# Public Storage (PSA) — Stock CV

Public Storage is a $54.1B real estate company. Revenue grew 3.0% over the last year, it keeps 42¢ of every dollar of sales as profit, and its net debt equals ~3.1 years of free cash flow. It trades at 26.5× earnings — around the middle of its own history.

> Public Storage is the largest owner of self-storage facilities in the US, with more than 3,500 self-storage facilities in 40 states and approximately 258 million square feet of rentable space. Through equity interests, it also has exposure to the European self-storage market through Shurgard Self Storage.

## Identity

- **Ticker**: PSA
- **Sector**: Real Estate
- **Industry**: Real Estate Investment Trusts
- **Headquarters**: FRISCO, TX
- **Employees**: 5 770
- **Website**: https://www.publicstorage.com
- **Market cap**: $54.1B
- **Last price**: $289.57
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $4.89B
- **Net income**: $2.04B
- **Free cash flow**: $3.17B
- **Net debt**: $9.94B
- **P/E**: 26.5
- **Revenue growth (YoY)**: 3.0%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 42 |
| Growth | 24 |
| Profitability | 82 |
| Health | 15 |
| Quality | 52 |
| Moat | 70 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +3.0% YoY
- [x] Profitable — $2.04B TTM
- [ ] Profit growing — -25.6% YoY
- [x] Generates cash — $3.17B TTM
- [x] Debt under control — ~3.1y of cash flow to repay
- [x] Established company — $54.1B market cap
- [x] Not printing shares — +0.7% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 18/100
- [x] Pays a dividend — yield 4.25%
- [x] Valuation not extreme — P/E 26.5

## Experience (career milestones)

- **2026** — The company announced the anticipated closing date for the acquisition of National Storage Affiliates…
- **2023** — The company bid to acquire Life Storage but was outbid by Extra Space Storage
- **FY2022** — Best year on record: $4.35B net income
- **2021** — The company acquired the 48-property ezStorage portfolio
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $2.56B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2006** — It acquired Shurgard Storage Centers, an owner and operator of storage facilities in Europe, in a $5.5…
- **2000** — Public Storage had attempted to acquire the company in 2000 and again in 2005, but its offers were rejected
- **1998** — Public Storage acquired Storage Trust Realty in a $400 million transaction
- **1995** — The private company was re-structured as a publicly traded REIT in 1995
- **1995** — PS Orangeco was created as a subsidiary, selling boxes, packaging, truck rentals
- **1972** — Public Storage Inc. was founded in 1972 by B
- **1972** — Hughes partnered with Kenneth Volk and the two founded Public Storage in August 1972 with a $50,000 initial…

## Strengths

- High gross margin (72.5%)
- Strongly profitable — 41.8% net margin
- Strong cash conversion — FCF is 64.9% of revenue

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $3.42B | $1.95B | $2.54B |
| FY2022 | $4.18B | $4.35B | $3.12B |
| FY2023 | $4.52B | $2.15B | $3.25B |
| FY2024 | $4.70B | $2.07B | $3.13B |
| FY2025 | $4.82B | $1.78B | $3.19B |

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Source: https://stockcv.com/PSA — derived from company filings; may be delayed or incomplete. Information, not investment advice.