Public Storage PSA

NYSE · Real Estate Investment Trusts · $60.2B

$340.50−0.66%Nov 5 close · Databento

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PSA Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $340.501D −0.66%3M +4.54%SMA20 $309.28SMA50 $300.04RSI(14) 76.8

340.50

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 76.8

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$60.2B

Enterprise value$70.1B

Revenue$4.8B +2.7%

ROIC7.4%

EPS, diluted$9.01 −15.3%

Modern Valuation (EOD)

Market Cap$60.2B

Enterprise Value$70.1B

EV / True FCF—

EV / FCF—

EV / Gross Profit—

EV / EBIT49.28

EV / Sales14.54

P / E (GAAP)33.74

P / FCF—

P / Oper. CF18.89

P / Book6.44

Owner & Cash Yields

True FCF Yield—

FCF Yield—

Owner Earn. Yield—

Earnings Yield3.0%

Shareholder Yield+1.5%

Buyback Yield0.0%

Dividend Yield3.52%

Dividend / sh$12.00

Payout Ratio54%

FCF / sh—

EPS (diluted)$9.01

Compounder & Returns

Rule of 40—

ROIC7.4%

Cash ROIC (CROIC)—

GP / Assets—

ROE19.1%

ROA8.8%

Gross Margin—

Oper. Margin29.5%

Net Margin37.0%

FCF Margin—

True FCF Margin—

Quality & Dilution

Cash Conversion—

Accrual Ratio−6.9%

SBC % of FCF—

SBC % of Rev0.8%

Reinvest. Rate—

Sales Growth Y/Y+2.7%

Sales 3Y CAGR+4.9%

EPS Growth Y/Y−15.3%

FCF Growth Y/Y—

FCF 3Y CAGR—

Share Change Y/Y−0.1%

Balance Sheet & Scale

Revenue (FY)$4.8B

Gross Profit (FY)—

Oper. Income (FY)$1.4B

GAAP Net Income$1.8B

True FCF (ex-SBC)—

Cash & Equiv$318.1M

Total Debt$10.3B

Net Cash (Debt)$-9.9B

Net Cash % MCap−16.5%

Debt / FCF (yrs)—

Current Ratio—186.84M sh

Price & Technicals (EOD)

Perf Week+7.39%

Perf Month+20.75%

Perf Quarter+3.68%

Perf Half Y+10.08%

Perf YTD+9.08%

SMA 20 Dist+10.10%$309.28

SMA 50 Dist+13.49%$300.04

SMA 100 Dist+9.45%$311.11

Window High−0.66%$342.76

Window Low+20.89%$281.66

RSI (14) · Vol76.824%v

Income Distribution & Cash Flow ConversionHow every dollar of PSA revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$739.7M ($15.3 / $100)

Operating Expenses$2.7B ($55.2 / $100)

Tax & Non-Operating$0 ($0.0 / $100)

Net Profit Kept$1.8B ($29.5 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$1.8B (37.0% margin)

Operating Cash Flow (OCF)$3.2B(66.1% of rev)

Less: Capital Expenditures—

Standard Free Cash Flow (FCF)—

Less: Stock-Based Comp (SBC)−$39.9M

True FCF (Owner Cash ex-SBC)—

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$3.4B	$4.2B	$4.5B	$4.7B	$4.8B	+2.7%	+9.0%
Cost of Revenue (COGS)	—	—	—	—	$739.7M	—	—
Operating Income (EBIT)	—	—	—	—	$1.4B	—	—
Interest Expense	$90.8M	$136.3M	$201.1M	$287.4M	$304.5M	+5.9%	+35.3%
Income Tax Expense	$12.4M	$14.3M	$10.8M	$4.7M	$-7.2M	−254.8%	—
GAAP Net Income	$2.0B	$4.3B	$2.1B	$2.1B	$1.8B	−13.9%	−2.2%
Diluted EPS	$9.87	$23.50	$11.06	$10.64	$9.01	−15.3%	−2.3%
Diluted Shares	175.6M	176.3M	176.1M	176.0M	175.9M	−0.1%	+0.0%
Balance Sheet
Cash & Equivalents	$761.3M	$805.2M	$400.4M	$447.4M	$318.1M	−28.9%	−19.6%
Total Assets	$17.4B	$17.6B	$19.8B	$19.8B	$20.2B	+2.3%	+3.8%
Total Debt (Short + Long Term)	$7.5B	$6.9B	$9.1B	$9.4B	$10.3B	+9.6%	+8.2%
Total Liabilities	$8.0B	$7.4B	$9.7B	$9.9B	$10.9B	+9.3%	+8.1%
Stockholders' Equity	$9.4B	$10.2B	$10.1B	$9.8B	$9.3B	−4.8%	−0.0%
Net Cash / (Net Debt)	$-6.7B	$-6.1B	$-8.7B	$-8.9B	$-9.9B	−11.6%	—
Invested Capital	$16.1B	$16.2B	$18.8B	$18.7B	$19.3B	+3.0%	+4.7%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$2.5B	$3.1B	$3.2B	$3.1B	$3.2B	+1.9%	+5.8%
Depreciation & Amortization (D&A)	$713.4M	$888.1M	$970.1M	$1.1B	$1.2B	+2.0%	+12.7%
Stock-Based Compensation (SBC)	$59.8M	$56.7M	$41.6M	$44.7M	$39.9M	−10.8%	−9.6%
Share Repurchases (Buybacks)	—	$0	$0	$200.0M	$0	−100.0%	—
Dividends Paid	—	—	—	—	$967.9M	—	—

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what PSA did at the next close after each story

No Wire story has named PSA yet.

