Public StoragePSA
NYSE•Real Estate•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, 2026, we: (i) owned and/or operated 3,546 self-storage facilities located in 40 states with approximately 259 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 333 self-storage facilities located in seven Western European countries with approximately 19 million net rentable square feet operated under the Shurgard brand. Public Storage was incorporated in 1972 in Maryland.
Public Storage (PSA) reported trailing twelve months revenue of $4.86B as of March 2026, a 2.9% increase year-over-year. Quarterly revenue reached $1.22B, reflecting continued top-line momentum.
Public Storage generated $1.90B in TTM net income, with quarterly EBITDA of $743.48M. The operating margin contracted from 45.9% to 38.9%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (38.9%) and net margin (43.2%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 34.5% a year ago, signaling stronger bottom-line efficiency.
PSA trades at a P/E of 24.5x (in line with broad market averages) and a P/S of 9.6x. The price-to-book ratio of 5.1x indicates a significant premium over book value.
The company generated $625.29M in free cash flow over the trailing twelve months, a 3.4% decrease year-over-year, indicating cash generation ability. The balance sheet shows $19.85B in total assets with $9.71B in long-term debt against $9.22B in stockholders equity for a debt-to-equity ratio of 1.1. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~48.9%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 20.3% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue shows resilience with 7 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~50.8% — no sign of cost or pricing stress.
FCF covers net income by 1.5x on average — earnings are well-supported by cash generation.
D/E ratio is 1.1 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation