Latest Ratios: P/E Ratio 36.5x · EV/EBITDA 19.9x · ROE 18.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $57.7B | $45.6B | $52.7B | $53.7B | $49.4B | $65.8B | $40.3B | $37.2B | $35.3B | $36.4B | $38.9B |
| Enterprise Value | $67.6B | $55.6B | $61.6B | $62.5B | $55.5B | $72.5B | $42.6B | $38.7B | $36.3B | $37.4B | $39.1B |
| P/E Ratio → | 36.48 | 28.80 | 28.14 | 27.58 | 11.92 | 37.95 | 36.71 | 29.21 | 20.61 | 31.05 | 32.82 |
| P/S Ratio | 11.96 | 9.46 | 11.23 | 11.89 | 11.81 | 19.25 | 13.84 | 13.02 | 12.78 | 13.64 | 15.18 |
| P/B Ratio | 6.19 | 4.89 | 5.37 | 5.32 | 4.86 | 6.98 | 4.70 | 4.09 | 3.86 | 4.06 | 4.12 |
| P/FCF | 19.92 | 15.76 | 19.46 | 19.29 | 18.59 | 28.93 | 21.53 | 19.77 | 18.35 | 19.65 | 24.38 |
| P/OCF | 18.11 | 14.33 | 16.85 | 16.55 | 15.85 | 25.85 | 19.74 | 17.98 | 17.10 | 18.45 | 19.98 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 11.52 | 13.12 | 13.82 | 13.27 | 21.23 | 14.62 | 13.54 | 13.17 | 14.01 | 15.26 |
| EV / EBITDA | 19.86 | 16.32 | 18.50 | 18.99 | 18.15 | 29.97 | 21.69 | 19.53 | 19.14 | 19.92 | 21.61 |
| EV / EBIT | 30.00 | 26.54 | 25.93 | 26.33 | 12.28 | 35.15 | 30.07 | 24.60 | 20.76 | 25.59 | 26.67 |
| EV / FCF | — | 19.19 | 22.75 | 22.42 | 20.88 | 31.89 | 22.75 | 20.56 | 18.90 | 20.19 | 24.51 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.0% | 25.0% | 73.2% | 74.6% | 74.8% | 73.0% | 70.2% | 71.5% | 72.6% | 73.5% | 73.9% |
| Operating Margin | 46.7% | 46.7% | 46.9% | 51.3% | 51.9% | 49.9% | 48.4% | 51.4% | 51.2% | 53.3% | 53.7% |
| Net Profit Margin | 37.0% | 37.0% | 44.1% | 47.6% | 104.0% | 57.2% | 46.6% | 53.3% | 62.0% | 54.0% | 56.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 18.6% | 18.6% | 20.8% | 21.2% | 44.4% | 21.7% | 15.4% | 16.7% | 18.9% | 15.7% | 15.6% |
| ROA | 8.9% | 8.9% | 10.5% | 11.5% | 24.9% | 13.4% | 11.7% | 13.6% | 15.8% | 13.8% | 14.6% |
| ROIC | 8.9% | 8.9% | 8.8% | 9.9% | 10.0% | 9.5% | 9.9% | 10.6% | 10.5% | 10.9% | 10.8% |
| ROCE | 11.6% | 11.6% | 11.5% | 12.8% | 12.8% | 12.0% | 12.6% | 13.6% | 13.5% | 14.1% | 14.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.10 | 1.10 | 0.95 | 0.90 | 0.68 | 0.79 | 0.30 | 0.21 | 0.15 | 0.16 | 0.04 |
| Debt / EBITDA | 3.01 | 3.01 | 2.81 | 2.77 | 2.25 | 3.09 | 1.30 | 0.96 | 0.74 | 0.76 | 0.22 |
| Net Debt / Equity | — | 1.06 | 0.91 | 0.86 | 0.60 | 0.72 | 0.27 | 0.16 | 0.11 | 0.11 | 0.02 |
| Net Debt / EBITDA | 2.92 | 2.92 | 2.67 | 2.66 | 1.99 | 2.79 | 1.16 | 0.75 | 0.55 | 0.53 | 0.11 |
| Debt / FCF | — | 3.43 | 3.29 | 3.14 | 2.29 | 2.97 | 1.22 | 0.79 | 0.55 | 0.54 | 0.13 |
| Interest Coverage | 6.88 | 6.88 | 8.27 | 11.79 | 33.13 | 22.72 | 25.19 | 34.43 | 53.77 | 115.14 | 340.62 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.75 | 0.75 | 0.76 | 0.62 | 1.51 | 1.52 | 0.65 | 1.07 | 0.97 | 1.29 | 0.62 |
| Quick Ratio | 0.75 | 0.75 | 0.76 | 0.62 | 1.51 | 1.52 | 0.65 | 1.07 | 0.97 | 1.29 | 0.62 |
| Cash Ratio | 0.52 | 0.52 | 0.76 | 0.62 | 1.51 | 1.52 | 0.65 | 1.07 | 0.97 | 1.29 | 0.62 |
| Asset Turnover | — | 0.24 | 0.24 | 0.23 | 0.24 | 0.20 | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.0% | 5.0% | 4.4% | 4.3% | 7.9% | 2.4% | 4.0% | 4.3% | 4.6% | 4.5% | 3.9% |
| Payout Ratio | 129.1% | 129.1% | 111.1% | 107.3% | 89.9% | 81.3% | 118.4% | 105.8% | 94.3% | 113.0% | 103.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.7% | 3.5% | 3.6% | 3.6% | 8.4% | 2.6% | 2.7% | 3.4% | 4.9% | 3.2% | 3.0% |
| FCF Yield | 5.0% | 6.3% | 5.1% | 5.2% | 5.4% | 3.5% | 4.6% | 5.1% | 5.4% | 5.1% | 4.1% |
| Buyback Yield | 0.0% | 0.0% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.0% | 5.0% | 4.7% | 4.3% | 7.9% | 2.4% | 4.0% | 4.3% | 4.6% | 4.5% | 3.9% |
| Shares Outstanding | — | $176M | $176M | $176M | $176M | $176M | $175M | $175M | $174M | $174M | $174M |
Regulatory and pricing pressure
According to recent market data, Public Storage trades at a P/FFO multiple of approximately 52.97x as of 2026Q1, a valuation level that suggests investors are pricing in the company's superior credit profile and historical dominance in supply-constrained coastal markets relative to its self-storage peer group.
The elevated P/FFO multiple indicates that the market assigns a significant premium to PSA's fortress balance sheet compared to more levered competitors. While this valuation may appear stretched, it likely reflects the perceived safety of the company's cash flows during periods of macroeconomic uncertainty.
Based on reported figures, Public Storage maintained a robust NOI margin of 72.1% in 2026Q1, underscoring the company's ability to preserve property-level profitability despite the normalization of rental demand and rising operating costs across its extensive portfolio of high-barrier-to-entry urban storage facilities.
The consistency of these margins suggests that the company's dynamic pricing model remains effective at passing through inflationary pressures to tenants. Investors should monitor whether future margin expansion is possible without aggressive rent hikes that could potentially impact long-term occupancy levels.
As reported in financial statements, the FFO payout ratio stood at 70.5% in 2026Q1, providing a comfortable buffer that suggests the current dividend distribution is well-covered by recurring cash flows and allows for continued reinvestment into the company's core property assets.
The stability of the payout ratio indicates a disciplined approach to capital allocation, prioritizing dividend reliability over aggressive growth. This conservative stance appears consistent with the company's long-term strategy of maintaining financial flexibility to navigate potential sector-specific downturns.
Data from recent filings indicates that Public Storage has maintained a debt-to-equity ratio near 1.04x as of 2026Q1, a level that remains notably conservative for the REIT sector and reinforces the firm's capacity to manage interest rate volatility without compromising its financial stability.
This low leverage profile provides a significant competitive advantage, allowing the company to pursue opportunistic acquisitions when peers may be constrained by higher debt service requirements. The reliance on preferred equity, however, warrants further investigation to ensure the true economic leverage is fully understood by market participants.
As indicated by the provided financial data, the market's frequent reliance on standard P/E ratios for Public Storage is fundamentally flawed, as it fails to account for the massive non-cash depreciation charges inherent in the REIT business model that obscure the company's true cash-generating capacity.
Investors should prioritize FFO and AFFO metrics over GAAP earnings to accurately assess the company's valuation and dividend sustainability. Using P/E ratios ignores the significant recurring capital expenditures required to maintain the portfolio, leading to a potentially misleading view of the company's actual economic performance.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying PSA stock.
Public Storage's current P/E ratio is 36.5x. The historical average is 30.8x. This places it at the 72th percentile of its historical range.
Public Storage's current EV/EBITDA is 19.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.2x.
Public Storage's return on equity (ROE) is 18.6%. The historical average is 12.7%.
Based on historical data, Public Storage is trading at a P/E of 36.5x. This is at the 72th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Public Storage's current dividend yield is 3.98% with a payout ratio of 129.1%.
Public Storage has 25.0% gross margin and 46.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Public Storage's Debt/EBITDA ratio is 3.0x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.