Logo

PSA-PH

Public Storage

PSA-PH

Public Storage • NYSE
$23.16 ▼ -0.34% (-0.08)
Market Cap $47.89 B
52w High $25.70
52w Low $20.85
Dividend Yield 1.40%
P/E 2.25
Volume 12.77K
Outstanding Shares 2.07B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.224B ▲ $28.783M ▼ $511.063M ▲ 41.752% ▲ $2.63 ▲ $887.66M ▲
Q2-2025 $1.201B ▲ $307.93M ▲ $358.419M ▼ 29.841% ▼ $1.76 ▼ $719.476M ▼
Q1-2025 $1.183B ▲ $307.899M ▼ $407.791M ▼ 34.466% ▼ $2.042 ▼ $766.941M ▼
Q4-2024 $1.177B ▼ $313.438M ▲ $614.607M ▲ 52.199% ▲ $3.22 ▲ $970.014M ▲
Q3-2024 $1.188B $306.544M $430.329M 36.23% $2.17 $790.213M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $296.46M ▼ $20.114B ▼ $10.707B ▼ $9.312B ▼
Q2-2025 $1.105B ▲ $20.541B ▲ $11.065B ▲ $9.372B ▼
Q1-2025 $287.177M ▼ $19.615B ▼ $9.945B ▲ $9.566B ▼
Q4-2024 $447.416M ▼ $19.755B ▼ $9.941B ▼ $9.713B ▲
Q3-2024 $599.004M $19.803B $10.093B $9.61B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $514.773M ▲ $875.091M ▲ $-695.983M ▼ $-987.251M ▼ $-808.143M ▼ $988.438M ▲
Q2-2025 $361.411M ▼ $872.708M ▲ $-338.28M ▼ $282.998M ▲ $817.426M ▲ $817.37M ▲
Q1-2025 $410.791M ▼ $705.063M ▼ $-286.517M ▲ $-578.785M ▼ $-160.239M ▼ $647.054M ▼
Q4-2024 $618.361M ▲ $768.62M ▼ $-411.644M ▼ $-508.564M ▲ $-151.588M ▼ $665.448M ▼
Q3-2024 $433.143M $798.77M $-213.335M $-559.887M $25.548M $688.41M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q1-2025
Ancillary Operations
Ancillary Operations
 $70.00M ▲$80.00M ▲$150.00M ▲$80.00M ▼
Self Storage Operations
Self Storage Operations
 $1.10Bn ▲$1.11Bn ▲$2.19Bn ▲$1.10Bn ▼

Five-Year Company Overview

Income Statement

Income Statement Public Storage shows a steady climb in revenue over the past five years, which suggests resilient demand for self‑storage space. Profitability looks strong, with healthy margins and operating profits holding up well as the business has grown. The one standout is a sharp jump in earnings a couple of years ago, followed by a step back to more normal profit levels. That pattern often reflects one‑time gains or accounting items rather than a permanent shift. Even after that normalization, earnings remain clearly higher than before the pandemic, indicating a stronger, more mature business than it was several years ago.

Balance Sheet

Balance Sheet The balance sheet has expanded meaningfully, with total assets growing as the company continues to invest in properties and scale up. Debt has risen over time, which is common for a real estate trust that finances property growth, but it does mean the business carries more financial obligations than it used to. Equity has also increased, which helps balance that leverage. Cash on hand is modest relative to total assets, but the business model relies more on steady rental cash flows than on large cash balances. Overall, the balance sheet looks like that of a large, established property owner that has leaned into growth while still maintaining a solid capital base.

Cash Flow

Cash Flow Cash generation is a clear strength. Operating cash flow has trended upward, reflecting the recurring nature of storage rents and relatively stable customer demand. After funding capital spending on new and existing facilities, there is still a comfortable cushion of free cash flow left over. Investment needs, while meaningful, do not appear to be straining the company’s ability to generate surplus cash. This consistent cash profile is typical of well‑run storage and other rental businesses and helps support ongoing property investments and financial obligations.

Competitive Edge

Competitive Edge Public Storage holds a dominant position in a very fragmented industry. Its network of thousands of locations, nationwide brand, and marketing scale give it advantages that smaller local operators struggle to match. Being roughly as large as its next two biggest competitors combined gives it real cost and awareness benefits. The brand is widely recognized, and the company benefits from being a default choice for many consumers searching for storage. At the same time, the industry’s relatively low barriers to entry and the risk of local oversupply remain structural risks, so its size and brand are important for defending market share and pricing power.

Innovation and R&D

Innovation and R&D While this is not a traditional technology company, Public Storage has been active in digital and operational innovation. Its fully online rental process and contact‑free “eRental” platform, backed by a mobile app for access and payments, make the customer experience smoother and more modern than many smaller rivals can offer. Moving core systems to a major cloud provider sets the stage for more advanced data and technology use. Looking ahead, the company appears focused on upgrades in security, automation, personalization, and sustainability—areas that can deepen customer trust, reduce costs, and further differentiate its properties without needing classic laboratory‑style R&D.

Summary

Overall, Public Storage looks like a mature, scaled real estate operator with a strong franchise in self‑storage. Revenues and underlying profits have grown steadily, despite a noisy one‑time earnings spike in the middle of the period. The balance sheet shows meaningful use of debt to expand, but also a solid equity base to support that growth. Cash flows are robust and consistent, which fits the recurring‑rent nature of its business model. Combined with a leading market share, strong brand, and continued digital and operational improvements, the company appears well‑positioned within its niche, while still facing the usual real‑estate risks of leverage, interest rates, and local competition.