8-K Announcements
6Apr 27, 2026·SEC
Apr 6, 2026·SEC
Apr 2, 2026·SEC
Public Storage (PSA) fundamental analysis — strengths, weaknesses & financial health based on data analysis
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
Public Storage (PSA) stock price & volume — 10-year historical chart
Public Storage (PSA) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Public Storage (PSA) EPS & revenue vs analyst estimates — last 4 quarters
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 27, 2026 | $2.71vs $2.42+12.0% | $1.2Bvs $1.2B+0.2% |
| Q1 2026 | Feb 12, 2026 | $2.60vs $2.49+4.4% | $1.2Bvs $1.2B+0.2% |
| Q4 2025 | Oct 29, 2025 | $4.31vs $4.24+1.7% | $1.2Bvs $1.2B+1.0% |
| Q3 2025 | Jul 30, 2025 | $4.28vs $4.23+1.2% | $1.2Bvs $1.2B-1.5% |
Public Storage (PSA) competitors in Self-Storage REITs — business model, growth, and fundamentals comparison
Public Storage (PSA) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Public Storage (PSA) annual income statement — 10-year revenue, gross profit & net income history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2.67B | 2.76B | 2.86B | 2.92B | 3.42B | 4.18B | 4.52B | 4.7B | 4.82B | 4.86B |
| Revenue Growth % | 4.22% | 3.41% | 3.46% | 2.1% | 17.18% | 22.43% | 8.02% | 3.94% | 2.74% | 2.9% |
| Property Operating Expenses | 707.98M | 757.08M | 813.15M | 867.46M | 920.6M | 1.05B | 1.15B | 1.26B | 3.62B | 1.91B |
| Net Operating Income (NOI) | 1.96B▲ 0% | 2B▲ 2.1% | 2.04B▲ 2.0% | 2.05B▲ 0.3% | 2.5B▲ 21.9% | 3.13B▲ 25.4% | 3.37B▲ 7.7% | 3.44B▲ 2.0% | 1.2B▼ 65.0% | 2.95B▲ 0% |
| NOI Margin % | 73.47% | 72.56% | 71.52% | 70.24% | 73.05% | 74.82% | 74.59% | 73.21% | 24.96% | 60.63% |
| Operating Expenses | 537.41M | 588.36M | 575.06M | 636.46M | 789.39M | 959.82M | 1.05B | 1.24B | -1.05B | 475.41M |
| G&A Expenses | 69.89M | 93.83M | 62.15M | 64.04M | 75.97M | 71.67M | 80.63M | 106.68M | 106.68M | 137.18M |
| EBITDA | 1.88B | 1.9B | 1.98B | 1.96B | 2.42B | 3.06B | 3.29B | 3.33B | 3.41B | 3.63B |
| EBITDA Margin % | 70.36% | 68.77% | 69.34% | 67.39% | 70.83% | 73.11% | 72.81% | 70.94% | 70.61% | 74.72% |
| Depreciation & Amortization | 454.53M | 483.65M | 512.92M | 553.26M | 713.43M | 888.15M | 970.06M | 1.13B | 1.15B | 1.16B |
| D&A / Revenue % | 17.03% | 17.53% | 17.96% | 18.98% | 20.89% | 21.24% | 21.47% | 24.06% | 23.88% | 23.87% |
| Operating Income | 1.42B▲ 0% | 1.41B▼ 0.6% | 1.47B▲ 3.7% | 1.41B▼ 3.8% | 1.71B▲ 20.9% | 2.17B▲ 27.2% | 2.32B▲ 6.9% | 2.2B▼ 5.1% | 2.25B▲ 2.4% | 2.47B▲ 0% |
| Operating Margin % | 53.33% | 51.24% | 51.38% | 48.41% | 49.94% | 51.87% | 51.33% | 46.88% | 46.73% | 50.85% |
| Interest Expense | 12.69M | 32.54M | 45.64M | 56.28M | 90.77M | 136.32M | 201.13M | 287.4M | 304.5M | 4M |
| Interest Coverage | 115.14x | 53.77x | 34.43x | 25.19x | 22.72x | 33.13x | 11.79x | 8.27x | 6.88x | - |
| Non-Operating Income | -38.01M | -335.68M | -104.4M | -6.36M | -356.95M | -2.35B | -53.02M | -175.31M | 160.02M | 407.78M |
| Pretax Income | 1.45B▲ 0% | 1.72B▲ 18.6% | 1.53B▼ 11.2% | 1.36B▼ 10.8% | 1.97B▲ 44.9% | 4.38B▲ 122.1% | 2.17B▼ 50.4% | 2.09B▼ 3.8% | 1.79B▼ 14.3% | 1.91B▲ 0% |
| Pretax Margin % | 54.28% | 62.23% | 53.44% | 46.7% | 57.73% | 104.74% | 48.05% | 44.49% | 37.1% | 39.28% |
| Income Tax | 0 | 0 | 0 | 0 | 12.37M | 14.33M | 10.82M | 4.67M | -7.23M | -7.08M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0.63% | 0.33% | 0.5% | 0.22% | -0.4% | -0.37% |
| Net Income | 1.44B▲ 0% | 1.71B▲ 18.6% | 1.52B▼ 11.1% | 1.36B▼ 10.7% | 1.95B▲ 43.9% | 4.35B▲ 122.7% | 2.15B▼ 50.6% | 2.07B▼ 3.6% | 1.78B▼ 13.9% | 1.9B▲ 0% |
| Net Margin % | 54.05% | 62% | 53.26% | 46.56% | 57.18% | 103.99% | 47.55% | 44.13% | 36.99% | 39.16% |
| Net Income Growth % | -0.78% | 18.64% | -11.13% | -10.74% | 43.92% | 122.66% | -50.6% | -3.55% | -13.88% | -3.45% |
| Funds From Operations (FFO) | 1.9B▲ 0% | 2.19B▲ 15.7% | 2.03B▼ 7.3% | 1.91B▼ 6.0% | 2.67B▲ 39.6% | 5.24B▲ 96.4% | 3.12B▼ 40.5% | 3.2B▲ 2.7% | 2.94B▼ 8.3% | 3.06B▲ 0% |
| FFO Margin % | 71.08% | 79.53% | 71.22% | 65.54% | 78.07% | 125.23% | 69.03% | 68.19% | 60.86% | 63.04% |
| FFO Growth % | 0.52% | 15.71% | -7.35% | -6.05% | 39.58% | 96.4% | -40.46% | 2.67% | -8.29% | 0.78% |
| FFO per Share | 10.89 | 12.59 | 11.65 | 10.94 | 15.19 | 29.71 | 17.70 | 18.19 | 16.69 | 17.41 |
| FFO Payout Ratio % | 85.96% | 73.48% | 79.11% | 84.09% | 59.58% | 74.63% | 73.93% | 71.9% | 78.45% | 94.02% |
| EPS (Diluted) | 6.73▲ 0% | 9.82▲ 45.9% | 7.29▼ 25.8% | 6.29▼ 13.7% | 9.87▲ 56.9% | 23.50▲ 138.1% | 11.06▼ 52.9% | 10.64▼ 3.8% | 9.01▼ 15.3% | 10.82▲ 0% |
| EPS Growth % | -1.17% | 45.91% | -25.76% | -13.72% | 56.92% | 138.1% | -52.94% | -3.8% | -15.32% | -3.74% |
| EPS (Basic) | 6.75 | 9.84 | 7.30 | 6.29 | 9.91 | 23.64 | 11.11 | 10.68 | 9.04 | - |
| Diluted Shares Outstanding | 174.15M | 174.3M | 174.53M | 174.64M | 175.57M | 176.28M | 176.14M | 176.04M | 175.9M | 175.93M |
Public Storage (PSA) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | 10.73B | 10.93B | 11.37B | 11.82B | 17.38B | 17.55B | 19.81B | 19.75B | 20.21B | 19.85B |
| Asset Growth % | 5.95% | 1.82% | 4% | 3.97% | 47.09% | 0.99% | 12.86% | -0.27% | 2.3% | 8.87% |
| Real Estate & Other Assets | 130.29M | 131.1M | 174.34M | 172.72M | 207.66M | 15.9B | 18.32B | 18.33B | 18.91B | 277.16M |
