Public Storage

PSA · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$45,533	$52,457	$53,630	$49,212	$65,681	$40,495	$37,344	$35,494	$36,649	$39,192	$43,435	$31,841	$25,835	$24,725	$22,812	$17,128	$13,713	$13,376	$12,431	$13,919	$8,679	$7,127	$5,432	$3,974	$4,085	$3,183	$2,866	$3,083	$2,881	$2,393	$813	$346	$257	$149	$122	$77	$121	$123	$113	$144	$46
Enterprise value	$55,562	$61,463	$62,457	$55,401	$72,442	$42,800	$38,853	$36,570	$37,671	$39,429	$43,677	$31,744	$26,682	$25,205	$23,094	$17,170	$13,601	$13,697	$13,456	$15,393	$8,589	$7,335	$5,729	$4,427	$4,659	$3,782	$3,165	$3,252	$3,231	$2,591	$1,003	$545	$526	$210	$119	$1	$31	$115	$120	$158	$30
P/E (TTM) at period end	28.72×	28.01×	27.52×	11.88×	37.91×	36.87×	29.34×	23.84×	31.28×	33.10×	41.25×	35.06×	30.58×	36.92×	40.61×	42.91×	23.40×	14.30×	27.17×	44.32×	19.02×	19.46×	16.13×	12.47×	12.60×	10.71×	9.96×	13.58×	16.13×	15.59×	11.55×	8.22×	9.19×	9.87×	10.19×	6.38×	10.89×	10.61×	10.75×	14.41×	6.81×
P/S (TTM) at period end	9.44×	11.17×	11.87×	11.77×	19.23×	13.89×	13.08×	12.86×	13.73×	15.31×	18.24×	14.62×	13.15×	13.42×	13.14×	10.61×	8.45×	7.77×	6.96×	10.08×	8.19×	7.44×	6.08×	4.67×	5.13×	4.51×	4.49×	5.57×	6.14×	7.06×	3.82×	2.35×	2.24×	2.13×	2.44×	2.22×	4.07×	4.13×	3.97×	6.21×	2.36×
P/B at period end	4.92×	5.40×	5.36×	4.89×	7.04×	4.73×	4.12×	3.89×	4.10×	4.16×	4.74×	3.36×	2.94×	3.05×	2.75×	1.97×	1.54×	1.54×	1.42×	1.70×	1.80×	1.61×	1.29×	0.96×	1.04×	0.85×	0.78×	0.99×	1.01×	1.04×	0.50×	0.59×	0.68×	0.59×	0.65×	0.44×	0.77×	0.76×	0.69×	0.91×	0.35×
EV / EBITDA (TTM)	16.40×	18.54×	18.99×	18.12×	30.10×	21.79×	19.62×	19.27×	20.06×	21.81×	26.34×	21.27×	19.93×	20.50×	20.61×	16.42×	12.76×	12.41×	13.06×	19.29×	13.00×	12.70×	10.15×	7.94×	8.28×	7.82×	7.27×	22.68×	6.80×	7.47×	7.92×	6.33×	2.51×	1.66×	1.40×	0.02×	0.80×	2.76×	3.04×	5.05×	–
EV / Sales (TTM)	11.52×	13.09×	13.83×	13.25×	21.21×	14.68×	13.61×	13.25×	14.12×	15.40×	18.34×	14.58×	13.58×	13.68×	13.30×	10.64×	8.38×	7.96×	7.53×	11.15×	8.10×	7.66×	6.42×	5.20×	5.85×	5.36×	4.95×	5.87×	6.89×	7.64×	4.72×	3.70×	4.59×	2.99×	2.37×	0.03×	1.05×	3.85×	4.24×	6.80×	1.53×
Returns
Return on equity	17.1%	19.3%	19.5%	41.1%	18.6%	12.8%	14.0%	16.3%	13.1%	12.6%	11.5%	9.6%	9.6%	8.3%	6.8%	4.6%	6.6%	10.7%	5.2%	3.8%	9.5%	8.3%	8.0%	7.7%	8.3%	8.0%	7.8%	7.3%	6.3%	6.7%	4.3%	7.2%	7.4%	6.0%	6.4%	6.8%	7.0%	7.2%	6.4%	6.3%	5.1%
Return on invested capital	11.6%	11.6%	12.2%	13.3%	10.5%	13.0%	13.9%	13.9%	14.3%	14.2%	13.1%	11.2%	9.9%	10.2%	8.9%	7.9%	8.2%	7.7%	4.1%	3.7%	9.8%	8.5%	7.8%	7.6%	8.2%	7.7%	7.0%	0.5%	11.6%	10.6%	4.7%	7.4%	28.4%	28.4%	24.0%	17.7%	15.6%	25.8%	21.9%	17.3%	21.6%
Dividend yield	5.1%	4.4%	4.3%	7.9%	2.4%	4.0%	4.3%	4.5%	4.4%	3.8%	3.2%	3.0%	3.4%	3.0%	2.7%	3.0%	2.7%	3.5%	4.8%	3.8%	5.1%	5.8%	7.2%	9.9%	8.4%	12.2%	8.1%	6.9%	6.8%	5.7%	8.5%	11.0%	9.9%	9.5%	9.9%	9.9%	12.7%	–	–	–	–
Financial health
Current ratio	–	–	0.62×	1.51×	1.52×	0.65×	1.07×	0.97×	1.29×	0.62×	–	–	–	–	0.23×	0.72×	1.17×	3.21×	–	–	4.33×	2.83×	–	–	1.16×	0.98×	1.65×	2.77×	0.97×	2.68×	3.69×	0.24×	0.04×	0.83×	1.85×	4.27×	3.86×	0.52×	0.03×	0.03×	0.86×
Debt / equity	2.22×	0.96×	0.91×	0.68×	0.80×	0.30×	0.21×	0.15×	0.16×	0.04×	–	0.01×	0.09×	–	–	–	–	0.07×	0.12×	0.18×	0.05×	0.04×	0.02×	0.03×	0.04×	0.04×	0.05×	0.03×	0.04×	0.05×	0.10×	0.13×	0.22×	0.21×	0.45×	0.44×	0.51×	0.02×	0.05×	0.09×	0.11×
Effective tax rate	(0.4%)	0.2%	0.5%	0.3%	0.6%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Share count
Diluted shares outstanding	176	176	176	176	176	175	175	174	174	174	174	173	173	172	171	170	169	169	170	144	129	129	127	125	124	132	127	114	99	77	41	24	18	17	15	12	11	11	10	10	2

