Public Storage
PSA · Self-Storage REITs
$309.89
0.2%Vici Properties
VICI · Hotel & Resort REITs
$23.76
1.1%The short version
- Public Storage is the larger business, with $4.8B of revenue in fiscal 2025 against $4.0B for Vici Properties.
- Vici Properties grew revenue faster (4.1%, against 2.7%).
- Public Storage earned a higher return on the capital invested in it (11.0%, against 8.2%).
- Investors pay more for each dollar of Public Storage’s earnings: a P/E of 29.6x against 9.2x for Vici Properties.
| Latest fiscal year | PSA · FY25 | VICI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $54.7B | $25.9B |
| Revenue | $4.8B | $4.0B |
| Free cash flow | — | $2.5B |
| Net income | $1.8B | $2.8B |
| Growth | ||
| Revenue growth | 2.7% | 4.1% |
| 5-year growth | 10.6% | 26.7% |
| Share count change | −0.1% | 1.4% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | 37.0% | 69.3% |
| FCF margin | — | 62.6% |
| Return on capital | 11.0% | 8.2% |
| Return on equity | 18.8% | 10.2% |
| Balance sheet | ||
| Net debt | $9.9B | $17.0B |
| Net debt / EBITDA | 3.1x | 4.6x |
| Dividends and buybacks | $0.0M | $1.9B |
| Valuation & quality | ||
| P/E | 29.6x | 9.2x |
| Piotroski F-score | — | — |
FY16
PSA $2.6B
VICI —
FY17
PSA $2.7B
VICI —
FY18
PSA $2.8B
VICI $898M
FY19
PSA $2.9B
VICI $895M
FY20
PSA $2.9B
VICI $1.2B
FY21
PSA $3.4B
VICI $1.5B
FY22
PSA $4.2B
VICI $2.6B
FY23
PSA $4.5B
VICI $3.6B
FY24
PSA $4.7B
VICI $3.8B
FY25
PSA $4.8B
VICI $4.0B
PSA
VICI
FY16
PSA 53.7%
VICI —
FY17
PSA 53.3%
VICI —
FY18
PSA —
VICI 15.6%
FY19
PSA —
VICI 5.8%
FY20
PSA —
VICI 26.2%
FY21
PSA —
VICI —
FY22
PSA —
VICI —
FY23
PSA —
VICI —
FY24
PSA —
VICI —
FY25
PSA —
VICI —
PSA
VICI
FY16
PSA —
VICI —
FY17
PSA —
VICI —
FY18
PSA —
VICI $503M
FY19
PSA —
VICI $679M
FY20
PSA —
VICI $881M
FY21
PSA —
VICI $894M
FY22
PSA —
VICI $1.9B
FY23
PSA —
VICI $2.2B
FY24
PSA —
VICI $2.4B
FY25
PSA —
VICI $2.5B
PSA
VICI
FY16
PSA —
VICI —
FY17
PSA 14.5%
VICI —
FY18
PSA —
VICI —
FY19
PSA —
VICI 0.5%
FY20
PSA —
VICI 2.3%
FY21
PSA 15.2%
VICI 8.7%
FY22
PSA 27.8%
VICI 6.3%
FY23
PSA 13.5%
VICI 8.6%
FY24
PSA 12.6%
VICI 8.3%
FY25
PSA 11.0%
VICI 8.2%
PSA
VICI
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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.