Public Storage (PSA) Key Metrics
PSA valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $55.74B
- Enterprise value
- $68.40B
- P/E (TTM)
- 28.5 10-yr median 25.3
- Forward P/E
- 27.2
- PEG ratio
- 3.88
- Price / sales
- 11.4 10-yr median 12.9
- Price / book
- 11.2 10-yr median 4.8
- EV / EBITDA
- 19.3 10-yr median 18.6
- Dividend yield
- 4.02% $12.00 a year
- Beta
- 0.93
PSA key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsPSA valuation Price multiples at each fiscal year-end price.
PSA returns How much profit the business earns on the capital it uses.
PSA per-share figures Results divided by the shares outstanding at year-end.
PSA financial health Debt, liquidity and how easily interest is covered.
PSA efficiency & capital use Working capital cycle and where the cash goes.
PSA valuation history
PSA returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PSA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PSA cash returned to shareholders
PSA price vs earnings per share
PSA key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $45.65B | $52.71B | $53.72B | $49.39B | $65.76B | $40.33B | $37.17B | $35.28B | $36.40B | $38.86B |
| Enterprise value | $55.58B | $61.62B | $62.46B | $55.50B | $73.00B | $42.62B | $38.66B | $36.33B | $37.41B | $39.07B |
| P/E ratio | 25.6 | 25.4 | 25.0 | 11.4 | 33.7 | 29.7 | 24.4 | 20.6 | 25.2 | 26.7 |
| Price / sales | 9.5 | 11.2 | 11.9 | 11.8 | 19.3 | 13.8 | 13.0 | 12.8 | 13.6 | 15.2 |
| Price / book | 4.9 | 5.4 | 5.4 | 4.9 | 7.0 | 4.7 | 4.1 | 3.9 | 4.1 | 4.1 |
| Price / free cash flow | 15.8 | 19.5 | 19.3 | 18.6 | 28.9 | 21.5 | 19.8 | 18.3 | 19.6 | 24.4 |
| Price / operating cash flow | 14.3 | 16.9 | 16.5 | 15.8 | 25.9 | 19.7 | 18.0 | 17.1 | 18.4 | 20.0 |
| EV / sales | 11.5 | 13.1 | 13.8 | 13.3 | 21.4 | 14.6 | 13.5 | 13.2 | 14.0 | 15.3 |
| EV / EBITDA | 17.1 | 17.6 | 18.7 | 17.6 | 26.3 | 21.6 | 18.6 | 16.3 | 19.5 | 20.6 |
| EV / free cash flow | 19.2 | 22.8 | 22.4 | 20.9 | 32.1 | 22.8 | 20.6 | 18.9 | 20.2 | 24.5 |
| Earnings yield | 3.9% | 3.9% | 4.0% | 8.8% | 3.0% | 3.4% | 4.1% | 4.8% | 4.0% | 3.7% |
| Free cash flow yield | 6.3% | 5.1% | 5.2% | 5.4% | 3.5% | 4.6% | 5.1% | 5.4% | 5.1% | 4.1% |
| Dividend yield | 5.0% | 4.4% | 4.3% | 7.9% | 2.4% | 4.0% | 4.3% | 4.6% | 4.5% | 3.9% |
| Shareholder yield (dividends + buybacks) | 5.0% | 4.7% | 4.4% | 7.9% | 4.2% | 7.0% | 7.2% | 4.6% | 7.0% | 6.1% |
| Share price at fiscal year-end | $259.50 | $299.44 | $305.00 | $280.19 | $374.56 | $230.93 | $212.96 | $202.41 | $209.00 | $223.50 |
| Per share | ||||||||||
| Revenue per share | $27.43 | $26.67 | $25.65 | $23.72 | $19.46 | $16.69 | $16.36 | $15.83 | $15.32 | $14.73 |
| Earnings per share | $10.14 | $11.77 | $12.20 | $24.67 | $11.13 | $7.77 | $8.71 | $9.82 | $8.28 | $8.36 |
| Operating cash flow per share | $18.11 | $17.77 | $18.43 | $17.68 | $14.49 | $11.70 | $11.85 | $11.84 | $11.33 | $11.19 |
| Free cash flow per share | $16.47 | $15.38 | $15.81 | $15.07 | $12.95 | $10.72 | $10.77 | $11.03 | $10.64 | $9.17 |
| Cash per share | $1.81 | $2.54 | $2.10 | $4.40 | $4.18 | $1.47 | $2.35 | $2.07 | $2.49 | $1.06 |
| Book value per share | $52.58 | $55.17 | $56.85 | $57.67 | $53.67 | $49.11 | $52.02 | $52.47 | $51.47 | $54.30 |
| Tangible book value per share | $51.15 | $53.57 | $54.65 | $56.36 | $51.95 | $47.94 | $50.84 | $51.26 | $50.24 | $53.08 |
| Dividends per share | $13.09 | $13.08 | $13.09 | $22.17 | $9.05 | $9.20 | $9.22 | $9.25 | $9.36 | $8.66 |
