Public Storage (PSA) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Public Storage stock $233, price $341, that is 31.7% below the price, quality 66 out of 100. Rating: overvalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range $210.90 – $342.76 · fair‑value band $121.76 – $366.41 · the $340.50 price screens above the $232.54 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Public Storage, a member of the S&P 500, is a REIT that primarily acquires, develops, owns, and operates self-storage facilities.
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At March 31, 2026, we: (i) owned and/or operated 3,546 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 333 self-storage facilities located in seven Western European countries with approximately 19 million net rentable square feet operated under the Shurgard brand.
Public Storage was incorporated in 1972 in Maryland.
Stock analysis
Public Storage (PSA) currently trades at $340.50, while our model-based Fair Value estimate is $232.54, 32% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $291.39 per share, and 0 of the 16 models we run sit above the $340.50 price.
Bear case: the Asset-Based group reads lowest at $32.26, and 16 of the 16 models stay below the price. Data coverage for this calculation is high.
Scenario range: $121.76 (bear) to $366.41 (bull), the price of $340.50 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 66/100 (solid quality), in the Real Estate sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Public Storage reported revenue of $4.8B in FY2025 versus $3.4B in FY2021, a compound +9.0%/yr. Reported net income was $1.8B in FY2025, compounding −2.2%/yr from FY2021.
Key figures
Market cap $60.1B Large · P/E ratio 35.8 · P/S ratio 12.2 · EPS (TTM) $9.51 · Dividend yield 3.5% · Net margin 41.6% · Return on equity 21.9% · Return on assets (EBIT) 11.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 80 out of 100 (medium confidence).
What moves the price
The share trades about 1% below its 52-week high and 36% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −32% fair-value upside, at −32%, PSA screens cheaper than that median.
Fair Value models
Bear$121.76Fair Value $232.54Bull$366.41
Price $340.50 · Downside -31.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, one officer or director sold shares worth $771,697 and none bought.
SaleNathaniel A. VitanChief Legal Officer2× since Jun 12, 2026: 2,364 shares, avg. $326.44$771,697Aug 13, 2026
Plus 8 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.92/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+2.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.6%
Start year 2020 (pandemic). Over 10 years: +7.3% a year
Revenue growth 42 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.3%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+6.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.1%
Dividend (yield on the price)3.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.3.1% vs 3.0%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.48% → 47%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+11.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +8.7% a year for the price and +3.0% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (99 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Scale in self-storage delivers a moderate moat as the main strength, yet limited signals elsewhere and variable local competition restrict deeper quality conclusions.
Main risk: Peer-to-peer storage platforms such as Neighbor could draw customers away with significantly lower prices and more convenient residential locations, reducing occupancy rates or forcing Public Storage to cut rents and compress margins.
Bull case: Public Storage could integrate or partner with on-demand and P2P models while leveraging its scale, data analytics and brand to offer hybrid premium services that retain customers seeking reliability and security.
Bear case: Widespread adoption of cheaper peer-to-peer and valet storage options combined with sustained high refinancing costs could erode occupancy and margins, limiting growth in a fragmented sector with softer demand.
Public Storage is set to release third quarter results later this month following a recent leadership transition and the rollout of its PS4.0 strategy focused on customer experience, margins and platform performance. Our models currently see it as overvalued. Will the new executive team accelerate growth in a fragmented self-storage sector, or will softer demand trends continue to weigh on results?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Industrial · 51 stocks
Beats the industry median on 4/15 measures
Overall it trails its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside−31.7% · Below median
Profitability
Return on equity (12 months)21.9% · Top 25%
Return on assets8.8% · Top 25%
Net margin (12 months)41.6% · Below median
Operating margin (12 months)45.7% · Below median
Growth and dividend
Revenue growth (quarter YoY)3.3% · Above median
Dividend yield (12 months)3.5% · Bottom 25%
Balance sheet
Debt / equity1.11× · Highest 25%
Valuation Multiplesvs REIT - Industrial median · lower = cheaper
P/E (12 months)35.8× · Priciest 25%
P/B6.50× · Priciest 25%
P/S (12 months)12.24× · Priciest 25%
Price / free cash flow (fiscal year)20.8× · Pricier than median
EV/EBITDA20.4× · Priciest 25%
PEG4.11× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 8
FUTURE (revenue growth)17· sector 15
PAST (return on equity)88· sector 28
HEALTH (low debt)45· sector 77
DIVIDEND (yield)70· sector 100
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Public Storage Fair Value". https://www.fairvalue-calculator.com/stock/PSA
Frequently asked questions
Is Public Storage (PSA) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of $232.54 versus a price of $340.50, about 32% lower (overvalued).
What is the fair value of PSA?
Our model-based fair value for Public Storage is $232.54 (as of Nov 5, 2026), built from audited fundamentals. The current price: $340.50.
What is the quality score of PSA?
Public Storage has a Quality Score of 66/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Public Storage (PSA)?
Our model-based price target is the fair value of $232.54 (as of Nov 5, 2026) from 16 valuation models. Cautious scenario $121.76, optimistic scenario $366.41. It is a calculation from audited fundamentals, not an analyst target.
What is the Public Storage stock forecast for 2026?
Our models put fair value at $232.54, about 32% lower versus a price of $340.50 (overvalued). Cautious scenario $121.76, optimistic scenario $366.41. The calculation is refreshed regularly with new filings.
What is the revenue of Public Storage (PSA)?
Public Storage reported trailing-twelve-month revenue of about $4.9B (latest available figure, as of Nov 5, 2026).
Does Public Storage pay a dividend?
Public Storage currently shows a dividend yield of 3.52% relative to its recent price (as of Nov 5, 2026).
What growth is priced into Public Storage (PSA)?
For today's price to be fair in a discounted-cash-flow model, Public Storage would have to grow free cash flow by +11.3 % per year for five years (discount rate 9.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.6 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of PSA use?
Our models discount Public Storage at 9.1 %: a base by market capitalisation (large), damped by beta 0.93, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Public Storage that is +11.3 % per year a year over ten years, using the same discount rate (9.1 %) and the same formula as our fair value.
How much growth has Public Storage (PSA) delivered so far?
Over the past 5 years revenue at Public Storage grew +10.6 % a year. The price currently implies +11.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Public Storage (PSA) growing?
The median revenue growth in the sector is +2.8 % a year. That is the yardstick for the growth priced into Public Storage (+11.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Public Storage (PSA)?
The free-cash-flow yield on the price is 4.82 %: that much free cash flow Public Storage produces per unit of market value. When it exceeds the discount rate of our models (9.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Public Storage (PSA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Public Storage it is $232.54 per share (as of Nov 5, 2026), against a price of $340.50. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Public Storage stock overvalued or undervalued in 2026?
As of Nov 5, 2026, PSA trades above its calculated fair value: price $340.50, fair value $232.54, a gap of about −32% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PSA?
No. The price is what the market pays today ($340.50); the fair value is what the company's own numbers justify ($232.54). For Public Storage the two are $107.96 per share apart. That gap is exactly why we show both numbers side by side.
How much is Public Storage worth?
The market values Public Storage at about $60.1B (market capitalisation, as of Nov 5, 2026). Per share that is $340.50; our models calculate a fair value of $232.54 per share.
What do the bullish and bearish scenarios say about PSA?
Our models span a range for Public Storage: cautious scenario $121.76, base $232.54, optimistic $366.41 per share (as of Nov 5, 2026, price $340.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PSA?
Public Storage trades at a price-to-earnings ratio of 35.8 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $232.54 is built from several models across several years. Other multiples: PEG 4.1, P/B 6.5, P/S 12.2, EV/EBITDA 20.4.
What is the PEG ratio of PSA?
The PEG ratio of Public Storage is 4.11 (P/E divided by earnings growth, as of Nov 5, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Public Storage (PSA)?
Balance-sheet figures for Public Storage (as of Nov 5, 2026): return on equity 21.9%, debt of 1.11 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is PSA from its 52-week high?
Public Storage trades at $340.50, about 1% below its 52-week high of $342.76 and 36% above the low of $250.91 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of $232.54 is for.
Which stocks are comparable to Public Storage?
From the same area (Real Estate) we also value Prologis, Inc, Extra Space Storage Inc, EastGroup Properties, Inc, CubeSmart, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Public Storage stock attractive at the current price?
The data as of Nov 5, 2026: price $340.50, calculated fair value $232.54 (−32%), Quality Score 66/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PSA calculated?
We run Public Storage through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $232.54, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Public Storage itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Public Storage (PSA)?
The closing price on Nov 5, 2026 was $340.50. Our model-based fair value is $232.54, about 32% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Public Storage right now?
The model range is unusually wide ($121.76 to $366.41). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (66/100) and above fair value, neither a clear bargain nor a standout compounder. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Public Storage (PSA) come from?
Earnings per share at Public Storage grew +4.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +7.7 %, EBIT margin −0.7 %, tax rate +0.6 %, residual (interest, one-offs) −2.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Public Storage
How large is the market capitalisation of Public Storage (PSA)?
The market capitalisation of Public Storage is $60.1B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Public Storage (PSA)?
The price-to-sales ratio of Public Storage is 12.2 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Public Storage (PSA)?
Earnings per share at Public Storage are $9.51 (price ÷ EPS = P/E 35.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Public Storage (PSA)?
The dividend yield of Public Storage is 3.5% (payout 126%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Public Storage (PSA)?
The net margin of Public Storage is 41.6% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Public Storage (PSA)?
The return on equity (ROE) of Public Storage is 21.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Public Storage (PSA)?
On an EBIT basis the return on assets of Public Storage is 11.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Public Storage (PSA)?
The operating margin of Public Storage is 45.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Public Storage (PSA)?
Revenue at Public Storage is growing +3.3% versus a year earlier (3y avg +4.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Public Storage (PSA)?
Earnings per share at Public Storage are growing +45.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Public Storage (PSA) carry?
The net debt of Public Storage is $9.9B (fiscal year 2025, ≈ 3.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 5, 2026