Public Storage (PSA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+27.8%

$424.65

vs $332.36 price

Levered DCF

$319.80

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.97

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	28.71×	28.04×	27.45×	11.85×	37.8×	36.71×	29.17×	20.57×
P/B	4.92×	5.41×	5.34×	4.87×	7.02×	4.71×	4.1×	3.86×
P/S	9.44×	11.18×	11.85×	11.74×	19.17×	13.82×	13×	12.76×
EV / EBITDA	17.09×	17.52×	18.63×	10.21×	26.02×	21.61×	18.52×	16.24×
Gross margin	25.0%	73.2%	74.6%	74.8%	73.0%	70.2%	71.5%	72.6%
Operating margin	46.7%	46.9%	51.3%	51.9%	49.9%	48.4%	51.4%	51.2%
Net margin	37.0%	44.1%	47.6%	104.0%	57.2%	46.6%	53.3%	62.0%
Current ratio	0.75×	0.76×	0.62×	1.51×	1.52×	0.65×	1.07×	0.97×
Debt / equity	1.11×	0.96×	0.91×	0.68×	0.8×	0.3×	0.21×	0.15×
Interest coverage	7.4×	7.66×	11.53×	15.91×	18.79×	25.07×	32.14×	43.45×
Dividend yield	5.1%	4.4%	4.3%	8.0%	2.4%	4.0%	4.3%	4.6%
Payout ratio	129.1%	111.1%	107.3%	89.9%	81.3%	118.4%	105.8%	94.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	19.3%	21.3%	21.5%	43.2%	20.9%	15.9%	16.8%	18.8%
Return on invested capital	11.5%	11.5%	12.0%	12.7%	10.0%	12.4%	13.4%	13.4%
Return on assets	8.8%	10.5%	10.8%	24.8%	11.2%	11.5%	13.4%	15.7%
Free cash flow yield	6.4%	5.2%	5.2%	5.4%	3.5%	4.6%	5.1%	5.5%
Earnings yield	3.9%	3.9%	4.0%	8.9%	3.0%	3.4%	4.1%	4.9%
Enterprise value	$55.5B	$61.4B	$62.3B	$55.2B	$72.2B	$42.6B	$38.6B	$36.3B
Net debt / EBITDA	3.06×	2.54×	2.61×	1.13×	2.43×	1.16×	0.72×	0.47×
Cash conversion cycle (days)	11	0	0	0	0	0	0	0