Detailed financial statements for Public Storage (PSA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Public Storage (PSA), an esteemed Real Estate Investment Trust (REIT) and a constituent of both the S&P 500 and FT Global 500 indices, concentrates its operations on the acquisition, development, ownership, and management of self-storage properties. By September 30, 2020, the company's substantial holdings included 2,504 self-storage facilities located across 38 U.S. states, collectively providing around 171 million net rentable square feet.
Analysis Summary
Public Storage reported revenue of $4.82B in the most recent fiscal year, growing at a 5-year CAGR of 10.6%. Net income reached $1.78B, with a 5.6% 5-year CAGR.
Trailing-twelve-month margins: gross margin 60.6%, operating margin 38.1%, net margin 37.8%. Free cash flow grew at 9.1% CAGR over 5 years.
At $324.77 (closing price, October 30, 2026), PSA trades at a P/E of 34.01 and an ROE of 18.03%. Market capitalisation stands at $60.7B, placing it among large-cap names.
Balance sheet quality for PSA: current ratio of 0.8, net debt of $9.94B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Long-term track record: over the past decade, PSA has compounded revenue at 7.3% annually and net income at 3.1%. This decade-long view smooths out cyclical fluctuations and reveals the underlying business momentum more reliably than single-year snapshots.
Cash flow quality is strong: free cash flow of $2.90B represents 162% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $796.3M | $850.5M | $892.9M | $958.2M | $1.06B | $1.38B | $1.81B | $1.72B | $1.62B | $1.61B | $1.74B | $1.84B | $1.96B | $2.18B | $2.38B | $2.56B | $2.67B | $2.76B | $2.86B | $2.92B | $3.42B | $4.18B | $4.52B | $4.70B | $4.82B |
| Cost of Revenue | $279.6M | $309.5M | $340.9M | $361.9M | $378.3M | $498.4M | $657.7M | $554.3M | $520.9M | $528.4M | $560.5M | $555.9M | $559.8M | $613.3M | $635.5M | $669.1M | $708.0M | $757.1M | $813.2M | $867.5M | $920.6M | $1.05B | $1.15B | $1.26B | $3.62B |
| Gross Profit | $516.7M | $541.0M | $552.0M | $596.2M | $681.6M | $882.6M | $1.16B | $1.17B | $1.10B | $1.09B | $1.18B | $1.29B | $1.41B | $1.56B | $1.75B | $1.89B | $1.96B | $2.00B | $2.04B | $2.05B | $2.50B | $3.13B | $3.37B | $3.44B | $1.20B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $5.9M | $4.1M | $6.4M | $10.5M | $10.6M | $10.0M | $9.7M | $8.2M | $5.4M | $6.8M | $10.8M | $8.4M | $17.5M | 0 | 0 | 0 |
| Selling, General & Admin | $21.0M | $15.6M | $17.1M | $18.8M | $21.1M | $84.7M | $59.7M | $62.8M | $35.7M | $28.9M | $42.7M | $45.7M | $51.5M | $56.0M | $72.8M | $70.1M | $69.9M | $93.8M | $62.1M | $64.0M | $76.0M | $71.7M | $80.6M | $106.7M | $106.7M |
| Operating Expenses | $147.4M | $190.3M | $201.0M | $201.7M | $217.3M | $522.2M | $745.8M | $471.8M | $375.2M | $392.7M | $412.6M | $414.6M | $454.1M | $508.6M | $514.2M | $517.0M | $537.4M | $588.4M | $575.1M | $636.5M | $789.4M | $959.8M | $1.05B | $1.24B | -$1.05B |
