Public Storage (PSA) Financial Ratios
30 years of historical data (1996–2025) · Real Estate · REIT - Industrial
EV/EBITDA
↓
19.31
-5% vs avg
5yr avg: 20.38
30Y Low6.3·High30.0
P/FCF
↓
19.28
-6% vs avg
5yr avg: 20.40
30Y Low6.8·High29.6
P/B Ratio
↓
5.99
+9% 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 35.3x earnings, 31% above its 5-year average of 26.9x, sitting at the 72nd percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a premium of 47%. On a free-cash-flow basis, the stock trades at 19.3x P/FCF, 6% 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 | $55.8B | $45.6B | $52.7B | $53.7B | $49.4B | $65.8B | $40.3B | $37.2B | $35.3B | $36.4B | $38.9B |
| Enterprise Value | $65.8B | $55.6B | $61.6B | $62.5B | $55.5B | $72.5B | $42.6B | $38.7B | $36.3B | $37.4B | $39.1B |
| P/E Ratio → | 35.31 | 28.80 | 28.14 | 27.58 | 11.92 | 37.95 | 36.71 | 29.21 | 20.61 | 31.05 | 32.82 |
| P/S Ratio | 11.58 | 9.46 | 11.23 | 11.89 | 11.81 | 19.25 | 13.84 | 13.02 | 12.78 | 13.64 | 15.18 |
| P/B Ratio | 5.99 | 4.89 | 5.37 | 5.32 | 4.86 | 6.98 | 4.70 | 4.09 | 3.86 | 4.06 | 4.12 |
| P/FCF | 19.28 | 15.76 | 19.46 | 19.29 | 18.59 | 28.93 | 21.53 | 19.77 | 18.35 | 19.65 | 24.38 |
| P/OCF | 17.53 | 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 19.3x EBITDA, 5% below its 5-year average of 20.4x. The Real Estate sector median is 17.0x, placing the stock at a 14% 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 | 19.31 | 16.32 | 18.50 | 18.99 | 18.15 | 29.97 | 21.69 | 19.53 | 19.14 | 19.92 | 21.61 |
| EV / EBIT | 29.18 | 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 24.8%. 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 4.1% 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 2.8% (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 | 4.1% | 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 | 2.8% | 3.5% | 3.6% | 3.6% | 8.4% | 2.6% | 2.7% | 3.4% | 4.9% | 3.2% | 3.0% |
| FCF Yield | 5.2% | 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 | 4.1% | 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 | $56B | 35.3 | 19.3 | 19.3 | 25.0% | 46.7% | 18.6% | 8.9% | 3.0 |
 EXR | $31B | 31.7 | 20.7 | 16.8 | 28.4% | 44.1% | 6.7% | 3.9% | 6.8 |
 CUBE | $9B | 27.8 | 18.1 | 16.3 | 22.7% | 40.0% | 11.6% | 5.5% | 5.0 |
 NSA | $3B | 63.5 | 14.6 | 11.4 | 46.0% | 37.0% | 4.5% | 4.1% | 7.3 |
 SPG | $69B | 14.9 | 20.8 | 19.3 | 85.7% | 49.9% | 89.6% | 7.7% | 6.3 |
 PLD | $135B | 39.7 | 27.3 | 26.9 | 59.6% | 40.2% | 5.9% | 2.9% | 5.7 |
 FR | $8B | 33.0 | 21.7 | 71.3 | 22.6% | 42.3% | 9.0% | 4.5% | 5.2 |
 REXR | $8B | 38.5 | 16.1 | 37.7 | 77.3% | 37.9% | 2.4% | 2.4% | 5.0 |
 URI | $67B | 27.9 | 11.8 | 101.9 | 35.4% | 24.7% | 28.4% | 12.4% | 2.3 |
 UHAL | $12B | 259.3 | 10.8 | — | 85.8% | 7.6% | 1.1% | 2.4% | 4.6 |
 AMZN | $2.6T | 34.1 | 18.5 | 341.6 | 50.3% | 11.2% | 22.3% | 14.7% | 1.0 |
| Real Estate Median | — | 24.1 | 17.0 | 15.4 | 49.3% | 24.8% | 3.7% | 2.7% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
Consensus-Based Analysis Tools
Full Stock Analysis
Deep dive into PSA consensus models and risk factors.
View Analysis
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Check Valuation
Historical Returns
10-year return with dividends reinvested.
Calculate
DCA Calculator
See how regular investing compounds over time.
Run Numbers
Peer Comparison
Compare growth, multiples, and margins vs sector.
Compare
PSA — 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 35.3x. The historical average is 30.8x. This places it at the 72th percentile of its historical range.
What is Public Storage's EV/EBITDA?
Public Storage's current EV/EBITDA is 19.3x. 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 35.3x. This is at the 72th 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 4.12% 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.