NYSE: PSA · Self-Storage REITs
Public Storage
Public Storage, based in Frisco, Texas, is the largest owner of self-storage facilities in the U.S., with interests in 3,171 facilities (about 229 million net rentable square feet) in 40 states at end-2025 under its orange Public Storage brand, plus a 35% stake in Europe’s Shurgard. 2025 revenue was $4,824 million (self-storage rent $4,489 million, ancillary $335 million) and net income $1,784 million. In 2026 it expanded sharply: it closed the acquisition of National Storage Affiliates (1,057 properties; total consideration about $6.44 billion) on July 22 and PS Canada ($934 million) on September 1, acquiring 598 facilities for $7.3 billion in the first nine months.
Last updated
Analysis last edited: November 1, 2026 · Financial data fetched: November 1, 2026 09:45 (SEC EDGAR) · Source 10-K filed: February 12, 2026
Built on10-K FY2025 · filed 2026-02-1210-Q (quarter ended 2026-09-30) · filed 2026-10-26Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 10.6%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- —
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- —
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.79x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 0 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 31.2x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.63
Higher than 66% of 372 non-financial companies
Average yearly growth over the years shown
Latest fiscal year (FY2025)
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 62% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$338.13close on 2026-11-04
Market cap$59.34B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 31.2x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 11.9x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 4.8%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 3.5%
At FY2025 year-end: 28.8x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 9.1x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 6.3%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$1.22B → $1.37B (vs. a year earlier)↑ +11.6%$1.22B → $1.37B (vs. a year earlier)
- Net income$511M → $367M (vs. a year earlier)↓ −28.2%$511M → $367M (vs. a year earlier)
- Diluted EPS$2.62 → $1.69 (vs. a year earlier)↓ −35.5%$2.62 → $1.69 (vs. a year earlier)
- Cash$260M → $560M (vs. previous quarter-end)↑ +115.6%$260M → $560M (vs. previous quarter-end)
- Long-term debt$10.18B → $11.99B (vs. previous quarter-end)↑ +17.8%$10.18B → $11.99B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 26, 2026.
Management outlook ↑ Raised
Raised 2026 outlook, including Same Store NOI by 90bps. Source sentence
Increased outlook for the full-year 2026, including Same Store NOI by 90bps and Core FFO per share by $0.10, following strong year-to-date performance and reaffirming optimism for the remainder of 2026.
Key changes
Acquired 25 facilities for $258.4M. Source sentence
Acquired 25 self-storage facilities with 1.7 million net rentable square feet for $258.4 million, excluding the impacts of NSA and PS Canada.
Issued $900M of senior notes. Source sentence
Completed a public offering of $900 million aggregate principal amount of senior notes at an interest rate of 4.85%, after giving effect to related derivative hedging activities.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- Public Storage
- Headquarters
- FRISCO, TX
- Incorporated in
- Maryland
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: PSA
- Industry
- Self-Storage REITs
- CIK
- 1393311
Workforce (as of FY2025 year-end)
Employees
5,770
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 43–55 days after quarter end (Feb 12, 2026; Feb 24, 2025; Feb 20, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 26–55 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 26, 2026 (+26 days) | Oct 26, 2026 10-Q (+26 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 29, 2026 (+29 days) | Jul 29, 2026 10-Q (+29 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 27, 2026 (+27 days) | Apr 27, 2026 10-Q (+27 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 12, 2026 (+43 days) | Feb 12, 2026 10-K (+43 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 29, 2025 (+29 days) | Oct 29, 2025 10-Q (+29 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 30, 2025 (+30 days) | Jul 30, 2025 10-Q (+30 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 30, 2025 (+30 days) | Apr 30, 2025 10-Q (+30 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 24, 2025 (+55 days) | Feb 24, 2025 10-K (+55 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 30, 2024 (+30 days) | Oct 30, 2024 10-Q (+30 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 30, 2024 (+30 days) | Jul 30, 2024 10-Q (+30 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 30, 2024 (+30 days) | Apr 30, 2024 10-Q (+30 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 20, 2024 (+51 days) | Feb 20, 2024 10-K (+51 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Self-Storage Operations
Self-storage rental
Storage units rented under the Public Storage brand in 40 states.
