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PSAPublic Storage
$337.46$62.9B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
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P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
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PSA logo

Public Storage

PSA
NYSE · Industrial & Storage REITs
$337.46
At close - Nov 6, 4:00 PM EST - USD
Market Cap$62.93B
P/E32.9x
52W High$345.89
Volume1.2M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q3

Acquisition-Led Growth Masks Per-Share FFO Erosion

Public Storage's 2026Q3 revenue step-change to $1.4B (11.6% growth) appears driven by a major acquisition that expanded total assets 44% to $29.0B, rather than organic self-storage pricing, since NOI margin of 72.4% still trails the 73.5%-74.3% range sustained through 2024.

GrowthMixed
ProfitabilityStable
ValuationExpensive
TechnicalsNeutral
Explore valuation models
MARKET ACTION

PSA price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

7/12 Beats

EPS beat 7 of last 12 quarters

02

Valuation risk

+13% Peers

P/E is 13% above peer median

03

Market leadership

RS 79 · Avg

Average momentum (RS Rating: 79)

04

Trend Check

N/A

Trend data unavailable

Next CatalystEstimated earnings · Jan 26
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue reached $1.4B in 2026Q3 (11.6% YoY growth versus a prior 1.5%-4.8% band), yet NOI margin of 72.4% remains below 2024's 73.5%-74.3% range and FFO per share fell to $4.27 from $4.64 in 2026Q1.

Analyst Consensus-4.2% target
Hold(36 analysts)
11 Buy23 Hold2 Sell

The Bull Case

Upside Catalysts

Scale and Operational Strength

Public Storage operates over 3,300 facilities and holds approximately 245 million square feet of rentable space, giving it a dominant footprint in the U.S. self‑storage market. This scale is supported by a strong local presence and high‑quality demographic profiles that drive demand.

Growth via Development & Acquisitions

The company’s non‑same‑store pool is projected to grow 9 % year‑over‑year, and its development capabilities are considered unique and accretive. Goldman Sachs notes PSA can acquire large asset amounts at a lower cost of capital, enabling it to pursue deals competitors may pass on.

Strong Balance Sheet

PSA’s robust balance sheet provides ample funding options for future growth initiatives, reinforcing its financial stability and capacity to finance acquisitions and development projects.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 11/8/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
PSA+34.06%
S&P 500 (^GSPC)+7.63%
1-Year Return
PSA+27.56%
S&P 500 (^GSPC)+9.69%
3-Year Return
PSA+50.52%
S&P 500 (^GSPC)+67.45%
5-Year Return
PSA+25.40%
S&P 500 (^GSPC)+55.68%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y High
32.9x
Forward P/E
34.2x
EV/EBITDA80th %ile
22.7x
FCF YieldCash Flow
4.4%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
32.9x
28.1x
80th· High
EV/EBITDA
22.7x
18.5x
80th· High
Price/FCF
22.8x
19.3x
80th· High
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$275.75-18.3%
Base (Fair)$372.61+10.4%
Bull$470.20+39.3%
$275.75 Bear$372.61 Base$470.20 Bull
Current Market Price: $337.46
Trades at a 9.4% discount to Base DCF ($372.61)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue FY25
$4.82B+2.7% YoY
Net income FY25
$1.78B-13.9% YoY
Free cash flow FY25
$2.9B+7.0% YoY
Operating margin FY25
46.7%-0.1 pts YoY
ROIC (FY25)8.9%
Avg ROIC 5Y9.4%
ROE (TTM)17.6%
Piotroski Score5 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate7/12 (58%)
Revenue Beat Rate9/12 (75%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q4 2026Latest
Oct 26, 2026
$1.69-32.1%
vs $2.49
$1.4B+1.9%
vs $1.3B
Q3 2026
Jul 29, 2026
$2.55+0.8%
vs $2.53
$1.2B-0.1%
vs $1.2B
Q2 2026
Apr 27, 2026
$2.71+12.0%
vs $2.42
$1.2B+0.2%
vs $1.2B
Q1 2026
Feb 12, 2026
$2.60+4.4%
vs $2.49
$1.2B+0.2%
vs $1.2B
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

4 Stories
Business Wire·4d ago
Public Storage Declares Fourth Quarter 2026 Dividends

FRISCO, Texas--(BUSINESS WIRE)--Public Storage (NYSE: PSA) announced today that on November 3, 2026, our Board of Trustees declared a regular quarterly common dividend of $3.00 per common share. The Board also declared dividends with respect to our various series of preferred shares. The common dividends are payable on January 8, 2027 and the preferred dividends are payable on December 30, 2026, in each case to shareholders of record as of December 15, 2026.About Public StoragePublic Storage, a.