| Operating Income | $369.4M | $350.7M | $351.0M | $394.5M | $464.3M | $360.3M | $410.9M | $694.4M | $726.8M | $692.6M | $762.8M | $872.0M | $951.1M | $1.06B | $1.23B | $1.37B | $1.42B | $1.41B | $1.47B | $1.41B | $1.71B | $2.17B | $2.32B | $2.20B | $2.25B |
| EBITDA | $524.9M | $556.6M | $564.6M | $587.7M | $660.5M | $797.9M | $1.10B | $1.11B | $1.17B | $1.07B | $1.22B | $1.31B | $1.45B | $1.59B | $1.74B | $1.90B | $1.92B | $2.23B | $2.08B | $1.97B | $2.78B | $5.41B | $3.34B | $3.51B | $3.25B |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | $63.7M | $43.9M | $29.9M | $30.2M | $24.2M | $19.8M | $6.4M | $6.8M | $600,000 | $4.3M | $12.7M | $32.5M | $45.6M | $56.3M | $90.8M | $136.3M | $201.1M | $287.4M | $304.5M |
| Pre-tax Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $797.4M | $688.4M | $833.1M | $930.2M | $1.06B | $1.15B | $1.32B | $1.46B | $1.45B | $1.72B | $1.53B | $1.36B | $1.97B | $4.38B | $2.17B | $2.09B | $1.79B |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $12.4M | $14.3M | $10.8M | $4.7M | -$7.2M |
| Net Income | $324.2M | $318.7M | $336.7M | $366.2M | $456.4M | $314.0M | $457.5M | $935.2M | $834.6M | $672.0M | $823.8M | $939.3M | $1.05B | $1.14B | $1.31B | $1.45B | $1.44B | $1.71B | $1.52B | $1.36B | $1.95B | $4.35B | $2.15B | $2.07B | $1.78B |
| EPS | $1.41 | $1.15 | $1.29 | $1.39 | $1.98 | $0.33 | $1.18 | $4.19 | $3.48 | $2.36 | $3.31 | $3.93 | $4.92 | $5.27 | $6.10 | $6.84 | $6.75 | $9.84 | $7.30 | $6.29 | $9.91 | $23.64 | $11.11 | $10.68 | $9.04 |
| EPS (Diluted) | $1.39 | $1.14 | $1.28 | $1.38 | $1.97 | $0.33 | $1.17 | $4.18 | $3.47 | $2.35 | $3.29 | $3.90 | $4.89 | $5.25 | $6.07 | $6.81 | $6.73 | $9.82 | $7.29 | $6.29 | $9.87 | $23.50 | $11.06 | $10.64 | $9.01 |
| Shares Outstanding (Diluted) | 123.6 M | 124.6 M | 126.5 M | 128.7 M | 128.8 M | 143.7 M | 170.1 M | 169.0 M | 168.8 M | 169.8 M | 170.8 M | 171.7 M | 172.7 M | 173.1 M | 173.5 M | 173.9 M | 174.2 M | 174.3 M | 174.5 M | 174.6 M | 175.6 M | 176.3 M | 176.1 M | 176.0 M | 175.9 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $1.22B | $1.22B | $1.23B | $1.37B |
| Gross Profit | $292.0M | $877.7M | $888.8M | $989.3M |
| Operating Income | $556.7M | $474.3M | $466.7M | $419.5M |
| EBITDA | $872.1M | $743.5M | $878.2M | $878.5M |
| Net Income | $507.1M | $526.3M | $500.0M | $366.9M |
| EPS | $2.60 | $2.72 | $2.56 | $1.70 |
| EPS (Diluted) | $2.60 | $2.71 | $2.55 | $1.69 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $183.7M | $433.4M | $361.2M | $409.7M | $257.6M | $734.6M | $775.3M | $370.0M | $447.4M | $318.1M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $142.1M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $183.7M | $433.4M | $361.2M | $409.7M | $257.6M | $734.6M | $775.3M | $370.0M | $447.4M | $460.2M |
| Property, Plant & Equipment | $230.3M | $264.4M | $285.3M | $141.9M | $188.1M | $272.5M | $373.0M | $345.5M | $308.1M | $194.4M |
