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PSA logoPublic Storage(PSA)Earnings, Financials & Key Ratios

PSA•NYSE•REIT / Real Estate
$298.82
$52.46B mkt cap·33.2× P/E·Price updated May 6, 2026
SectorReal EstateIndustryIndustrial REITsSub-IndustrySelf-Storage REITs
AboutPublic Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. At September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 states with approximately 171 million net rentable square feet in the United States, (ii) an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR) which owned 239 self-storage facilities located in seven Western European nations with approximately 13 million net rentable square feet operated under the Shurgard brand and (iii) an approximate 42% common equity interest in PS Business Parks, Inc. (NYSE:PSB) which owned and operated approximately 28 million rentable square feet of commercial space at September 30, 2020. Our headquarters are located in Glendale, California.Show more
  • Revenue$4.82B+2.7%
  • FFO$2.94B-8.3%
  • FFO/Share16.69-8.2%
  • FFO Payout78.45%+9.1%
  • FFO per Share16.69-8.2%
  • NOI Margin24.96%-65.9%
  • FFO Margin60.86%-10.7%
  • ROE18.63%-10.4%
  • ROA8.93%-14.7%
  • Debt/Assets50.74%+7.2%
  • Net Debt/EBITDA2.92+9.1%
  • Book Value/Share53.11-4.7%
Analysis→Technical→

PSA Key Insights

Public Storage (PSA) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Excellent 3Y average ROE of 20.2%
  • ✓Sustainable FFO payout ratio of 78.4%
  • ✓Healthy dividend yield of 4.4%
  • ✓Trading near 52-week high

✗Weaknesses

  • ✗Low NOI margin of 25.0%
  • ✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

PSA Price & Volume

Public Storage (PSA) stock price & volume — 10-year historical chart

Loading chart...

PSA Growth Metrics

Public Storage (PSA) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years7.31%
5 Years10.6%
3 Years4.88%
TTM2.9%

Profit CAGR

10 Years3.13%
5 Years5.62%
3 Years-25.69%
TTM-3.45%

EPS CAGR

10 Years4.03%
5 Years7.45%
3 Years-27.35%
TTM-3.74%

Return on Capital

10 Years12.87%
5 Years12.15%
3 Years11.97%
Last Year11.63%

PSA Recent Earnings

Public Storage (PSA) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 9/12 qtrs (75%)●Beat Revenue 7/12 qtrs (58%)
Q2 2026Latest
Apr 27, 2026
EPS
$2.71
Est $2.42
+12.0%
Revenue
$1.2B
Est $1.2B
+0.2%
Q1 2026
Feb 12, 2026
EPS
$2.60
Est $2.49
+4.4%
Revenue
$1.2B
Est $1.2B
+0.2%
Q4 2025
Oct 29, 2025
EPS
$4.31
Est $4.24
+1.7%
Revenue
$1.2B
Est $1.2B
+1.0%
Q3 2025
Jul 30, 2025
EPS
$4.28
Est $4.23
+1.2%
Revenue
$1.2B
Est $1.2B
-1.5%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 27, 2026
$2.71vs $2.42+12.0%
$1.2Bvs $1.2B+0.2%
Q1 2026Feb 12, 2026
$2.60vs $2.49+4.4%
$1.2Bvs $1.2B+0.2%
Q4 2025Oct 29, 2025
$4.31vs $4.24+1.7%
$1.2Bvs $1.2B+1.0%
Q3 2025Jul 30, 2025
$4.28vs $4.23+1.2%
$1.2Bvs $1.2B-1.5%
Based on last 12 quarters of dataView full earnings history →

PSA Peer Comparison

Public Storage (PSA) competitors in Self-Storage REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
EXR logoEXRExtra Space Storage Inc.Direct Competitor29.52B139.7930.461.19%28.84%6.69%6.2%1.05
CUBE logoCUBECubeSmartDirect Competitor8.93B39.1726.835.33%28.93%11.7%6.35%1.27
NSA logoNSANational Storage Affiliates TrustDirect Competitor3.23B41.9059.85-2.26%11.92%5.74%9.28%2.23
SPG logoSPGSimon Property Group, Inc.Product Competitor65.79B202.3114.316.72%72.51%68.82%4.47
PLD logoPLDPrologis, Inc.Product Competitor130.26B140.2734.982.22%36.7%5.61%3.77%0.54
FR logoFRFirst Industrial Realty Trust, Inc.Product Competitor8.18B61.7333.018.58%45.99%12.35%1.4%0.93
REXR logoREXRRexford Industrial Realty, Inc.Product Competitor8.44B35.5541.347.13%21.29%2.34%2.47%0.40
URI logoURIUnited Rentals, Inc.Supply Chain58.51B933.9524.194.91%15.32%27.88%1.13%1.84

