Latest Ratios: P/E Ratio 31.8x · EV/EBITDA 18.6x · ROE 18.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $53.5B | $45.6B | $52.7B | $53.7B | $49.4B | $65.8B | $40.3B | $37.2B | $35.3B | $36.4B | $38.9B |
| Enterprise Value | $63.4B | $55.6B | $61.6B | $62.5B | $55.5B | $72.5B | $42.6B | $38.7B | $36.3B | $37.4B | $39.1B |
| P/E Ratio → | 31.82 | 28.80 | 28.14 | 27.58 | 11.92 | 37.95 | 36.71 | 29.21 | 20.61 | 31.05 | 32.82 |
| P/S Ratio | 11.08 | 9.46 | 11.23 | 11.89 | 11.81 | 19.25 | 13.84 | 13.02 | 12.78 | 13.64 | 15.18 |
| P/B Ratio | 5.40 | 4.89 | 5.37 | 5.32 | 4.86 | 6.98 | 4.70 | 4.09 | 3.86 | 4.06 | 4.12 |
| P/FCF | 18.46 | 15.76 | 19.46 | 19.29 | 18.59 | 28.93 | 21.53 | 19.77 | 18.35 | 19.65 | 24.38 |
| P/OCF | 16.78 | 14.33 | 16.85 | 16.55 | 15.85 | 25.85 | 19.74 | 17.98 | 17.10 | 18.45 | 19.98 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 11.52 | 13.12 | 13.82 | 13.27 | 21.23 | 14.62 | 13.54 | 13.17 | 14.01 | 15.26 |
| EV / EBITDA | 18.61 | 16.32 | 18.50 | 18.99 | 18.15 | 29.97 | 21.69 | 19.53 | 19.14 | 19.92 | 21.61 |
| EV / EBIT | 28.13 | 26.54 | 25.93 | 26.33 | 12.28 | 35.15 | 30.07 | 24.60 | 20.76 | 25.59 | 26.67 |
| EV / FCF | — | 19.19 | 22.75 | 22.42 | 20.88 | 31.89 | 22.75 | 20.56 | 18.90 | 20.19 | 24.51 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.0% | 25.0% | 73.2% | 74.6% | 74.8% | 73.0% | 70.2% | 71.5% | 72.6% | 73.5% | 73.9% |
| Operating Margin | 46.7% | 46.7% | 46.9% | 51.3% | 51.9% | 49.9% | 48.4% | 51.4% | 51.2% | 53.3% | 53.7% |
| Net Profit Margin | 37.0% | 37.0% | 44.1% | 47.6% | 104.0% | 57.2% | 46.6% | 53.3% | 62.0% | 54.0% | 56.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.6% | 18.6% | 20.8% | 21.2% | 44.4% | 21.7% | 15.4% | 16.7% | 18.9% | 15.7% | 15.6% |
| ROA | 8.9% | 8.9% | 10.5% | 11.5% | 24.9% | 13.4% | 11.7% | 13.6% | 15.8% | 13.8% | 14.6% |
| ROIC | 8.9% | 8.9% | 8.8% | 9.9% | 10.0% | 9.5% | 9.9% | 10.6% | 10.5% | 10.9% | 10.8% |
| ROCE | 11.6% | 11.6% | 11.5% | 12.8% | 12.8% | 12.0% | 12.6% | 13.6% | 13.5% | 14.1% | 14.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.10 | 1.10 | 0.95 | 0.90 | 0.68 | 0.79 | 0.30 | 0.21 | 0.15 | 0.16 | 0.04 |
| Debt / EBITDA | 3.01 | 3.01 | 2.81 | 2.77 | 2.25 | 3.09 | 1.30 | 0.96 | 0.74 | 0.76 | 0.22 |
| Net Debt / Equity | — | 1.06 | 0.91 | 0.86 | 0.60 | 0.72 | 0.27 | 0.16 | 0.11 | 0.11 | 0.02 |
| Net Debt / EBITDA | 2.92 | 2.92 | 2.67 | 2.66 | 1.99 | 2.79 | 1.16 | 0.75 | 0.55 | 0.53 | 0.11 |
| Debt / FCF | — | 3.43 | 3.29 | 3.14 | 2.29 | 2.97 | 1.22 | 0.79 | 0.55 | 0.54 | 0.13 |
| Interest Coverage | 6.88 | 6.88 | 8.27 | 11.79 | 33.13 | 22.72 | 25.19 | 34.43 | 53.77 | 115.14 | 340.62 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.75 | 0.75 | 0.76 | 0.62 | 1.51 | 1.52 | 0.65 | 1.07 | 0.97 | 1.29 | 0.62 |
| Quick Ratio | 0.75 | 0.75 | 0.76 | 0.62 | 1.51 | 1.52 | 0.65 | 1.07 | 0.97 | 1.29 | 0.62 |
| Cash Ratio | 0.52 | 0.52 | 0.76 | 0.62 | 1.51 | 1.52 | 0.65 | 1.07 | 0.97 | 1.29 | 0.62 |
| Asset Turnover | — | 0.24 | 0.24 | 0.23 | 0.24 | 0.20 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.6% | 5.0% | 4.4% | 4.3% | 7.9% | 2.4% | 4.0% | 4.3% | 4.6% | 4.5% | 3.9% |
| Payout Ratio | 129.1% | 129.1% | 111.1% | 107.3% | 89.9% | 81.3% | 118.4% | 105.8% | 94.3% | 113.0% | 103.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.1% | 3.5% | 3.6% | 3.6% | 8.4% | 2.6% | 2.7% | 3.4% | 4.9% | 3.2% | 3.0% |
| FCF Yield | 5.4% | 6.3% | 5.1% | 5.2% | 5.4% | 3.5% | 4.6% | 5.1% | 5.4% | 5.1% | 4.1% |
| Buyback Yield | 0.0% | 0.0% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.6% | 5.0% | 4.7% | 4.3% | 7.9% | 2.4% | 4.0% | 4.3% | 4.6% | 4.5% | 3.9% |
| Shares Outstanding | — | $176M | $176M | $176M | $176M | $176M | $175M | $175M | $174M | $174M | $174M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying PSA stock.
Public Storage's current P/E ratio is 31.8x. The historical average is 30.8x. This places it at the 55th percentile of its historical range.
Public Storage's current EV/EBITDA is 18.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.2x.
Public Storage's return on equity (ROE) is 18.6%. The historical average is 12.7%.
Based on historical data, Public Storage is trading at a P/E of 31.8x. This is at the 55th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Public Storage's current dividend yield is 4.57% with a payout ratio of 129.1%.
Public Storage has 25.0% gross margin and 46.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Public Storage's Debt/EBITDA ratio is 3.0x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Leverage discrepancy and refinancing
Metrics are mathematically derived from official filings.
Premium Multiple Justified by Fortress Balance Sheet
PSA trades at 52.6x forward FFO, a premium to EXR's 32.7x, reflecting its lower leverage and coastal portfolio, as per recent market data.
The P/FFO multiple of 52.6x is significantly above the peer average, suggesting the market is pricing in a defensive quality premium. This premium appears supported by PSA's lower debt-to-equity ratio (1.10 vs. EXR's 1.05 and NSA's 2.23) and its historically stable NOI margins. However, the implied cap rate, derived from NOI and enterprise value, is likely below private market transaction cap rates, indicating that the stock may be fully valued. Investors should monitor whether the premium narrows if growth decelerates further.
NOI Margin Stability Masks Growth Deceleration
NOI margin held at 72.1% in Q2 2026, consistent with the 72-74% range over the past two years, as per financial statements, despite revenue growth slowing to 2.6%.
The stability of NOI margins above 72% indicates strong property-level profitability, driven by pricing power and low variable costs. However, same-store NOI growth has decelerated from 5.8% in early 2024 to 2.6% in Q2 2026, suggesting that FFO growth is increasingly reliant on acquisitions rather than organic rent growth. The recent Simply Self Storage acquisition may provide a temporary boost, but integration risks and potential dilution warrant close monitoring.
Payout Ratio Comfortable Despite FFO Volatility
FFO payout ratio was 73.1% in Q2 2026, down from a spike to 143.7% in Q3 2025, as per reported figures, indicating a restored dividend safety margin.
The payout ratio has normalized from the temporary spike in Q3 2025, which was likely due to a one-time FFO dip. AFFO coverage remains solid at 1.37x, providing a buffer for dividend growth. However, the volatility in FFO per share (ranging from $3.65 to $5.09 over the past two years) suggests that the payout ratio could fluctuate if FFO growth remains uneven. The 4.0% dividend yield is attractive, but investors should monitor whether the payout ratio stays below 80%.
Leverage Creeping Higher, Refinancing Risk Looms
Debt-to-equity rose to 1.10 in Q2 2026 from 0.90 in Q1 2024, with interest coverage at 6.96x, as per financial statements, indicating manageable but increasing leverage.
The gradual increase in leverage, combined with a substantial debt load of approximately $10.25 billion, suggests that PSA is becoming more reliant on debt financing, possibly to fund acquisitions. Interest coverage remains healthy at 6.96x, but the discrepancy between the reported D/E of 1.10 and the risk overview's 2.05 raises questions about off-balance-sheet obligations or preferred equity treatment. If interest rates remain higher for longer, refinancing costs could pressure FFO growth. Investors should verify the leverage figures in the 10-Q to assess the true risk profile.
Coastal Concentration Drives Premium, Poses Risk
PSA's portfolio is heavily concentrated in California and the New York tri-state area, with occupancy above 90%, as per company disclosures, supporting pricing power but exposing it to regional downturns.
The high-quality coastal portfolio has historically generated strong NOI margins and occupancy, justifying a premium valuation. However, this concentration creates vulnerability to regulatory risks, such as potential rent control in California, and to shifts in remote work trends that could reduce demand in urban centers. G&A efficiency appears strong, with costs well-controlled relative to peers, but the reliance on a few key markets warrants monitoring for any signs of occupancy softening.
P/E Misleads; Use P/FFO and AFFO
PSA's P/E of 36.3x is distorted by depreciation, while P/FFO of 52.6x and P/AFFO of 57.3x, as per reported data, provide clearer valuation metrics.
Standard P/E is misleading for REITs because it includes non-cash depreciation charges that reduce net income but not cash flow. For PSA, depreciation is significant, causing P/E to understate the true earnings power. Investors should rely on P/FFO and P/AFFO, which adjust for depreciation and other non-cash items. Additionally, the FFO payout ratio is a more accurate measure of dividend sustainability than the standard payout ratio. Analysts should also consider the implied cap rate relative to private market transactions to assess valuation.