Ancillary Operations
Tenant insurance and merchandise
Tenant reinsurance, retail merchandise and third-party property management.
From the Form 10-K, FY2025.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Self-storage facilities
U.S. self-storage
U.S. share
Largest owner
Company-disclosed“We are the largest owner of self-storage facilities in the United States” (no percentage stated).
Worldwide share
—
Not disclosed
07
Recent strategic focusSite analysis
Recent developments.
Q3 2026 results
Q3 revenue $1,366.2M (vs $1,224.0M); net income $378.3M (vs $514.8M); diluted EPS $1.69 (vs $2.62), including deal costs.
Source: Form 10-Q (quarter ended 2026-09-30)
NSA acquisition
Closed July 22, 2026, adding 1,057 properties; total consideration about $6.44B.
Source: Form 10-Q (quarter ended 2026-09-30) — Note 3 Acquisitions
PS Canada
Acquired September 1, 2026 for $934M and issued C$400M of notes through PS Canada Finance.
Source: Form 10-Q (quarter ended 2026-09-30) — Note 3 Acquisitions
Capex ÷ D&A (FY2025)
0.27x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$311M ÷ $1,152M = 0.27x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$2.18B
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $282M in FY2021 to $311M in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$4.82B
As reported in the 10-K
Revenue CAGR (5 years)
+10.6%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($4,824M ÷ $2,915M) ^ (1÷5) − 1 = 10.6%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
—
formulaoperating income ÷ revenue × 100
ROE (FY2025)
18.8%▲favorable
6-year average: 24.0%
As reported in the 10-K
P/B (FY2025 end)
9.12x
formulafiscal year-end closing price ÷ book value per share
e.g.$259.50 ÷ $28.44 = 9.12x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +10.6% a year over 5 years (strong growth)
From $2.92B in FY2020 to $4.82B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ―
Equity ratio is 45.8% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 5 of 5 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 24.0% over 6 years (latest: 18.8%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- National Storage Affiliates
- PS Canada
- Shurgard
07 · what it does
Key activities
- Self-storage operations
- Acquisition, development and expansion of facilities
- Ancillary operations (tenant reinsurance, merchandise, third-party management)
06 · what it draws on
Key resources
- About 5,770 employees (4,920 customer-facing)
- 3,171 owned facilities at end-2025
- Debt, preferred shares and OP units as funding
02 · why customers buy
Value propositions
- Self-storage under the Public Storage brand, with scale and a technology platform it considers competitive advantages.
04 · how it keeps them
Customer relationships
- Month-to-month rentals and digital customer experience.
03 · how it reaches them
Channels
- Online reservations, customer care center and on-site properties.
01 · who it serves
Customer segments
- Individuals and households
- Small businesses
09 · where money goes
Cost structure
FY2025, share of revenue ($4.82B)
- Selling, general & administrative2.2%
Depreciation & amortization (inside the costs above): $1.15B. Capital spending: $311M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Total revenue $4,824M (2025)
- Self-storage facilities $4,489M; ancillary $335M
- Shurgard dividends received
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Owns and operates self-storage facilities and rents space to individuals and businesses, mostly month to month, and earns ancillary income from tenant insurance and merchandise.
01 what it draws on
Inputs & resources
- About 5,770 employees (4,920 customer-facing)
- 3,171 owned facilities at end-2025
- Debt, preferred shares and OP units as funding
02 what it does
Activities
- Self-storage operations
- Acquisition, development and expansion of facilities
- Ancillary operations (tenant reinsurance, merchandise, third-party management)
03 who it serves
Customers
- Individuals and households
- Small businesses
04 how money comes in
How it earns
- Total revenue $4,824M (2025)
- Self-storage facilities $4,489M; ancillary $335M
- Shurgard dividends received
How the business makes money
- Largest U.S. self-storage owner.
- 35% interest in Shurgard (332 facilities in seven Western European countries).
- NSA and PS Canada acquired in 2026.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Public Storage is a REIT exposed to trade disputes.