| PP&E (Net) | 264.44M | 285.34M | 141.93M | 188.08M | 272.47M | 372.99M | 345.45M | 308.1M | 194.35M | 18.68B |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Total Current Assets | 433.38M | 361.22M | 409.74M | 257.56M | 734.6M | 775.25M | 370M | 447.42M | 460.2M | 134.61M |
| Cash & Equivalents | 433.38M | 361.22M | 409.74M | 257.56M | 734.6M | 775.25M | 370M | 447.42M | 318.1M | 134.61M |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1000K | 0 |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 40.36M | 35.26M | 31.34M | 30.05M | 137.05M | 66.67M | 221.42M | 116.34M | 85.77M | 233.21M |
| Total Liabilities | 1.77B | 1.78B | 2.29B | 3.24B | 7.96B | 7.39B | 9.7B | 9.94B | 10.87B | 10.53B |
| Total Debt | 1.43B | 1.41B | 1.9B | 2.54B | 7.48B | 6.87B | 9.1B | 9.35B | 10.25B | 9.71B |
| Net Debt | 997.95M | 1.05B | 1.49B | 2.29B | 6.74B | 6.1B | 8.73B | 8.91B | 9.94B | 9.57B |
| Long-Term Debt | 1.43B | 1.41B | 1.9B | 2.54B | 7.48B | 6.87B | 9.1B | 9.35B | 10.25B | 9.71B |
| Short-Term Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 337.2M | 371.26M | 383.28M | 394.65M | 482.09M | 514.68M | 598.99M | 588.25M | 612.89M | 498.42M |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 0 | 0 | 0 | 300M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Equity | 8.96B▲ 0% | 9.14B▲ 2.0% | 9.08B▼ 0.7% | 8.58B▼ 5.5% | 9.42B▲ 9.9% | 10.17B▲ 7.9% | 10.11B▼ 0.6% | 9.81B▼ 2.9% | 9.34B▼ 4.8% | 9.32B▲ 0% |
| Equity Growth % | -5.06% | 2.01% | -0.71% | -5.54% | 9.87% | 7.89% | -0.59% | -2.9% | -4.81% | -14.89% |
| Shareholders Equity | 8.94B | 9.12B | 9.06B | 8.56B | 9.34B | 10.07B | 10.01B | 9.71B | 9.25B | 9.22B |
| Minority Interest | 24.36M | 25.25M | 16.76M | 18.03M | 88.36M | 93.4M | 93.77M | 101.05M | 93.71M | 95.38M |
| Common Stock | 17.39M | 17.41M | 17.44M | 17.46M | 17.51M | 17.53M | 17.57M | 17.54M | 17.55M | 17.55M |
| Additional Paid-in Capital | 5.65B | 5.72B | 5.71B | 5.71B | 5.82B | 5.9B | 5.98B | 6.12B | 6.15B | 6.18B |
| Retained Earnings | -675.71M | -577.36M | -665.58M | -914.79M | -550.42M | -110.23M | -267.91M | -699.08M | -1.22B | -1.27B |
| Preferred Stock | 4.03B | 4.03B | 4.07B | 3.79B | 4.1B | 4.35B | 4.35B | 4.35B | 4.35B | 4.35B |
| Return on Assets (ROA) | 13.83% | 15.8% | 13.64% | 11.71% | 13.38% | 24.9% | 11.5% | 10.47% | 8.93% | 9.43% |
| Return on Equity (ROE) | 15.67% | 18.9% | 16.69% | 15.37% | 21.7% | 44.4% | 21.19% | 20.8% | 18.63% | 20.27% |
| Debt / Assets | 13.34% | 12.92% | 16.74% | 21.54% | 43.01% | 39.14% | 45.95% | 47.35% | 50.74% | 48.9% |
