Public Storage PSA
Public Storage is a buy at $302.86 following a ~7% pullback from August highs that has pushed RSI to 31.2 (oversold) and the stock back near its 200-day moving average ($297.30). Q2 2026 results showed meaningful earnings improvement with diluted EPS of $2.55 versus $1.76 in Q2 2025, and the company has beaten consensus EPS estimates in each of the last four quarters.
The valuation is reasonable at 28.82x P/E—roughly 6.8% below the peer median of 30.93—and free cash flow remains robust at $2.90B (FY2025, FCF margin 60.05%), while the just-completed $1.2B Public Storage Canada acquisition extends the platform. The combination of technical oversold conditions, improving quarterly earnings momentum, and institutional accumulation (multiple new 13F positions reported in August) creates an attractive entry point.
What could go wrong
- Rising leverage. Total debt climbed to $10.25B in FY2025 from $9.35B in FY2024, and the $1.2B PS Canada acquisition adds further balance sheet pressure during integration.
- Revenue growth deceleration. FY2025 revenue growth was just 2.74% YoY, and Q2 2026 revenue grew only 2.65% YoY, suggesting limited top-line acceleration despite acquisitions.
- P/S premium to peers. At 11.55x P/S versus a peer median of 8.64x (a 33.7% premium), the stock carries elevated price-to-sales risk if earnings momentum stalls.
- Bearish MACD signal. MACD line at -3.43 with histogram at -2.48 indicates bearish momentum that could drive further downside toward the 200-day MA at $297.30.
What would change my mind
Where this comes from: quarterly_results · technicals · peer_relative · FMP TTM / derived_metrics. Orin's read on PSA; not advice.
Twelve months actual closes to 2026-09-23 · actual filings
50-day average 200-day average · volume below
On file
All PSA filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Vanguard Portfolio Management | $4.3B | 0.2% of fund |
| Vanguard Capital Management | $3.3B | 0.1% of fund |
| State Street | $3.2B | 0.1% of fund |
| Price T Rowe Associates /Md/ | $1.8B | 0.2% of fund |
| Norges Bank | $1.4B | 0.1% of fund |
| Geode Capital Management | $1.4B | 0.1% of fund |
95 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 105 Form 4 filings, net $402.6M. Of the 50 on hand, 0 were open-market purchases and 2 sales— the rest are grants, option exercises and tax withholding.
Ask Orin about PSA
Orin answers questions about PSA from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 27.3× | 25.3× | 56.8× |
| EV/EBITDA | 18.7× | 17.5× | — |
| P/S | 10.93× | 11.74× | — |
| P/B | 5.5× | 5.3× | — |
Its P/E sits 80th percentile of its own last 5 years (+0.44σ from its own mean).
6.6%
free-cash-flow growth every year for 10 years, discounted at 10%, is what today’s price implies — starting from $2.9B of trailing free cash flow. It is an assumption the market is making, not a forecast Orin is making.
What Wall Street published
$328
$308 – $351 · +14% against today's price
- 11 buy or overweight
- 23 hold
- 2 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| PSAPublic Storage | $53B | 27.3× | 18.7× | 60.4% | 41.8% | 22% |
| CBRECBRE Group, Inc. | $39B | 31.1× | 17.9× | 17.7% | 3.0% | 15% |
| CCICrown Castle Inc. | $31B | 28.4× | 19.5× | 63.2% | 25.8% | -52% |
| DLRDigital Realty Trust, Inc. | $67B | 83.6× | 24.5× | 13.8% | 11.7% | 3% |
| EXRExtra Space Storage Inc. | $28B | 29.5× | 13.3× | 23.0% | 28.0% | 7% |
| ORealty Income Corporation | $52B | 40.6× | 12.2× | 68.6% | 22.3% | 3% |
| REXRRexford Industrial Realty, Inc. | $9B | — | — | 61.0% | -39.7% | -5% |
| SPGSimon Property Group, Inc. | $66B | 14.4× | 12.1× | 84.6% | 66.4% | 109% |
The median is of the 6 peers listed above and nothing else — check it against the column. This company trades 10.0% below it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Discounted cash flow
| Model | Fair value | Against | Computed |
|---|---|---|---|
| Standard DCF | $462 | $329.19 · +40% | 2026-06-10 |
| Levered DCF | $349 | $329.19 · +6% | 2026-06-10 |
The vendor’s intrinsic-value models. Treat them as a low-growth anchor — for a fast grower the market routinely pays well above a DCF. These were computed against the price in the “against” column, not today’s.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.