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$4,890	$4,824	$4,696	$4,518	$4,182	$3,416	$2,915	$2,855	$2,760	$2,669	$2,561	$2,382	$2,177	$1,965	$1,843	$1,736	$1,614	$1,623	$1,720	$1,787	$1,381	$1,060	$958	$893	$850	$796	$706	$639	$554	$469	$339	$213	$147	$115	$70	$50	$34	$30	$30	$28	$23	$19
Cost of revenue	($1,344)	($3,620)	($1,258)	($1,148)	($1,053)	($921)	($867)	($813)	($740)	($708)	($669)	($636)	($613)	($560)	($556)	($561)	($528)	($521)	($554)	($658)	($498)	($378)	($362)	($341)	($309)	($280)	($238)	($212)	($204)	–	–	($73)	($53)	–	–	–	–	–	–	–	–	–
Gross profit	$3,546	$1,204	$3,438	$3,370	$3,129	$2,495	$2,048	$2,042	$2,015	$1,961	$1,891	$1,746	$1,564	$1,405	$1,287	$1,175	$1,085	$1,102	$1,166	$1,157	$883	$682	$596	$552	$541	$517	$468	$427	$350	–	–	$140	$94	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	($17)	($20)	($16)	($26)	($18)	($8)	($11)	($7)	($5)	($8)	($10)	($10)	($11)	($10)	($6)	($4)	($6)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($130)	($107)	($107)	($81)	($72)	($76)	($83)	($62)	($105)	($83)	($84)	($88)	($71)	($67)	($57)	($52)	($38)	($36)	($63)	($60)	($85)	($21)	($19)	($17)	($16)	($21)	($21)	($12)	($12)	($14)	($8)	($4)	($3)	($2)	($1)	($1)	($1)	($1)	–	–	–	–
Total operating expenses	($1,184)	$1,032	($1,252)	($1,051)	($960)	($802)	($636)	($575)	($600)	($537)	($517)	($514)	($509)	($454)	($415)	($413)	($393)	($375)	($472)	($746)	($522)	($217)	($202)	($201)	($190)	($147)	($133)	($149)	($332)	–	–	($54)	($36)	–	–	–	–	–	–	–	–	–
Total costs and expenses	($2,528)	($2,588)	($2,510)	($2,199)	($2,013)	($1,723)	($1,504)	($1,388)	($1,345)	($1,245)	($1,186)	($1,150)	($1,122)	($1,014)	($971)	($973)	($921)	($896)	($1,026)	($1,376)	($1,021)	($596)	($564)	($542)	($500)	($427)	($371)	($361)	($536)	($98)	($74)	($127)	($89)	$71	$42	$26	$13	$8	$10	$9	$7	$6
Operating income	$2,363	$2,236	$2,186	$2,319	$2,169	$1,693	$1,411	$1,467	$1,414	$1,423	$1,374	$1,232	$1,055	$951	$872	$763	$693	$727	$694	$411	$360	$464	$395	$351	$351	$369	$335	$278	$18	$371	$265	$86	$58	$185	$112	$76	$47	$37	$40	$38	$30	$25
Earnings
EBITDA	$3,527	$3,388	$3,315	$3,289	$3,058	$2,406	$1,964	$1,980	$1,898	$1,878	$1,808	$1,658	$1,493	$1,339	$1,230	$1,121	$1,046	$1,066	$1,103	$1,031	$798	$660	$578	$565	$557	$563	$484	$435	$143	$476	$347	$127	$86	$210	$126	$85	$51	$39	$42	$40	$31	–