| Debt / Equity | 0.16x | 0.15x | 0.21x | 0.30x | 0.79x | 0.68x | 0.90x | 0.95x | 1.10x | 1.10x |
| Net Debt / EBITDA | 0.53x | 0.55x | 0.75x | 1.16x | 2.79x | 1.99x | 2.66x | 2.67x | 2.92x | 2.92x |
| Book Value per Share | 51.47 | 52.47 | 52.02 | 49.11 | 53.67 | 57.67 | 57.38 | 55.75 | 53.11 | 52.97 |
Public Storage (PSA) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 1.97B | 2.06B | 2.07B | 2.04B | 2.54B | 3.12B | 3.25B | 3.13B | 3.19B | 3.19B |
| Operating CF Growth % | 1.42% | 4.6% | 0.19% | -1.2% | 24.51% | 22.55% | 4.15% | -3.65% | 1.86% | 1.02% |
| Operating CF / Revenue % | 73.93% | 74.78% | 72.42% | 70.08% | 74.46% | 74.53% | 71.87% | 66.62% | 66.05% | 65.58% |
| Net Income | 1.45B | 1.72B | 1.53B | 1.36B | 1.96B | 4.37B | 2.16B | 2.08B | 1.8B | 1.9B |
| Depreciation & Amortization | 454.53M | 483.65M | 512.92M | 553.26M | 713.43M | 888.15M | 970.06M | 1.13B | 1.15B | 1.16B |
| Stock-Based Compensation | 37.55M | 69.94M | 25.83M | 33.36M | 59.81M | 56.7M | 41.57M | 44.75M | 39.9M | 41.51M |
| Other Non-Cash Items | 32.35M | -207.16M | 3.23M | 95.06M | -202.19M | -2.18B | 56.01M | -100.88M | 195.87M | 83.42M |
| Working Capital Changes | 0 | 0 | 0 | 0 | 12.87M | -9.05M | 18.9M | -29.79M | 1.8M | -24.2M |
| Cash from Investing | -737.06M | -515.92M | -897.35M | -1.12B | -5.56B | 1.12B | -3.54B | -1B | -1.69B | -1.55B |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 0 | 2.64B | -2.18B | 0 | 0 | -20.78M |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.15M | 1.98M |
| Other Investing | -398.58M | -177.12M | -710.05M | -947.72M | -5.29B | -1.06B | -899.21M | -582.61M | -1.69B | -1.36B |
| Cash from Financing | -992.22M | -1.62B | -1.12B | -1.08B | 3.5B | -4.19B | -112.93M | -2.08B | -1.63B | -1.78B |
| Dividends Paid | -1.63B | -1.61B | -1.61B | -1.61B | -1.59B | -3.91B | -2.31B | -2.3B | -2.3B | -2.88B |
| Common Dividends | -1.63B | -1.61B | -1.61B | -1.61B | -1.59B | -3.91B | -2.31B | -2.3B | -2.3B | -2.88B |
| Debt Issuance (Net) | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -200M | 0 | -2.8M |
| Other Financing | -33.42M | -17.65M | -49.69M | -13.29M | -17.97M | -49.38M | -33.75M | -26.76M | -41.62M | 559.89M |
| Net Change in Cash | 243.48M▲ 0% | -72.03M▼ 129.6% | 49.53M▲ 168.8% | -150.95M▼ 404.7% | 478.69M▲ 417.1% | 43.87M▼ 90.8% | -404.78M▼ 1022.7% | 47.04M▲ 111.6% | -129.32M▼ 374.9% | -152.57M▲ 0% |
| Exchange Rate Effect | -126K | -171K | -13K | -426K | 505K | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 212.57M | 456.05M | 384.02M | 433.55M | 282.6M | 761.29M | 805.16M | 400.38M | 447.42M | 318.1M |