Government funding & tax credits
REIT tax status
To keep REIT status (no corporate income tax on distributed income) it must distribute at least 90% of REIT taxable income each year.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Trade & export rules
Tariffs and trade policy
International trade disputes and retaliatory tariffs could hurt the business.
Constrains the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Self-storage facilities
4,489.4 (93%)Ancillary operations
334.7 (7%)
Source: Form 10-K (FY2025) Revenue by type; total $4,824.1M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
National Storage Affiliates
Closed July 22, 2026; 1,057 properties in 37 states and Puerto Rico; consideration about $6.44B in shares, OP units, preferred and $1.35B cash.
Source: Form 10-Q (quarter ended 2026-09-30) — Note 3 Acquisitions
Pending or recent acquisition
PS Canada
Closed September 1, 2026 for $934M (2,762,108 OP units and $139M cash).
Source: Form 10-Q (quarter ended 2026-09-30) — Note 3 Acquisitions
Capital tie / equity stake
Shurgard
35% interest in Shurgard Self Storage, listed on Euronext Brussels.
Source: Form 10-K (FY2025)
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Individuals and businesses renting storage space.
Named by the company
No single customer is named as material.
Suppliers
Construction, maintenance and energy (LED and solar) vendors.
Named by the company
No single supplier is named as material.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Facilities compete with nearby self-storage facilities owned by other operators; the 10-K does not name them.
Competitors named in the 10-K
No competitor is named in the 10-K.
Peer group the company chose
Peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Compensation peer group of REITs from the 2026 proxy statement.
- Welltowersite ↗
- American Towersite ↗
- Simon Property Groupsite ↗
- Equinixsite ↗
- Realty Incomesite ↗
- Digital Realtysite ↗
- Crown Castlesite ↗
- AvalonBay Communitiessite ↗
- Equity Residentialsite ↗
- Extra Space Storagesite ↗
- Invitation Homessite ↗
- Mid-America Apartment Communities (MAA)site ↗
- SBA Communicationssite ↗
- Sun Communitiessite ↗
- Ventassite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 2,915 | 3,416 | 4,182 | 4,518 | 4,696 | 4,824 |
| Pretax income | — | 1,972 | 4,381 | 2,171 | 2,089 | 1,790 |
| Net income (attributable) | 1,357 | 1,953 | 4,349 | 2,148 | 2,072 | 1,784 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 17.2% | 22.4% | 8.0% | 3.9% | 2.7% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 46.6% | 57.2% | 104.0% | 47.6% | 44.1% | 37.0% |
| Balance sheet ($M) | ||||||
| Total assets | 11,817 | 17,381 | 17,552 | 19,809 | 19,755 | 20,209 |
| Total equity | 8,577 | 9,355 | 10,167 | 10,107 | 9,814 | 9,342 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 2,545 | 7,475 | 6,871 | 9,103 | 9,353 | 10,254 |
| Equity ratio | 72.4% | 53.7% | 57.4% | 50.5% | 49.2% | 45.8% |
| ROE | 15.9% | 21.8% | 44.8% | 21.4% | 21.0% | 18.8% |
| Cash flow ($M) | ||||||
| Operating CF | 2,043 | 2,544 | 3,117 | 3,247 | 3,128 | 3,186 |
| Investing CF | -1,118 | -5,564 | 1,120 | -3,539 | -1,003 | -1,685 |
| Financing CF | -1,076 | 3,498 | -4,193 | -113 | -2,079 | -1,631 |
| Free cash flowcalccash flow from operations − capital expenditures | — | 2,262 | 2,804 | 2,882 | 2,801 | 2,876 |
| Cash and equivalents | 258 | 735 | 775 | 370 | 447 | 318 |
| Per share & other | ||||||
| EPS ($) | 6.29 | 9.87 | 23.50 | 11.06 | 10.64 | 9.01 |
| BVPS ($) | 27.40 | 30.01 | 33.19 | 32.77 | 31.15 | 28.44 |
| Dividend per share ($) | 8.00 | 8.00 | 21.15 | 12.00 | 12.00 | 12.00 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 127.2% | 81.1% | 90.0% | 108.5% | 112.8% | 133.2% |
| P/E (x) | 36.7 | 38.0 | 11.9 | 27.6 | 28.1 | 28.8 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 8.43 | 12.48 | 8.44 | 9.31 | 9.61 | 9.12 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $1.37B+11.6% | $367M-28.2% | $1.69 |
