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Public Storage (PSA) stock

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NYSE: PSA NYSE Self-Storage REITs Next results ~February 11, 2027

A+ Fundamentals grade

Public Storage is a US-listed company in the self-storage REITs industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$320

Funds-from-operations model

Base case. Range ~$270–$390. Funds from operations growing 2.5% a year, discounted at 8%.

Price vs value

No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.

Public Storage valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Public Storage files

10-Q filed October 26: Public Storage

Model value −6.4%

Public Storage reported revenue of $5.03bn for the twelve months to September 2026. That marked growth of 5.2% on a year earlier, an acceleration from the 3.0% pace recorded a quarter before. Despite the faster top line, our model value for the shares has come down from $305 to $285. The stock currently trades at $307, so the market is pricing it above both our previous and revised estimates. The gap between price and model value has therefore widened following the reduction. Revenue momentum is improving, yet that improvement has not been enough to lift our assessment of what the business is worth per share.

Source: 10-Q filed October 26, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Public Storage stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $4.89bn, up 3.0% on a year earlier, about the same pace as a quarter earlier. Our valuation models combined value is $305 a share, against a share price of $301.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 11, 2027 (estimated)

Public Storage's trailing-twelve-month revenue grew 5.2% year on year, with a free-cash-flow margin of 34.2%. Where it stands out: change in growth rate of +2.2pp ranks 1 of 5 self-storage reits companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 17.5% while net income grew 0.4%: a 18pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 51.6% of revenue is left as operating profit.
  • Strong cash generation. 34.2% of revenue turned into free cash flow.

Things to watch

  • High debt. Long-term debt exceeds cash by $11.4bn, more than 1.5 times annual revenue.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q3

Filed October 26, 2026
Earnings per share
$2.11 against an average estimate of $2.29: missed by 8.2%
Revenue
$1.37bn, up 11.6% on a year earlier
Share reaction
+0.8% in the first session after the results on October 26, 2026, against +1.3% for the S&P 500
Guidance given
revenue growth growth -0.7% to 0.3% (full-year 2026); expense growth growth 2% to 3% (full-year 2026)
Next report
October 26, 2026; average EPS estimate $1.98

Public Storage's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.6%
  • 1 week+8.6%
  • 1 month+17.4%
  • This year+32.3%
  • 1 year+24.6%
  • 5 years+25.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$5B
Net margin
37.8%
EPS (TTM, diluted)
$10.65

Growth

Revenue growth
+5.2%
Change in growth rate
+2.2 pts
Share count change
+1.4%

Earnings

Last results
October 26, 2026
Next results (est.)
February 11, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Financing
  3. Our research
  4. Results
  5. Agreement
  6. Announcement
  7. Agreement
  8. Financing
  9. Deal
  10. Announcement
  11. Leadership
  12. Announcement
  13. Results
  14. Guidance
  15. Deal
  16. Agreement
  17. Deal
  18. Agreement
  19. Deal
  20. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Public Storage valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 1 valuation models apply; a rating needs 3.

Valuation models

We value Public Storage as an equity reit, with every model that fits that kind of business. Cost of equity 7.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.66 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. ~$320 ~$270–$390 Primary model, counts double
Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. ~$5.7 ~$140–$280 Left out: out of range vs price (0.02x)
Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. — Does not apply: no current dividend figure in the company's tagged filings
Combined value Weighted average of the models that apply: the primary model (funds-from-operations model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$320 ~$270–$390 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Public Storage with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

95 /100

Strong moat

How hard Public Storage's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 19 / 20

    Net income has been a median 11.6% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 73.3%, moving by 0.6 percentage points (standard deviation) across 5 years.

  • Durability 20 / 20

    Operating margin has been a median 50.8%; its worst year was 46.4%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 51.6% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 1.8% over five years; stock-based pay has been a median 1.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $9.85 −4% $5.1bn +5%
Next $9.92 +1% $5.4bn +7%

Next year's EPS estimate has moved +1.6% in 90 days, across 6 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.6% on 90 days ago. In the last 30 days, 0 analysts raised Public Storage's forecast and 0 cut it.

Consensus EPS forecast Public Storage, last 90 days
$9.60 $9.80 $10.00 $10.20 $10.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $9.70 Current fiscal year, 60 days ago: $9.88 Current fiscal year, 30 days ago: $9.85 Current fiscal year, 7 days ago: $9.85 Current fiscal year, Now: $9.85 $9.85 Next fiscal year, 90 days ago: $9.76 Next fiscal year, 60 days ago: $10.17 Next fiscal year, 30 days ago: $10.23 Next fiscal year, 7 days ago: $9.93 Next fiscal year, Now: $9.92 $9.92

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $9.70$9.76
60 days ago $9.88$10.17
30 days ago $9.85$10.23
7 days ago $9.85$9.93
Now $9.85$9.92

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.29 $2.11 −8.2%
Jun 2026 $2.53 $2.45 −2.9%
Mar 2026 $2.42 $2.47 +2.2%
Dec 2025 $2.49 $2.61 +4.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 29, 2026
  • Revenue growth · Same Store full-year 2026 -0.7% growth to 0.3% growth
    “Revenue growth (0.7)% 0.3% (2.2)% -% 0.9%” source
  • Expense growth · Same Store full-year 2026 2% growth to 3% growth
    “Expense growth 2.0% 3.0% 1.5% 2.8% 0.4%” source
  • Net operating income growth · Same Store full-year 2026 -2% growth to -0.3% growth Non-GAAP Raised
    “Net operating income growth (2.0)% (0.3)% (3.9)% (0.5)% 1.1%” source
  • Non-Same Store net operating income full-year 2026 $343,000k to $357,000k Non-GAAP Raised
    “Non-Same Store net operating income $343,000 $357,000 $335,000 $355,000 $5,000” source
  • Core FFO per share full-year 2026 $16.75 to $17.05 Non-GAAP Raised
    “Core FFO per share: $16.75 $17.05 $16.35 $17.00 $0.22” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

22 analysts, Oct 2026
Buy627%
Hold1673%
Sell00%

Monthly trend

  1. Oct 2026241622
  2. Sep 2026341522
  3. Aug 2026241521
  4. Jul 2026241521

Counts of recommendations published by analysts covering Public Storage, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.8%
of tradable shares
Days to cover
7.16
at average volume
Short interest, 1 month
+11%
to October 15, 2026
Held by institutions
84%
of shares
Held by insiders
9.6%
of shares
Employees
5,770
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +24.6%

$267.49 on October 31, 2025 to $333.24

ThenNowEffect
Revenue (last 12 months) $4.7bn $4.9bn +3.0%
Net margin 38.1% 41.8% +9.6%
P/E multiple 26.0x 28.7x +10.5%
Share count 176m 176m −0.1%

Biggest factor: p/e multiple.

Last 3 years +48.5%

$224.43 on November 3, 2023 to $333.24

ThenNowEffect
Revenue (last 12 months) $4.4bn $4.9bn +11.4%
Net margin 97.4% 41.8% −57.1%
P/E multiple 9.2x 28.7x +210.3%
Share count 176m 176m +0.1%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PSA+67%−20%+14%+2%−10%+32%
Industry peers (median)+75%−26%+14%−3%−9%+25%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PSA75%33%42%67%33%73%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PSA−10%−31%−23%−20%−16%−14%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 38% from April 20, 2022 to October 25, 2023. Getting back needed a 61% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$250.91 – $333.24
From 52-week high
0.0%
vs 50-day average
+11.8%
vs 200-day average
+11.6%
Volatility (1 year)
23%
Beta vs S&P 500
0.34

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±2.8%
After a week
6 up, 6 down
typical move ±3.4%
After a month
5 up, 6 down
typical move ±4.1%
Results releasedNext dayS&P 500 next day5 days21 days
October 26, 2026 +0.8% +1.3% +7.5% —
July 29, 2026 −3.9% +0.1% −0.9% −5.8%
April 27, 2026 −3.6% −0.3% −4.2% −0.5%
February 12, 2026 +2.2% −1.5% +3.8% −0.4%
October 29, 2025 −5.8% −1.1% −6.4% −7.9%
July 30, 2025 −7.1% −0.5% −3.8% −0.3%
April 30, 2025 +2.4% +0.7% +2.4% +5.3%
February 24, 2025 +1.4% −1.0% +2.3% −4.0%
October 30, 2024 −0.7% −2.3% −1.8% +5.1%
July 30, 2024 −2.3% +1.1% +3.2% +12.5%
April 30, 2024 −1.1% −1.9% +3.9% +2.0%
February 20, 2024 +2.5% −0.5% −0.7% +1.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Revenue (TTM) Public Storage
$4.4B $4.6B $4.8B $5B $5.2B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $4.5B Revenue (TTM), FY24 Q1: $4.6B Revenue (TTM), FY24 Q2: $4.6B Revenue (TTM), FY24 Q3: $4.7B Revenue (TTM), FY24 Q4: $4.7B Revenue (TTM), FY25 Q1: $4.7B Revenue (TTM), FY25 Q2: $4.7B Revenue (TTM), FY25 Q3: $4.8B Revenue (TTM), FY25 Q4: $4.8B Revenue (TTM), FY26 Q1: $4.9B Revenue (TTM), FY26 Q2: $4.9B Revenue (TTM), FY26 Q3: $5B $5B

Source: SEC EDGAR filings. Retrieved October 27, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $4.5B
FY24 Q1 $4.6B
FY24 Q2 $4.6B
FY24 Q3 $4.7B
FY24 Q4 $4.7B
FY25 Q1 $4.7B
FY25 Q2 $4.7B
FY25 Q3 $4.8B
FY25 Q4 $4.8B
FY26 Q1 $4.9B
FY26 Q2 $4.9B
FY26 Q3 $5B
Revenue growth, TTM YoY Public Storage
0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 8.0% Revenue growth, TTM YoY, FY24 Q1: 6.5% Revenue growth, TTM YoY, FY24 Q2: 5.5% Revenue growth, TTM YoY, FY24 Q3: 5.2% Revenue growth, TTM YoY, FY24 Q4: 3.9% Revenue growth, TTM YoY, FY25 Q1: 3.1% Revenue growth, TTM YoY, FY25 Q2: 2.5% Revenue growth, TTM YoY, FY25 Q3: 2.3% Revenue growth, TTM YoY, FY25 Q4: 2.7% Revenue growth, TTM YoY, FY26 Q1: 2.9% Revenue growth, TTM YoY, FY26 Q2: 3.0% Revenue growth, TTM YoY, FY26 Q3: 5.2% 5.2%

Source: SEC EDGAR filings. Retrieved October 27, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 8.0%
FY24 Q1 6.5%
FY24 Q2 5.5%
FY24 Q3 5.2%
FY24 Q4 3.9%
FY25 Q1 3.1%
FY25 Q2 2.5%
FY25 Q3 2.3%
FY25 Q4 2.7%
FY26 Q1 2.9%
FY26 Q2 3.0%
FY26 Q3 5.2%
Operating margin (TTM) Public Storage
51% 52% 53% 54% FY15 Q4 FY16 Q3 FY17 Q2 FY18 Q3 Operating margin (TTM), FY15 Q4: 51.7% Operating margin (TTM), FY16 Q1: 52.7% Operating margin (TTM), FY16 Q2: 53.3% Operating margin (TTM), FY16 Q3: 53.4% Operating margin (TTM), FY16 Q4: 53.7% Operating margin (TTM), FY17 Q1: 53.6% Operating margin (TTM), FY17 Q2: 53.7% Operating margin (TTM), FY17 Q3: 53.5% Operating margin (TTM), FY17 Q4: 53.3% Operating margin (TTM), FY18 Q1: 52.9% Operating margin (TTM), FY18 Q2: 52.0% Operating margin (TTM), FY18 Q3: 51.6% 51.6%

Source: SEC EDGAR filings. Retrieved October 27, 2026.

View chart data
Period Operating margin (TTM)
FY15 Q4 51.7%
FY16 Q1 52.7%
FY16 Q2 53.3%
FY16 Q3 53.4%
FY16 Q4 53.7%
FY17 Q1 53.6%
FY17 Q2 53.7%
FY17 Q3 53.5%
FY17 Q4 53.3%
FY18 Q1 52.9%
FY18 Q2 52.0%
FY18 Q3 51.6%
FCF margin (TTM) Public Storage
30% 35% 40% 45% 50% 55% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 50.4% FCF margin (TTM), FY24 Q1: 47.6% FCF margin (TTM), FY24 Q2: 46.0% FCF margin (TTM), FY24 Q3: 43.1% FCF margin (TTM), FY24 Q4: 42.6% FCF margin (TTM), FY25 Q1: 43.2% FCF margin (TTM), FY25 Q2: 42.5% FCF margin (TTM), FY25 Q3: 43.6% FCF margin (TTM), FY25 Q4: 42.2% FCF margin (TTM), FY26 Q1: 41.5% FCF margin (TTM), FY26 Q2: 41.0% FCF margin (TTM), FY26 Q3: 34.2% 34.2%

Source: SEC EDGAR filings. Retrieved October 27, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 50.4%
FY24 Q1 47.6%
FY24 Q2 46.0%
FY24 Q3 43.1%
FY24 Q4 42.6%
FY25 Q1 43.2%
FY25 Q2 42.5%
FY25 Q3 43.6%
FY25 Q4 42.2%
FY26 Q1 41.5%
FY26 Q2 41.0%
FY26 Q3 34.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 1.6 1.6 1.7 1.8 2.0 2.2 2.4 2.6 2.7 2.8 2.9 2.9 3.4 4.2 4.5 4.7 4.8 5.0
Gross profit — — — — 1.4 1.6 1.7 1.9 2.0 2.0 — — — — — — — —
EBITDA — 1.0 1.1 1.2 1.3 1.5 1.7 1.8 1.9 — — — — — — — — —
Operating income — 0.7 0.8 0.9 1.0 1.1 1.2 1.4 1.4 — — — — — — — — —
Net income 0.8 0.7 0.8 0.9 1.1 1.1 1.3 1.5 1.4 1.7 1.5 1.4 2.0 4.3 2.1 2.1 1.8 1.9
Diluted EPS $3.47 $2.35 $3.29 $3.90 $4.89 $5.25 $6.07 $6.81 $6.73 $8.54 $7.29 $6.29 $9.87 $23.50 $11.06 $10.64 $9.01 $10.65
Growth (year on year)
Revenue −5.7% −0.6% +7.6% +6.1% +6.6% +10.8% +9.4% +7.5% +4.2% +3.4% +3.5% +2.1% +17.2% +22.4% +8.0% +3.9% +2.7% +5.2%
EBITDA — — +7.2% +9.7% +8.8% +11.5% +11.1% +9.0% +3.9% — — — — — — — — —
Operating income — — +10.1% +14.3% +9.1% +11.0% +16.7% +11.6% +3.5% — — — — — — — — —
Net income −10.8% −19.5% +22.6% +14.0% +12.1% +8.7% +14.6% +10.9% −0.8% +18.6% −11.1% −10.7% +43.9% +122.7% −50.6% −3.6% −13.9% +0.4%
Diluted EPS −17.0% −32.3% +40.0% +18.5% +25.4% +7.4% +15.6% +12.2% −1.2% +26.9% −14.6% −13.7% +56.9% +138.1% −52.9% −3.8% −15.3% −0.9%
Margins
Gross margin — — — — 71.5% 71.8% 73.3% 73.9% 73.5% 73.0% — — — — — — — —
EBITDA margin — 64.8% 64.6% 66.7% 68.1% 68.5% 69.6% 70.6% 70.4% — — — — — — — — —
Operating margin — 42.9% 43.9% 47.3% 48.4% 48.5% 51.7% 53.7% 53.3% — — — — — — — — —
Net margin 51.4% 41.6% 47.5% 51.0% 53.6% 52.6% 55.1% 56.8% 54.0% 62.0% 53.3% 46.6% 57.2% 104.0% 47.6% 44.1% 37.0% 37.8%
Free-cash-flow margin 64.7% 62.9% 65.3% 66.1% 69.3% 69.9% 70.7% 72.8% 69.4% 69.7% 65.9% 70.1% 74.5% 74.5% 71.9% 66.6% 66.1% 59.7%
Cash flow
Cash from operations 1.1 1.1 1.2 1.3 1.4 1.6 1.7 1.9 2.0 2.1 2.1 2.0 2.5 3.1 3.2 3.1 3.2 3.0
Capital spending 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Free cash flow 1.1 1.0 1.1 1.2 1.4 1.5 1.7 1.9 1.9 1.9 1.9 2.0 2.5 3.1 3.2 3.1 3.2 3.0
Stock-based pay — — — — — 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0
Free cash flow after stock pay — — — — — 1.5 1.7 1.8 1.8 1.9 1.9 2.0 2.5 3.1 3.2 3.1 3.1 3.0
Balance sheet
Cash 0.8 0.5 0.1 0.0 0.0 0.2 0.1 0.2 0.4 0.4 0.4 0.3 0.7 0.8 0.4 0.4 0.3 0.6
Total debt 0.0 0.0 0.2 0.2 0.7 0.0 0.3 0.4 1.4 1.4 1.9 2.6 7.5 6.9 9.2 9.4 10.3 12.2
Net debt (negative = net cash) −0.8 −0.5 0.1 0.2 0.7 −0.2 0.2 0.2 1.0 1.1 1.5 2.3 6.8 6.1 8.8 9.0 10.0 11.6
Diluted shares 169m 170m 171m 172m 173m 173m 174m 174m 174m 174m 175m 175m 176m 176m 176m 176m 176m 178m
Returned to shareholders
Dividends 0.4 0.5 0.6 0.8 0.9 1.0 — — — — — — — — — — — —
Buybacks 0.0 — — — — — — — — — — — — 0.0 0.0 0.2 0.0 —
Total returned 0.4 0.5 0.6 0.8 0.9 1.0 — — — — — — — 0.0 0.0 0.2 0.0 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

Buybacks, last 3 fiscal years
$200M
Diluted share count
+1.4%
year over year

Competitors: side by side with peers

Closest by revenue in self-storage reits
Last 12 months unless stated PSA EXR CUBE SMA SELF Median
Revenue, last 12 months $5.0bn $3.5bn $1.1bn $306m $13m $1.1bn
Revenue growth, last 12 months 5.2% 4.1% 3.3% 21.1% 0.5% 4.1%
Revenue growth, 3-year average 4.2% 15.3% 3.1% 10.1% 1.4% 4.2%
Revenue growth, latest quarter 11.6% 3.6% 3.1% 18.6% 0.6% 3.6%
Gross margin 72.0% 73.0% 67.6% 59.8% — 69.8%
Operating margin 51.6% 43.8% — 21.4% 20.9% 32.6%
Operating margin, 3-year average 52.9% 41.9% — 25.3% 22.9% 33.6%
Net margin 37.8% 29.9% 30.2% 9.4% 16.6% 29.9%
Cash from operations / revenue 59.7% 55.0% 52.5% 36.0% 33.3% 52.5%
Free-cash-flow margin 34.2% 44.7% 31.4% 10.4% 20.4% 31.4%
Free-cash-flow margin, 3-year average 40.3% 44.4% 34.8% 0.7% 22.0% 34.8%
Stock pay / revenue 0.9% 1.1% 1.1% 4.8% 2.9% 1.1%
Change in share count 1.4% 2.8% −0.6% — 0.5% 0.9%

Median of all 5 companies we cover in self-storage reits. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

