
| 10-Year ReturnCumulative with dividends | +64.9% | +270.5% |
| CAGR (3Y)Annualised 3-year return | +4.7% | +42.6% |
Risk & Volatility
WELL is the less volatile stock with a 0.29 beta — it tends to amplify market swings less than PSA's 0.45 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | PSAPublic Storage | WELLWelltower Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.45x | 0.29x |
| 52-Week HighHighest price in past year | $322.49 | $215.56 |
| 52-Week LowLowest price in past year | $256.54 | $130.29 |
| % of 52W HighCurrent price vs 52-week peak | +95.2% | +96.1% |
| RSI (14)Momentum oscillator 0–100 | 64.2 | 69.0 |
| Avg Volume (50D)Average daily shares traded | 959K | 2.5M |
Analyst Outlook
Wall Street rates PSA as "Hold" and WELL as "Buy". Consensus price targets imply 6.9% upside for WELL (target: $221) vs -1.9% for PSA (target: $301).
| Metric | PSAPublic Storage | WELLWelltower Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $301.22 | $221.45 |
| # AnalystsCovering analysts | 36 | 34 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | 0 | 1 |
| Dividend / ShareAnnual DPS | — | — |
| 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 |
|---|---|---|---|
| Public Storage (PSA) | 100 | 123.97 | +24.0% |
| Welltower Inc. (WELL) | 100 | 249.04 | +149.0% |
Welltower Inc. (WELL) returned +221% over 5 years vs Public Storage (PSA)'s +60%. A $10,000 investment in WELL 5 years ago would be worth $32,119 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Public Storage (PSA) | $2.6B | $4.8B | +88.4% |
| Welltower Inc. (WELL) | $4.3B | $10.8B | +154.9% |
Public Storage's revenue grew from $2.6B (2016) to $4.8B (2025) — a 7.3% CAGR. Welltower Inc.'s revenue grew from $4.3B (2016) to $10.8B (2025) — a 11.0% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Public Storage (PSA) | 56.8% | 37.3% | -34.4% |
| Welltower Inc. (WELL) | 25.4% | 8.6% | -65.9% |
Public Storage's net margin went from 57% (2016) to 37% (2025). Welltower Inc.'s net margin went from 25% (2016) to 9% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Public Storage (PSA) | 31.1 | 28.8 | -7.4% |
| Welltower Inc. (WELL) | 50.6 | 133.5 | +163.8% |
Public Storage has traded in a 12x–38x P/E range over 9 years; current trailing P/E is ~34x. Welltower Inc. has traded in a 27x–219x P/E range over 9 years; current trailing P/E is ~149x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Public Storage (PSA) | 6.81 | 9.01 | +32.3% |
| Welltower Inc. (WELL) | 2.81 | 1.39 | -50.5% |
Public Storage's EPS grew from $6.81 (2016) to $9.01 (2025) — a 3% CAGR. Welltower Inc.'s EPS grew from $2.81 (2016) to $1.39 (2025) — a -8% CAGR.
Chart 6Free Cash Flow — 5 Years
Public Storage generated $3B FCF in 2025 (+40% vs 2021). Welltower Inc. generated $3B FCF in 2025 (+129% vs 2021).
PSA vs WELL: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is PSA or WELL a better buy right now?
Public Storage (PSA) offers the better valuation at 34.1x trailing P/E (30.5x forward), making it the more compelling value choice. Analysts rate Welltower Inc. (WELL) a "Buy" — based on 34 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 — PSA or WELL?
On trailing P/E, Public Storage (PSA) is the cheapest at 34.1x versus Welltower Inc. at 149.0x. On forward P/E, Public Storage is actually cheaper at 30.5x.
03Which is the better long-term investment — PSA or WELL?
Over the past 5 years, Welltower Inc. (WELL) delivered a total return of +221.2%, compared to +60.5% for Public Storage (PSA). A $10,000 investment in WELL five years ago would be worth approximately $32K today (assuming dividends reinvested). Over 10 years, the gap is even starker: WELL returned +270.5% 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 — PSA or WELL?
By beta (market sensitivity over 5 years), Welltower Inc. (WELL) is the lower-risk stock at 0.29β versus Public Storage's 0.45β — meaning PSA is approximately 56% more volatile than WELL relative to the S&P 500. On balance sheet safety, Welltower Inc. (WELL) carries a lower debt/equity ratio of 7% versus 110% for Public Storage — giving it more financial flexibility in a downturn.
05Which has better profit margins — PSA or WELL?
Public Storage (PSA) is the more profitable company, earning 37.3% net margin versus 8.6% for Welltower Inc. — meaning it keeps 37.3% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: PSA leads at 70.6% versus 4.9% for WELL. 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 PSA or WELL more undervalued right now?
On forward earnings alone, Public Storage (PSA) trades at 30.5x forward P/E versus 73.3x for Welltower Inc. — 42.7x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for WELL: 6.9% to $221.45.
07Which pays a better dividend — PSA or WELL?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
08Is PSA or WELL better for a retirement portfolio?
For long-horizon retirement investors, Welltower Inc. (WELL) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.29), +270.5% 10Y return). Both have compounded well over 10 years (WELL: +270.5%, 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 PSA and WELL?
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. 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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