| Goodwill | $174.6M | $174.6M | $174.6M | $174.6M | $174.6M | $165.8M | $165.8M | $165.8M | $165.8M | $165.8M |
| Intangible Assets | $38.1M | $40.4M | $35.3M | $31.3M | $30.1M | $137.1M | $66.7M | $221.4M | $116.3M | $85.8M |
| Total Assets | $10.13B | $10.73B | $10.93B | $11.37B | $11.82B | $17.38B | $17.55B | $19.81B | $19.75B | $20.21B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $297.9M | $337.2M | $371.3M | $383.3M | $394.7M | $482.1M | $514.7M | $599.0M | $588.2M | $612.9M |
| Long-term Debt | $390.7M | $1.43B | $1.41B | $1.90B | $2.54B | $7.48B | $6.87B | $9.10B | $9.35B | $10.25B |
| Total Liabilities | $688.7M | $1.77B | $1.78B | $2.29B | $3.24B | $7.96B | $7.39B | $9.70B | $9.94B | $10.87B |
| Retained Earnings | -$487.6M | -$675.7M | -$577.4M | -$665.6M | -$914.8M | -$550.4M | -$110.2M | -$267.9M | -$699.1M | -$1.22B |
| Total Equity | $9.41B | $8.94B | $9.12B | $9.06B | $8.56B | $9.34B | $10.07B | $10.01B | $9.71B | $9.25B |
| Total Debt | $390.7M | $1.43B | $1.41B | $1.90B | $2.54B | $7.48B | $6.87B | $9.10B | $9.35B | $10.25B |
| Net Debt | $207.1M | $997.9M | $1.05B | $1.49B | $2.29B | $6.74B | $6.10B | $8.73B | $8.91B | $9.94B |
| Working Capital | -$114.2M | $96.2M | -$10.0M | $26.5M | -$137.1M | $252.5M | $260.6M | -$229.0M | -$140.8M | -$152.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $318.1M | $134.6M | $259.9M | $560.4M |
| Total Assets | $20.21B | $19.85B | $20.12B | $29.00B |
| Total Liabilities | $10.87B | $10.53B | $10.83B | $13.78B |
| Total Equity | $9.25B | $9.22B | $9.19B | $14.50B |
| Total Debt | $10.25B | $9.71B | $10.18B | $12.19B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $1.46B | $1.45B | $1.72B | $1.53B | $1.36B | $1.96B | $4.37B | $2.16B | $2.08B | $1.80B |
| Depreciation & Amortization | $433.3M | $454.5M | $483.6M | $512.9M | $553.3M | $713.4M | $888.1M | $970.1M | $1.13B | $1.15B |
| Stock-based Compensation | $37.5M | $37.5M | $69.9M | $25.8M | $33.4M | $59.8M | $56.7M | $41.6M | $44.7M | $39.9M |
| Change in Working Capital | 0 | 0 | 0 | 0 | 0 | $12.9M | -$9.1M | $18.9M | -$29.8M | $1.8M |
| Operating Cash Flow | $1.95B | $1.97B | $2.06B | $2.07B | $2.04B | $2.54B | $3.12B | $3.25B | $3.13B | $3.19B |
| Capital Expenditure | -$351.4M | -$120.6M | -$141.0M | -$187.3M | -$170.0M | -$270.2M | -$459.8M | -$461.1M | -$420.0M | -$289.4M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | $2.64B | -$2.18B | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$200.0M | 0 |
| Dividends Paid | -$1.51B | -$1.63B | -$1.61B | -$1.61B | -$1.61B | -$1.59B | -$3.91B | -$2.31B | -$2.30B | -$2.30B |
| Free Cash Flow | $1.59B | $1.85B | $1.92B | $1.88B | $1.87B | $2.27B | $2.66B | $2.79B | $2.71B | $2.90B |
Cash Flow (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $733.6M | $694.8M | $868.4M | $708.9M |
| Capital Expenditure | -$100.1M | -$69.5M | $69.5M | -$140.6M |
| Free Cash Flow | $633.5M | $625.3M | $937.9M | $568.3M |
| Dividends Paid | -$575.8M | -$580.5M | -$576.2M | -$34.0M |
