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Public Storage key statistics and ratios

In fiscal 2025, Public Storage had return on equity of 18.8%, a net margin of 37.0% and debt equal to 111.5% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Gross margin————71.5%71.8%73.3%73.9%73.5%73.0%————————
Operating margin—42.9%43.9%47.3%48.4%48.5%51.7%53.7%53.3%—————————
Net margin51.4%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 margin64.7%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%
Return on equity9.3%7.6%9.7%11.5%12.5%12.5%14.1%15.6%15.7%18.9%16.7%15.4%21.8%44.8%21.4%21.0%18.8%16.0%
Return on assets8.5%7.0%8.9%10.6%11.3%11.6%13.4%14.6%13.8%15.8%13.6%11.7%13.4%24.9%11.5%10.5%8.9%7.7%
Asset turnover0.170.170.190.210.210.220.240.260.260.250.260.250.230.240.240.240.240.20
Debt to equity0.0%0.0%2.6%2.3%8.0%0.0%2.9%4.2%16.1%15.6%21.1%29.9%80.6%68.6%91.4%96.8%111.5%84.1%
Interest cover (operating income ÷ interest)—22.9x31.5x44.0x147.6x155.6x——112.1x—————————
Effective tax rate————————————0.6%0.3%0.5%0.2%−0.4%−1.3%
Capital spending as % of revenue3.8%4.8%4.0%3.7%3.5%3.7%2.8%3.2%4.5%5.1%6.6%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Free cash flow ÷ net income125.9%151.1%137.6%129.7%129.3%133.1%128.3%128.2%128.4%112.4%123.7%150.5%130.2%71.7%151.1%151.0%178.6%158.2%
Dividends ÷ net income44.5%76.9%75.4%80.3%84.3%84.6%————————————
Dividends and buybacks ÷ free cash flow35.4%50.9%54.8%61.9%65.2%63.6%———————0.0%0.0%6.4%0.0%—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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Figures from Public Storage's SEC filings (10-K and 10-Q), retrieved October 27, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Public Storage.