# Public Storage (PSA.US)

Canonical: https://gigainvestors.com/s/PSA

Analysis as of: 2026-10-16T07:31:21.253Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $295.33 per share; close as of 2026-10-15.

Estimated value: low $181.24 per share, central $206.10 per share, high $239.19 per share. Buy at or below the central value $206.10 per share. Valuation as of 2026-10-16T07:31:21.253Z; scenarios are not confidence intervals.

Expected annual return: 7.8% at the stated quote. About 7.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.05×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.54×

- FY2017: 0.53×

- FY2018: 0.51×

- FY2019: 0.51×

- FY2020: 0.48×

- FY2021: 0.50×

- FY2022: 0.54×

- FY2023: 0.51×

- FY2024: 0.47×

- FY2025: 0.47×

### moat: fail

- ROIC median below threshold

- Recent gross margin fell 48.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 11.9%

- ROIC, second-lowest year: 10.3%

- Typical minus recent gross margin: 48.2 pp

- Typical gross margin (annual median): 73.1%

- Recent gross margin (lower of latest and 3-year median): 25.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.2%

- ROIC including acquisitions, ten-year median: 15.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 13.9%

- FY2017: 13.6%

- FY2018: 11.4%

- FY2019: 13.0%

- FY2020: 11.8%

- FY2021: 10.3%

- FY2022: 9.2%

- FY2023: 12.4%

- FY2024: 11.9%

- FY2025: 11.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.24×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $15B

- Net income, five-year total: $12B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 1.3 pp

- Working capital / revenue, change between three-year averages: 11.1 pp

- Working capital / revenue, final three-year average: -1.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.23×

- FY2022: 1.10×

- FY2023: 1.24×

- FY2024: 1.34×

- FY2025: 1.48×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 13.6% vs 11.9%

- Per-share earnings: 8.28 to 11.77 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: $6.9B

- Cumulative retained earnings: -$732M

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 4.5%

- Per-share value change: $3.49

- Per-share value, starting three-year median: $8.28

- Per-share value, ending three-year median: $11.77

- Buybacks concentrated in cheaper years (correlation): -0.38

- Average buyback yield: 1.6%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: $2.2B

- Cumulative net income, 10 years: $20B

- ROIC, first three-year median: 13.6%

- ROIC, last three-year median: 11.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: $8.36

- FY2017: $8.28

- FY2018: $9.82

- FY2019: $8.71

- FY2020: $7.77

- FY2021: $11.13

- FY2022: $24.67

- FY2023: $12.20

- FY2024: $11.77

- FY2025: $10.14

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -6.9%

- Receivables to sales index (DSRI): 13.87×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 1.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.79×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.9%

- FY2017: -4.9%

- FY2018: -3.2%

- FY2019: -4.8%

- FY2020: -5.8%

- FY2021: -3.4%

- FY2022: 7.0%

- FY2023: -5.5%

- FY2024: -5.3%

- FY2025: -6.9%

## Holders

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 24% since Mar 2022 · "Public Storage Q2 FFO Misses on Same-Store NOI Decline, Revenues Beat" (finance.yahoo.com, Jul 2026) · sales +2.7%

Story as of 2026-10-16T09:59:26.909Z; price observation 2026-10-15.

Price needs cash profits to grow 5.4% a year for ten years

- 2026-06-22: Public Storage to Acquire Public Storage Canada in Strategic Entry into Major Canadian Markets ([finance.yahoo.com](https://finance.yahoo.com/real-estate/articles/public-storage-acquire-public-storage-201800756.html))

- 2026-07-29: Public Storage Reports Second Quarter 2026 Results and Raises Guidance ([finance.yahoo.com](https://finance.yahoo.com/real-estate/articles/public-storage-reports-second-quarter-200500428.html))

### Sales · FY2024–2025

sales +2.7%; source https://www.sec.gov/Archives/edgar/data/1393311/000162828026007696/psa-20251231.htm; observed 2026-02-12.

- FY2016: $2.6B 

- FY2017: $2.7B 

- FY2018: $2.8B 

- FY2019: $2.9B 

- FY2020: $2.9B 

- FY2021: $3.4B 

- FY2022: $4.2B 

- FY2023: $4.5B 

- FY2024: $4.7B 

- FY2025: $4.8B 

### Gross margin · FY2025

gross margin 25%; source https://www.sec.gov/Archives/edgar/data/1393311/000162828026007696/psa-20251231.htm; observed 2026-02-12.

