Public Storage (PSA) Financial Ratios
30 years of historical data (1996–2025) · Real Estate · REIT - Industrial
EV/EBITDA
↓
18.32
↓-10% vs avg
5yr avg: 20.38
30Y Low6.3·High30.0
P/FCF
↓
18.11
↓-11% vs avg
5yr avg: 20.40
30Y Low6.8·High29.6
P/B Ratio
↓
5.63
+3% vs avg
5yr avg: 5.48
30Y Low0.7·High7.0
ROE
↓
18.6%
↑-26% vs avg
5yr avg: 25.3%
30Y Low5%·High44%
Debt/EBITDA
↓
3.01
+8% vs avg
5yr avg: 2.78
30Y Low0.0·High3.1
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
PSA Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Public Storage trades at 33.2x earnings, 23% above its 5-year average of 26.9x, sitting at the 62nd percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a premium of 37%. On a free-cash-flow basis, the stock trades at 18.1x P/FCF, 11% below the 5-year average of 20.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $52.5B | $45.6B | $52.7B | $53.7B | $49.4B | $65.8B | $40.3B | $37.2B | $35.3B | $36.4B | $38.9B |
| Enterprise Value | $62.4B | $55.6B | $61.6B | $62.5B | $55.5B | $72.5B | $42.6B | $38.7B | $36.3B | $37.4B | $39.1B |
| P/E Ratio → | 33.17 | 28.80 | 28.14 | 27.58 | 11.92 | 37.95 | 36.71 | 29.21 | 20.61 | 31.05 | 32.82 |
| P/S Ratio | 10.87 | 9.46 | 11.23 | 11.89 | 11.81 | 19.25 | 13.84 | 13.02 | 12.78 | 13.64 | 15.18 |
| P/B Ratio | 5.63 | 4.89 | 5.37 | 5.32 | 4.86 | 6.98 | 4.70 | 4.09 | 3.86 | 4.06 | 4.12 |
| P/FCF | 18.11 | 15.76 | 19.46 | 19.29 | 18.59 | 28.93 | 21.53 | 19.77 | 18.35 | 19.65 | 24.38 |
| P/OCF | 16.46 | 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
PSA EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Public Storage's enterprise value stands at 18.3x EBITDA, 10% below its 5-year average of 20.4x. The Real Estate sector median is 16.7x, placing the stock at a 10% premium on an enterprise-value basis.
| 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 | 18.32 | 16.32 | 18.50 | 18.99 | 18.15 | 29.97 | 21.69 | 19.53 | 19.14 | 19.92 | 21.61 |
| EV / EBIT | 27.68 | 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 |
PSA Profitability
Margins and return-on-capital ratios measuring operating efficiency
Public Storage earns an operating margin of 46.7%, significantly above the Real Estate sector average of 26.0%. Operating margins have compressed from 51.3% to 46.7% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 18.6% indicates solid capital efficiency. ROIC of 8.9% represents adequate returns on invested capital.
Margins
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% |
Return on Capital
| 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% |
PSA Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Public Storage carries a Debt/EBITDA ratio of 3.0x, which is moderately leveraged (62% below the sector average of 7.9x). Net debt stands at $9.9B ($10.3B total debt minus $318M cash). Interest coverage of 6.9x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| 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 |
PSA Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.75x is below 1.0, meaning current liabilities exceed current assets. The current ratio has improved from 0.62x to 0.75x over the past 3 years.
| 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 | — | — | — | — | — | — | — | — | — | — | — |
PSA Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Public Storage returns 4.4% to shareholders annually primarily through dividends. The payout ratio exceeds 100% at 129.1%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 3.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 4.4% | 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% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.0% | 3.5% | 3.6% | 3.6% | 8.4% | 2.6% | 2.7% | 3.4% | 4.9% | 3.2% | 3.0% |
| FCF Yield | 5.5% | 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 | 4.4% | 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 |
Peer Comparison
Compare PSA with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 PSAYou | $52B | 33.2 | 18.3 | 18.1 | 25.0% | 46.7% | 18.6% | 8.9% | 3.0 |
 EXR | $30B | 30.5 | 20.1 | 16.1 | 28.4% | 44.1% | 6.7% | 3.9% | 6.8 |
 CUBE | $9B | 26.8 | 17.6 | 15.8 | 22.7% | 40.0% | 11.6% | 5.5% | 5.0 |
 NSA | $3B | 59.9 | 14.2 | 10.8 | 46.0% | 37.0% | 4.5% | 4.1% | 7.3 |
 SPG | $66B | 14.3 | 20.4 | — | 85.7% | 49.9% | 89.6% | 7.6% | 6.4 |
 PLD | $130B | 35.0 | 22.9 | 26.5 | 74.9% | 53.8% | 6.4% | 3.8% | 4.5 |
 FR | $8B | 33.0 | 21.7 | 71.2 | 22.6% | 42.3% | 9.0% | 4.5% | 5.2 |
 REXR | $8B | 41.3 | 16.9 | 40.5 | 77.3% | 37.9% | 2.4% | 2.4% | 5.0 |
 URI | $59B | 24.2 | 10.5 | 88.4 | 35.4% | 24.7% | 28.4% | 12.4% | 2.3 |
 UHAL | $9B | 30.3 | 9.0 | — | 85.9% | 12.3% | 4.5% | 4.2% | 4.3 |
 AMZN | $2.9T | 38.1 | 20.6 | 382.3 | 50.3% | 11.2% | 22.3% | 14.7% | 1.0 |
| Real Estate Median | — | 24.1 | 16.7 | 15.4 | 52.1% | 26.0% | 3.5% | 3.0% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonPSA — Frequently Asked Questions
Quick answers to the most common questions about buying PSA stock.
What is Public Storage's P/E ratio?
Public Storage's current P/E ratio is 33.2x. The historical average is 30.8x. This places it at the 62th percentile of its historical range.
What is Public Storage's EV/EBITDA?
Public Storage's current EV/EBITDA is 18.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.2x.
What is Public Storage's ROE?
Public Storage's return on equity (ROE) is 18.6%. The historical average is 12.7%.
Is PSA stock overvalued?
Based on historical data, Public Storage is trading at a P/E of 33.2x. This is at the 62th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Public Storage's dividend yield?
Public Storage's current dividend yield is 4.38% with a payout ratio of 129.1%.
What are Public Storage's profit margins?
Public Storage has 25.0% gross margin and 46.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Public Storage have?
Public Storage's Debt/EBITDA ratio is 3.0x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.