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Public Storage (PSA) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Public Storage
NYSE•Real Estate•REIT - Industrial
$324.77+7.71(0.02%)Pre-market
Market Cap
$61.37B
P/E
32.3x
P/S
12.2x
P/B
4.2x

Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At June 30, 2026, The firm: (i) owned and/or operated 3,584 self-storage facilities located in 40 states with approximately 259 million net rentable square feet in the United States and (ii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 335 self-storage facilities located in seven Western European countries with approximately 19 million net rentable square feet operated under the Shurgard brand. Public Storage is headquartered in Frisco, Texas. Public Storage was incorporated in 1972 in Maryland.

B

How this company scores

GoodMetricSide Score: 63/100

Strongest: Cash & Earnings Quality (18/25); weakest: Growth (14/25).

Profitability15/25
Growth14/25
Balance Sheet & Red Flags16/25
Cash & Earnings Quality18/25
Strengths
Strong marginsCash-backed earningsConsistent free cash flowImproving leverage

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 32.3x5y range 11.1x – 34.1x
P/E 32.3x · above its 20-quarter median

Currently above its 20-quarter median.

P/S · 12.2x5y range 9.5x – 19.2x
P/S 12.2x · near its 20-quarter median

Currently near its 20-quarter median.

P/B · 4.2x5y range 4.2x – 7.2x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Watch

Operating margins declined 12.0% — watch for continued compression, which may signal competitive or cost pressure.

Share Dilution

Red Flag

Shares outstanding increased 5.1% — significant dilution, likely from stock compensation or capital raises.

Price & Volume
Market Cap $61.37B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue
$5.03B
7Q
Q. Revenue
$1.37B
3Q
TTM EBITDA
$3.04B
0%
TTM Op. Income
$1.75B
8%
Q. Op. Income
$316.96M
4Q
TTM Net Income
$1.90B
0%
Q. Net Income
$366.93M
2Q
EPS
$1.7
3Q
Shares Out.
$184.16M
7Q
$5.03B in TTM revenue grew 5.2% YoY, reaching $1.37B last quarter. TTM EBITDA of $3.04B and TTM operating income of $1.75B show growth is flowing through to the bottom line. TTM net income of $1.90B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin
53.4%
4Q
Op. Margin
23.2%
4Q
Net Margin
26.9%
2Q
Op. margin of 23.2% is down 19.1% YoY — costs are rising relative to revenue. Net margin at 26.9% Across the last 8 quarters, operating margin has fallen for 4 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio
32.3x
2Q
P/S Ratio
12.2x
3Q
P/B Ratio
4.2x
22%
At 32.3x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 12.2x and P/B of 4.2x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets
$29.00B
2Q
Cash
$560.38M
2Q
Long-Term Debt
$11.99B
2Q
Book Value
$14.50B
56%
D/E Ratio
0.8
23%
Debt/EBITDA
16.4
2Q
With $29.00B in assets and $11.99B in long-term debt, D/E is 0.8and book value is $14.50B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is down 23% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow
$708.85M
19%
TTM Free Cash Flow
$2.81B
4Q
FCF Margin
55.8%
4Q
FCF / Net Income
1.5
7%
TTM FCF of $2.81B on $708.85M in operating cash flow. The FCF / Net Income ratio of 1.5x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has fallen for 4 consecutive quarters — a weakening trend.

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· near its 20-quarter median

Currently near its 20-quarter median.