PSA

MKT CAP:$54B

Public Storage

Market Cap

$54B

Real Estate·REIT - Industrial·🇺🇸 United States·NYSE

Real Estate·REIT - Industrial·🇺🇸·NYSE

Stock Price

$309.53+$51.09 (+19.77%)

Apr 24, 2026

Company Details

Public Storage, a member of the S&P 500 and FT Global 500, is a REIT that primarily acquires, develops, owns and operates self-storage facilities. At September 30, 2020, we had: (i) interests in 2,504 self-storage facilities located in 38 s...

CEO

H. Thomas Boyle

IPO Date

Nov 18, 1980

Website

www.publicstorage.com

Key Metrics TTM

Revenue

$4.0B

+23.6% YoY

Net Income

$4.6B

EPS (Diluted)

$24.60

Free Cash Flow

$2.7B

Revenue / Share

$22.79

Gross Margin

74.4%

Operating Margin

50.2%

Net Margin

113.4%

FCF Margin

66.5%

P/S

13.5x

P/E

11.9x

Earnings Reports

Q4 2022

Apr 29, 2026

PENDING

FY 2022

Feb 21, 2023

$4.2B+22.4%EPS $23.50

Q3 2022

Nov 1, 2022

$1.1B+21.6%EPS $15.38

Q2 2022

Aug 4, 2022

$1.0B+24.4%EPS $3.42

Q1 2022

May 3, 2022

$973M+26.9%EPS $2.63

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 18	$692M	$532M	$382M
Q1 19	$689M	$485M	$343M
Q2 19	$711M	$503M	$361M
Q3 19	$729M	$517M	$371M
Q4 19	$717M	$545M	$390M
Q1 20	$719M	$494M	$341M
Q2 20	$713M	$481M	$326M
Q3 20	$735M	$510M	$354M
Q4 20	$759M	$554M	$392M
Q1 21	$767M	$539M	$372M
Q2 21	$829M	$611M	$410M
Q3 21	$895M	$658M	$438M
Q4 21	$924M	$687M	$460M
Q1 22	$973M	$712M	$467M
Q2 22	$1.0B	$777M	$529M
Q3 22	$1.1B	$811M	$561M

Valuation

Quarter	P/S	P/E
Q4 18	12.8x	20.6x
Q1 19	13.7x	21.9x
Q2 19	14.7x	24.2x
Q3 19	15.2x	24.9x
Q4 19	12.9x	24.2x
Q1 20	12.2x	23.1x
Q2 20	11.6x	22.8x
Q3 20	13.4x	27.7x
Q4 20	13.7x	29.5x
Q1 21	14.6x	30.4x
Q2 21	17.2x	35.0x
Q3 21	16.0x	30.8x
Q4 21	18.7x	32.8x
Q1 22	18.5x	33.0x
Q2 22	14.4x	24.1x
Q3 22	12.8x	11.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 18	$483M	$353M
Q1 19	$470M	$437M
Q2 19	$545M	$507M
Q3 19	$552M	$493M
Q4 19	$500M	$443M
Q1 20	$463M	$405M
Q2 20	$539M	$497M
Q3 20	$528M	$495M
Q4 20	$513M	$476M
Q1 21	$509M	$473M
Q2 21	$621M	$567M
Q3 21	$684M	$606M
Q4 21	$729M	$628M
Q1 22	$656M	$557M
Q2 22	$798M	$685M
Q3 22	$927M	$802M