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, NSA, SPG

PSA Income Statement

Public Storage (PSA) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue2.67B2.76B2.86B2.92B3.42B4.18B4.52B4.7B4.82B4.86B
Revenue Growth %4.22%3.41%3.46%2.1%17.18%22.43%8.02%3.94%2.74%2.9%
Property Operating Expenses707.98M757.08M813.15M867.46M920.6M1.05B1.15B1.26B3.62B1.91B
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 Expenses537.41M588.36M575.06M636.46M789.39M959.82M1.05B1.24B-1.05B475.41M
G&A Expenses69.89M93.83M62.15M64.04M75.97M71.67M80.63M106.68M106.68M137.18M
EBITDA1.88B1.9B1.98B1.96B2.42B3.06B3.29B3.33B3.41B3.63B
EBITDA Margin %70.36%68.77%69.34%67.39%70.83%73.11%72.81%70.94%70.61%74.72%
Depreciation & Amortization454.53M483.65M512.92M553.26M713.43M888.15M970.06M1.13B1.15B1.16B
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 Expense12.69M32.54M45.64M56.28M90.77M136.32M201.13M287.4M304.5M4M
Interest Coverage115.14x53.77x34.43x25.19x22.72x33.13x11.79x8.27x6.88x-
Non-Operating Income-38.01M-335.68M-104.4M-6.36M-356.95M-2.35B-53.02M-175.31M160.02M407.78M
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 Tax000012.37M14.33M10.82M4.67M-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 Share10.8912.5911.6510.9415.1929.7117.7018.1916.6917.41
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)6.759.847.306.299.9123.6411.1110.689.04-
Diluted Shares Outstanding174.15M174.3M174.53M174.64M175.57M176.28M176.14M176.04M175.9M175.93M

PSA Balance Sheet

Public Storage (PSA) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets10.73B10.93B11.37B11.82B17.38B17.55B19.81B19.75B20.21B19.85B
Asset Growth %5.95%1.82%4%3.97%47.09%0.99%12.86%-0.27%2.3%8.87%
Real Estate & Other Assets130.29M131.1M174.34M172.72M207.66M15.9B18.32B18.33B18.91B277.16M
PP&E (Net)264.44M285.34M141.93M188.08M272.47M372.99M345.45M308.1M194.35M18.68B
Investment Securities1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Total Current Assets433.38M361.22M409.74M257.56M734.6M775.25M370M447.42M460.2M134.61M
Cash & Equivalents433.38M361.22M409.74M257.56M734.6M775.25M370M447.42M318.1M134.61M
Receivables000000001000K0
Other Current Assets0000000000
Intangible Assets40.36M35.26M31.34M30.05M137.05M66.67M221.42M116.34M85.77M233.21M
Total Liabilities1.77B1.78B2.29B3.24B7.96B7.39B9.7B9.94B10.87B10.53B
Total Debt1.43B1.41B1.9B2.54B7.48B6.87B9.1B9.35B10.25B9.71B
Net Debt997.95M1.05B1.49B2.29B6.74B6.1B8.73B8.91B9.94B9.57B
Long-Term Debt1.43B1.41B1.9B2.54B7.48B6.87B9.1B9.35B10.25B9.71B
Short-Term Borrowings0000000000
Capital Lease Obligations0000000000
Total Current Liabilities337.2M371.26M383.28M394.65M482.09M514.68M598.99M588.25M612.89M498.42M
Accounts Payable0000000000
Deferred Revenue0000000000
Other Liabilities000300M000000
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 Equity8.94B9.12B9.06B8.56B9.34B10.07B10.01B9.71B9.25B9.22B
Minority Interest24.36M25.25M16.76M18.03M88.36M93.4M93.77M101.05M93.71M95.38M
Common Stock17.39M17.41M17.44M17.46M17.51M17.53M17.57M17.54M17.55M17.55M
Additional Paid-in Capital5.65B5.72B5.71B5.71B5.82B5.9B5.98B6.12B6.15B6.18B
Retained Earnings-675.71M-577.36M-665.58M-914.79M-550.42M-110.23M-267.91M-699.08M-1.22B-1.27B
Preferred Stock4.03B4.03B4.07B3.79B4.1B4.35B4.35B4.35B4.35B4.35B
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 / Assets13.34%12.92%16.74%21.54%43.01%39.14%45.95%47.35%50.74%48.9%
Debt / Equity0.16x0.15x0.21x0.30x0.79x0.68x0.90x0.95x1.10x1.10x
Net Debt / EBITDA0.53x0.55x0.75x1.16x2.79x1.99x2.66x2.67x2.92x2.92x
Book Value per Share51.4752.4752.0249.1153.6757.6757.3855.7553.1152.97

