Public Storage

NYSE:PSA Stock Report

Market Cap: US$55.0b

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.

Below Fair Value: PSA ($299.88) is trading below our estimate of fair value ($540.55)

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 Ratio30.9x
EarningsUS$1.70b
Market CapUS$55.03b

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 Average57.6x
EXR Extra Space Storage
38.8x12.3%US$34.1b
CUBE CubeSmart
24.4x1.9%US$10.4b
NSA National Storage Affiliates Trust
20.7x-38.7%US$5.3b
DLR Digital Realty Trust
146.6x19.9%US$62.6b
PSA Public Storage
30.9x6.5%US$55.0b

Price-To-Earnings vs Peers: PSA is good value based on its Price-To-Earnings Ratio (30.9x) compared to the peer average (57.6x).

Price to Earnings Ratio vs Industry

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

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
SLVS Silver Star Properties REIT
0.4xn/aUS$25.91m
No more companies available in this PE range
PSA 30.9xIndustry Avg. 25.2xNo. of Companies4PE01632486480+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: PSA is expensive based on its Price-To-Earnings Ratio (30.9x) compared to the US Specialized REITs industry average (25.2x).

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 Ratio30.9x
Fair PE Ratio40.2x

Price-To-Earnings vs Fair Ratio: PSA is good value based on its Price-To-Earnings Ratio (30.9x) compared to the estimated Fair Price-To-Earnings Ratio (40.2x).

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$299.88
US$348.67
+16.3%
7.1%US$388.00US$298.00n/a18
Dec ’25US$348.05
US$345.78
-0.7%
7.6%US$388.00US$298.00n/a18
Nov ’25US$323.66
US$348.44
+7.7%
9.1%US$421.00US$298.00n/a18
Oct ’25US$360.06
US$342.67
-4.8%
10.7%US$422.00US$250.00n/a18
Sep ’25US$343.72
US$330.53
-3.8%
9.5%US$378.00US$250.00n/a17
Aug ’25US$300.08
US$311.82
+3.9%
6.2%US$335.00US$250.00n/a17
Jul ’25US$283.13
US$307.76
+8.7%
6.2%US$330.00US$250.00n/a17
Jun ’25US$273.83
US$310.47
+13.4%
7.0%US$348.00US$250.00n/a17
May ’25US$260.15
US$311.00
+19.5%
8.0%US$348.00US$250.00n/a17
Apr ’25US$286.50
US$310.35
+8.3%
8.3%US$348.00US$250.00n/a17
Mar ’25US$283.24
US$308.69
+9.0%
8.3%US$348.00US$250.00n/a16
Feb ’25US$286.46
US$311.53
+8.8%
8.1%US$344.00US$250.00n/a15
Jan ’25US$305.00
US$306.43
+0.5%
5.3%US$339.00US$278.00n/a14
Dec ’24US$266.00
US$293.57
+10.4%
6.9%US$330.00US$250.00US$348.0514
Nov ’24US$242.59
US$307.57
+26.8%
10.0%US$367.00US$250.00US$323.6614
Oct ’24US$263.52
US$322.92
+22.5%
8.6%US$367.00US$250.00US$360.0613
Sep ’24US$275.80
US$335.10
+21.5%
6.2%US$367.00US$305.00US$343.7210
Aug ’24US$279.35
US$341.00
+22.1%
5.8%US$367.00US$309.00US$300.0810
Jul ’24US$291.88
US$338.64
+16.0%
6.5%US$367.00US$294.00US$283.1311
Jun ’24US$283.43
US$340.55
+20.2%
6.1%US$367.00US$294.00US$273.8311
May ’24US$292.59
US$341.36
+16.7%
6.0%US$367.00US$294.00US$260.1511
Apr ’24US$302.14
US$338.18
+11.9%
6.9%US$367.00US$282.00US$286.5011
Mar ’24US$295.70
US$353.17
+19.4%
13.6%US$482.00US$282.00US$283.2412
Feb ’24US$305.94
US$338.92
+10.8%
8.9%US$400.00US$282.00US$286.4613
Jan ’24US$280.19
US$356.64
+27.3%
12.9%US$482.00US$290.00US$305.0014
Dec ’23US$295.48
US$356.64
+20.7%
12.9%US$482.00US$290.00US$266.0014

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

Discover undervalued companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/18 06:13
End of Day Share Price 2024/12/18 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

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 here.

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 .

Analyst Sources

Public Storage is covered by 43 analysts. 9 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