Business Wire·Oct 29, 2026
Public Storage Prices Public Offering of $500 Million of Senior Notes at an Effective Interest Rate of 5.200%

FRISCO, Texas--(BUSINESS WIRE)--Public Storage (NYSE:PSA, the “Company”) announced today that it has priced a public offering of $500 million aggregate principal amount of fixed rate senior notes due 2036 (the “Notes”). The Notes will be issued by Public Storage Operating Company (“PSOC”) and guaranteed by the Company.The Notes will bear interest at an annual rate of 5.600%, will be issued at 98.293% of par value and will mature on November 15, 2036. Including the impact of prior interest rate s.

24/7 Wall Street·Oct 28, 2026
3 Self-Storage REITs With Steady Rent Checks and Very Different Dividend Risks

Self-storage REITs are stabilizing after years of oversupply, but the three biggest names offer yields ranging from under 4% to over 5% and carry very different risks hiding behind those rent checks.

MarketBeat·Oct 27, 2026
Public Storage Q3 Earnings Call Highlights

Public Storage NYSE: PSA raised its 2026 outlook for the second time this year after reporting third-quarter operating results that exceeded its expectations, citing stronger customer retention, improved new-customer pricing and a slowing pace of new self-storage supply.

Filtered for Public StorageMore Headlines
04

Compare before deciding

Benchmark PSA against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Public Storage (PSA)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
PSA logoPSAPublic StorageCurrent
$337.46$62.93B32.872.74%37.76%17.61%3.88%
EXR logoEXRExtra Space Storage Inc.
$159.19$33.63B33.821.19%29.27%7.34%4.08%
CUBE logoCUBECubeSmart
$45.02$10.23B29.465.33%30.17%12.97%4.62%
SPG logoSPGSimon Property Group, Inc.
$228.42$74.07B16.376.72%63.09%75.99%0.59%
PLD logoPLDPrologis, Inc.
$126.96$118.37B28.867.18%45.51%7.28%3.1%
FR logoFRFirst Industrial Realty Trust, Inc.
$53.76$7.13B19.958.58%46.12%12.6%3.25%

Compare PSA vs Peers

Public Storage (PSA) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs EXR

Most directly comparable listed peer for PSA.

Scale Benchmark

vs AMZN

Larger-name benchmark to compare PSA against a more recognizable public peer.

Peer Set

Compare Top 5

vs EXR, CUBE, SPG, PLD

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

PSA SEC Filings & Documents

Public Storage (PSA) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Oct 26, 2026·SEC

Material company update

Jul 29, 2026·SEC

Material company update

Jul 22, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 12, 2026·SEC

FY 2025

Feb 24, 2025·SEC

10-Q Quarterly Reports

6
FY 2026

Oct 26, 2026·SEC

FY 2026

Jul 29, 2026·SEC

FY 2026

Apr 27, 2026·SEC

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PSA Frequently Asked Questions

Public Storage (PSA) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Public Storage's revenue?

Public Storage (PSA) reported $5.03B in revenue over the trailing twelve months. Revenue was $4.82B in fiscal year 2025. That is 1323% more than the $339.0M of fiscal year 1996.

How fast is Public Storage growing?

Public Storage (PSA) grew revenue by 5.2% over the trailing twelve months, compared with the twelve months before.

Is PSA profitable?

Yes. Public Storage (PSA) earned $1.90B in net income over the trailing twelve months (a 37.8% net margin).

Dividend & Returns
Does PSA pay dividends?

Yes. Public Storage (PSA) pays a dividend that yields 3.88% at the current price, a moderate yield.

What is PSA's return on equity?

Public Storage (PSA) had a return on equity (ROE) of 17.6% over the trailing twelve months. That is above the market's typical 10-15%.

Industry Metrics
What is Public Storage's FFO?

Public Storage (PSA) generated Funds From Operations (FFO) of $3.19B in the trailing twelve months. FFO is the primary profitability metric for REITs.

Is PSA a good dividend stock?

Public Storage (PSA) offers a 3.88% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in PSA back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →