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Friday 6 November 2026 Export PSA’s income statement to Excel — free account

Public Storage

PSA Real Estate Reit Industrial

Public Storage’s revenue for fiscal 2025 (year ended December 2025) was $4.8 billion, up 2.74% from fiscal 2024.

Revenue
+11.6%
EPS
−21.9%
Free cash flow
−19.3%
Total debt
+21.4%

Quarter to September 2026, against a year earlier

340.06 0.44 −0.13%
Market cap
$63.6B
P/E
34.1×
Fwd P/E
34.1×
Dividend yield
3.54%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Self-storage facilities
  • Ancillary operations

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 0.77
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — 1 — 1 — — —
Insider Ownership 8.35%

Capital & Financial Ratios $m

Size
Market Cap 63,620.00
Revenue ttm 5,032.60
Net income ttm 1,920.72
Free cash flow ttm 2,443.97
Net debt Q 11,631.65
Valuation
P/E 34.08
Forward P/E 34.10
Price / sales 12.39 (above 10: high)
Forward P/S Powerpack
Price / FCF 25.51
Price / book 5.94
Financial health
Current ratio Q 1.00
Debt / equity Q 0.80
Interest coverage Q 3.47
Growth
Revenue growth Q +11.61% (above 0%: growing)
Operating income growth Q −35.51% (below 0%: shrinking)
EPS, this year +7.01%
EPS, next year A −0.88% (below 0%: weak)
Revenue, next year A +6.03%
EPS, past 5 yrs +7.45%
EPS, next 5 yrs A +3.40%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 14.8×, against a ten-year median of 14.1×; over the ten years it ranged from 11.4× in 2023 to 21.2× in 2021.
P/E against its own 10 years 76.86%
10-year low 10-year high
P/S against its own 10 years 36.16%
10-year low 10-year high
P/B against its own 10 years 1.03%
10-year low 10-year high
EV/Sales against its own 10 years 65.53%
10-year low 10-year high
EV/FCF against its own 10 years 88.19%
10-year low 10-year high

Dividends

Yield
3.54%
Annual rate
12.00
Payout ratio
121.2%
Growth, 2017–25
+5.20%/yr
  1. 8.00 ’17
  2. 8.00 ’18 +0
  3. 8.00 ’19 +0
  4. 8.00 ’20 +0
  5. 8.00 ’21 +0
  6. 8.00 ’22 +0
  7. 12.00 ’23 +50
  8. 12.00 ’24 +0
  9. 12.00 ’25 +0
  10. 12.00 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 370 447 318 560
Receivables — — — —
Inventory — — — —
Other — — — —
370 457 460 1,006
2023 2024 2025 Q'26
Payables — — — —
ST’ Debt — — — —
Other — — — —
599 588 613 1,002

Compound Annual Growth %

10y 5y 3y
Sales 7.31% 10.60% 4.88%
Cash Flow 6.19% 9.30% 0.74%
Earnings 4.18% 7.62% (27.39%)
Book Value 0.16% 1.72% (2.78%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 4.27 Actual 4.34

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 4.21 4.26 Beat by 0.05
Q1 FY26 4.13 4.22 Beat by 0.09
Q2 FY26 4.25 4.17 Miss by 0.08
Q3 FY26 4.27 4.34 Beat by 0.07
Q4 FY26 4.28 — Reports 11 February 2027

EPS $

Mar Jun Sep Dec Year
’26 2.71 2.55 2.04 — —
’25 2.04 1.76 2.62 2.60 9.01
’24 2.60 2.66 2.16 3.21 10.64
’23 2.65 3.00 3.20 2.21 11.06
’22 2.63 3.42 15.38 2.06 23.50
’21 2.21 1.97 2.52 3.17 9.87
’20 1.79 1.41 1.41 1.67 6.29
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,218 1,233 1,366 — —
’25 1,183 1,201 1,224 1,216 4,824
’24 1,157 1,173 1,188 1,177 4,696
’23 1,094 1,120 1,144 1,160 4,518
’22 973 1,032 1,088 1,089 4,182
’21 767 829 895 924 3,416
’20 719 713 735 749 2,915
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 695 868 709 — —
’25 705 873 875 734 3,186
’24 666 895 799 769 3,128
’23 697 882 876 792 3,247
’22 656 798 927 736 3,117
’21 509 621 684 729 2,544
’20 463 539 528 513 2,043
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 568 747 568 — —
’25 581 741 704 561 2,586
’24 477 713 606 586 2,381
’23 531 688 663 538 2,421
’22 480 605 727 532 2,344
’21 411 493 539 547 1,991
’20 358 456 451 419 1,683
Fiscal quarters ending in the months shown.

Valuation

The price implies FFO a share growing 5.9% a year for ten years. It grew 6.5% a year over the last ten.

Implied
5.9%
10 years, reported
6.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 2,561 2,669 2,760 2,855 2,915 3,416 4,182 4,518 4,696 4,824 5,033 +7.3% 5,115 5,520 5,728 +5.9%
Gross margin, % 73.87 73.47 72.56 71.52 70.24 73.05 74.82 74.59 73.21 72.85 72.38 (1.0) pt
EBT 1,385 1,429 1,406 1,448 1,377 1,972 4,381 2,171 2,089 1,790 1,895 +2.9%
EBT margin, % 54.11 53.56 50.95 50.71 47.24 57.73 104.74 48.05 44.49 37.10 37.66 (17.0) pt
Net income 1,460 1,448 1,717 1,526 1,361 1,960 4,366 2,160 2,084 1,797 1,921 +2.3%
Per share, $
Per share, $ Revenue 14.79 15.37 15.86 16.38 16.71 19.53 23.86 25.75 26.78 27.50 27.33 +7.1%
Earnings 6.84 6.75 8.56 7.30 6.29 9.91 23.64 11.11 10.68 9.04 9.93 +3.1%
Cash flow 11.24 11.36 11.86 11.86 11.71 14.55 17.79 18.50 17.84 18.16 16.32 +5.5%
Capex (2.03) (2.64) (2.76) (2.71) (2.06) (3.16) (4.41) (4.70) (4.26) (3.42) (3.05) +6.0%
Free cash flow 9.21 8.73 9.10 9.16 9.65 11.39 13.37 13.80 13.58 14.74 13.27 +5.4%
Book value 54.55 51.63 52.57 52.10 49.15 53.50 58.01 57.60 55.97 53.25 82.65 (0.3%)
Shares, m 173 174 174 174 174 175 175 175 175 175 178 +0.2%
Valuation, ×
Valuation, × P/E 32.68 30.61 23.65 29.13 36.71 37.80 11.60 28.07 28.06 28.74 34.08 28.7
P/S 15.11 13.42 12.76 13.00 13.82 19.17 11.49 12.11 11.18 9.44 12.39 13.2
P/B 7.62 7.25 6.88 7.40 8.42 12.46 8.26 9.50 9.61 9.12 5.94 8.7
EV/Sales 15.32 13.92 13.26 13.64 14.72 21.24 13.02 14.12 13.15 11.56 14.77 14.4
EV/FCF 24.60 24.51 23.12 24.40 25.49 36.44 23.24 26.34 25.92 21.57 30.40 25.6
Cash, $m
Cash, $m Operating cash flow 1,945 1,973 2,064 2,068 2,043 2,544 3,117 3,247 3,128 3,186 3,006 +5.6%
Capex (351) (458) (481) (472) (359) (552) (773) (826) (747) (600) (562) +6.1%
Free cash flow 1,594 1,515 1,583 1,596 1,683 1,991 2,344 2,421 2,381 2,586 2,444 +5.5%
Balance, $m
Balance, $m Working capital (114) 96 (10) 26 (137) 253 261 (229) (131) (153) 3 +3.3%
Net debt 207 998 1,051 1,493 2,287 6,741 6,096 8,733 8,906 9,936 11,632 +53.7%
Shareholders’ equity 9,442 8,964 9,145 9,080 8,577 9,355 10,167 10,107 9,814 9,342 15,220 (0.1%)
Returns, %
Returns, % ROA 11.89 11.23 13.75 11.42 9.48 11.87 23.72 10.43 9.47 7.94 6.91 (4.0) pt
ROIC 8.90 8.93 8.67 8.67 8.12 6.57 8.23 7.61 7.30 7.25 4.74 (1.7) pt
ROE 23.18 23.40 29.60 25.12 22.42 34.51 74.82 33.68 33.38 30.33 21.81 +7.2 pt
People
People Employees 5,500 5,600 5,600 5,900 5,400 5,800 5,900 6,200 5,900 5,770 — +0.5%
Revenue/emp, $m 0.47 0.48 0.49 0.48 0.54 0.59 0.71 0.73 0.80 0.84 — +6.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Public Storage is a Maryland real estate investment trust that owns, develops and operates self-storage facilities. It rents storage units on month-to-month agreements to people and businesses that need space for personal or business belongings. Customers can select units by location, size, amenities such as climate control, and price.

It was founded in 1972 and is headquartered in Glendale. At December 31, 2025, it held interests in and consolidated 3,171 facilities, comprising 229 million net rentable square feet, operating under the Public Storage name. Its facilities were present in most major U.S. markets and 40 states.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Self-storage facilities 4,489 93.06%
Ancillary operations 335 6.94%
Gross margin 72.85%
Operating margin 46.35%
Pre-tax margin 37.10%

Revenue by segment since 2009

Public Storage vs peers in Reit Industrial (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PLD Prologis, Inc. $124.6B 28.3× 34.1× +7.84% (above 0%: growing) +4.88% (above 0%: growing) −37.91% (below 0%: shrinking) 75.04% 43.76% Compare
PSA Public Storage $63.6B 34.1× 34.1× +11.61% (above 0%: growing) −21.88% (below 0%: shrinking) −19.32% (below 0%: shrinking) 72.41% 23.20%
EXR Extra Space Storage Inc $34.9B 32.5× 32.6× +3.65% (above 0%: growing) +50.00% (above 0%: growing) −27.72% (below 0%: shrinking) 71.14% 44.04% Compare
EGP EastGroup Properties, Inc. $10.4B 32.9× 32.7× +9.50% (above 0%: growing) +15.87% (above 0%: growing) +22.82% (above 0%: growing) 74.02% 41.57% Compare
CUBE CubeSmart $10.2B 29.8× 27.9× +3.12% (above 0%: growing) +16.11% (above 0%: growing) −5.37% (below 0%: shrinking) 67.42% 42.77% Compare
LINE Lineage, Inc. $9.0B — (loss-making) — (loss-making) +0.81% (above 0%: growing) n/m +91.92% (above 0%: growing) 31.23% 3.97% Compare
REXR Rexford Industrial Realty, Inc. $8.1B — (loss-making) — (loss-making) −5.58% (below 0%: shrinking) −81.08% (below 0%: shrinking) +58.30% (above 0%: growing) 76.16% 39.41% Compare
FR First Industrial Realty Trust, Inc. $7.4B 20.1× 21.7× +8.65% (above 0%: growing) −10.20% (below 0%: shrinking) −240.72% (below 0%: shrinking) 74.45% 44.21% Compare
TRNO Terreno Realty Corporation $7.3B 19.9× 33.2× +13.74% (above 0%: growing) −38.00% (below 0%: shrinking) +118.95% (above 0%: growing) 75.26% 42.18% Compare
Median of peers $9.6B 29.1× 32.7× +5.75% +4.88% +8.73% 74.24% 42.48%

All 14 Reit Industrial stocks →

From the latest earnings call

Updated

  • CEO Tom Boyle said demand remained uneven, but customer retention and new-customer pricing improved as new construction slowed.
  • CFO Joe Fisher said Public Storage was returning vacant or unrentable NSA units to the rental pool and had seen increased move-in volumes.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 86.80%
Held by the ten largest 51.32%
Holder Shares Stake Change
Vanguard 25.67m 14.62% +149.63k
BlackRock 17.26m 9.83% +518.70k
Capital Group 11.04m 6.28% +3.30m
State Street 10.13m 5.77% −100.65k
T. Rowe Price 5.72m 3.25% +74.99k
COHEN & STEERS, INC. 5.24m 2.98% +829.07k
Norges Bank 4.34m 2.47% +4.34m
Geode Capital Management 4.26m 2.43% +40.70k
Charles Schwab 3.32m 1.89% +110.55k
JPMorgan Chase 3.15m 1.80% −674.58k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 27 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 9.91m 2.40m 139.00
2024 9.50m 5.04m 154.00
2023 8.78m 11.15m 151.00
2022 9.20m (1.90m) 133.00
2021 10.36m 41.04m 167.00

Ownership

Directors and executive officers, together 11.10%
The Vanguard Group 14.40%
Tamara Hughes Gustavson 9.90%
BlackRock, Inc. 9.20%
State Street Corporation State Street Financial Center 6.50%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Public Storage (PSA) Latest News

29 Oct

Impact 4 · · Business Wire

28 Oct

Impact 4 · · Simply Wall St. earnings

27 Oct

Impact 4 · · MarketBeat
Impact 4 · · The Motley Fool
Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby transcript
Impact 4 · · Zacks
Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.

26 Oct

Impact 4 · · Associated Press
Impact 4 · · Business Wire earnings
Impact 3 · · Zacks
Impact 3 · · Zacks

24 Oct

Impact 3 · · Barchart

23 Oct

Impact 3 · · Zacks

21 Oct

Impact 4 · · Zacks
Impact 3 · · Zacks

8 Oct

Impact 3 · · Insider Monkey

22 Sep

Impact 4 · · Insider Monkey

3 Aug

Impact 3 ·

2 Aug

Impact 4 ·

31 Jul

Impact 3 · · MarketBeat

30 Jul

Impact 3 ·
Impact 3 ·
Impact 3 · · credaily.com

29 Jul

Impact 4 ·
Impact 3 ·

24 Jul

Impact 5 · · credaily.com
Impact 3 ·

PSA metrics, ten years each

stockrow.com/PSA · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com