Public Storage

PSA

Real EstateLarge CapUS Equities · NYSE / NASDAQ

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Company Profile

Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At December 31, 2025, we: (i) owned and/or operated 3,533 self-storage facilities located in 40 states with approximately 258 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 332 self-storage facilities located in seven Western European countries with approximately 18 million net rentable square feet operated under the Shurgard brand. Our headquarters are in Frisco, Texas. Public Storage was incorporated in 1972 in Maryland, USA.

Valuation

Market Cap$53.8B

Current Price$323.27as of Jun 23, 2026

P/E Ratio30.17

P/B Ratio10.99

EV / EBITDA19.64

EV / Sales13.22

Profitability

Operating Margin46.9%

Net Profit Margin37.0%

EBITDA Margin67.3%

Returns

ROE36.4%

ROCE11.5%

ROIC %-

ROA8.8%

Solvency

Current Ratio0.75

Debt / Equity2.09

Debt / Assets0.51

CFO / Net Profit1.79

Price History▲ 9.67% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$4.8B▲ 2.7%

EBITDA$3.2B▼ 7.4%

Net Profit$1.8B▼ 13.9%

Cash from Ops (CFO)$3.2B▲ 1.9%

Free Cash Flow (FCF)$2.9B▲ 7.0%

Revenue CAGR 3Y4.9%

Revenue CAGR 5Y-

Net Profit CAGR 3Y-25.7%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$4.8B	$3.2B	$1.8B	$2.9B	36.4%	2.7%	-13.9%
2024	$4.7B	$3.5B	$2.1B	$2.7B	38.6%	3.9%	-3.6%
2023	$4.5B	$3.3B	$2.1B	$2.8B	37.9%	8.0%	-50.6%
2022	$4.2B	$5.4B	$4.3B	$2.7B	76.0%	-	-
2021	-	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	4,182.16	4,517.69	4,695.62	4,824.11
Operating Revenue	-	4,182.16	4,517.69	4,695.62	4,824.11
Cost Of Revenue	-	1,052.91	1,147.95	1,258	1,309.97
Gross Profit	-	3,129.26	3,369.74	3,437.62	3,514.14
Operating Expense	-	959.82	1,050.69	1,236.44	1,253.65
Research And Development	8.40	17.54	-	-	-
Selling General And Administration	-	71.67	80.63	106.68	101.81
Total Expenses	-	2,012.72	2,198.63	2,494.44	2,563.62
Operating Income	-	2,169.44	2,319.06	2,201.17	2,260.49
EBITDA	-	5,405.06	3,342.13	3,506.25	3,246.14
Normalized EBITDA	-	3,205.13	3,402.60	3,413.62	3,481.18
EBIT	-	4,516.92	2,372.07	2,376.48	2,094.30
Interest Income	-	40.57	85.59	44.78	36.62
Interest Expense	-	136.32	201.13	287.40	304.50
Net Interest Income	-	-95.75	-115.54	-242.62	-267.88
Other Non Operating Income Expenses	-	15.06	17.95	18.08	22.62
Other Income Expense	-	2,306.91	-32.57	130.53	-202.81
Interest Income Non Operating	-	40.57	85.59	44.78	36.62
Interest Expense Non Operating	-	136.32	201.13	287.40	304.50
Net Non Operating Interest Income Expense	-	-95.75	-115.54	-242.62	-267.88
Pretax Income	-	4,380.60	2,170.94	2,089.08	1,789.80
Tax Provision	-	14.33	10.82	4.67	-7.23
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	7.19	-0.30	0.19	-49.36
Net Income Continuous Operations	-	4,366.27	2,160.12	2,084.41	1,797.03
Net Income From Continuing And Discontinued Operation	-	4,349.15	2,148.33	2,072.01	1,784.35
Net Income From Continuing Operation Net Minority Interest	-	4,349.15	2,148.33	2,072.01	1,784.35
Net Income	-	4,349.15	2,148.33	2,072.01	1,784.35
Net Income Common Stockholders	-	4,142.29	1,948.74	1,872.68	1,585.58
Net Income Including Noncontrolling Interests	-	4,366.27	2,160.12	2,084.41	1,797.03
Normalized Income	-	2,156.41	2,208.49	1,979.57	1,970.03
Diluted NI Availto Com Stockholders	-	4,142.29	1,948.74	1,872.68	1,585.58
Basic Average Shares	-	175.26	175.47	175.35	175.45
Diluted Average Shares	-	176.28	176.14	176.04	175.90
Reconciled Depreciation	-	888.15	970.06	1,129.77	1,151.84
Reconciled Cost Of Revenue	-	1,052.91	1,147.95	1,258	1,309.97
Total Unusual Items	-	2,199.93	-60.47	92.63	-235.04
Total Unusual Items Excluding Goodwill	-	2,199.93	-60.47	92.63	-235.04
Preferred Stock Dividends	-	194.39	194.70	194.70	194.70
Minority Interests	-	-17.13	-11.79	-12.40	-12.68
Special Income Charges	-	2,100.12	-26.45	-15.51	-24.42
Gain On Sale Of Business	0	2,128.86	0	0	-
Restructuring And Mergern Acquisition	-	28.74	26.45	15.51	24.42
Gain On Sale Of Security	-	99.82	-34.02	108.14	-210.61
Depreciation Amortization Depletion Income Statement	-	888.15	970.06	1,129.77	1,151.84
Depreciation And Amortization In Income Statement	-	888.15	970.06	1,129.77	1,151.84
General And Administrative Expense	-	71.67	80.63	106.68	101.81
Other Gand A	-	71.67	80.63	77.97	76.84
Salaries And Wages	-	37.86	25.40	28.71	24.96
Gain On Sale Of Ppe	13.68	1.50	-	-	-
Otherunder Preferred Stock Dividend	-	12.47	4.88	4.62	4.06
Earnings From Equity Interest	-	106.98	27.90	19.82	9.60
Other Taxes	11.53	16.09	-	-	-

