Public Storage is the largest owner of self-storage facilities in the US, with more than 3,500 self-storage facilities in 40 states and approximately 258 million square feet of rentable space. Through equity interests, it also has exposure to the European self-storage market through Shurgard Self Storage.
It is a $54.1B real estate company. Revenue grew 3.0% over the last year, it keeps 42¢ of every dollar of sales as profit, and its net debt equals ~3.1 years of free cash flow. It trades at 26.5× earnings — around the middle of its own history.
- Website
- publicstorage.com
- Location
- Frisco, TX
- Employees
- 5 770
- Sector
- Real Estate
- Founded
- 1972
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong profitability; Valuation, Growth and Health lag behind.
Valuation42
- P/E vs own history66th pct · 5/25
- FCF yield5.9% · 20/25
- P/S11.1x · 5/25
- EV/EBITDA18.9x · 12/25
Growth24
- Revenue CAGR9.0% · 12/25
- Net income CAGR-2.2% · 0/25
- EPS CAGR ~5Y5.5% · 12/25
- Fwd implied growth-6.4% · 0/25
Profitability82
- ROIC10.6% · 12/25
- ROE22.1% · 20/25
- Net margin41.8% · 25/25
- Operating margin45.7% · 25/25
Health15
- Altman Zn/a · 0/25
- Current ratio0.20 · 0/25
- Interest coverage4.8x · 10/25
- Net cash / debtD/A 49% · 5/25
Quality52
- Piotroski F5/9 · 15/25
- Beneish M-2.63 · 25/25
- FCF conversionn/a · 0/25
- Margin stabilityσ 10.2% · 12/25
Moat70
- ROIC >12% years1/10 yrs · 0/25
- Median gross margin47.1% · 20/25
- FCF-positive years3/3 yrs · 25/25
- Worst-year net marginworst 37.0% · 25/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- 2026AcquisitionThe company announced the anticipated closing date for the acquisition of National Storage Affiliates…
- 2023AcquisitionThe company bid to acquire Life Storage but was outbid by Extra Space Storage
- FY2022FinancialBest year on record$4.35B net income
- 2021AcquisitionThe company acquired the 48-property ezStorage portfolio
- FY2016FinancialProfitable every year on record10 consecutive profitable years in our data
- FY2016FinancialRevenue already above $1B$2.56B in first reported year
- FY2016FinancialPositive free cash flow every year since10-year streak
- 2006AcquisitionIt acquired Shurgard Storage Centers, an owner and operator of storage facilities in Europe, in a $5.5…
- 2000AcquisitionPublic Storage had attempted to acquire the company in 2000 and again in 2005, but its offers were rejected
- 1998AcquisitionPublic Storage acquired Storage Trust Realty in a $400 million transaction
- 1995AcquisitionThe private company was re-structured as a publicly traded REIT in 1995
- 1995ProductPS Orangeco was created as a subsidiary, selling boxes, packaging, truck rentals
- 1972FoundedPublic Storage Inc. was founded in 1972 by B
- 1972MilestoneHughes partnered with Kenneth Volk and the two founded Public Storage in August 1972 with a $50,000 initial…
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (72.5%)
- Strongly profitable — 41.8% net margin
- Strong cash conversion — FCF is 64.9% of revenue
Watch-outs
Nothing stands out as a concern in the available data.
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+3.0% YoY
- Profitable — makes more than it spends$2.04B TTM
- Profit growing — earnings are higher than last year-25.6% YoY
- Generates cash — cash left after running and investing$3.17B TTM
- Debt under control — could handle its obligations~3.1y of cash flow to repay
- Established company — not a micro-cap — lower blow-up risk$54.1B market cap
- Not printing shares — share count not ballooning — you keep your slice+0.7% shares over ~5y
- Proven track record — years of profitability behind it10/10 profitable years
- Financially stable — balance sheet not near distresshealth score 18/100
- Pays a dividend — returns cash to shareholdersyield 4.25%
- Valuation not extreme — price not wildly above earningsP/E 26.5
Peer comparisonPublic Storage vs 6 largest real estate peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| PSA this company | $54.1B | 26.5 | +3.0% | 41.8% | Strained |
| WELL Welltower Inc. | $162.5B | 108.1 | +37.6% | 12.1% | Strained |
| PLD Prologis, Inc. | $123.1B | 29.8 | +7.3% | 45.8% | Strained |
| EQIX Equinix, Inc. | $101.2B | 66.0 | +9.6% | 15.6% | Strained |
| AMT American Tower Corporation | $84.5B | 25.0 | +14.2% | 31.1% | Strained |
| DLR Digital Realty Trust, Inc. | $66.6B | 83.0 | +17.4% | 11.8% | Strained |
| SPG Simon Property Group, Inc. | $64.7B | 14.0 | +15.0% | 66.5% | Strained |
Head-to-head: PSA vs WELL · PSA vs PLD · PSA vs EQIX
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/PSA
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Deeper analysis of PSA on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $289.57 · market cap $54.1B.