Public Storage

Valuation Analysis

About the Company

Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At March 31, 2026, we: (i) owned and/or operated 3,546 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 333 self-storage facilities located in seven Western European countries with approximately 19 million net rentable square feet operated under the Shurgard brand. Public Storage was incorporated in 1972 in Maryland.

Public Storage Stock at a Glance

Public Storage (PSA) is currently trading at $325.94 with a market capitalization of $57.2B. The trailing P/E ratio stands at 33.67x, with a forward P/E of 31.1x. The 52-week range spans from $256.54 to $331.79; the current price is 1.8% below the yearly high. Year-over-year revenue growth stands at +3.2%. The net profit margin stands at 39.06%.

💰 Dividend

Public Storage pays an annual dividend of $12.00 per share, representing a yield of 3.68%. The payout ratio stands at 123.97%. The elevated payout ratio reflects a mature dividend policy.

📊 Analyst Rating

16 analysts rate Public Storage (PSA) on consensus: Buy. The average price target is $322.19, implying -1.15% from the current price. Analyst price targets range from $285.00 to $355.00.

Public Storage: The Investment Case in Detail

Public Storage (PSA) operates in the Real Estate — specifically REIT - Industrial — and is headquartered in United States. Below is a structured read of the investment case built directly from the latest fundamentals, valuation multiples, analyst positioning and smart-money flows. Each section translates raw numbers into the investment logic they imply, so you can decide whether the risk/reward fits your portfolio.

The Bull Case

Earnings growth of 32.8% is outpacing revenue, a sign of operational leverage — fixed costs are being absorbed across a larger base. With a gross margin near 74.77%, the company sits in the top tier of its industry — these are the kinds of structural margins that protect earnings during downturns. Free cash flow is positive and net margins stand at 39.06%, meaning reported earnings translate into real cash that can fund buybacks, dividends or strategic acquisitions.

The Bear Case

Revenue growth has slowed to just 3.2%, which is below nominal GDP — the business is no longer outgrowing the broader economy. Our valuation screen flags the stock as overvalued — current multiples imply the business needs to deliver well above its recent trajectory to justify the price.

Valuation in Context

At a PEG of 4.75, investors are paying more than three times the growth rate for each unit of earnings — that pricing assumes growth not only continues but accelerates from here.

What to Watch Next

• The share is trading at 92.2% of its 52-week range — a break above the recent high opens technical upside, a failure here often invites profit-taking.

Investment Thesis: Strengths & Weaknesses

Technical Snapshot

Price trades above both the 50- and 200-day moving averages, with 50d above 200d — a classic bullish setup (golden-cross alignment).

Risk Profile

The data points to relatively defensive market behavior, elevated short interest (5.03%), higher leverage relative to equity.

Trading Data

💵 Dividend Info

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