| Stock-based Compensation | $9.5M | $11.9M | $12.8M | $10.5M |
Growth & Margins (10y)
| Year | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +6.8% | +5.0% | +7.3% | +10.6% | +30.3% | +31.4% | -5.2% | -5.7% | -0.6% | +7.6% | +6.1% | +6.6% | +10.8% | +9.4% | +7.5% | +4.2% | +3.4% | +3.5% | +2.1% | +17.2% | +22.4% | +8.0% | +3.9% | +2.7% | |
| Net Income Growth (YoY) | -1.7% | +5.6% | +8.8% | +24.6% | -31.2% | +45.7% | +104.4% | -10.8% | -19.5% | +22.6% | +14.0% | +12.1% | +8.7% | +14.6% | +10.9% | -0.8% | +18.6% | -11.1% | -10.7% | +43.9% | +122.7% | -50.6% | -3.6% | -13.9% | |
| EPS Growth (YoY) | -18.4% | +12.2% | +7.8% | +42.4% | -83.3% | +257.6% | +255.1% | -16.9% | -32.2% | +40.3% | +18.7% | +25.2% | +7.1% | +15.7% | +12.1% | -1.3% | +45.8% | -25.8% | -13.8% | +57.6% | +138.5% | -53.0% | -3.9% | -15.4% | |
| Shares Change (YoY) | +0.8% | +1.6% | +1.7% | +0.1% | +11.6% | +18.4% | -0.7% | -0.1% | +0.6% | +0.6% | +0.5% | +0.6% | +0.3% | +0.2% | +0.2% | +0.2% | +0.1% | +0.1% | +0.1% | +0.5% | +0.4% | -0.1% | -0.1% | -0.1% | |
| FCF Growth (YoY) | +16.2% | +3.8% | -2.2% | -0.4% | +21.4% | +16.9% | +4.8% | -2.8% | +7.0% | ||||||||||||||||
| Gross Margin | 64.9% | 63.6% | 61.8% | 62.2% | 64.3% | 63.9% | 63.8% | 67.8% | 67.9% | 67.3% | 67.7% | 69.8% | 71.5% | 71.8% | 73.3% | 73.9% | 73.5% | 72.6% | 71.5% | 70.2% | 73.0% | 74.8% | 74.6% | 73.2% | 25.0% |
| Operating Margin | 46.4% | 41.2% | 39.3% | 41.2% | 43.8% | 26.1% | 22.6% | 40.4% | 44.8% | 42.9% | 43.9% | 47.3% | 48.4% | 48.5% | 51.7% | 53.7% | 53.3% | 51.2% | 51.4% | 48.4% | 49.9% | 51.9% | 51.3% | 46.9% | 46.7% |
| EBITDA Margin | 65.9% | 65.4% | 63.2% | 61.3% | 62.3% | 57.8% | 60.5% | 64.4% | 72.1% | 66.5% | 70.0% | 71.0% | 73.9% | 73.2% | 73.2% | 74.1% | 71.8% | 80.9% | 73.0% | 67.6% | 81.3% | 129.2% | 74.0% | 74.7% | 67.3% |
| Net Margin | 40.7% | 37.5% | 37.7% | 38.2% | 43.1% | 22.7% | 25.2% | 54.4% | 51.4% | 41.6% | 47.5% | 51.0% | 53.6% | 52.6% | 55.1% | 56.8% | 54.0% | 62.0% | 53.3% | 46.6% | 57.2% | 104.0% | 47.6% | 44.1% | 37.0% |
| FCF Margin | 62.3% | 69.4% | 69.7% | 65.9% | 64.2% | 66.6% | 63.5% | 61.7% | 57.7% | 60.1% | |||||||||||||||
| Effective Tax Rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.6% | 0.3% | 0.5% | 0.2% | -0.4% |
Per-Share Data (10y)
| Year | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $9.17 | $10.64 | $11.03 | $10.77 | $10.72 | $12.95 | $15.07 | $15.81 | $15.38 | $16.47 | |||||||||||||||
| Dividends Per Share | $8.66 | $9.36 | $9.25 | $9.22 | $9.20 | $9.05 | $22.17 | $13.09 | $13.08 | $13.09 | |||||||||||||||
| Shares Outstanding (Basic) | 122.3 M | 123.0 M | 125.2 M | 127.8 M | 128.2 M | 142.8 M | 169.3 M | 168.2 M | 168.4 M | 168.9 M | 169.7 M | 170.6 M | 171.6 M | 172.3 M | 172.7 M | 173.1 M | 173.6 M | 174.0 M | 174.3 M | 174.5 M | 174.9 M | 175.3 M | 175.5 M | 175.4 M | 175.4 M |
What to look at in Reit companies
- FFO / Share (Positive growth) — REIT 'true EPS' — net income + depreciation.