- FY2016: 73.9% 

- FY2017: 73.5% 

- FY2018: 72.6% 

- FY2019: 71.5% 

- FY2020: 70.2% 

- FY2021: 73.0% 

- FY2022: 74.8% 

- FY2023: 74.6% 

- FY2024: 73.2% 

- FY2025: 25.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are USD 4.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1393311/000162828026007696/psa-20251231.htm (filed 2026-02-12); FY2025: revenue 4824113000; grossProfit 1204187000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 25% to 74.6% during 2023–25; it earns 11.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: grossProfit / revenue = 74.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: grossProfit / revenue = 73.2%.

- Source: https://www.sec.gov/Archives/edgar/data/1393311/000162828026007696/psa-20251231.htm (filed 2026-02-12); FY2025: grossProfit / revenue = 25%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); 10-year return on capital observations [[2016,0.13875181338341466],[2017,0.1360877458135688],[2018,0.113634954828936],[2019,0.13013681426123264],[2020,0.11843812203424525],[2021,0.10328324633607142],[2022,0.09231205362278706],[2023,0.124188426782717],[2024,0.11902271457857239],[2025,0.1185354182345833]]; median 0.11877906640657784. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 75% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1393311/000162828026007696/psa-20251231.htm (filed 2026-02-12); Gross margin observations: [[2021,0.7304902126104857],[2022,0.748238650669522],[2023,0.7458997850671472]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2016: growth capex 0; upkeep 351351000; owner earnings 1535539000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2017: growth capex 0; upkeep 120595000; owner earnings 1776148000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2018: growth capex 0; upkeep 140980000; owner earnings 2053697000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2019: growth capex 0; upkeep 187312000; owner earnings 1846140000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2020: growth capex 0; upkeep 169998000; owner earnings 1740472000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2021: growth capex 0; upkeep 270238000; cash acquisitions 0; owner earnings 2396453000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2022: growth capex 0; upkeep 459773000; cash acquisitions 0; owner earnings 4777520000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: growth capex 0; upkeep 461137000; cash acquisitions 2178151000; owner earnings 2657246000. Growth capex plus acquisitions / owner earnings = 0.8197024287551848.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: growth capex 0; upkeep 420024000; cash acquisitions 0; owner earnings 2781753000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1393311/000162828026007696/psa-20251231.htm (filed 2026-02-12); FY2025: growth capex 0; upkeep 289378000; cash acquisitions 0; owner earnings 2646810000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Dividend observations: [[2016,1505758000],[2017,1630347000],[2018,1612680000],[2019,1608749000],[2020,1606429000],[2021,1588888000],[2022,3908497000],[2023,2305322000],[2024,2301935000],[2025,2303381000]]. Zero only counted when supported by a complete cash-flow statement.

### What could break it

"Elevated interest rate levels could adversely impact us and our tenants." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1393311/000162828026007696/psa-20251231.htm (filed 2026-02-12); Elevated interest rate levels could adversely impact us and our tenants.

### What the price says

The price assumes cash profits grow 5.4% yearly over ten years; actual growth was 6.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Ten-year compound average after fade. Initial solved rate 0.06469513884667488. Price 295.33; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 8.31756094749582 → FY2025 15.047071664904323. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $213.72 per share