Capital Expenditures

Quarter	CapEx
Q4 18	$130M
Q1 19	$33M
Q2 19	$38M
Q3 19	$59M
Q4 19	$57M
Q1 20	$58M
Q2 20	$42M
Q3 20	$33M
Q4 20	$37M
Q1 21	$37M
Q2 21	$54M
Q3 21	$78M
Q4 21	$101M
Q1 22	$100M
Q2 22	$113M
Q3 22	$125M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 18	+3.0%	+6.0%
Q1 19	+2.9%	+1.0%
Q2 19	+3.7%	+2.3%
Q3 19	+3.3%	+3.1%
Q4 19	+3.6%	+5.7%
Q1 20	+4.4%	+9.5%
Q2 20	+0.3%	+10.6%
Q3 20	+0.7%	+6.3%
Q4 20	+5.8%	+12.1%
Q1 21	+6.7%	+4.3%
Q2 21	+16.3%	+8.3%
Q3 21	+21.8%	+20.0%
Q4 21	+21.8%	+26.4%
Q1 22	+26.9%	+28.2%
Q2 22	+24.4%	+20.0%
Q3 22	+21.6%	+15.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 18	$18M	2.6%
Q1 19	$7M	1.0%
Q2 19	$6M	0.8%
Q3 19	$7M	1.0%
Q4 19	$6M	0.9%
Q1 20	$6M	0.8%
Q2 20	$7M	1.0%
Q3 20	$9M	1.2%
Q4 20	$12M	1.6%
Q1 21	$14M	1.9%
Q2 21	$18M	2.2%
Q3 21	$15M	1.7%
Q4 21	$12M	1.3%
Q1 22	$14M	1.4%
Q2 22	$17M	1.6%
Q3 22	$14M	1.3%

OpEx Breakdown

Quarter	R&D	G&A
Q4 18	$761.0K	$26M
Q1 19	$2M	$16M
Q2 19	$2M	$12M
Q3 19	$1M	$14M
Q4 19	$2M	$17M
Q1 20	$2M	$14M
Q2 20	$4M	$12M
Q3 20	$2M	$15M
Q4 20	$2M	$16M
Q1 21	$2M	$16M
Q2 21	$3M	$23M
Q3 21	$2M	$25M
Q4 21	$3M	$16M
Q1 22	$3M	$17M
Q2 22	$4M	$22M
Q3 22	$3M	$21M

Revenue Segments

Quarter	Ancillary Operations	Self Storage Operations
Q4 18	$38M	$654M
Q1 19	$39M	$650M
Q2 19	$42M	$669M
Q3 19	$42M	$688M
Q4 19	$40M	$677M
Q1 20	$42M	$674M
Q2 20	$45M	$665M
Q3 20	$47M	$684M
Q4 20	$60M	$699M
Q1 21	$51M	$716M
Q2 21	$52M	$777M
Q3 21	$54M	$841M
Q4 21	$55M	$870M
Q1 22	$56M	$917M
Q2 22	$59M	$973M
Q3 22	$61M	$1.0B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$941M	$0	$941M
Q2 22	$1.0B	$0	$1.0B
Q3 22	$884M	$0	$884M
Q4 22	$775M	$0	$775M
Q1 23	$695M	$0	$695M
Q2 23	$652M	$0	$652M
Q3 23	$630M	$0	$630M
Q4 23	$370M	$0	$370M
Q1 24	$272M	$0	$272M
Q2 24	$542M	$0	$542M
Q3 24	$599M	$0	$599M
Q4 24	$447M	$0	$447M
Q1 25	$287M	$0	$287M
Q2 25	$1.1B	$0	$1.1B
Q3 25	$296M	$0	$296M
Q4 25	$318M	$0	$318M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 18	174M	+0.1%	+0.1%
Q1 19	174M	-0.1%	+0.1%
Q2 19	175M	+0.1%	+0.2%
Q3 19	175M	+0.0%	+0.2%
Q4 19	175M	-0.0%	+0.1%
Q1 20	175M	+0.0%	+0.1%
Q2 20	175M	-0.0%	+0.0%
Q3 20	175M	+0.0%	+0.0%
Q4 20	175M	+0.1%	+0.1%
Q1 21	175M	+0.1%	+0.1%
Q2 21	176M	+0.4%	+0.6%
Q3 21	176M	+0.1%	+0.7%
Q4 21	176M	+0.2%	+0.8%
Q1 22	176M	+0.1%	+0.9%
Q2 22	176M	-0.0%	+0.4%
Q3 22	176M	+0.0%	+0.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 18	$123.7K	6K
Q1 19	$123.0K	6K
Q2 19	$127.0K	6K
Q3 19	$130.2K	6K
Q4 19	$121.6K	6K
Q1 20	$121.9K	6K
Q2 20	$120.8K	6K
Q3 20	$124.5K	6K
Q4 20	$140.6K	5K
Q1 21	$142.1K	5K
Q2 21	$153.6K	5K
Q3 21	$165.7K	5K
Q4 21	$159.4K	6K
Q1 22	$167.8K	6K
Q2 22	$177.9K	6K
Q3 22	$187.6K	6K

Revenue / Employee