What happened · big days

10 big days in a year, and what we hold on each

A big day is a close more than 3.00% from the one before, three times PSA’s median day (1.00%). On 3 of the 10, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±3.00%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayPSAWhat we hold that dayGroup (median of 4) · each

1 Jan 6, 2026+3.61%
Before our storiesgroup +0.1%, did not move with it
1Jan 6, 2026+3.61%
Before our stories
+0.1% did not move with itEQIX +2.1 · WELL +0.5 · AMT −0.2 · PLD −1.7
2 Feb 4, 2026+3.21%
Before our storiesgroup +1.0%, did not move with it
2Feb 4, 2026+3.21%
Before our stories
+1.0% did not move with itPLD +2.2 · AMT +2.0 · EQIX +0.0 · WELL −1.1
3 Mar 20, 2026−4.16%
Before our storiesgroup −2.8%, moved with PSA
3Mar 20, 2026−4.16%
Before our stories
−2.8% moved with PSAWELL −4.9 · AMT −3.3 · PLD −2.4 · EQIX −1.6
4 Apr 8, 2026+3.85%
Before our storiesgroup +1.4%, did not move with it
4Apr 8, 2026+3.85%
Before our stories
+1.4% did not move with itPLD +3.1 · WELL +1.6 · AMT +1.2 · EQIX +1.0
5 May 6, 2026+3.40%
Before our storiesgroup +1.1%, did not move with it
5May 6, 2026+3.40%
Before our stories
+1.1% did not move with itPLD +1.9 · AMT +1.1 · WELL +1.0 · EQIX +0.9
6 May 15, 2026−3.48%
Before our storiesgroup −1.7%, did not move with it
6May 15, 2026−3.48%
Before our stories
−1.7% did not move with itEQIX −1.9 · WELL −1.8 · PLD −1.5 · AMT +0.1
7 Jun 9, 2026+3.79%
Before our storiesgroup +2.1%, moved with PSA
7Jun 9, 2026+3.79%
Before our stories
+2.1% moved with PSAWELL +3.4 · PLD +3.3 · AMT +0.9 · EQIX −0.3
8 Jul 16, 2026+3.12%
Nothing on PSAgroup +1.8%, moved with PSA
8Jul 16, 2026+3.12%
Nothing on PSANo PSA story, brief or results filing in our record that day
+1.8% moved with PSAPLD +4.6 · WELL +3.5 · AMT +0.2 · EQIX −1.3
9 Jul 30, 2026−3.64%
Resultsgroup −0.9%, did not move with it
9Jul 30, 2026−3.64%
ResultsFirst close after the Jul 29 results filing
−0.9% did not move with itAMT −2.7 · WELL −2.3 · PLD +0.5 · EQIX +3.9
10 Oct 22, 2026+3.63%
Nothing on PSAgroup +0.3%, did not move with it
10Oct 22, 2026+3.63%
Nothing on PSANo PSA story, brief or results filing in our record that day
+0.3% did not move with itAMT +2.2 · WELL +1.4 · PLD −0.7 · EQIX −4.3

A story on the same day is not a cause, and a group move is not proof either. Group: the median of WELL, PLD, EQIX and AMT that day, the largest companies in PSA’s SEC industry; “moved with PSA” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). PSA reports after the close, so day 1 is the next close. Each time, day 6 ended on the same side as day 1.

Reported Feb 12, 2026

day 1+2.73%day 6+4.41%

Reported Apr 27, 2026

day 1−2.73%day 6−2.18%

Reported Jul 29, 2026

day 1−3.64%day 6−0.74%

Reported Oct 26, 2026

day 1+1.79%day 6+8.61%

Next report: expected late January to mid FebruaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 26 report: +11.66%. Four reports is a small sample.

Every report since 2023 →

Each line is PSA’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

PSA against four REIT peers, a year at 100

PSA is up 23.3% in a year. Welltower is up 30.3% and Equinix 27.8%. Of these four, American Tower (+9.5%) and Prologis (+4.6%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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PSA +23.3%. Welltower +30.3%, Equinix +27.8%, American Tower +9.5%, Prologis +4.6%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in PSA’s SEC industry (Real Estate Investment Trusts) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

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WELL	Welltower	$178.7B	−1.03%
PLD	Prologis	$122.5B	−2.14%
EQIX	Equinix	$104.0B	−5.38%
AMT	American Tower	$90.8B	−0.45%
SPG	Simon Property	$74.6B	−0.85%
DLR	Digital Realty Trust	$65.0B	−5.52%
O	Realty Income	$56.0B	+0.47%
VTR	Ventas	$45.8B	−0.18%