Upside case
Bull case
$732+145.0%
PSA would need investors to value it at roughly 77x earnings — about 45x more generous than today's 31x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewHoldUpdated May 1, 2026
Public Storage (PSA) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Hold
Covering
36
analysts
12 bullish · 2 bearish · 36 covering PSA
Strong Buy
1
Buy
11
Hold
22
Sell
2
Strong Sell
0
Consensus Target
$305
+2.0% vs today
Scenario Range
$458 – $732
Model bear to bull value window
Coverage
36
Published analyst ratings
Valuation Context
31.3x
Forward P/E · Market cap $52.5B
PSA price targets
Three scenarios for where PSA stock could go
Current
~$299
Confidence
63 / 100
Updated
May 1, 2026
Where we are now
Current · $299
Bear
$458
Base
$408
Bull
$732
Market caseClosest to today
Base case
$408+36.5%
At 43x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$458+53.2%
The bear case assumes sentiment or fundamentals disappoint enough to push PSA down roughly 53% from the current price.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Public Storage
PSA · NYSEReal EstateREIT - IndustrialDecember year-end
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.
Market Cap
$52.5B
Revenue TTM
$4.9B
Net Income TTM
$1.9B
Net Margin
39.2%
PSA Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
75%Exceptional
12 quarters tracked
Revenue Beat Rate
58%Exceptional
vs consensus estimates
Avg EPS Surprise
+3.1%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 2025
EPS
$4.28/$4.23
Revenue
$1.2B/$1.2B
Q4 2025
EPS
$4.31/$4.24
Revenue
$1.2B/$1.2B
Q1 2026
EPS
$2.60/$2.49
Revenue
$1.2B/$1.2B
Q2 2026
EPS
$2.71/$2.42
Revenue
$1.2B/$1.2B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $4.28/$4.23 | +1.2% | $1.2B/$1.2B | -1.5% |
| Q4 2025 | $4.31/$4.24 | +1.7% | $1.2B/$1.2B | +1.0% |
| Q1 2026 | $2.60/$2.49 | +4.4% | $1.2B/$1.2B | +0.2% |
| Q2 2026 | $2.71/$2.42 | +12.0% | $1.2B/$1.2B | +0.2% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$5.1B
+4.7% YoY
FY2
$5.4B
+5.3% YoY
EPS Outlook
FY1
$11.47
+6.0% YoY
FY2
$12.30
+7.2% YoY
Trailing FCF (TTM)$3.1B
FCF Margin: 63.1%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
PSA beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
PSA Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $4.8B
Product Mix
Latest annual revenue by segment or product family
Self Storage Operations
93.1%
+2.1% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Segment breakdown not available for this company.
Self Storage Operations is the largest disclosed segment at 93.1% of FY 2025 revenue, up 2.1% YoY.
PSA Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Slightly Overvalued
Fair value est. $285 — implies -5.6% from today's price.
Premium to Fair Value
5.6%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
PSA
33.2x
vs
S&P 500
25.1x
+32% premium
vs Real Estate Trailing P/E
PSA
33.2x
vs
Real Estate
24.1x
+37% premium
vs PSA 5Y Avg P/E
Today
33.2x
vs
5Y Average
26.9x
+23% premium
Forward PE
31.3x
S&P 500
19.1x
+64%
Real Estate
26.4x
+19%
5Y Avg
—
—
Trailing PE
33.2x
S&P 500
25.1x
+32%
Real Estate
24.1x
+37%
5Y Avg
26.9x
+23%
PEG Ratio
4.45x
S&P 500
1.72x
+159%
Real Estate
1.25x
+257%
5Y Avg
—
—
EV/EBITDA
18.3x
S&P 500
15.2x
+20%
Real Estate
16.7x
+10%
5Y Avg
20.4x
-10%
Price/FCF
18.1x
S&P 500
21.1x
-14%
Real Estate
15.4x
+17%
5Y Avg
20.4x
-11%
Price/Sales
10.9x
S&P 500
3.1x
+248%
Real Estate
3.0x
+265%
5Y Avg
12.7x
-15%
Dividend Yield
4.38%
S&P 500
1.87%
+135%
Real Estate
4.66%
-6%
5Y Avg
4.81%
-9%
| Metric | PSA | S&P 500 | Real Estate | 5Y Avg PSA |
|---|---|---|---|---|
| Forward PE | 31.3x | 19.1x+64% | 26.4x+19% | — |
| Trailing PE | 33.2x | 25.1x+32% | 24.1x+37% | 26.9x+23% |
| PEG Ratio | 4.45x | 1.72x+159% | 1.25x+257% | — |
| EV/EBITDA | 18.3x | 15.2x+20% | 16.7x | 20.4x-10% |
| Price/FCF | 18.1x | 21.1x-14% | 15.4x+17% | 20.4x-11% |
| Price/Sales | 10.9x | 3.1x+248% | 3.0x+265% | 12.7x-15% |
| Dividend Yield | 4.38% | 1.87% | 4.66% | 4.81% |
PSA trades above S&P 500 benchmarks on 5 of 6 measured multiples — commands a broad premium across most valuation dimensions.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolPSA Financial Health
Verdict
Exceptional
PSA pays 4.4% total shareholder yield with 50.8% operating margin. Leverage is structural for REITs — debt capacity matters more than absolute ratio.