Interest income	$62	$63	$67	$86	$41	$12	$22	$27	$25	$19	$15	$17	$18	$34	$22	$32	$29	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($326)	($304)	($287)	($201)	($136)	($91)	($56)	($46)	($33)	($13)	($4)	($1)	($7)	($6)	($20)	($24)	($30)	($30)	($44)	($64)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$2,050	$1,790	$2,089	$2,171	$4,381	$1,972	$1,361	$1,526	$1,717	$1,448	$1,460	$1,318	$1,150	$1,058	$930	$774	$693	$697	$650	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Income tax expense	$8	$7	($5)	($11)	($14)	($12)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Net income	$2,044	$1,784	$2,072	$2,148	$4,349	$1,953	$1,357	$1,521	$1,711	$1,442	$1,454	$1,311	$1,144	$1,052	$939	$824	$672	$835	$935	$458	$314	$456	$366	$337	$319	$324	$297	$288	$227	$179	$154	$70	$42	$28	$15	$12	$12	$11	$12	$10	$10	$7
Per share
Diluted EPS (GAAP)	$10.48	$9.01	$10.64	$11.06	$23.50	$9.87	$6.29	$7.29	$8.54	$6.73	$6.81	$6.07	$5.25	$4.89	$3.90	$3.29	$2.35	$3.47	$4.18	($0.01)	$0.33	$1.97	$1.38	$1.28	$1.14	$1.39	$1.41	$1.52	$1.30	$0.91	$1.10	$0.95	$1.05	$0.98	$0.90	$0.81	$1.04	$1.01	$1.06	$1.00	$1.05	$1.37
Basic EPS (GAAP)	$10.51	$9.04	$10.68	$11.11	$23.64	$9.91	$6.29	$7.30	$8.56	$6.75	$6.84	$6.10	$5.27	$4.92	$3.93	$3.31	$2.36	$3.48	$4.19	$1.18	$0.33	$1.98	$1.39	$1.29	$1.15	$1.41	$1.41	$1.53	$1.30	$0.92	$1.10	$0.95	$1.05	$0.98	$0.90	$0.81	$1.04	$1.01	$1.06	$1.00	$1.05	$1.37
Basic shares outstanding	176	175	175	175	175	175	174	174	174	174	173	173	172	172	171	170	169	168	168	169	143	128	128	125	123	122	132	126	114	98	77	41	24	18	17	15	12	11	11	10	10	2
Margins
Gross margin	72.5%	25.0%	73.2%	74.6%	74.8%	73.0%	70.2%	71.5%	73.0%	73.5%	73.9%	73.3%	71.8%	71.5%	69.8%	67.7%	67.3%	67.9%	67.8%	64.7%	63.9%	64.3%	62.2%	61.8%	63.6%	64.9%	66.3%	66.8%	63.1%	–	–	65.8%	64.1%	–	–	–	–	–	–	–	–	–
Operating margin	48.3%	46.4%	46.5%	51.3%	51.9%	49.6%	48.4%	51.4%	51.2%	53.3%	53.7%	51.7%	48.5%	48.4%	47.3%	43.9%	42.9%	44.8%	40.4%	23.0%	26.1%	43.8%	41.2%	39.3%	41.2%	46.4%	47.4%	43.5%	3.2%	79.2%	78.1%	40.5%	39.7%	161.6%	159.7%	151.6%	136.8%	125.3%	132.9%	132.4%	128.4%	130.1%
Net margin	41.8%	37.0%	44.1%	47.6%	104.0%	57.2%	46.6%	53.3%	62.0%	54.0%	56.8%	55.1%	52.6%	53.6%	51.0%	47.5%	41.6%	51.4%	54.4%	25.6%	22.7%	43.1%	38.2%	37.7%	37.5%	40.7%	42.1%	45.1%	41.0%	38.1%	45.3%	33.1%	28.6%	24.4%	21.6%	24.0%	34.8%	37.4%	38.9%	37.0%	43.1%	34.7%