| Cash at End | 456.05M | 384.02M | 433.55M | 282.6M | 761.29M | 805.16M | 400.38M | 447.42M | 318.1M | 134.61M |
| Free Cash Flow | 1.85B▲ 0% | 1.92B▲ 3.8% | 1.88B▼ 2.2% | 1.87B▼ 0.4% | 2.27B▲ 21.4% | 2.66B▲ 16.9% | 2.79B▲ 4.8% | 2.71B▼ 2.8% | 2.9B▲ 7.0% | 3.06B▲ 0% |
| FCF Growth % | 16.21% | 3.8% | -2.2% | -0.4% | 21.38% | 16.89% | 4.82% | -2.77% | 6.97% | 9.68% |
| FCF / Revenue % | 69.41% | 69.67% | 65.86% | 64.25% | 66.55% | 63.54% | 61.66% | 57.68% | 60.05% | 63.07% |
Public Storage (PSA) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| FFO per Share | 10.89 | 12.59 | 11.65 | 10.94 | 15.19 | 29.71 | 17.7 | 18.19 | 16.69 | 17.41 |
| FFO Payout Ratio | 85.96% | 73.48% | 79.11% | 84.09% | 59.58% | 74.63% | 73.93% | 71.9% | 78.45% | 94.02% |
| NOI Margin | 73.47% | 72.56% | 71.52% | 70.24% | 73.05% | 74.82% | 74.59% | 73.21% | 24.96% | 60.63% |
| Net Debt / EBITDA | 0.53x | 0.55x | 0.75x | 1.16x | 2.79x | 1.99x | 2.66x | 2.67x | 2.92x | 2.92x |
| Debt / Assets | 13.34% | 12.92% | 16.74% | 21.54% | 43.01% | 39.14% | 45.95% | 47.35% | 50.74% | 48.9% |
| Interest Coverage | 115.14x | 53.77x | 34.43x | 25.19x | 22.72x | 33.13x | 11.79x | 8.27x | 6.88x | - |
| Book Value / Share | 51.47 | 52.47 | 52.02 | 49.11 | 53.67 | 57.67 | 57.38 | 55.75 | 53.11 | 52.97 |
| Revenue Growth | 4.22% | 3.41% | 3.46% | 2.1% | 17.18% | 22.43% | 8.02% | 3.94% | 2.74% | 2.9% |
Public Storage (PSA) SEC filings — annual & quarterly reports (10-K, 10-Q)
Apr 27, 2026·SEC
Apr 6, 2026·SEC
Apr 2, 2026·SEC
Public Storage (PSA) stock FAQ — growth, dividends, profitability & financials explained
Public Storage (PSA) reported $4.86B in revenue for fiscal year 2025. This represents a 1333% increase from $339.0M in 1996.
Public Storage (PSA) grew revenue by 2.7% over the past year. Growth has been modest.
Yes, Public Storage (PSA) is profitable, generating $1.90B in net income for fiscal year 2025 (37.0% net margin).
Yes, Public Storage (PSA) pays a dividend with a yield of 4.24%. This makes it attractive for income-focused investors.
Public Storage (PSA) has a return on equity (ROE) of 18.6%. This is reasonable for most industries.
Public Storage (PSA) generated Funds From Operations (FFO) of $3.06B in the trailing twelve months. FFO is the primary profitability metric for REITs.
Public Storage (PSA) offers a 4.24% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.
Public Storage (PSA) financial analysis — history, returns, DCA and operating performance tools
Analyst verdict, bull/bear case, risk factors and peer comparison
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates