Public Storage (PSA) Stock Analysis
Real Estate · REIT - Industrial · NYSE
Public Storage (PSA) posted $4.82B in revenue for fiscal 2025 (up 2.7% year over year), at a 32.9% net margin, and has compounded revenue about 10.6%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Public Storage
Public Storage has grown revenue from $2.56B to $4.82B over the last 10 fiscal years, compounding about 10.6% a year. The most recent year was up 2.7%, so growth has cooled from its longer-run pace.
Net margin sits at 32.9%, down 7 points year over year. It carries about $10.25B of total debt.
At today's valuation the market is pricing in roughly 14.2% annual free-cash-flow growth — versus the 4.3% it actually delivered over the last five years, so the price already assumes a step-up from the recent record. The one thing worth a second look in the filings is net margin shrinking.
Synthesised from Public Storage's SEC filings — descriptive, not advice. Ask the analyst your own question →
Public Storage revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.56B | $2.67B | $2.76B | $2.86B | $2.92B | $3.42B | $4.18B | $4.52B | $4.70B | $4.82B |
| Gross profit | $1.89B | $1.96B | $2.01B | — | — | — | — | — | — | — |
| Net income | $1.45B | $1.44B | $1.71B | $1.52B | $1.36B | $1.95B | $4.14B | $1.95B | $1.87B | $1.59B |
| Net margin | 56.8% | 54.0% | 62.0% | 53.3% | 46.6% | 57.2% | 99.0% | 43.1% | 39.9% | 32.9% |
Source: Public Storage SEC filings (10-K). 19 years of history available in the interactive view.
Public Storage: 1 potential red flag in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Net margin shrinkingNet margin fell from 99.0% to 32.9% over ~3 years — profitability is compressing.
What growth is priced into PSA stock?
At today's market cap of $60.54B, Public Storage is priced for free-cash-flow growth of about 14.2% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $1.88B from the FY ending 2019-12-31). For comparison, free cash flow actually grew 4.3%/yr over the last five fiscal years and revenue 10.6%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 19 years of Public Storage financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Public Storage financial history by metric
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About Public Storage
Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At June 30, 2026, The firm: (i) owned and/or operated 3,584 self-storage facilities located in 40 states with approximately 259 million net rentable square feet in the United States and (ii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 335 self-storage facilities located in seven Western European countries with approximately 19 million net rentable square feet operated under the Shurgard brand. Public Storage is headquartered in Frisco, Texas. Public Storage was incorporated in 1972 in Maryland.
Public Storage — frequently asked questions
What is Public Storage's revenue?
Public Storage (PSA) reported revenue of $4.82B for fiscal year 2025, up 2.7% from the prior year, according to its SEC filings.
Is Public Storage profitable?
Yes. PSA earned net income of $1.59B in fiscal 2025, a net margin of 32.9%.
What is PSA's P/E ratio?
Public Storage trades at a price-to-earnings ratio of about 31.0 based on the latest data in our nightly-refreshed cache.
How fast is Public Storage growing?
PSA's revenue grew at roughly 10.6% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Public Storage have?
As of fiscal year 2025, PSA carried roughly $10.25B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Public Storage's market cap?
Public Storage (PSA) has a market capitalization of about $60.54B, based on the latest data in our nightly-refreshed cache.
When does Public Storage's fiscal year end?
PSA's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into PSA stock?
At today's market cap of $60.54B, Public Storage is priced for free-cash-flow growth of about 14.2% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $1.88B from the FY ending 2019-12-31). For comparison, free cash flow actually grew 4.3%/yr over the last five fiscal years and revenue 10.6%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Public Storage's official SEC filings (10-K and 10-Q), covering 19 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.