Property Operations
Revenue, margins, and distribution coverage
Revenue (TTM)
Trailing-twelve-month sales base
$4.9B
Revenue Growth
TTM vs prior year
+2.9%
Gross Margin
Gross profit as a share of revenue
60.6%
Operating Margin
Operating income divided by revenue
50.8%
Net Margin
Net income divided by revenue
39.2%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$10.82
Operating Margin
NOI-equivalent margin — key for REIT property economics
50.8%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
8.9%
ROA
Return on assets, trailing twelve months
9.4%
Cash & Equivalents
Liquid assets on the balance sheet
$318M
Net Debt
Total debt minus cash
$9.9B
Leverage (Net Debt / FCF)
REITs carry structural leverage — higher ratios are expected
3.2× FCF
Asset-heavy model means debt/FCF above 10× is common and not a distress signal.
ROE
Return on equity, trailing twelve months
20.3%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
4.4%
Dividend
4.4%
Buyback
0.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$0
Dividend / Share
Annualized trailing dividend per share
$13.09
Payout Ratio
Share of earnings distributed as dividends
129.1%
Shares Outstanding
Current diluted share count
176M
All figures from the trailing twelve months. REITs carry structural leverage — debt/FCF ratios above 10× are normal and do not indicate distress.
Open full ratios pagePSA Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 11, 2026
High Risk
High Debt Levels
Public Storage carries $10.25 billion in debt, a debt‑to‑equity ratio of 2.05. In a rising interest‑rate environment, this leverage could increase interest expense and strain cash flow, potentially limiting capital allocation flexibility.
High Risk
Acquisition Integration Risk
The $10.5 billion all‑stock purchase of National Storage Affiliates introduces integration challenges. Acquired sites have 84% occupancy versus PSA’s 92%, and the company must deploy rebranding and technology investments to realize synergies, with uncertainty around cost and timeline.
High Risk
Revenue Growth Concerns
BofA downgraded PSA citing limited rental revenue growth and lack of catalysts. Los Angeles fire‑related pricing restrictions and overall market demand fluctuations could further dampen earnings growth.
Medium
Dividend Sustainability
PSA’s dividend payout ratio stands at 133.04%, exceeding retained earnings. Such a high ratio raises questions about the long‑term viability of dividend payments, especially if earnings decline.
Medium
Industry Oversupply
The self‑storage sector faces potential oversupply, which could suppress rental rates and occupancy. PSA’s ability to maintain pricing power may be constrained if new facilities continue to enter the market.
Lower
Analyst Downgrades
Multiple analyst downgrades and target‑price cuts have surfaced recently, reflecting uncertainty about PSA’s near‑term performance. These revisions could influence investor sentiment and the stock’s valuation.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why PSA Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 11, 2026
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.
Attractive Dividend Yield
Public Storage recently declared a quarterly dividend of $3.00, translating to an annualized dividend of $12.00 and a 4.0 % yield, appealing to income‑focused investors.
Positive Recent Performance
The stock has traded above its 50‑day and 200‑day moving averages, and Q4 earnings surpassed consensus, with the first occupancy increase in over four years and core FFO per share beating estimates.
