Public Storage
PSA
$326.49
+0.18%
Public Storage is the largest owner and operator of self-storage facilities in the United States, with over 3,500 properties across 40 states and approximately 258 million square feet of rentable space, also holding equity interests in Europe's Shurgard Self Storage. As a dominant player in the self-storage REIT sector, it leverages its scale, brand recognition, and operational efficiency to maintain a competitive edge over smaller peers. The current investor narrative centers on the transformative $10.5 billion acquisition of National Storage Affiliates, announced in March 2026, which is expected to be immediately accretive to earnings and expand its portfolio significantly. Additionally, the stock has shown strong price appreciation in 2026, reflecting optimism about the deal's synergies and the broader recovery in self-storage demand, though integration risks and sector headwinds remain key debates.…
PSA
Public Storage
$326.49
Related headlines
PSA 12-Month Price Forecast
Wall Street consensus
Most Wall Street analysts maintain a constructive view on Public Storage's 12-month outlook, with a consensus price target around $336.41 and implied upside of +3.0% versus the current price.
Average Target
$336.41
0 analysts
Implied Upside
+3.0%
vs. current price
Analyst Count
—
covering this stock
Price Range
$285 - $379
Analyst target range
The wide target range (from $285 to $379) highlights significant uncertainty about the company's future, likely due to the integration of the National Storage Affiliates acquisition and its impact on earnings. The high target assumes successful integration and continued growth in self-storage demand, while the low target reflects concerns about integration risks, rising interest rates, and potential oversupply in the self-storage market. Recent institutional ratings show a mix of actions: Barclays downgraded from Overweight to Equal Weight in July 2026, while Truist Securities and Citigroup maintain Buy ratings, and UBS and Mizuho remain Neutral. The recent downgrade by Barclays and the overall hold consensus suggest that analysts are waiting for more clarity on the deal's execution before becoming more bullish.
PSA Technical Analysis
Public Storage's stock has been in a clear uptrend over the past year, with a 1-year price change of +19.2%, outperforming the S&P 500's +18.2% over the same period. The current price of $324.17 sits at 87% of its 52-week range (between $256.54 and $335.55), indicating the stock is trading near its highs, which suggests strong momentum but also potential overextension. The 6-month change of +17.4% and YTD change of +25.4% underscore a sustained bullish trend, with the stock consistently making higher lows and highs since the March 2026 dip.
Beta
0.94
0.94x market volatility
Max Drawdown
-17.1%
Largest decline past year
52-Week Range
$257-$336
Price range past year
Annual Return
+16.4%
Cumulative gain past year
| Period | PSA Return | S&P 500 |
|---|---|---|
| 1m | -1.0% | +3.6% |
| 3m | +5.7% | +5.1% |
| 6m | +15.4% | +13.8% |
| 1y | +16.4% | +22.2% |
| ytd | +26.3% | +13.1% |
Bobby - Your AI Investment Partner
Get real-time data, AI-driven personalized investment analysis to make smarter investment decisions
PSA Fundamental Analysis
Public Storage's revenue has shown steady growth, with Q1 2026 revenue of $1.2177 billion, up 2.9% year-over-year from $1.1832 billion in Q1 2025. The multi-quarter trend shows sequential increases from $1.2011 billion in Q2 2025 to $1.2240 billion in Q3 2025, though Q4 2025 dipped slightly to $1.2158 billion. The revenue growth is driven primarily by self-storage operations, which contributed $1.128 billion in Q1 2026, while ancillary operations added $89.6 million. The growth rate has moderated from the double-digit levels seen in 2022-2023, reflecting a normalization in self-storage demand, but the company continues to expand through acquisitions, notably the pending $10.5 billion National Storage Affiliates deal.
Quarterly Revenue
$1.2B
2026-03
Revenue YoY Growth
+2.9%
YoY Comparison
Gross Margin
72.1%
Latest Quarter
Free Cash Flow
$3.1B
Last 12 Months
Revenue & Net Income Trends (2 Years)
Revenue Breakdown
Open an Account, get $2 TSLA now!
Valuation Analysis: Is PSA Overvalued?
Given that Public Storage has positive net income, the PE ratio is the primary valuation metric. The trailing PE is 28.7x, while the forward PE is 35.3x, indicating that the market expects earnings to decline in the next year, which is unusual and may reflect the dilutive impact of the NSA acquisition or higher interest expenses. The gap between trailing and forward PE suggests the market is pricing in a near-term earnings contraction, which could be a red flag or an opportunity depending on the execution of the acquisition. The stock's PS ratio of 9.4x is significantly higher than the sector average, but this is typical for REITs with high margins.
PE
28.7x
Latest Quarter
vs. Historical
Mid-Range
5-Year PE Range 21x~42x
vs. Industry Avg
N/A
Industry PE ~N/A*
EV/EBITDA
17.1x
Enterprise Value Multiple