(PSA) Public Storage - Overview
Sector: Real Estate | Industry: REIT - Industrial | Exchange: NYSE (USA) | Market Cap: 52.220m USD | Total Return: 6% in 12m
Avg Turnover: 243M
EPS Trend: -67.2%
Qual. Beats: 0
Rev. Trend: 98.1%
Qual. Beats: 0
Warnings
Altman Z'' 0.24 < 1.0 - financial distress zone
Choppy
Tailwinds
No distinct edge detected
Public Storage (PSA) is an S&P 500 constituent and Real Estate Investment Trust (REIT) focused on the acquisition, development, and management of self-storage properties. As of late 2025, the company maintains a massive domestic footprint of 3,533 facilities across 40 states, totaling approximately 258 million net rentable square feet. It also holds a 35% equity stake in Shurgard Self Storage, extending its operational reach into seven Western European markets.
The self-storage business model relies on high operating margins and low capital expenditure requirements compared to other real estate sectors. Demand in this industry is typically driven by life events such as relocation, marriage, or downsizing, which provides a level of counter-cyclical resilience. To evaluate how these fundamentals impact long-term valuation, consider reviewing the detailed metrics available on ValueRay.
- Elevated mortgage rates reduce housing turnover and demand for self-storage units
- Aggressive acquisition and development pipeline fuels long-term rentable square foot growth
- Same-store revenue growth depends on pricing power over existing tenant base
- Operating margins face pressure from rising property taxes and labor costs
- European market expansion via Shurgard equity interest diversifies geographic revenue streams
| Net Income: 1.90b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.15 > 0.02 and ΔFCF/TA 1.19 > 1.0 |
| NWC/Revenue: -7.49% < 20% (prev -4.94%; Δ -2.55% < -1%) |
| CFO/TA 0.16 > 3% & CFO 3.18b > Net Income 1.90b |
| Net Debt (9.57b) to EBITDA (3.22b): 2.97 < 3 |
| Current Ratio: 0.27 > 1.5 & < 3 |
| Outstanding Shares: last quarter (175.9m) vs 12m ago -0.01% < -2% |
| Gross Margin: 60.63% > 18% (prev 0.73%; Δ 5.99k% > 0.5%) |
| Asset Turnover: 24.62% > 50% (prev 24.07%; Δ 0.55% > 0%) |
| Interest Coverage Ratio: 6.60 > 6 (EBITDA TTM 3.22b / Interest Expense TTM 312.5m) |
| A: -0.02 (Total Current Assets 134.6m - Total Current Liabilities 498.4m) / Total Assets 19.9b |
| B: -0.06 (Retained Earnings -1.27b / Total Assets 19.9b) |
| C: 0.10 (EBIT TTM 2.06b / Avg Total Assets 19.7b) |
| D: -0.12 (Book Value of Equity -1.31b / Total Liabilities 10.5b) |
| Altman-Z'' = 0.24 = B |
As of May 26, 2026, the stock is trading at USD 305.25 with a total of 675,500 shares traded.
Over the past week, the price has changed by +4.37%,
over one month by -0.08%,
over three months by +3.01% and
over the past year by +6.01%.
Public Storage has received a consensus analysts rating of 3.90. Therefore, it is recommended to buy PSA.
- StrongBuy: 7
- Buy: 5
- Hold: 9
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 317.1 | 3.9% |
P/E Trailing = 30.7622
P/E Forward = 32.0513
P/S = 10.7194
P/B = 11.2019
P/EG = 4.5291
Revenue TTM = 4.86b USD
EBIT TTM = 2.06b USD
EBITDA TTM = 3.22b USD
Long Term Debt = 9.71b USD (from longTermDebt, last quarter)
Short Term Debt = 325.0m USD (from shortLongTermDebt, last quarter)
Debt = 9.71b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 9.57b USD (calculated: Debt 9.71b - CCE 134.6m)
Enterprise Value = 61.8b USD (52.2b + Debt 9.71b - CCE 134.6m)
Interest Coverage Ratio = 6.60 (Ebit TTM 2.06b / Interest Expense TTM 312.5m)
EV/FCF = 20.16x (Enterprise Value 61.8b / FCF TTM 3.06b)
FCF Yield = 4.96% (FCF TTM 3.06b / Enterprise Value 61.8b)
FCF Margin = 63.07% (FCF TTM 3.06b / Revenue TTM 4.86b)
Net Margin = 39.16% (Net Income TTM 1.90b / Revenue TTM 4.86b)
Gross Margin = 60.63% ((Revenue TTM 4.86b - Cost of Revenue TTM 1.91b) / Revenue TTM)
Gross Margin QoQ = 72.08% (prev 24.01%)
Tobins Q-Ratio = 3.11 (Enterprise Value 61.8b / Total Assets 19.9b)
Interest Expense / Debt = 3.22% (Interest Expense 312.5m / Debt 9.71b)
Taxrate = 0.30% (1.57m / 530.9m)
NOPAT = 2.06b (EBIT 2.06b * (1 - 0.30%))
Current Ratio = 0.27 (Total Current Assets 134.6m / Total Current Liabilities 498.4m)
Debt / Equity = 1.05 (Debt 9.71b / totalStockholderEquity, last quarter 9.22b)
Debt / EBITDA = 2.97 (Net Debt 9.57b / EBITDA 3.22b)
Debt / FCF = 3.12 (Net Debt 9.57b / FCF TTM 3.06b)
Total Stockholder Equity = 9.29b (last 4 quarters mean from totalStockholderEquity)
RoA = 9.64% (Net Income 1.90b / Total Assets 19.9b)
RoE = 18.02% (Net Income TTM 1.90b / Total Stockholder Equity 10.6b)
RoCE = 10.18% (EBIT 2.06b / Capital Employed (Equity 10.6b + L.T.Debt 9.71b))
RoIC = 10.70% (NOPAT 2.06b / Invested Capital 19.2b)
WACC = 6.28% (E(52.2b)/V(61.9b) * Re(6.85%) + D(9.71b)/V(61.9b) * Rd(3.22%) * (1-Tc(0.00)))
Discount Rate = 6.85% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -20.0 | Cagr: 0.07%
[DCF] Terminal Value 76.63% ; FCFF base≈2.96b ; Y1≈3.21b ; Y5≈3.96b
[DCF] Fair Price = 291.0 (EV 60.7b - Net Debt 9.57b = Equity 51.1b / Shares 175.5m; r=8.35% [WACC [floored]]; 5y FCF grow 9.68% → 2.50% )
EPS Correlation: -67.22 | EPS CAGR: -3.91% | SUE: 0.28 | # QB: 0
Revenue Correlation: 98.13 | Revenue CAGR: 3.55% | SUE: 0.76 | # QB: 0
EPS current Quarter (2026-06-30): EPS=2.50 | Chg30d=-0.41% | Revisions=-20% | Analysts=3
EPS next Quarter (2026-09-30): EPS=2.27 | Chg30d=-9.89% | Revisions=-20% | Analysts=2
EPS current Year (2026-12-31): EPS=9.57 | Chg30d=-3.65% | Revisions=-20% | GrowthEPS=-6.5% | GrowthRev=+3.1%
EPS next Year (2027-12-31): EPS=10.11 | Chg30d=-3.50% | Revisions=-20% | GrowthEPS=+5.7% | GrowthRev=+5.7%
[Analyst] Revisions Ratio: -20%