# Public Storage (PSA) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/PSA/thesis · /stocks/PSA/memo

## Financial Snapshot

---
ticker: PSA
step: 04
generated: 2026-05-12
source: quick-research
---

### Public Storage (PSA) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026E |
|--------|--------|--------|--------|--------|---------|
| Revenue | $4.18B | $4.52B | $4.70B | $4.82B | $4.95-5.05B |
| Same-Store Revenue Growth | +14% | +6.5% | +1.5% | +1.0% | +1.5-2.5% |
| Same-Store NOI | +16% | +6% | +0.5% | +0.5% | +1-2% |
| Same-Store NOI Margin | 79.7% | 79.0% | 78.5% | 78.4% | 78%+ |
| Core FFO/Share | $16.85 | $16.89 | $16.67 | $16.97 | $16.35-17.00 |
| Net Income/Share | $14.45 | $13.05 | $12.50 | $12.80 | – |

Note: FY24 occupancy down ~80bps; FY25 same-store NOI growth slowed but occupancy stabilized late 2025 (+50bps YoY) — first increase in 4+ years.

#### Cash Flow & Balance Sheet (FY2025)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$3.0B |
| Same-Store NOI | ~$3.0B |
| Development Pipeline | $649M, 3.9M SF |
| Cash & Equivalents | ~$0.5B |
| Total Debt | ~$10-11B |
| Net Debt/EBITDA | ~3.5x |
| Dividend | $13.20/share

#### Key Ratios (approximate)
- P/AFFO: ~17x | EV/EBITDA: ~17x | FCF Yield: ~4%
- Revenue Growth (TTM): +2.7%
- Dividend Yield: ~4.1% | Dividend Growth: Modest
- A/A2 credit rating — best-in-class

#### Growth Profile
2026 PS4.0 initiative under new CEO Tom Boyle. NSA acquisition closes Q3 2026: $110-130M synergies + $0.35-0.50 FFO accretion. Supply growth moderating (new storage construction declining). Housing turnover at 40-year lows but bottoming. Occupancy stabilized at end-2025 = forward NOI growth inflection.

#### Forward Estimates
- **FY 2026**: Core FFO $16.35-17.00 (modest growth); same-store NOI +1-2%
- **FY 2027 (post-NSA close)**: Core FFO +6-8% with NSA synergies
- Long-term: 3-5% organic same-store NOI growth + acquisitions + development
- Housing turnover recovery as Fed rate cuts unlock existing home sales = multi-year tailwind

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/PSA/fundamental

## Navigation

- Overview: /stocks/PSA
- Financials (this page): /stocks/PSA/financials
- Thesis: /stocks/PSA/thesis
- Investment Memo: /stocks/PSA/memo
- Coverage universe: /stocks