Public Storage

NYSE:PSA Stock Report

Market Cap: US$51.6b

Public Storage Valuation

Is PSA undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of PSA when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

US$458.1
Fair Value
36.0% undervalued intrinsic discount
19
Number of Analysts

Below Fair Value: PSA ($293.14) is trading below our estimate of fair value ($458.1)

Significantly Below Fair Value: PSA is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PSA?

Key metric: As PSA is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for PSA. This is calculated by dividing PSA's market cap by their current earnings.
What is PSA's PE Ratio?
PE Ratio31.9x
EarningsUS$1.61b
Market CapUS$51.65b

Price to Earnings Ratio vs Peers

How does PSA's PE Ratio compare to its peers?

The above table shows the PE ratio for PSA vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average37.3x
EXR Extra Space Storage
31x5.17%US$31.7b
CUBE CubeSmart
24.3x0.27%US$9.2b
NSA National Storage Affiliates Trust
49.6x-16.33%US$3.9b
DLR Digital Realty Trust
44.3x-7.29%US$60.8b
PSA Public Storage
31.9x7.92%US$51.6b

Price-To-Earnings vs Peers: PSA is good value based on its Price-To-Earnings Ratio (31.9x) compared to the peer average (37.3x).

Price to Earnings Ratio vs Industry

How does PSA's PE Ratio compare vs other companies in the US Specialized REITs Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No more companies available in this PE range
PSA 31.9xIndustry Avg. 29.0xNo. of Companies5PE020406080100+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: PSA is expensive based on its Price-To-Earnings Ratio (31.9x) compared to the US Specialized REITs industry average (29x).

Price to Earnings Ratio vs Fair Ratio

What is PSA's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PSA PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio31.9x
Fair PE Ratio35.8x

Price-To-Earnings vs Fair Ratio: PSA is good value based on its Price-To-Earnings Ratio (31.9x) compared to the estimated Fair Price-To-Earnings Ratio (35.8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst PSA forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$293.14
US$322.47
+10.01%
5.27%US$350.00US$287.00n/a19
Oct ’26US$290.68
US$322.21
+10.85%
5.31%US$350.00US$287.00n/a19
Sep ’26US$294.59
US$322.74
+9.55%
5.12%US$350.00US$287.00n/a19
Aug ’26US$278.89
US$331.42
+18.84%
7.91%US$380.00US$287.00n/a19
Jul ’26US$298.09
US$331.74
+11.29%
7.26%US$380.00US$287.00n/a19
Jun ’26US$308.41
US$332.89
+7.94%
7.40%US$380.00US$287.00n/a18
May ’26US$300.00
US$329.42
+9.81%
7.39%US$378.00US$287.00n/a19
Apr ’26US$298.86
US$334.00
+11.76%
6.15%US$378.00US$299.00n/a18
Mar ’26US$303.62
US$337.22
+11.07%
6.55%US$378.00US$299.00n/a18
Feb ’26US$298.48
US$338.61
+13.45%
6.74%US$378.00US$299.00n/a18
Jan ’26US$299.44
US$346.00
+15.55%
6.58%US$380.00US$298.00n/a18
Dec ’25US$348.05
US$345.78
-0.65%
7.64%US$388.00US$298.00n/a18
Nov ’25US$323.66
US$348.44
+7.66%
9.06%US$421.00US$298.00n/a18
Oct ’25US$360.06
US$342.67
-4.83%
10.71%US$422.00US$250.00US$290.6818
Sep ’25US$343.72
US$330.53
-3.84%
9.48%US$378.00US$250.00US$294.5917
Aug ’25US$300.08
US$311.82
+3.91%
6.22%US$335.00US$250.00US$278.8917
Jul ’25US$283.13
US$307.76
+8.70%
6.21%US$330.00US$250.00US$298.0917
Jun ’25US$273.83
US$310.47
+13.38%
6.95%US$348.00US$250.00US$308.4117
May ’25US$260.15
US$311.00
+19.55%
8.00%US$348.00US$250.00US$300.0017
Apr ’25US$286.50
US$310.35
+8.33%
8.33%US$348.00US$250.00US$298.8617
Mar ’25US$283.24
US$308.69
+8.98%
8.26%US$348.00US$250.00US$303.6216
Feb ’25US$286.46
US$311.53
+8.75%
8.06%US$344.00US$250.00US$298.4815
Jan ’25US$305.00
US$306.43
+0.47%
5.32%US$339.00US$278.00US$299.4414
Dec ’24US$266.00
US$293.57
+10.37%
6.85%US$330.00US$250.00US$348.0514
Nov ’24US$242.59
US$307.57
+26.79%
9.96%US$367.00US$250.00US$323.6614
Oct ’24US$263.52
US$322.92
+22.54%
8.56%US$367.00US$250.00US$360.0613
US$322.47
Fair Value
9.1% undervalued intrinsic discount
19
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/10/08 16:40
End of Day Share Price 2025/10/08 00:00
Earnings2025/06/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Public Storage is covered by 47 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Jacob KilsteinArgus Research Company
Richard MilliganBaird
Ross SmotrichBarclays