Analyst consensus

Hold36 analysts

Bearish · 2 · Hold · 23 · Bullish · 11

Earnings history

	EPS	Estimate
Q3 2024	$2.16	$2.60	Miss
Q4 2024	$3.22	$2.56	Beat
Q1 2025	$2.04	$2.39	Miss
Q2 2025	$1.76	$2.56	Miss
Q3 2025	$2.63	$2.53	Beat
Q4 2025	$2.60	$2.49	Beat
Q1 2026	$2.71	$2.42	Beat
Q2 2026	$2.55	$2.53	Beat

Peers

Company overview

IPO dateNov 18, 1980

CEOH. Thomas Boyle

Employees5,770

SectorReal Estate

IndustryREIT - Industrial

CountryUS

ExchangeNew York Stock Exchange

Websitewww.publicstorage.com

Public Storage (PSA), an esteemed Real Estate Investment Trust (REIT) and a constituent of both the S&P 500 and FT Global 500 indices, concentrates its operations on the acquisition, development, ownership, and management of self-storage properties. By September 30, 2020, the company's substantial holdings included 2,504 self-storage facilities located across 38 U.S. states, collectively providing around 171 million net rentable square feet. Additionally, Public Storage held an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR), an entity that owned and operated 239 self-storage sites under the Shurgard brand in seven Western European countries, encompassing approximately 13 million net rentable square feet. Concurrently, it maintained an approximate 42% common equity interest in PS Business Parks, Inc. (NYSE:PSB), which, as of the same reporting date, managed roughly 28 million rentable square feet of commercial properties. The company's main office is situated in Glendale, California.

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