PSA · REIT · FFO, book-value and yield view
Public Storage (PSA): Valuation Snapshot
Public Storage (PSA) is a real-estate investment trust, and a discounted-cash-flow model is the wrong lens for one, so TickerWorth does not publish a DCF fair value for it. What its filings and market data do show is below. Snapshot as of Oct 19, 2026.
Model by Miraaj Patel · generated from public market data · Updated Oct 19, 2026 · How these pages are made
How is a REIT like PSA valued?
This is a REIT. A free-cash-flow DCF is structurally the wrong lens for property: heavy depreciation and continuous property capex swamp reported free cash flow, which is why REITs are valued on FFO/AFFO, net asset value and dividend yield. We show those lenses instead of a DCF number we would not stand behind.
What is PSA's TickerWorth Score?
Middle of the pack — real strengths and real weaknesses
Compared with Real Estate companies in US
Its strongest point: a profitable, high-quality business. Its weakest: looks expensive on the numbers.
- Value · 29 of 100
Cheaper than 29% of Real Estate companies in US
- Price vs worth · — of 100
- Quality · 80 of 100
More profitable than 80% of Real Estate companies in US
- Financial health · 46 of 100
Financially stronger than 46% of Real Estate companies in US
- Growth · 48 of 100
Growing faster than 48% of Real Estate companies in US
- Momentum · 58 of 100
Outperformed 58% of Real Estate companies in US over the past year
Confidence: Medium confidence · Scored
Get the Undervalued Company of the Week.
- Price
- $295.56
- Market cap
- $55,
225, 126, 912 - 52-week high
- $335.55
- 52-week low
- $256.54
- Currency
- USD
- Exchange
- NYSE
Snapshot of Oct 19, 2026, quote time not published · Prices are delayed.
What we can say
Public Storage (PSA) is a real-estate investment trust, and a free-cash-flow discounted-cash-flow (DCF) model is structurally the wrong lens for one. A REIT's reported free cash flow is swamped by property depreciation and the continuous capital spending that maintaining a portfolio requires, which is why the industry is valued on funds from operations (FFO/AFFO), net asset value and dividend yield instead. We have the data to print a DCF number for PSA; we don't publish one because it would not mean what it appears to mean. What follows is how a REIT is actually read — descriptive, not a valuation, and not investment advice.
Read the full reasoning
On the numbers we do have, PSA trades at a recent price of $295.56, a market capitalisation of about $55,225,126,912, sitting 49% of the way up its 52-week range ($256.54–$335.55), on the NYSE.
The standard alternative to a DCF is relative valuation — comparing PSA's trading multiples against a sector benchmark. Here that gives P/E of 28.2× (in line with the peer median of 27.7×); Fwd P/E of 29.8× (cheaper than the peer median of 36.1×); P/B of 10.7× (richer than the peer median of 6.8×); P/S of 11.2× (richer than the peer median of 9.8×); EV/EBITDA of 19.4× (in line with the peer median of 19.3×); Dividend yield of 4.1% (in line with the peer median of 3.9%). A cheaper multiple than peers can flag a discount or a market that expects weaker growth; it is a comparison, not a recommendation.
The asset, or book-value, lens is the classic tool for asset-heavy businesses and financials. PSA shows a price-to-book (P/B) of 10.72 and book value of $27.56 per share. Price-to-book compares the market price to the accounting net-asset value per share; below 1.0 can mean a discount to net assets or that the market is pricing in trouble — descriptive either way, never a buy signal on its own.
Finally, a price-based read — explicitly not a valuation. PSA is in a mixed trend, trading -11.9% from its 52-week high. Over the past year the stock is -4.3%. Moving-average trend and 52-week position describe where the stock has traded; they say nothing about what it is worth.
To be exact about what this page is not: we are not saying the numbers for PSA are unavailable. They are, and they are above. We are saying a discounted-cash-flow model is the wrong instrument for this kind of business, and publishing one anyway — because the inputs happen to exist — would be a precise answer to the wrong question. Refusing is the more useful answer, and it is the same rule we apply to every name in this category.
PSA vs peers
Sector benchmark (bellwethers, not direct competitors).
| Multiple | PSA | Peer median | Read |
|---|---|---|---|
| P/E | 28.2× | 27.7× | in line with |
| Fwd P/E | 29.8× | 36.1× | cheaper than |
| P/B | 10.7× | 6.8× | richer than |
| P/S | 11.2× | 9.8× | richer than |
| EV/EBITDA | 19.4× | 19.3× | in line with |
| Dividend yield | 4.1% | 3.9% | in line with |
What does Public Storage do?
What does it do?
Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities. At June 30, 2026, The firm: (i) owned and/or operated 3,584 self-storage facilities located in 40 states with approximately 259 million net rentable square feet in the United States and (ii) owned a 35% common equity interest in Shurgard Self Storage Limited (Euronext Brussels: SHUR), which owned 335 self-storage facilities located in seven Western European countries with approximately 19 million net rentable square feet operated under the Shurgard brand. It operates in the REIT - Industrial industry (Real Estate sector), headquartered in United States. The company employs roughly 5,770 people.
How does it make money?
The business turns $4.9B in annual revenue into profit. Out of every $100 of sales, about $46 is left as operating profit (operating margin of 45.7%), after a 74% gross margin on the products/services it sells. After all costs, taxes and interest, 41.6% of revenue becomes bottom-line net profit.
Is it financially healthy?
Financially it looks stretched: carries moderate debt (1.1× equity), may struggle to cover its short-term bills (0.2× current ratio), and is currently profitable.
PSA insider trading
We have no recent SEC Form 4 insider filings on file for Public Storage. Form 4 covers US-listed companies only.
Companies we do put a number on
Not investment advice. TickerWorth Score is a model output.
A descriptive, available-data snapshot and relative comparison — NOT a DCF, NOT a price target, and NOT investment advice. TickerWorth is not a licensed investment adviser, and these figures are estimates from public market data that can be wrong, stale or incomplete.