PSA Cash Flow Statement

Public Storage (PSA) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations1.97B2.06B2.07B2.04B2.54B3.12B3.25B3.13B3.19B3.19B
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 Income1.45B1.72B1.53B1.36B1.96B4.37B2.16B2.08B1.8B1.9B
Depreciation & Amortization454.53M483.65M512.92M553.26M713.43M888.15M970.06M1.13B1.15B1.16B
Stock-Based Compensation37.55M69.94M25.83M33.36M59.81M56.7M41.57M44.75M39.9M41.51M
Other Non-Cash Items32.35M-207.16M3.23M95.06M-202.19M-2.18B56.01M-100.88M195.87M83.42M
Working Capital Changes000012.87M-9.05M18.9M-29.79M1.8M-24.2M
Cash from Investing-737.06M-515.92M-897.35M-1.12B-5.56B1.12B-3.54B-1B-1.69B-1.55B
Acquisitions (Net)000002.64B-2.18B00-20.78M
Purchase of Investments0000000000
Sale of Investments000000008.15M1.98M
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-1.08B3.5B-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-1000K1000K1000K1000K-1000K1000K1000K1000K0
Share Repurchases0000000-200M0-2.8M
Other Financing-33.42M-17.65M-49.69M-13.29M-17.97M-49.38M-33.75M-26.76M-41.62M559.89M
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-426K505K00000
Cash at Beginning212.57M456.05M384.02M433.55M282.6M761.29M805.16M400.38M447.42M318.1M
Cash at End456.05M384.02M433.55M282.6M761.29M805.16M400.38M447.42M318.1M134.61M
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%

PSA Key Ratios

Public Storage (PSA) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share10.8912.5911.6510.9415.1929.7117.718.1916.6917.41
FFO Payout Ratio85.96%73.48%79.11%84.09%59.58%74.63%73.93%71.9%78.45%94.02%
NOI Margin73.47%72.56%71.52%70.24%73.05%74.82%74.59%73.21%24.96%60.63%
Net Debt / EBITDA0.53x0.55x0.75x1.16x2.79x1.99x2.66x2.67x2.92x2.92x
Debt / Assets13.34%12.92%16.74%21.54%43.01%39.14%45.95%47.35%50.74%48.9%
Interest Coverage115.14x53.77x34.43x25.19x22.72x33.13x11.79x8.27x6.88x-
Book Value / Share51.4752.4752.0249.1153.6757.6757.3855.7553.1152.97
Revenue Growth4.22%3.41%3.46%2.1%17.18%22.43%8.02%3.94%2.74%2.9%

PSA SEC Filings & Documents

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

8-K Announcements

6
Material company update

Apr 27, 2026·SEC

Material company update

Apr 6, 2026·SEC

Material company update

Apr 2, 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

Apr 27, 2026·SEC

FY 2025

Oct 29, 2025·SEC

FY 2025

Jul 30, 2025·SEC

PSA Frequently Asked Questions

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

Growth & Financials

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).

Dividend & Returns

Yes, Public Storage (PSA) pays a dividend with a yield of 4.38%. 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.

Industry Metrics

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 4.38% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More PSA

Public Storage (PSA) financial analysis — history, returns, DCA and operating performance tools

Full PSA Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

→
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