- 2016-11: $209.30 per share

- 2016-12: $223.50 per share

- 2017-01: $215.00 per share

- 2017-02: $227.46 per share

- 2017-03: $218.91 per share

- 2017-04: $209.38 per share

- 2017-05: $215.35 per share

- 2017-06: $208.53 per share

- 2017-07: $205.57 per share

- 2017-08: $205.34 per share

- 2017-09: $213.99 per share

- 2017-10: $207.25 per share

- 2017-11: $213.12 per share

- 2017-12: $209.00 per share

- 2018-01: $195.76 per share

- 2018-02: $194.44 per share

- 2018-03: $200.39 per share

- 2018-04: $201.78 per share

- 2018-05: $211.84 per share

- 2018-06: $226.86 per share

- 2018-07: $217.83 per share

- 2018-08: $212.58 per share

- 2018-09: $201.63 per share

- 2018-10: $205.47 per share

- 2018-11: $213.26 per share

- 2018-12: $202.41 per share

- 2019-01: $212.52 per share

- 2019-02: $211.49 per share

- 2019-03: $217.78 per share

- 2019-04: $221.18 per share

- 2019-05: $237.88 per share

- 2019-06: $238.17 per share

- 2019-07: $242.76 per share

- 2019-08: $264.74 per share

- 2019-09: $245.27 per share

- 2019-10: $222.86 per share

- 2019-11: $210.68 per share

- 2019-12: $212.96 per share

- 2020-01: $223.76 per share

- 2020-02: $209.12 per share

- 2020-03: $198.61 per share

- 2020-04: $185.45 per share

- 2020-05: $202.74 per share

- 2020-06: $191.89 per share

- 2020-07: $199.88 per share

- 2020-08: $212.40 per share

- 2020-09: $222.72 per share

- 2020-10: $229.07 per share

- 2020-11: $224.46 per share

- 2020-12: $230.93 per share

- 2021-01: $227.62 per share

- 2021-02: $233.94 per share

- 2021-03: $246.76 per share

- 2021-04: $281.16 per share

- 2021-05: $282.48 per share

- 2021-06: $300.69 per share

- 2021-07: $312.48 per share

- 2021-08: $323.61 per share

- 2021-09: $297.10 per share

- 2021-10: $332.18 per share

- 2021-11: $327.38 per share

- 2021-12: $374.56 per share

- 2022-01: $358.53 per share

- 2022-02: $355.02 per share

- 2022-03: $390.28 per share

- 2022-04: $371.50 per share

- 2022-05: $330.64 per share

- 2022-06: $312.67 per share

- 2022-07: $326.41 per share

- 2022-08: $330.83 per share

- 2022-09: $292.81 per share

- 2022-10: $309.75 per share

- 2022-11: $297.96 per share

- 2022-12: $280.19 per share

- 2023-01: $304.34 per share

- 2023-02: $298.95 per share

- 2023-03: $302.14 per share

- 2023-04: $294.83 per share

- 2023-05: $283.30 per share

- 2023-06: $291.88 per share

- 2023-07: $281.75 per share

- 2023-08: $276.38 per share

- 2023-09: $263.52 per share

- 2023-10: $238.71 per share

- 2023-11: $258.76 per share

- 2023-12: $305.00 per share

- 2024-01: $283.19 per share

- 2024-02: $283.87 per share

- 2024-03: $290.06 per share

- 2024-04: $259.45 per share

- 2024-05: $273.83 per share

- 2024-06: $287.65 per share

- 2024-07: $295.92 per share

- 2024-08: $343.72 per share

- 2024-09: $363.87 per share

- 2024-10: $329.06 per share

- 2024-11: $348.05 per share

- 2024-12: $299.44 per share

- 2025-01: $298.48 per share

- 2025-02: $303.62 per share

- 2025-03: $299.29 per share

- 2025-04: $300.43 per share

- 2025-05: $308.41 per share

- 2025-06: $293.42 per share

- 2025-07: $271.94 per share

- 2025-08: $294.59 per share

- 2025-09: $288.85 per share

- 2025-10: $278.56 per share

- 2025-11: $274.54 per share

- 2025-12: $259.50 per share

- 2026-01: $276.19 per share

- 2026-02: $307.06 per share

- 2026-03: $270.88 per share

- 2026-04: $302.45 per share

- 2026-05: $303.69 per share

- 2026-06: $318.31 per share

- 2026-07: $324.17 per share

- 2026-08: $306.99 per share

- 2026-09: $282.84 per share

- 2026-10: $288.39 per share

## Annual estimated value (USD per share)

- FY2016: low $101.21 per share, central $115.06 per share, high $133.50 per share

- FY2017: low $106.70 per share, central $121.12 per share, high $140.30 per share

- FY2018: low $109.75 per share, central $124.64 per share, high $144.46 per share

- FY2019: low $117.64 per share, central $133.58 per share, high $154.80 per share

- FY2020: low $119.11 per share, central $135.38 per share, high $157.03 per share

- FY2021: low $145.34 per share, central $164.85 per share, high $190.83 per share

- FY2022: low $185.85 per share, central $210.94 per share, high $244.33 per share

- FY2023: low $182.86 per share, central $207.85 per share, high $241.12 per share

- FY2024: low $176.08 per share, central $200.08 per share, high $232.03 per share

- FY2025: low $178.84 per share, central $203.33 per share, high $235.92 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1393311/000162828026007696/psa-20251231.htm); period 2025-12-31, filed 2026-02-12.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.