Hedge Fund Support
Hedge fund interest in PSA is above average, with a sentiment score of 73, indicating increased support from elite money managers.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
PSA Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$298.82
52W Range Position
74%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$256.54
+16.5% from the low
52-Week High
$313.51
-4.7% from the high
1 Month
+6.38%
3 Month
+5.66%
YTD
+15.6%
1 Year
-0.5%
3Y CAGR
+0.3%
5Y CAGR
+1.7%
10Y CAGR
+1.4%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
PSA vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
31.3x
vs 30.4x median
+3% above peer median
Revenue Growth
+4.7%
vs +5.5% median
-14% below peer median
Net Margin
39.2%
vs 28.9% median
+35% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
PSA PSA Public Storage | $52.5B | 31.3x | +4.7% | 39.2% | Hold | +2.0% |
EXR EXR Extra Space Storage Inc. | $29.5B | 30.1x | +8.6% | 28.8% | Hold | +6.7% |
CUB CUBE CubeSmart | $8.9B | 27.7x | +4.6% | 28.9% | Hold | +5.9% |
NSA NSA National Storage Affiliates Trust | $3.2B | 79.6x | -0.1% | 11.9% | Hold | -20.4% |
SPG SPG Simon Property Group, Inc. | $65.8B | 30.4x | +5.5% | 72.5% | Hold | -2.6% |
PLD PLD Prologis, Inc. | $130.3B | 40.8x | +9.1% | 36.7% | Buy | +3.0% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
PSA Dividend and Capital Return
PSA returns 4.4% total yield, led by a 4.38% dividend.
Dividend SustainableFCF Stretched
Total Shareholder Yield
4.4%
Dividend + buyback return per year
Buyback Yield
0.0%
Dividend Yield
4.38%
Payout Ratio
1.3%
How PSA Splits Its Return
Div 4.38%
Dividend 4.38%Buybacks 0.0%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$13.09
Growth Streak
Consecutive years of dividend increases
1Y
3Y Div CAGR
-17.2%
5Y Div CAGR
8.4%
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$0
Estimated Shares Retired
0
Approx. Share Reduction
0.0%
Shares Outstanding
Current diluted share count from the screening snapshot
176M
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $3.00 | — | — | — |
| 2025 | $12.00 | 0.0% | 0.0% | 5.0% |
| 2024 | $12.00 | 0.0% | 0.4% | 4.7% |
| 2023 | $12.00 | -43.3% | 0.0% | 4.3% |
| 2022 | $21.15 | +164.4% | 0.0% | 7.9% |
FAQ
7 questionsPSA Investor Questions
Common questions answered from live analyst data and company financials.
01Is Public Storage (PSA) stock a buy or sell in 2026?
Public Storage (PSA) is rated Hold by Wall Street analysts as of 2026. Of 36 analysts covering the stock, 12 rate it Buy or Strong Buy, 22 rate it Hold, and 2 rate it Sell or Strong Sell. The consensus 12-month price target is $305, implying +2.0% from the current price of $299. The bear case scenario is $458 and the bull case is $732.
02What is the PSA stock price target for 2026?
The Wall Street consensus price target for PSA is $305 based on 36 analyst estimates. The high-end target is $352 (+17.8% from today), and the low-end target is $276 (-7.6%). The base case model target is $408.
03Is Public Storage (PSA) stock overvalued in 2026?
PSA trades at 31.3x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals slightly overvalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Public Storage (PSA) stock in 2026?
The primary risks for PSA in 2026 are: (1) High Debt Levels — Public Storage carries $10. (2) Acquisition Integration Risk — The $10. (3) Revenue Growth Concerns — BofA downgraded PSA citing limited rental revenue growth and lack of catalysts. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Public Storage's revenue and earnings forecast?
Analyst consensus estimates PSA will report consensus revenue of $5.1B (+4.7% year-over-year) and EPS of $11.47 (+6.0% year-over-year) for the upcoming fiscal year. The following year, analysts project $5.4B in revenue.
06When does Public Storage (PSA) report its next earnings?
A confirmed upcoming earnings date for PSA is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does Public Storage generate?
Public Storage (PSA) generated $3.1B in free cash flow over the trailing twelve months — a free cash flow margin of 63.1%. PSA returns capital to shareholders through dividends (4.4% yield) and share repurchases ($0 TTM).