Stocktoria

Public Storage PSA

NYSE · reit · Real Estate Investment Trusts · website · IPO 1984-10-19 · LEI

Public Storage statistics & valuation

Market cap$57.0B
P / E31.9×
P / S11.8×
P / B6.1×
Net margin37.0%
Return on equity19.1%
Net debt$9.9B
Enterprise value USD$66.9B
Graham number -68.4%$103.76

Market cap as of 2026-06-30. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($103.76); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
56.80% 54.00% 62.00% 53.30% 46.60% 57.20% 104.00% 47.60% 44.10% 37.00% 2016201720182019202020212022202320242025
Gross margin (%)
73.90% 73.50% 73.00% 2016201720182019202020212022202320242025
Operating margin (%)
53.70% 53.30% 2016201720182019202020212022202320242025
Return on equity (%)
15.40% 16.10% 18.70% 16.70% 15.80% 20.90% 42.80% 21.30% 21.10% 19.10% 2016201720182019202020212022202320242025
Shares outstanding
173.9M 174.2M 174.3M 174.5M 174.6M 175.6M 176.3M 176.1M 176.0M 175.9M 2016201720182019202020212022202320242025
Net debt ($)
$207.1M $997.9M $1.05B $1.49B $2.29B $6.74B $6.10B $8.73B $8.91B $9.94B 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
14.30% 13.40% 15.70% 13.40% 11.50% 11.20% 24.80% 10.80% 10.50% 8.80% 2016201720182019202020212022202320242025
Free cash flow margin (%)
2016201720182019202020212022202320242025
Debt / equity (×)
0.04× 0.16× 0.15× 0.21× 0.30× 0.80× 0.68× 0.90× 0.95× 1.10× 2016201720182019202020212022202320242025
EPS ($)
$6.81 $6.73 $8.54 $7.29 $6.29 $9.87 $23.50 $11.06 $10.64 $9.01 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

Public Storage trades at about 36.5× earnings — above its 10-year norm (10-year range 13×–36.3×, median 30.7×).

13× 36.5×

Shaded band = 10-year range (13×–36.3×); dot = today's 36.5×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Gross margin———————73.0%73.5%73.9%
Operating margin————————53.3%53.7%
Net margin37.0%44.1%47.6%104.0%57.2%46.6%53.3%62.0%54.0%56.8%
Return on assets8.8%10.5%10.8%24.8%11.2%11.5%13.4%15.7%13.4%14.3%
Return on equity19.1%21.1%21.3%42.8%20.9%15.8%16.7%18.7%16.1%15.4%
Debt / equity1.10×0.95×0.90×0.68×0.80×0.30×0.21×0.15×0.16×0.04×

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.