- Dividend coverage (FFO/div) (>=1.1x) — FFO must cover the dividend with margin.
- Net Debt / EBITDA (<=6x) — NAREIT benchmark. Normalises leverage by cash generation.
- Debt / Assets (40-60%) — REITs use a lot of debt by design. >65% fragile when rates rise.
- FFO Payout (proxy) (<80%) — Dividends / Operating CF. Quality REITs retain >20% to grow.
- P/FFO (<=15x (<=20x borderline)) — REIT P/E equivalent. As with the P/E, the lower, the cheaper.
Profitability
| Return on Equity | 18.03% |
| Return on Invested Capital | 6.75% |
| Return on Assets | 6.55% |
| Gross Margin | 60.56% |
| Operating Margin | 38.10% |
| Net Margin | 37.76% |
Financial Health
| Debt / Equity | 0.84 |
| Current Ratio | 0.91 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 3.03 |
Key Ratios (10y)
| Year | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 23.69 | 28.10 | 33.64 | 40.11 | 34.20 | 295.45 | 62.21 | 18.97 | 23.41 | 42.97 | 40.62 | 36.89 | 30.59 | 35.08 | 40.61 | 32.68 | 30.96 | 20.57 | 29.17 | 36.71 | 37.80 | 11.85 | 27.45 | 28.04 | 28.71 |
| P/B | 1.04 | 0.96 | 1.29 | 1.61 | 1.80 | 1.70 | 1.42 | 1.53 | 1.54 | 1.97 | 2.75 | 3.05 | 2.94 | 3.36 | 4.66 | 4.11 | 4.06 | 3.86 | 4.10 | 4.71 | 7.02 | 4.87 | 5.34 | 5.41 | 4.92 |
| P/S | 5.13 | 4.67 | 6.08 | 7.44 | 8.19 | 10.08 | 6.85 | 7.77 | 8.45 | 10.61 | 13.14 | 13.42 | 13.15 | 14.62 | 17.96 | 15.11 | 13.60 | 12.76 | 13.00 | 13.82 | 19.17 | 11.74 | 11.85 | 11.18 | 9.44 |
| Gross Margin | 64.9% | 63.6% | 61.8% | 62.2% | 64.3% | 63.9% | 63.8% | 67.8% | 67.9% | 67.3% | 67.7% | 69.8% | 71.5% | 71.8% | 73.3% | 73.9% | 73.5% | 72.6% | 71.5% | 70.2% | 73.0% | 74.8% | 74.6% | 73.2% | 25.0% |
| Operating Margin | 46.4% | 41.2% | 39.3% | 41.2% | 43.8% | 26.1% | 22.6% | 40.4% | 44.8% | 42.9% | 43.9% | 47.3% | 48.4% | 48.5% | 51.7% | 53.7% | 53.3% | 51.2% | 51.4% | 48.4% | 49.9% | 51.9% | 51.3% | 46.9% | 46.7% |
| Net Margin | 40.7% | 37.5% | 37.7% | 38.2% | 43.1% | 22.7% | 25.2% | 54.4% | 51.4% | 41.6% | 47.5% | 51.0% | 53.6% | 52.6% | 55.1% | 56.8% | 54.0% | 62.0% | 53.3% | 46.6% | 57.2% | 104.0% | 47.6% | 44.1% | 37.0% |
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