| Capex per share | $1.65 | $2.39 | $2.62 | $2.61 | $1.54 | $0.97 | $1.07 | $0.81 | $0.69 | $2.02 |
| Debt per share | $58.29 | $53.13 | $51.68 | $39.02 | $45.44 | $14.58 | $10.91 | $8.11 | $8.28 | $2.26 |
| Shares outstanding | 175.9M | 176.0M | 176.1M | 176.3M | 175.6M | 174.6M | 174.5M | 174.3M | 174.2M | 173.9M |
| Change in shares outstanding | −0.1% | −0.1% | −0.1% | +0.4% | +0.5% | +0.1% | +0.1% | +0.1% | +0.2% | +0.2% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 18.8% | 21.0% | 21.3% | 44.4% | 21.7% | 15.4% | 16.7% | 18.9% | 15.7% | 15.6% |
| Return on invested capital (ROIC) | 11.9% | 11.8% | 13.2% | 6.9% | 12.3% | 11.8% | 13.0% | 11.3% | 13.6% | 13.7% |
| Return on assets (ROA) | 8.9% | 10.5% | 11.5% | 24.9% | 13.4% | 11.7% | 13.6% | 15.8% | 13.8% | 14.6% |
| Return on tangible assets | 8.9% | 10.6% | 11.1% | 25.1% | 11.4% | 11.7% | 13.6% | 16.0% | 13.7% | 14.7% |
| Free cash flow margin | 60.1% | 57.7% | 61.7% | 63.5% | 66.6% | 64.2% | 65.9% | 69.7% | 69.4% | 62.3% |
| Income quality (OCF / net income) | 1.79 | 1.51 | 1.51 | 0.72 | 1.30 | 1.51 | 1.36 | 1.21 | 1.37 | 1.34 |
| Financial health | ||||||||||
| Total debt | $10.25B | $9.35B | $9.10B | $6.88B | $7.98B | $2.55B | $1.90B | $1.41B | $1.44B | $392.4M |
| Cash & short-term investments | $318.1M | $447.4M | $370.0M | $775.3M | $734.6M | $257.6M | $409.7M | $361.2M | $433.4M | $183.7M |
| Net debt | $9.94B | $8.91B | $8.73B | $6.10B | $7.24B | $2.29B | $1.49B | $1.05B | $1.01B | $208.7M |
| Debt / equity | 1.11 | 0.96 | 0.91 | 0.68 | 0.85 | 0.30 | 0.21 | 0.15 | 0.16 | 0.04 |
| Debt / assets | 0.51 | 0.47 | 0.46 | 0.39 | 0.46 | 0.22 | 0.17 | 0.13 | 0.13 | 0.04 |
| Net debt / EBITDA | 3.06 | 2.54 | 2.61 | 1.93 | 2.61 | 1.16 | 0.72 | 0.47 | 0.53 | 0.11 |
| Current ratio | 0.75 | 0.76 | 0.62 | 1.51 | 1.52 | 0.65 | 1.07 | 0.97 | 1.29 | 0.62 |
| Quick ratio | 0.75 | 0.76 | 0.62 | 1.51 | 1.52 | 0.65 | 1.07 | 0.97 | 1.29 | 0.62 |
| Interest coverage | 7.4 | 7.7 | 11.5 | 16.7 | 18.8 | 25.1 | 32.1 | 43.5 | 112.1 | 319.7 |
| Working capital | −$152.7M | −$140.8M | −$229.0M | $260.6M | $252.5M | −$137.1M | $26.5M | −$10.0M | $96.2M | −$114.2M |
| Invested capital | $19.18B | $18.62B | $18.75B | $16.27B | $16.67B | $10.87B | $10.57B | $10.20B | $9.97B | $9.65B |
| Tangible asset value | $9.09B | $9.53B | $9.72B | $9.93B | $9.12B | $8.37B | $8.87B | $8.93B | $8.75B | $9.23B |
| Net current asset value | −$10.41B | −$9.49B | −$9.33B | −$6.61B | −$7.22B | −$2.98B | −$1.88B | −$1.42B | −$1.34B | −$505.0M |
| Graham number | $109.54 | $120.88 | $124.90 | $178.93 | $115.91 | $92.67 | $100.98 | $107.65 | $97.94 | $101.06 |
| Graham net-net per share | −$59.36 | −$53.93 | −$52.98 | −$37.50 | −$41.14 | −$17.08 | −$10.72 | −$8.16 | −$7.67 | −$2.90 |
| Capital allocation | ||||||||||
| Dividends paid | $2.30B | $2.30B | $2.31B | $3.91B | $1.59B | $1.61B | $1.61B | $1.61B | $1.63B | $1.51B |
| Share buybacks (net) | $0 | $200.0M | $53.1M | $0 | $1.18B | $1.22B | $1.05B | $12.3M | $922.5M | $862.5M |
| Dividend payout ratio | 129.1% | 111.1% | 107.3% | 89.9% | 81.3% | 118.4% | 105.8% | 94.3% | 113.0% | 103.6% |
| Dividends + buybacks / free cash flow | 79.5% | 92.4% | 84.7% | 147.1% | 121.6% | 150.9% | 141.4% | 84.5% | 137.8% | 148.6% |
| Capex / revenue | 6.0% | 8.9% | 10.2% | 11.0% | 7.9% | 5.8% | 6.6% | 5.1% | 4.5% | 13.7% |
| Capex / operating cash flow | 9.1% | 13.4% | 14.2% | 14.7% | 10.6% | 8.3% | 9.1% | 6.8% | 6.1% | 18.1% |
| Capex / depreciation | 0.25 | 0.37 | 0.48 | 0.52 | 0.38 | 0.31 | 0.37 | 0.29 | 0.27 | 0.81 |
