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Public Storage

PSA NYSE Self-Storage REITs Financials FY2016–FY2025

Public Storage's revenue rose 2.7% to $4.8 billion in fiscal 2025. Its net margin was 37.0%, down from 44.1% a year earlier.

Last close · Oct 23, 2026

$309.89

0.2%
Value it Compare
Revenue Total sales reported in the income statement.
$4.8B
2.7% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$1.8B
13.9%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
11.0%
1.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$54.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
29.6x
On $10.47 EPS (TTM)

About these figures. Public Storage's cash flow statement splits its spending on its properties across several lines (maintenance, enhancements, energy efficiency and development) with no total, so capital spending and free cash flow are left blank.

What Public Storage does

No business description yet.

Legal name
Public Storage
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001628280-26-007696
0001393311

Revenue and margins

Public Storage had $4.8B of revenue in fiscal 2025, up 2.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 3.2% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Public Storage returned $0.0M to shareholders in fiscal 2025. The diluted share count fell 0.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Public Storage yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$9.9B and divides by 175.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 29.6x · peers 36.4x · sector 27.8x.

Balance sheet

Cash, debt and the ratios that show how comfortably Public Storage can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $735M$775M$370M$447M$318M
Debt incl. finance leases $7.5B$6.9B$9.1B$9.4B$10.3B
Net debt / EBITDA 2.4x1.1x2.6x2.5x3.1x
Debt / equity 0.8x0.7x0.9x1.0x1.1x
Interest coverage 22.7x33.1x11.8x8.3x6.9x
Total assets $17.4B$17.6B$19.8B$19.8B$20.2B
Total liabilities $8.0B$7.4B$9.7B$9.9B$10.9B
Shareholders' equity $9.3B$10.1B$10.0B$9.7B$9.2B
Net debt (− = net cash) $6.7B$6.1B$8.7B$8.9B$9.9B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.8M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 13, 2026 Nathaniel A. VitanChief Legal Officer Sold 1,414 $327.53 $0.5M Form 4
Jun 12, 2026 Nathaniel A. VitanChief Legal Officer Sold 950 $324.81 $0.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✕
Current ratio rose — — —
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✕ ✓
F-score — / 9— / 9— / 9
Accruals ratio −5.9%−5.3%−7.0%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Public Storage PSA $54.7B 2.7% — — 11.0% 29.6x —
Extra Space Storage EXR $31.6B 3.7% 41.8% 50.5% — 31.7x — Compare →
Crown Castle CCI $37.3B −4.4% 48.7% — 8.8% 43.6x 5 Compare →
Realty Income O $53.2B 9.1% — 67.2% — 41.2x — Compare →
Vici Properties VICI $25.9B 4.1% — 62.6% 8.2% 9.2x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
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 — — — — — — — —
Interest expense $4.2M $12.7M $32.5M $45.6M $56.3M $90.8M $136M $201M $287M $305M
Pretax income $1.5B $1.4B — — — $2.0B $4.4B $2.2B $2.1B $1.8B
Income tax $0.0M $0.0M — — — $12.4M $14.3M $10.8M $4.7M −$7.2M
Net income $1.5B $1.4B $1.7B $1.5B $1.4B $2.0B $4.3B $2.1B $2.1B $1.8B
Diluted EPS $6.81 $6.73 $8.54 $7.29 $6.29 $9.87 $23.50 $11.06 $10.64 $9.01
Diluted shares 0.17B 0.17B 0.17B 0.17B 0.17B 0.18B 0.18B 0.18B 0.18B 0.18B
Cash flow
Cash from operations $1.9B $2.0B $2.1B $2.1B $2.0B $2.5B $3.1B $3.2B $3.1B $3.2B
Depreciation and amortization $433M $455M $484M $513M $553M $713M $888M $970M $1.1B $1.2B
Stock-based compensation $37.5M $37.5M $69.9M $25.8M $33.4M $59.8M $56.7M $41.6M $44.7M $39.9M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $2.2B $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $200M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $200M $0.0M
Balance sheet
Cash and short-term investments $184M $433M $361M $410M $258M $735M $775M $370M $447M $318M
Total debt $391M $1.4B $1.4B $1.9B $2.5B $7.5B $6.9B $9.1B $9.4B $10.3B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Total assets $10.1B $10.7B $10.9B $11.4B $11.8B $17.4B $17.6B $19.8B $19.8B $20.2B
Total liabilities $689M $1.8B $1.8B $2.3B $3.2B $8.0B $7.4B $9.7B $9.9B $10.9B
Shareholders' equity $9.4B $8.9B $9.1B $9.1B $8.6B $9.3B $10.1B $10.0B $9.7B $9.2B
Margins
Gross margin 73.9% 73.5% 73.0% — — — — — — —
Operating margin 53.7% 53.3% — — — — — — — —
EBITDA margin 70.6% 70.4% — — — 81.3% 129.2% 74.0% 74.7% 67.3%
Net margin 56.8% 54.1% 62.0% 53.3% 46.6% 57.2% 104.0% 47.6% 44.1% 37.0%
Returns
Return on capital — 14.5% — — — 15.2% 27.8% 13.5% 12.6% 11.0%
Return on equity 15.6% 15.7% 19.0% 16.7% 15.4% 21.8% 44.8% 21.4% 21.0% 18.8%
Return on assets 14.6% 13.8% 15.8% 13.6% 11.7% 13.4% 24.9% 11.5% 10.5% 8.9%
Growth
Revenue growth 7.5% 4.2% 3.4% 3.5% 2.1% 17.2% 22.4% 8.0% 3.9% 2.7%
Net income growth 10.9% −0.8% 18.6% −11.1% −10.7% 43.9% 122.7% −50.6% −3.6% −13.9%
EPS growth 12.2% −1.2% 26.9% −14.6% −13.7% 56.9% 138.1% −52.9% −3.8% −15.3%
Share count change 0.2% 0.2% 0.1% 0.1% 0.1% 0.5% 0.4% −0.1% −0.1% −0.1%
Financial health
Net debt / EBITDA 0.1x 0.5x — — — 2.4x 1.1x 2.6x 2.5x 3.1x
Debt / equity 0.0x 0.2x 0.2x 0.2x 0.3x 0.8x 0.7x 0.9x 1.0x 1.1x
Interest coverage 326.5x 112.2x — — — 22.7x 33.1x 11.8x 8.3x 6.9x
Capital allocation
Stock comp / revenue 1.5% 1.4% 2.5% 0.9% 1.1% 1.8% 1.4% 0.9% 1.0% 0.8%
Quality scores
Accruals ratio −4.9% −5.1% −3.3% −4.9% −5.9% −4.0% 7.1% −5.9% −5.3% −7.0%

Source: SEC EDGAR XBRL filings (CIK 0001393311). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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