Public Storage (PSA) stock
Real Estate · Self-Storage REITs
Public Storage (PSA) is a Self-Storage REITs company in the Real Estate sector, headquartered in Glendale, California. As of October 23, 2026, PSA closed at $309.89, a market capitalization of $57.90 billion, the 206th largest company in the S&P 500. Over the last twelve months it generated $4.91 billion in revenue (+3% year over year) and $2.86 billion in free cash flow. The stock trades at 29.6x trailing earnings and 31.2x forward earnings.
- 1-year total return: +5.4% (dividends reinvested)
- 5-year return: +3.5% a year
- 52-week range: $256.54 – $335.55
- Gross margin 74.4%, operating margin 45.7%
- Dividend yield: 3.87%
- FI Handbook report card: C+ across 10 metrics
- 7th largest of 30 Real Estate stocks in the S&P 500
PSA price chart
1Y price change: +1.2% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| PSA | +8.1% | +23.0% | +5.4% | +12.1% | +3.5% | +8.2% | +11.4% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1980.
PSA key statistics
- Market cap
- $57.9B
- #206 in S&P 500
- P/E (TTM)
- 29.6x
- Forward P/E
- 31.2x
- EPS (TTM)
- $10.47
- Revenue (TTM)
- $4.9B
- +3%
- Free cash flow
- $2.9B
- Gross margin
- 74.4%
- Operating margin
- 45.7%
- Return on equity
- 21.9%
- Dividend yield
- 3.87%
- 52-week range
- $256.54 – $335.55
- Beta
- 0.93
- Price / sales
- 11.8x
- EV / EBITDA
- 20.0x
- Debt / equity
- 1.10x
- Employees
- 5,770
PSA report card
C+Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth3.3%D
- Gross margin74.4%A
- Operating margin45.7%A
- FCF margin58.3%A
- Return on equity21.9%B
- Net debt / EBITDA2.9xD
- Forward P/E31.2xD
- PEG ratio3.9xF
- Shareholder yield3.9%B
- Share count change / yr0.1%C
Public Storage financials
Revenue went from $2.6B in fiscal 2016 to $4.8B in fiscal 2025, growing 7.3% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.6B | $2.7B | $2.8B | $2.9B | $2.9B | $3.4B | $4.2B | $4.5B | $4.7B | $4.8B |
| Gross profit | $1.9B | $2.0B | $2.0B | — | — | — | — | — | — | — |
| Operating income | $1.4B | $1.4B | — | — | — | — | — | — | — | — |
| Net income | $1.5B | $1.4B | $1.7B | $1.5B | $1.4B | $2.0B | $4.3B | $2.1B | $2.1B | $1.8B |
| EPS (diluted) | $6.81 | $6.73 | $8.54 | $7.29 | $6.29 | $9.87 | $23.50 | $11.06 | $10.64 | $9.01 |
| Buybacks | — | — | — | — | — | — | $0 | $0 | $200.0M | $0 |
| Diluted shares | 173.9M | 174.2M | 174.3M | 174.5M | 174.6M | 175.6M | 176.3M | 176.1M | 176.0M | 175.9M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into PSA?
A reverse DCF asks what growth the current price requires. With an enterprise value of $67.8B and $2.9B of trailing free cash flow, Public Storage needs to grow free cash flow about 14.8% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return.
P/E ratio history
Current 34.4x vs. median 31.6x (10th–90th percentile 19.5x–47.1x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
PSA dividend
- Dividend yield
- 3.87%
- Annual dividend
- $12.00
- Years of increases
- —
- 5-yr dividend growth
- 8.4%
- per year
- Payout ratio
- 115%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
PSA analyst price targets
18 analysts' average 12-month target is $329.00 (+6% vs. $309.89). Targets range from $285.00 to $367.00. 27% rate it a buy.
PSA earnings
Next report: October 26, 2026. Last quarter's revenue was $1.2B (+3% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Jul 29, 2026 | $2.53 | $2.45 | -2.9% |
| Apr 27, 2026 | $2.42 | $2.47 | +2.2% |
| Feb 12, 2026 | $2.49 | $2.61 | +4.6% |
| Oct 29, 2025 | $2.54 | $2.62 | +3.1% |
| Jul 30, 2025 | $2.55 | $2.58 | +0.9% |
| Apr 30, 2025 | $2.39 | $2.42 | +1.3% |
| Feb 24, 2025 | $2.56 | $2.51 | -2.1% |
| Oct 30, 2024 | $2.60 | $2.56 | -1.6% |
Stocks like PSA
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 EXR Extra Space Storage | +0.15% | -0% | $31.7B | 31.7x | Compare |
 WELL Welltower | -0.03% | +37% | $171.0B | 106.4x | Compare |
 PLD Prologis | -0.17% | +4% | $122.9B | 28.1x | Compare |
 EQIX Equinix | +0.25% | +17% | $94.2B | 61.5x | Compare |
 AMT American Tower Corporation (REI | +4.08% | +3% | $88.1B | 26.0x | Compare |
 SPG Simon Property | -0.19% | +24% | $80.3B | 14.9x | Compare |
 DLR Digital Realty Trust | +0.84% | +1% | $65.1B | 83.7x | Compare |
 O Realty Income | -0.30% | -0% | $53.8B | 41.2x | Compare |
PSA news
- Public Storage’s Q3 2026 Earnings: What to Expect · Oct 24, 2026
- Public Storage Stock Before Q3 Earnings: Smart Buy or Risky Move? · Oct 23, 2026
- Gear Up for Public Storage (PSA) Q3 Earnings: Wall Street Estimates for Key Metrics · Oct 21, 2026
- Is it Wise to Retain Public Storage Stock in Your Portfolio Now? · Oct 21, 2026
- RHP or PSA: Which Is the Better Value Stock Right Now? · Oct 12, 2026
PSA stock FAQ
What is PSA's market cap?
Public Storage's market capitalization is $57.90 billion as of October 23, 2026, ranking 206th in the S&P 500.
What is PSA's P/E ratio?
PSA trades at a trailing price-to-earnings ratio of 29.6x and a forward P/E of 31.2x. Its median P/E over the period we track is 31.6x.
Does PSA pay a dividend?
Yes. Public Storage pays $12.00 per share a year, a 3.87% yield. Dividends grew 8.4% a year over the last five years.
How much has PSA stock returned?
Including reinvested dividends, PSA returned +5.4% over one year, +3.5% a year over five years, +8.2% a year over ten years through October 23, 2026.
Is PSA stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Public Storage must grow free cash flow about 15% a year for the next decade. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the PSA price target?
18 analysts cover PSA with an average 12-month price target of $329.00, +6% from the current price. 27% of them rate it a buy.
When does PSA report earnings?
Public Storage is expected to report earnings on October 26, 2026.
How many employees does Public Storage have?
Public Storage has about 5,770 full-time employees, or $851,030 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology