Realty Income
O · Retail REITs
$56.89
0.3%Public Storage
PSA · Self-Storage REITs
$309.89
0.2%The short version
- Realty Income is the larger business, with $5.7B of revenue in fiscal 2025 against $4.8B for Public Storage.
- Realty Income grew revenue faster (9.1%, against 2.7%).
- Investors pay more for each dollar of Realty Income’s earnings: a P/E of 41.2x against 29.6x for Public Storage.
| Latest fiscal year | O · FY25 | PSA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $53.2B | $54.7B |
| Revenue | $5.7B | $4.8B |
| Free cash flow | $3.9B | — |
| Net income | $1.1B | $1.8B |
| Growth | ||
| Revenue growth | 9.1% | 2.7% |
| 5-year growth | 28.4% | 10.6% |
| Share count change | 5.2% | −0.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 18.4% | 37.0% |
| FCF margin | 67.2% | — |
| Return on capital | — | 11.0% |
| Return on equity | 2.7% | 18.8% |
| Balance sheet | ||
| Net debt | — | $9.9B |
| Net debt / EBITDA | — | 3.1x |
| Dividends and buybacks | $2.9B | $0.0M |
| Valuation & quality | ||
| P/E | 41.2x | 29.6x |
| Piotroski F-score | — | — |
FY16
O $1.1B
PSA $2.6B
FY17
O $1.2B
PSA $2.7B
FY18
O $1.3B
PSA $2.8B
FY19
O $1.5B
PSA $2.9B
FY20
O $1.6B
PSA $2.9B
FY21
O $2.1B
PSA $3.4B
FY22
O $3.3B
PSA $4.2B
FY23
O $4.1B
PSA $4.5B
FY24
O $5.3B
PSA $4.7B
FY25
O $5.7B
PSA $4.8B
O
PSA
FY16
O —
PSA 53.7%
FY17
O —
PSA 53.3%
FY18
O —
PSA —
FY19
O —
PSA —
FY20
O —
PSA —
FY21
O —
PSA —
FY22
O —
PSA —
FY23
O —
PSA —
FY24
O —
PSA —
FY25
O —
PSA —
O
PSA
FY16
O $786M
PSA —
FY17
O $861M
PSA —
FY18
O $915M
PSA —
FY19
O $1.0B
PSA —
FY20
O $1.1B
PSA —
FY21
O $1.3B
PSA —
FY22
O $2.5B
PSA —
FY23
O $2.9B
PSA —
FY24
O $3.5B
PSA —
FY25
O $3.9B
PSA —
O
PSA
FY16
O —
PSA —
FY17
O —
PSA 14.5%
FY18
O —
PSA —
FY19
O —
PSA —
FY20
O —
PSA —
FY21
O —
PSA 15.2%
FY22
O —
PSA 27.8%
FY23
O —
PSA 13.5%
FY24
O —
PSA 12.6%
FY25
O —
PSA 11.0%
O
PSA
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.