Peer Comparison

Real Estate sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Public Storagethis co.	PSA	$53.8B	30.17↓ discount	10.99	36.4%	19.64
Simon Property Group, Inc.	SPG	$78.4B	16.93	15.16	89.5%	13.46
Digital Realty Trust, Inc.	DLR	$67.5B	51.58	3.04	5.9%	22.76
Realty Income Corporation	O	$55.7B	52.63	1.41	2.7%	17.68
Crown Castle Inc.	CCI	$40.9B	92.20

Learn while you research

Hand-picked academy chapters to deepen your understanding of Public Storage and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Valuation Multiples Explained

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$4.8B

$3.2B

$1.8B

$2.9B

36.4%

2.7%

-13.9%

2024

$4.7B

$3.5B

$2.1B

$2.7B

38.6%

3.9%

-3.6%

2023

$4.5B

$3.3B

$2.1B

$2.8B

37.9%

8.0%

-50.6%

2022

$4.2B

$5.4B

$4.3B

$2.7B

76.0%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

4,182.16

4,517.69

4,695.62

4,824.11

Operating Revenue

4,182.16

4,517.69

4,695.62

4,824.11

Cost Of Revenue

1,052.91

1,147.95

1,258

1,309.97

Gross Profit

3,129.26

3,369.74

3,437.62

3,514.14

Operating Expense

959.82

1,050.69

1,236.44

1,253.65

Research And Development

8.40

17.54

Selling General And Administration

71.67

80.63

106.68

101.81

Total Expenses

2,012.72

2,198.63

2,494.44

2,563.62

Operating Income

2,169.44

2,319.06

2,201.17

2,260.49

EBITDA

5,405.06

3,342.13

3,506.25

3,246.14

Normalized EBITDA

3,205.13

3,402.60

3,413.62

3,481.18

EBIT

4,516.92

2,372.07

2,376.48

2,094.30

Interest Income

40.57

85.59

44.78

36.62

Interest Expense

136.32

201.13

287.40

304.50

Net Interest Income

-95.75

-115.54

-242.62

-267.88

Other Non Operating Income Expenses

15.06

17.95

18.08

22.62

Other Income Expense

2,306.91

-32.57

130.53

-202.81

Interest Income Non Operating

40.57

85.59

44.78

36.62

Interest Expense Non Operating

136.32

201.13

287.40

304.50

Net Non Operating Interest Income Expense

-95.75

-115.54

-242.62

-267.88

Pretax Income

4,380.60

2,170.94

2,089.08

1,789.80

Tax Provision

14.33

10.82

4.67

-7.23

Tax Rate For Calcs

Tax Effect Of Unusual Items

7.19

-0.30

0.19

-49.36

Net Income Continuous Operations

4,366.27

2,160.12

2,084.41

1,797.03

Net Income From Continuing And Discontinued Operation

4,349.15

2,148.33

2,072.01

1,784.35

Net Income From Continuing Operation Net Minority Interest

4,349.15

2,148.33

2,072.01

1,784.35

Net Income

4,349.15

2,148.33

2,072.01

1,784.35

Net Income Common Stockholders

4,142.29

1,948.74

1,872.68

1,585.58

Net Income Including Noncontrolling Interests

4,366.27

2,160.12

2,084.41

1,797.03

Normalized Income

2,156.41

2,208.49

1,979.57

1,970.03

Diluted NI Availto Com Stockholders

4,142.29

1,948.74

1,872.68

1,585.58

Basic Average Shares

175.26

175.47

175.35

175.45

Diluted Average Shares

176.28

176.14

176.04

175.90

Reconciled Depreciation

888.15

970.06

1,129.77

1,151.84

Reconciled Cost Of Revenue

1,052.91

1,147.95

1,258

1,309.97

Total Unusual Items

2,199.93

-60.47

92.63

-235.04

Total Unusual Items Excluding Goodwill

2,199.93

-60.47

92.63

-235.04

Preferred Stock Dividends

194.39

194.70

Minority Interests

-17.13

-11.79

-12.40

-12.68

Special Income Charges

2,100.12

-26.45

-15.51

-24.42

Gain On Sale Of Business

2,128.86

Restructuring And Mergern Acquisition

28.74

26.45

15.51

24.42

Gain On Sale Of Security

99.82

-34.02

108.14

-210.61

Depreciation Amortization Depletion Income Statement

888.15

970.06

1,129.77

1,151.84

Depreciation And Amortization In Income Statement

888.15

970.06

1,129.77

1,151.84

General And Administrative Expense

71.67

80.63

106.68

101.81

Other Gand A

71.67

80.63

77.97

76.84

Salaries And Wages

37.86

25.40

28.71

24.96

Gain On Sale Of Ppe

13.68

1.50

Otherunder Preferred Stock Dividend

12.47

4.88

4.62

4.06

Earnings From Equity Interest

106.98

27.90

19.82

9.60

Other Taxes

11.53

16.09

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Public Storagethis co.

PSA

$53.8B

30.17↓ discount

10.99

36.4%

19.64

Simon Property Group, Inc.

SPG

$78.4B

16.93

15.16

89.5%

13.46

Digital Realty Trust, Inc.

DLR

$67.5B

51.58

3.04

5.9%

22.76

Realty Income Corporation

$55.7B

52.63

1.41

2.7%

17.68

Crown Castle Inc.

CCI

$40.9B

92.20

Public Storage

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Public Storage

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on