# Public Storage (PSA)

> Source: Nexqual · https://nexqual.com/PSA · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Public Storage (PSA), nexqual.com/PSA" · informational, not investment advice.

**Price:** USD 309.13 (+3.63% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 298.31 · day 298–309.21 · 52w 256.54–335.55 · market cap $57.8B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.89B, net income $2.04B (41.8% margin) (SEC filings).
- Valuation: P/E 28.3x (avg 25.3x at the last 3 fiscal year-ends), net debt $9.92B.
- 1 of 80 tracked superinvestors hold PSA (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $772K; 2 not under a Rule 10b5-1 plan ($772K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.64 on a 1–5 scale) (22 analysts), mean target USD 329 (range 285–367).
- Total return with dividends: 1Y +5.1% vs S&P 500 +14.9%; 5Y +18.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-26, EPS estimate USD 2.29, revenue estimate $1.31B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.42B | $4.18B | $4.52B | $4.70B | $4.82B | $4.89B |
| Net income | $1.95B | $4.35B | $2.15B | $2.07B | $1.78B | $2.04B |
| EPS (diluted) | $9.87 | $23.50 | $11.06 | $10.64 | $9.01 | — |
| Net margin | 57.2% | 104.0% | 47.6% | 44.1% | 37.0% | 41.8% |
| Revenue growth | +17.2% | +22.4% | +8.0% | +3.9% | +2.7% | — |
| Cash + short-term investments | $735M | $775M | $370M | $447M | $318M | — |
| Total debt | $7.48B | $6.87B | $9.10B | $9.35B | $10.3B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 28.3x · P/S 11.8x · EV/Sales 13.8x · P/B 6.3x · Earnings yield 3.54% · Net debt $9.92B · EV $67.7B
P/E at fiscal year-ends: Dec 2025 25.6x, Dec 2024 25.4x, Dec 2023 25.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold PSA. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Christopher Davis | Davis Advisors | 0.05% | $12.0M | Reduced -8.5% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-13 | Vitan Nathaniel A. | Chief Legal Officer | 1,414 | $463K | 100% | No | Too little history (no open-market trades in 2025) |
| 2026-06-12 | Vitan Nathaniel A. | Chief Legal Officer | 950 | $309K | 40.2% | No | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.64 on a 1–5 scale), 22 analysts; mean target USD 329 (low 285, high 367).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | RBC Capital | Reiterated | Sector Perform | $318 |
| 2026-10-16 | UBS | Target lowered | Neutral | $326 → $294 |
| 2026-10-02 | Truist Securities | Target lowered | Buy | $338 → $317 |
| 2026-09-21 | Evercore ISI Group | Target lowered | In-Line | $319 → $308 |
| 2026-09-21 | JP Morgan | Target lowered | Neutral | $338 → $330 |
| 2026-09-10 | Barclays | Target raised | Equal-Weight | $350 → $351 |
| 2026-09-02 | Scotiabank | Target lowered | Sector Outperform | $346 → $343 |
| 2026-09-02 | Mizuho | Target raised | Neutral | $316 → $319 |
| 2026-08-19 | Barclays | Target raised | Equal-Weight | $349 → $350 |
| 2026-08-18 | Scotiabank | Target raised | Sector Outperform | $345 → $346 |
| 2026-07-31 | RBC Capital | Target raised | Sector Perform | $305 → $318 |
| 2026-07-10 | UBS | Target raised | Neutral | $314 → $326 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +5.1% | +18.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +5.1% | +3.4% |
| Volatility (annualized) | 23.5% | 24.6% |
| Max drawdown | -14.7% (Oct 2025→Jan 2026) | -36.1% (Apr 2022→Oct 2023) |

## Peers (REIT - Industrial)
EXR (Extra Space Storage Inc) USD 143.19 +2.37% · PLD (Prologis, Inc.) USD 126.66 -0.74% · EGP (EastGroup Properties, Inc.) USD 202.7 -0.30% · CUBE (CubeSmart) USD 40.15 +3.05% · LINE (Lineage, Inc.) USD 35.09 +2.42% · REXR (Rexford Industrial Realty, Inc.) USD 36.28 -1.41%

## More
Full page: https://nexqual.com/PSA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PSA's own 10-K filed 2026-02-12 (https://www.sec.gov/Archives/edgar/data/1393311/000162828026007696/psa-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Alphabet (Google) (GOOGL) | "Marketing initiatives, including our increasing dependence on Google to source customers, may fail to be effective and could negatively impact financial performance." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Self-storage facilities | $1.14B | 92.5% | +1.9% | $832.1M | 73.0% |
| Ancillary operations | $92.9M | 7.5% | +12.7% | $56.6M | 61.0% |
| Total revenue | $1.23B | 100% | — | $466.7M | 37.9% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Self-storage facilities | $1.14B | 92.5% | +1.9% |
| Ancillary operations | $92.9M | 7.5% | +12.7% |
| Total revenue | $1.23B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.29 | $2.21 | +3.9% | $1.31B | 4 |
| Next quarter (ends 2026-12-31) | $2.38 | $2.28 | +4.4% | $1.34B | 4 |
| Current fiscal year (ends 2026-12-31) | $9.85 | $9.85 | -0.0% | $5.07B | 2 |
| Next fiscal year (ends 2027-12-31) | $9.93 | $9.90 | +0.4% | $5.43B | 6 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-26): ±5.7%; last 8 reports averaged ±3.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 25.2% | ±5.7% |
| 2026-12-18 | 56 | 23.8% | ±7.8% |
| 2027-03-19 | 147 | 23.1% | ±11.9% |
| 2027-05-21 | 210 | 23.6% | ±14.1% |
| 2027-06-17 | 237 | 23.3% | ±14.9% |