5 self-storage reits companies
Measure Company Peer median Rank
Revenue growth Growth 5.2% 4.1% 2 of 5
Change in growth rate Growth +2.2pp -0.1pp 1 of 5
Net margin Profitability 37.8% 29.9% 1 of 5
Stock pay as % of revenue Cash generation 0.9% 1.1% 1 of 5

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Self Storage Operations $4.5B 93.1% ▲ 2.1%
Ancillary Operations $335M 6.9% ▲ 11.7%

From Public Storage's 10-K filed February 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$48.6B
Institutions reporting
1,114
Shares held vs prior quarter
▲ 5.7%
Positions opened / closed
118 / 83

Top buyers and sellers, Q2 2026: 564 institutions bought and 443 sold ; the biggest buyer was Capital International Investors (+3.1M shares) and the biggest seller Massachusetts Financial Services Co (−752K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $5.5B 17.3M 11.3% ▲ 3.1%
Vanguard Portfolio Management LLC $4.3B 13.6M 8.9% ▲ 0.5%
Vanguard Capital Management LLC $3.3B 10.3M 6.8% ▲ 0.5%
State Street Corp $3.2B 10.1M 6.6% ▼ 1.0%
Capital International Investors $3B 9.5M 6.2% ▲ 49.3%
Price T Rowe Associates Inc $1.8B 5.7M 3.7% ▲ 1.3%
Cohen & Steers, Inc. $1.7B 5.2M 3.4% ▲ 18.8%
Norges Bank $1.4B 4.3M 2.8% —
Geode Capital Management, LLC $1.4B 4.3M 2.8% ▲ 1.0%
Charles Schwab Investment Management Inc $1.1B 3.3M 2.2% ▲ 3.4%
Jpmorgan Chase & Co $1B 3.2M 2.1% ▼ 17.6%
FMR LLC $981M 3.1M 2.0% ▼ 14.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Public Storage's complete shareholder register. Values are as reported by the filers ; 7 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $771,697 2 trades by 1 insider · 0% under pre-set plans
Net ▼ $771,697 net selling
Insider Date Trade Shares Price Value
Vitan Nathaniel A. Chief Legal Officer August 13, 2026 Sell 1,414 $327.53 $463,127
Vitan Nathaniel A. Chief Legal Officer June 12, 2026 Sell 950 $324.81 $308,570

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 10 trades and filings

In the last 12 months, 2 members of Congress disclosed 0 purchases and 2 sales of Public Storage shares.

  • Virginia Foxx(R-NC 5):Sale (full), $1,001 - $15,000, traded January 12, 2026, filed February 6, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded December 19, 2025, filed January 12, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded August 5, 2025, filed September 12, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 11, 2027 estimated from the company's past filing pattern, not announced

  • October 26, 2026
  • July 29, 2026
  • April 27, 2026
  • February 12, 2026
  • October 29, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Public Storage was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Public Storage in brief

What does Public Storage do?
Public Storage is a US-listed company in the self-storage REITs industry. Its financial year ends in December.
What is Public Storage's stock ticker?
Public Storage trades under the ticker PSA on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Public Storage's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Public Storage reported revenue of $5B, 5.2% higher than a year earlier, according to its SEC filings.
What is Public Storage's free cash flow?
Public Storage's free-cash-flow margin is 34.2% of revenue over the trailing twelve months.
Who are Public Storage's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Public Storage's market cap?
On November 2, 2026, Public Storage's market capitalisation was about $59.4B, with a price-to-earnings ratio of 31.3 and net debt of $11.6B. Market figures come from third-party market data and may be delayed.
Who are Public Storage's competitors?
In our Self-Storage REITs peer group, the companies closest to Public Storage are Extra Space Storage, Cubesmart, Smartstop Self Storage Reit, Inc. and Global Self Storage, Inc. The side-by-side comparison below sets their revenue, margins and growth against Public Storage's.
Are insiders buying or selling Public Storage stock?
Over the last 12 months, Public Storage's directors and officers reported 0 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is Public Storage's next earnings date?
Around February 11, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Public Storage announces its own schedule.