Skip to main content
GoodMoatv1.3
Sign in
PSA logo

PSA

CompareEarnings: Aug 31, 2026

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% overvalued
Profile
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) Company Profile

GoodMoat Analysis

Based on data as of March 26, 2026

Public Storage is a dominant self-storage REIT with a strong local brand and scale advantage, but faces a mixed investment profile. Its high returns (ROE 19.3%) and dividend yield (4.91%) are attractive, yet its valuation appears elevated with modest growth and moderate debt.

Read full analysis
Public Storage (PSA) is a Real Estate Investment Trust (REIT) that owns, acquires, and operates self-storage facilities. Its business model is straightforward: it rents out storage units of various sizes to residential and commercial customers who need extra space. The company generates revenue primarily from these monthly rentals. As a REIT, it is required to distribute at least 90% of its taxable income to shareholders as dividends, which explains its substantial 4.91% yield. Using the GoodMoat framework, its primary competitive advantages (Section 1) are its **Brand & Culture** and **Scale Privilege**. Public Storage is a ubiquitous, trusted brand in a fragmented industry, giving it significant local awareness. Its massive scale (over 3,000 locations) provides operational efficiencies and a dominant market presence that is difficult for smaller competitors to match. However, its moat is narrower than a tech company's; criteria like Network Effects, Proprietary Data, or Technology Leadership are not strong fits, suggesting a score likely in the 5-7 range, indicating a moderate but durable advantage. Key risks (Section 5) include **Growth Deceleration**, with revenue growth at just 3.3% YoY, which may not support its premium P/E of 29.6x. There is also **Moderate Debt** (Debt/Equity of 1.1), though it's manageable. A value investor might be interested in its high profitability (ROE of 19.3% and Operating Margin of 46.4%) and cash flow (FCF Yield of 5.5%). However, caution is warranted as the current price is above the GoodMoat Target of $244.28, indicating the stock may be fully valued, requiring perfect execution to justify the multiple. Analysis based on data as of 2024-05-15.

PSA Company Information

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.

Sector

Real Estate

Industry

REIT - Industrial

Exchange

NYSE

Country

California, USA

PSA Key Officers

Key officers data coming soon

PSA Company Profile

Public Storage. (PSA) is a Real Estate company in the REIT - Industrial industry. It trades on NYSE. The company is based in California, USA.

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.

Market cap is $52.92B. There are 175.5M shares outstanding. Dividend yield is 4.35%.

See the full Public Storage. profile on GoodMoat. It covers key officers, financial metrics, and sector details. You can also use GoodMoat's DCF calculator, fair value models, and quality score to help decide if PSA is a good investment.