PSA
Public Storage
PSA's fundamentals are mixed: revenue grew 5.2%, but its operating margin fell 6 points to 34%. Its PE isn't a useful guide right now because of how its recent earnings were reported.
PSA Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
PSA's profitability is currently strong, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for real estate companies like PSA.
PSA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 24x | $228 | -32% |
| Fair | 30x | $282 | -15% |
| Current | 35x | $333 | — |
| Expensive | 36x | $347 | +4.1% |
| Forward | 37x | $333 | — |
Historical ranges are pointers, not guarantees.
PSA's PE is 35x, but its earnings don't support one, so it isn't a reliable read right now.
PSA Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Decline | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect PSA's revenue to grow, but its earnings and profitability to decline.
PSA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $9.06 | -5% |
| Q3 2026 | $9.54 | -1% |
| Q2 2026 | $10.47 | +14% |
| Q1 2026 | $9.68 | -4% |
| Q4 2025 | $9.01 | -15% |
| Q3 2025 | $9.64 | +0.1% |
| Q2 2025 | $9.18 | -14% |
| Q1 2025 | $10.08 | -8.4% |
| Q4 2024 | $10.64 | -3.8% |
PSA's earnings per share have fallen from their peak: $9.54 over the past year, against $24.60 in late 2022. Its recent earnings include one-off gains.
PSA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.4B | +12% |
| Q2 2026 | $1.2B | +2.6% |
| Q1 2026 | $1.2B | +2.9% |
| Q4 2025 | $1.2B | +3.3% |
| Q3 2025 | $1.2B | +3.1% |
| Q2 2025 | $1.2B | +2.4% |
| Q1 2025 | $1.2B | +2.2% |
| Q4 2024 | $1.2B | +1.5% |
PSA's revenue has grown year over year every quarter since late 2020: $1.4B last quarter, up 12% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 23% | -17 points |
| Q2 2026 | 38% | -3.8 points |
| Q1 2026 | 39% | -0.3 points |
| Q4 2025 | 39% | -1.2 points |
| Q3 2025 | 40% | -0.5 points |
| Q2 2025 | 42% | +0.2 points |
| Q1 2025 | 39% | -0.1 points |
| Q4 2024 | 40% | -1.5 points |
PSA's operating margin was 23% last quarter, down 17 points from the same quarter a year ago, near the bottom of its range since 2019.
PSA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $708.9M | -19% |
| Q2 2026 | $868.4M | -0.5% |
| Q1 2026 | $694.8M | -1.5% |
| Q4 2025 | $733.6M | -4.6% |
| Q3 2025 | $875.1M | +9.6% |
| Q2 2025 | $872.7M | -2.5% |
| Q1 2025 | $705.1M | +5.9% |
| Q4 2024 | $768.6M | -2.9% |
PSA's free cash flow was $3B over the past year, down 6.7% from the year before. Free cash flow isn't a meaningful measure for real estate companies like PSA.
PSA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +4.9% | +8.6M shares |
| 1 year | +5.2% | +9.2M shares |
| 3 years | +5.1% | +9M shares |
| 5 years | +5.3% | +9.3M shares |
| Available history | +6.1% | +10.6M shares |
PSA has 185M diluted shares, up 5.2% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2025 | — |
| Q3 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
PSA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.9x | Elevated |
| Q2 2026 | 3.2x | Elevated |
| Q1 2026 | 3.1x | Elevated |
| Q4 2025 | 3.2x | Elevated |
| Q3 2025 | 3.2x | Elevated |
| Q2 2025 | 3.1x | Elevated |
| Q1 2025 | 3.0x | Elevated |
| Q4 2024 | 2.9x | Moderate |
PSA's net debt is about 3.9 years of its operating earnings (EBITDA), up from 3.2 years a year ago. Net leverage isn't a meaningful measure for real estate companies like PSA.
PSA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 61.8 | Neutral |
| Stochastic | 82.9 | Overbought |
PSA's weekly RSI is 62 (neutral) and its Stochastic is 83 (overbought).
PSA PE vs Real Estate Sector
| Metric | PSA | Sector median | Relative |
|---|---|---|---|
| PE | 35x | 24x | 46% above |
| PE % | 79 | 23 | 56 pts above |
PSA is trading at 35x earnings, a 46% premium to the Real Estate sector's median of 24x, though its earnings don't support one.
PSA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $308.2 | 8.2% above |
| 20 week MA | $313.3 | 6.4% above |
| 50 week MA | $300.9 | 11% above |
| 100 week MA | $296.9 | 12% above |
| 200 week MA | $295.5 | 13% above |
PSA is in an uptrend: it's above all five of its weekly moving averages, and 13% above its 200-week average.
PSA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $211.6 | $228.9 | +8.1% |
| 2021 | $228.9 | $362.5 | +58% |
| 2022 | $362.5 | $283.2 | -22% |
| 2023 | $283.2 | $305.0 | +7.7% |
| 2024 | $305.0 | $298.1 | -2.3% |
| 2025 | $298.1 | $260.7 | -13% |
| 2026 YTD | $260.7 | $333.3 | +28% |
PSA has finished lower in three of the last six years. It's up 28% so far in 2026.