NYSE: PSA
Public Storage
Real Estate · Real Estate Investment Trusts
52-week range
$256.54$335.55
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$52.8B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $38.8B |
| FY2017, ended Dec 31, 2017 | $36.4B |
| FY2018, ended Dec 31, 2018 | $35.3B |
| FY2019, ended Dec 31, 2019 | $37.2B |
| FY2020, ended Dec 31, 2020 | $40.4B |
| FY2021, ended Dec 31, 2021 | $65.7B |
| FY2022, ended Dec 31, 2022 | $49.2B |
| FY2023, ended Dec 31, 2023 | $53.6B |
| FY2024, ended Dec 31, 2024 | $52.5B |
| FY2025, ended Dec 31, 2025 | $45.5B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $52.8B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$5.03B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $2.56B |
| FY2017, ended Dec 31, 2017 | $2.67B |
| FY2018, ended Dec 31, 2018 | $2.76B |
| FY2019, ended Dec 31, 2019 | $2.86B |
| FY2020, ended Dec 31, 2020 | $2.92B |
| FY2021, ended Dec 31, 2021 | $3.42B |
| FY2022, ended Dec 31, 2022 | $4.18B |
| FY2023, ended Dec 31, 2023 | $4.52B |
| FY2024, ended Dec 31, 2024 | $4.70B |
| FY2025, ended Dec 31, 2025 | $4.82B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $5.03B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.45B | $1.86B |
| FY2017, ended Dec 31, 2017 | $1.44B | $1.85B |
| FY2018, ended Dec 31, 2018 | $1.71B | $1.92B |
| FY2019, ended Dec 31, 2019 | $1.52B | $1.88B |
| FY2020, ended Dec 31, 2020 | $1.36B | — |
| FY2021, ended Dec 31, 2021 | $1.95B | $2.26B |
| FY2022, ended Dec 31, 2022 | $4.35B | $2.80B |
| FY2023, ended Dec 31, 2023 | $2.15B | $2.88B |
| FY2024, ended Dec 31, 2024 | $2.07B | $2.80B |
| FY2025, ended Dec 31, 2025 | $1.78B | $2.88B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.90B | $2.74B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$560M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $184M |
| FY2017, ended Dec 31, 2017 | $433M |
| FY2018, ended Dec 31, 2018 | $361M |
| FY2019, ended Dec 31, 2019 | $410M |
| FY2020, ended Dec 31, 2020 | $258M |
| FY2021, ended Dec 31, 2021 | $735M |
| FY2022, ended Dec 31, 2022 | $775M |
| FY2023, ended Dec 31, 2023 | $370M |
| FY2024, ended Dec 31, 2024 | $447M |
| FY2025, ended Dec 31, 2025 | $318M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $560M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$12.2B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $391M |
| FY2017, ended Dec 31, 2017 | $1.43B |
| FY2018, ended Dec 31, 2018 | $1.41B |
| FY2019, ended Dec 31, 2019 | $1.90B |
| FY2020, ended Dec 31, 2020 | $2.54B |
| FY2021, ended Dec 31, 2021 | $7.48B |
| FY2022, ended Dec 31, 2022 | $6.87B |
| FY2023, ended Dec 31, 2023 | $9.10B |
| FY2024, ended Dec 31, 2024 | $9.35B |
| FY2025, ended Dec 31, 2025 | $10.3B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $12.2B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 7.6% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.187M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 174M |
| FY2017, ended Dec 31, 2017 | 174M |
| FY2018, ended Dec 31, 2018 | 174M |
| FY2019, ended Dec 31, 2019 | 175M |
| FY2020, ended Dec 31, 2020 | 175M |
| FY2021, ended Dec 31, 2021 | 175M |
| FY2022, ended Dec 31, 2022 | 176M |
| FY2023, ended Dec 31, 2023 | 176M |
| FY2024, ended Dec 31, 2024 | 175M |
| FY2025, ended Dec 31, 2025 | 176M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 187M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $44.8M more issued than bought back
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | — | $37.5M | $25.5M |
| FY2017, ended Dec 31, 2017 | — | $37.5M | $42.5M |
| FY2018, ended Dec 31, 2018 | — | $69.9M | $12.5M |
| FY2019, ended Dec 31, 2019 | — | $25.8M | $33.6M |
| FY2020, ended Dec 31, 2020 | — | $33.4M | $12.7M |
| FY2021, ended Dec 31, 2021 | — | $59.8M | $95.9M |
| FY2022, ended Dec 31, 2022 | $0 | $56.7M | $0 |
| FY2023, ended Dec 31, 2023 | $0 | $41.6M | $0 |
| FY2024, ended Dec 31, 2024 | $200M | $44.7M | $60.3M |
| FY2025, ended Dec 31, 2025 | $0 | $39.9M | $0 |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | — | $44.8M | — |
Revenue (TTM)
$5.03B
+5.2% YoY
Net income (TTM)
$1.90B
+0.4% YoY
Cash
$560M
+89.0% YoY
Total debt
$12.2B
+21.4% YoY
Valuation
At current price- Market Cap
- $60.7B
- P/E
- 31.9×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 12.1×
- Price / Book
- 4.2×
- EV / EBITDA
- 23.9×
Growth
Trailing 12 months- Revenue (TTM)
- $5.03B
- Revenue Growth YoY
- 5.2%
- Revenue CAGR 3Y
- 4.9%
- Revenue CAGR 5Y
- 10.6%
- EPS Growth YoY
- −1.2%
- Net Income Growth YoY
- 0.4%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 34.5%
- Net Margin
- 37.8%
- FCF Margin
- 54.5%
- Return on Equity
- 16.0%
Earnings
Trailing 12 months- Net Income
- $1.90B
- EPS (diluted)
- $9.51
- EBITDA
- $3.02B
- Operating Income
- $1.73B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $560M
- Total Debt
- $12.2B
- Net Debt
- $11.6B
- Total Assets
- $29.0B
- Total Liabilities
- $13.8B
- Shareholders' Equity
- $14.5B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $3.01B
- Capital Expenditure
- $263M
- Free Cash Flow
- $2.74B
Dividends and risk
Last 12 months- Dividend Yield
- 3.7%
- Dividend / Share
- $12.00
- Beta (5Y)
- 0.94
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 5.2% year over year, at $5.03B.
Watch
Operating margin narrowed 5.9 pts in a year, to 34.5%.
Watch
Net debt is 3.9× EBITDA ($11.6B), a heavy load.
Strength
Turns 54.5% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 26, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K52Some concerns
52Some concerns
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 12, 2026 · Read the filing on EDGAR
- Net income for common shareholders fell 15.3% to $1.6 billion ($9.01 per share), mainly because of a $215.6 million currency loss on its euro-denominated debt.
- Total self-storage revenue rose 2.1%. Same-store revenue was flat, as average occupancy dropped to 92.0% and rents for new tenants fell 6.5%.
- Management expects same-store revenue in 2026 to come in slightly below 2025, with new-customer demand about the same as in 2025.
- New leadership: the Chairman, CEO and CFO have all changed. A cost-cutting program includes moving the head office from California to Texas.
Business momentum
Mixed
“In 2025, net income allocable to our common shareholders was $1.6 billion or $9.01 per diluted common share, compared to $1.9 billion or $10.64 per diluted common share in 2024”
Outlook
Cautious
“As a result, we expect Same Store Facilities revenues in 2026 to be modestly below those earned in 2025.”
Financial stress
Low
“Our current and expected capital resources include: (i) $318.1 million of cash as of December 31, 2025, and (ii) approximately $605 million of expected retained operating cash flow over the next twelve months.”
Tone against the previous report
About the same
Red flags
- Minor
Other
“We recently announced leadership changes, including a change in our Chairman of the Board, our President and Chief Executive Officer and our Chief Financial Officer.”
Positives
Acquired and newly built sites growing fast
“During 2025, combined net operating income generated by our Acquired Facilities and Newly Developed and Expanded Facilities increased 25.6% ($59.5 million), as compared to 2024.”
Strong credit ratings and unused credit line
“Our senior notes payable have an “A” credit rating by Standard & Poor’s and “A2” by Moody’s.”
Fewer existing customers leaving and fewer late payers
“Existing customers behavior was strong in 2025 with fewer move-outs and lower delinquencies allowing for rental rate increases to tenants over their tenancy.”
Concerns
Weak demand and lower rents for new tenants
“Softness in demand for our storage space has led to lower move-in rental rates for new tenants and lower average occupancy in 2025 as compared to 2024.”
Large currency loss on euro debt
“In 2025, we recorded foreign currency losses of $215.6 million, representing primarily the changes in the U.S. Dollar equivalent of our Euro-denominated unsecured notes”
Property taxes keep rising
“We expect property tax expense to grow in 2026 due primarily to higher assessed values.”
New risks since the previous report
Top leadership turnover
“Failure to successfully implement these successions may result in disruptions in the execution of our strategic plan.”
Head office move to Texas and offshoring
“expanding our geographic footprint with a stronger corporate presence in offshore locations and relocation of our principal office from California to Texas”
Losses on bridge loans to other storage owners
“we may incur losses from these bridge loans which could have a material adverse effect on our operating revenue and results of operations.”
Errors from artificial intelligence tools
“we have begun to utilize artificial intelligence technologies in various aspects of our business, which are susceptible to errors and other malfunctions”
Tariffs raising building costs
“could result in inflationary pressures that directly impact our costs, such as costs for steel, lumber and other materials applicable to our development and redevelopment projects.”
Biggest risks named
- Weak new-customer demand and falling move-in rents
- Rising property taxes, including possible loss of California Proposition 13 protection
- Competition and reliance on Google for new customers
- Currency swings on euro-denominated debt
- Leadership change and corporate restructuring
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −3 | |
| Outlook | −2 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −0.9 | |
| New risks | −2 | |
| Score | 52 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 26, 2026 | Pro | |||
| 10-K | Feb 12, 2026 | 52 | Mixed | 1 minor | |
| 10-K | Feb 24, 2025 | 53 | Mixed | None | |
| 10-K | Feb 20, 2024 | 41 | Sharp deterioration | None | |
| 10-K | Feb 21, 2023 | 66 | Strong improvement | None | |
| 10-K | Feb 22, 2022 | 75 | Strong improvement | None | |
| 10-K | Feb 24, 2021 | 60 | Mixed | None | |
| 10-K | Feb 25, 2020 | 53 | Mixed | None | |
| 10-K | Feb 27, 2019 | 62 | Improving | None | |
| 10-K | Mar 1, 2018 | 61 | Improving | 1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 26, 2026. View filings on SEC EDGAR