| 2026-06-30 | $1.23B+2.6% | $500M+39.5% | $2.55 |
| 2026-03-31 | $1.22B+2.9% | $526M+29.1% | $2.71 |
| 2025-12-31 † | $1.22B+3.3% | $507M-17.5% | — |
| 2025-09-30 | $1.22B | $511M | $2.62 |
| 2025-06-30 | $1.2B | $358M | $1.76 |
| 2025-03-31 | $1.18B | $408M | $2.04 |
| 2024-12-31 † | $1.18B | $615M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
3.3%
Perpetual FCF growth: g = r − FCF ÷ EV = 7.4% − 4.2%
Past FCF growth (FY2020–FY2025)
—
Not computable (FCF not positive in both years)
Past revenue growth (FY2020–FY2025)
+10.6%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $2.88B (operating CF − capex); enterprise value $69.28B = market cap $59.34B (latest close, 2026-11-04) + debt $10.25B − cash and short-term investments $318M; r = WACC of 7.4% using this page’s default assumptions (β 0.63, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$70.14B
FCF $2.88B ÷ (7.4% − 3.3%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 5.4% | 6.4% | 7.4% | 8.4% | 9.4% |
|---|---|---|---|---|---|
| 0% | 0.77x | 0.65x | 0.56x | 0.49x | 0.44x |
| 2% | 1.22x | 0.94x | 0.77x | 0.65x | 0.56x |
| 4% | 2.96x | 1.73x | 1.22x | 0.94x | 0.77x |
| 6% | — | 10.38x | 2.96x | 1.73x | 1.22x |
| 8% | — | — | — | 10.38x | 2.96x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.39x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -7.0%
A small share of profit rests on accounting estimates.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$3,186M ÷ $1,784M = 1.79x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 87.1%
- Directors & officers (shares)
- 11.1%
- Everyone else (est.)
- 1.8%
- Directors & officers (voting power)
- 11.1%
- Institutional-ownership rank
- 233 of 416
- Beta (adjusted)
- 0.63
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 56% of covered companies have more
above 1 = swings more than the market
- 152.9M shares reported by 1,123 13F filers ÷ 175.6M shares outstanding on 2026-07-21. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-27 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-21)
19
Strengths & weaknessesSite analysis
Strengths
1. Industry leader
Largest owner of U.S. self-storage, with one of the most recognized brands.
Evidence: Form 10-K (FY2025)
2. Cash generation
Operating cash flow above $3.1B each year 2022–2025.
Evidence: Form 10-K (FY2025)
3. Scale gains from M&A
Acquired 598 facilities for $7.3B in the first nine months of 2026.
Evidence: Form 10-Q (quarter ended 2026-09-30)
Weaknesses
1. Declining net income
Net income fell from $2,148M (2023) to $1,784M (2025).
Evidence: Form 10-K (FY2025)
2. Slow same-store growth
Self-storage revenue grew 2.1% in 2025.
Evidence: Form 10-K (FY2025)
3. Rising leverage
Notes payable rose from $9,353M (2024) to $10,254M (2025), before 2026 deal financing.
Evidence: Form 10-K (FY2025)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
28.8x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
4.62%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
133%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
6.3%
(Operating CF − capex) ÷ market cap
1. Consolidator of self-storage
Bought NSA and PS Canada in 2026.
- What has to hold
- Scale lowers operating costs.
- The other side
- Integration risk.
Evidence: Form 10-Q (quarter ended 2026-09-30)
2. Steady dividend
Regular dividend of $12 per share in 2023–2025.
- What has to hold
- Cash flow stays above $3B.
- The other side
- Payout vs. earnings.
Evidence: Form 10-K (FY2025)
Book value per share = (total equity − preferred shares) / common shares.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
—
$318M vs. —
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
—
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Profitable every year
Net income ranged from $1,357M to $4,349M in 2020–2025.