| Stock-based compensation / revenue | 0.8% | 1.0% | 0.9% | 1.4% | 1.8% | 1.1% | 0.9% | 2.5% | 1.4% | 1.5% |
| R&D / revenue | — | — | 0.0% | 0.4% | 0.2% | 0.4% | 0.2% | 0.2% | 0.3% | 0.4% |
| SG&A / revenue | 2.2% | 2.3% | 1.8% | 2.7% | 2.2% | 2.2% | 2.2% | 3.4% | 2.6% | 2.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 10.8 | — | — | — | — | — | 1.0 | — | — | — |
| Days payables outstanding | — | — | — | 172.8 | 173.8 | 163.7 | 169.3 | 170.8 | 163.7 | 152.6 |
| Cash conversion cycle (days) | — | — | — | — | — | — | -168.4 | — | — | — |
| Receivables turnover | 33.95 | — | — | — | — | — | 380.68 | — | — | — |
| Payables turnover | — | — | — | 2.11 | 2.10 | 2.23 | 2.16 | 2.14 | 2.23 | 2.39 |
| Asset turnover | 0.24 | 0.24 | 0.24 | 0.24 | 0.23 | 0.25 | 0.26 | 0.25 | 0.26 | 0.26 |
| Average receivables | $142.1M | — | — | — | — | — | $7.5M | — | — | — |
| Average payables | — | — | — | $498.4M | $438.4M | $389.0M | $377.3M | $354.2M | $317.6M | $279.8M |
| Average inventory | — | — | — | — | — | — | — | — | $0 | $0 |
| Intangibles / total assets | 1.2% | 1.4% | 2.0% | 1.3% | 1.7% | 1.7% | 1.8% | 1.9% | 2.0% | 2.1% |
Computed from PSA's annual financial statements (latest annual report filed February 12, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
PSA valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Public Storage traded at 25.6 times earnings, against a 10-year median of 25.3. Based on the latest twelve months, the trailing P/E is 28.5 and the forward P/E is 27.2. Public Storage earned a return on equity of 18.8% and a return on invested capital of 11.9% in fiscal 2025. It ended the year with $10.3 billion of debt and $318.1 million in cash and short-term investments, net debt of $9.9 billion. It returned $2.3 billion to shareholders: $2.3 billion in dividends and $0 in share buybacks, 80% of free cash flow.
See the PSA income statement, the PSA chart for price history, or the PSA stock overview for the latest quote and news.
PSA key metrics FAQ
What is Public Storage's P/E ratio?
Public Storage's trailing P/E ratio is 28.5 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 27.2. At the end of fiscal 2025 it was 25.6, compared with a 10-year median of 25.3.
What is Public Storage's EV/EBITDA?
Public Storage's enterprise value was 17.1 times EBITDA at the end of fiscal 2025 (enterprise value $55.6 billion, EBITDA $3.2 billion); the current EV/EBITDA is 19.3.
What is Public Storage's return on equity?
Public Storage's return on equity (ROE) was 18.8% in fiscal 2025: net income of $1.8 billion on average shareholders' equity of $9.5 billion.
What is Public Storage's ROIC?
Public Storage's return on invested capital was 11.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Public Storage have?
Public Storage had total debt of $10.3 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.11 and $9.9 billion of net debt (3.06 times EBITDA).
What is Public Storage's dividend yield?
Public Storage's forward dividend yield is 4.02%. Public Storage paid $2.3 billion in dividends in fiscal 2025 ($13.09 per share), a payout ratio of 129.1%.
What is Public Storage's free cash flow yield?
Public Storage generated $2.9 billion of free cash flow in fiscal 2025, a free cash flow yield of 6.3% on its market value at year-end ($45.6 billion).
What is Public Storage's current ratio?
Public Storage's current ratio was 0.75 at the end of fiscal 2025: current assets were 0.75 times current liabilities.