Public Storage.
Exchange: NYSESector: Real EstateIndustry: REIT - Industrial
Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At March 31, 2025, we: (i) owned and/or operated 3,399 self-storage facilities located in 40 states with approximately 247 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 318 self-storage facilities located in seven Western European nations with approximately 18 million net rentable square feet operated under the Shurgard® brand. Our headquarters are located in Glendale, California.
Did you know?
Carries 32.2x more debt than cash on its balance sheet.
Current Price
$301.55
-0.30%GoodMoat Value
$264.16
12.4% overvaluedProfile
Valuation (TTM)
Market Cap$52.92B
P/E31.06
EV$57.54B
P/B5.72
Shares Out175.51M
P/Sales10.89
Revenue$4.86B
EV/EBITDA18.70
Public Storage. (PSA) Stock Analysis
GoodMoat Analysis
Public Storage is a high-quality, dominant self-storage REIT with a strong competitive moat, but it appears to be trading at a full valuation. While the business passes the initial quality gate, the current price offers a marginal margin of safety, suggesting further investigation should proceed with caution.
Read full analysis
Public Storage (PSA) is a real estate investment trust (REIT) that owns and operates a dominant network of self-storage facilities. Its primary competitive advantages, or moat, stem from its powerful brand recognition and massive scale, which create significant switching costs for customers and high barriers to entry for competitors. Applying the GoodMoat framework, it likely scores well on criteria such as Brand & Culture and Scale Privilege, though it would not score on technology or network effect metrics typical of software companies. The business exhibits high quality, with a strong ROE of 19.3%, a robust operating margin of 46.4%, and a healthy dividend yield of 4.91%. Its debt level, with a Debt/Equity ratio of 1.11, is manageable for a REIT. According to the Decision Framework, the business likely passes the initial Moat & Quality Gate. However, valuation is a key consideration. The stock trades at a P/E of 29.6x, which is elevated for a company with 3.3% YoY revenue growth. The provided GoodMoat Target price of $244.28 implies the current price of $267.63 is about 9% above that target, indicating a marginal or negative margin of safety. This places the stock in the 'With Caution' zone of the Valuation & Risk Gate, as it requires perfect execution to justify its price. For a value investor, PSA represents a strong business but at a price that demands a very high-conviction view on future performance.
Market Cap$52.92B
Current Price$301.55
P/E Ratio31.06
Forward P/E—
PEG Ratio0.93
EPS$9.01
Book Value$52.69
P/B Ratio5.72
PSA Financial Charts
FCF vs CAPEX
FCFCAPEX
Forward estimates use 8.4% FCF growth (CAGR)
Cash vs Debt
Net Debt: 9.9B
Revenue
2.9B
FY19
2.9B
FY20
3.4B
FY21
4.2B
FY22
4.5B
FY23
4.7B
FY24
4.8B
FY25
Net Income
1.5B
FY19
1.4B
FY20
2.0B
FY21
4.3B
FY22
2.1B
FY23
2.1B
FY24
1.8B
FY25
PSA 52-Week Range
$255.79
$312.17
50-Day MA: $293.00200-Day MA: $280.97
Did you know?
Profit margin of 39.2% — that's well above average.
Public Storage. (PSA) Financial Summary
Public Storage. (PSA) is a Real Estate company in the REIT - Industrial industry, listed on NYSE. The stock currently trades at $301.55 with a market capitalization of $52.92B.
Key valuation metrics include a P/E ratio of 31.06, price-to-book ratio of 5.72, and EPS of $9.01. The company reports a profit margin of 39.2% and return on equity of 20.6%.
PSA Key Financial Metrics
| Metric | Value |
|---|---|
| Market Cap | $52.92B |
| P/E Ratio | 31.06 |
| EPS | $9.01 |
| P/B Ratio | 5.72 |
| P/S Ratio | 10.89 |
| EV/EBITDA | 18.70 |
| Dividend Yield | 4.35% |
| Profit Margin | 39.2% |
| Return on Equity | 20.6% |
| Debt/Equity | 1.11 |
PSA Revenue & Earnings History
| Year | Revenue | Net Income |
|---|---|---|
| FY19 | $2.86B | $1.52B |
| FY20 | $2.92B | $1.36B |
| FY21 | $3.42B | $1.95B |
| FY22 | $4.18B | $4.35B |
| FY23 | $4.52B | $2.15B |
| FY24 | $4.70B | $2.07B |
| FY25 | $4.82B | $1.78B |
Public Storage. (PSA) Valuation
Based on GoodMoat's DCF model, Public Storage. has a fair value estimate of $264.16. At the current price of $301.55, the stock appears 14.2% overvalued relative to our intrinsic value estimate.
PSA Quality Indicators
Public Storage. maintains a profit margin of 39.2% and an operating margin of 46.4%. Return on equity stands at 20.6%. Debt-to-equity ratio is 1.11.
About Public Storage.
Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At March 31, 2025, we: (i) owned and/or operated 3,399 self-storage facilities located in 40 states with approximately 247 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 318 self-storage facilities located in seven Western European nations with approximately 18 million net rentable square feet operated under the Shurgard® brand. Our headquarters are located in Glendale, California.
PSA Free Cash Flow
Public Storage. generated $2.59B in trailing twelve-month free cash flow, representing an FCF yield of 4.89%. This moderate FCF yield indicates reasonable cash generation.
PSA Shares Outstanding
Public Storage. has 0.18 billion shares outstanding at a share price of $301.55, giving it a market capitalization of $52.92B.