Source: Form 10-K (FY2025)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Public Storage discloses no material pending legal proceedings.
Company statement:
Based on Form 10-K (FY2025) — Item 3 Legal Proceedings, reviewed 2026-11-01. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
Local competition
- Company disclosure (summarized from the 10-K)
- Facilities compete with nearby self-storage operators using similar marketing and services.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 2M&A & integration
NSA integration
- Company disclosure (summarized from the 10-K)
- Integrating 1,057 NSA properties; $130.3M of transaction and integration costs in 9M 2026.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Demand & macro
Housing and moving activity
- Company disclosure (summarized from the 10-K)
- Demand depends on economic conditions affecting customers.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4FX & interest rates
Funding costs
- Company disclosure (summarized from the 10-K)
- Debt-financed acquisitions raise interest exposure.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Disaster
Natural disasters
- Company disclosure (summarized from the 10-K)
- Facilities are exposed to natural disasters.
- Company’s stated mitigation
- Annually, we test the IRP’s response procedures, including thorough disaster response and business continuity plan exercises.
- This site’s assessment
- Impact Med / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (5)
If we fail to successfully execute our recent leadership succession, we may struggle to effectively execute our strategic plan.
We recently announced leadership changes, including a change in our Chairman of the Board, our President and Chief Executive Officer and our Chief Financial Officer. Read more
Although these changes were made pursuant to the Board’s succession planning efforts, there is no guarantee that the transition to new leadership will be executed successfully. Failure to successfully implement these successions may result in disruptions in the execution of our strategic plan. Failure to successfully implement future succession plans for other key employees may leave us vulnerable to retirements and turnover.
We may record losses as a result of the bankruptcy, insolvency, or other credit failure of the borrowers under our
bridge lending financing program. In that case, our revenues and results of operations may be materially and
Although we conduct due diligence and aim to carefully evaluate the risks associated with this debt and other investments, we could incur losses from our lending decisions, which includes subjective and complex judgments and forecasts of economic conditions and how these economic predictions might impair the ability of our borrowers to operate their business and/or make all required payments. For example, volatility of the capital and credit markets, increased interest rates, lower demand for self-storage and general economic conditions may adversely affect the solvency, creditworthiness or operations of our borrowers. If our forecasts prove incorrect, or if any of our borrowers fail to perform as expected, we may incur losses from these bridge loans which could have a material adverse effect on our operating revenue and results of operations.
No longer in the text (4)
We are subject to risks from the consequences of climate change, including severe weather events and the adverse impact of other steps that may be taken to prevent or mitigate climate change.
Our self-storage facilities are located in areas that may be subject to the direct impacts of climate change, such as increased destructive weather events like floods, fires, drought, and prolonged periods of extreme temperature or other extreme weather, which could result in significant damage to our facilities, increased capital expenditures, increased expenses, reduced revenues, or reduced demand for our facilities. Indirect impacts of climate change could also adversely impact our business, including through increased costs, such as insurance costs or regulatory compliance costs. In addition, government and private efforts to transition to a low-carbon economy present certain risks for us and our customers, including increased energy costs and macroeconomic risks related to high energy costs and energy shortages, among other things. Governmental, political, and societal pressures,…
We own approximately 35% of the common shares of Shurgard, and this investment has a $382.5 million book value and a $1.3 billion market value (based upon the closing trading price of Shurgard’s common stock) at December 31, 2024. Read more
We recognized $19.8 million in equity in earnings and received $22.8 million in dividends in 2024 with respect to Shurgard.
We have been and may in the future be adversely impacted by emergency regulations adopted in response to significant events, such as natural disasters or public health crises, that could adversely impact our operations.
3 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 12, 2026 ↗ with the 10-K filed Feb 24, 2025 ↗.
25
What to watch going forwardSite analysis
- NSA integration and synergies.
- Same-store revenue trend.
- Funding of 2026 acquisitions.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: November 1, 2026 · Financial data fetched: November 1, 2026 09:45 (SEC EDGAR) · Source 10-K filed: February 12, 2026
Built on10-K FY2025 · filed 2026-02-12Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Public Storage’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.