---
title: Public Storage (PSA) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/psa
ticker: PSA
as_of: 2026-10-17
sector: Real Estate
industry: REIT - Industrial
---
# Public Storage (PSA)

Public Storage (PSA) closed at $298.31 on Oct 16, 2026, undervalued by 1% vs its model value of $301.53 (from its own five-year median price to Cash FFO).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $298.31 (Oct 16, 2026) |
| Model value (from its own five-year median price to Cash FFO) | $301.53 |
| Price vs model | undervalued by 1% vs model |
| Range of that model | $289.21 – $325.60 |
| Market value | $55.7B |
| P/E (fiscal 2025) | 33.1 |
| Net margin (fiscal 2025) | 37.0% |
| Free cash flow (fiscal 2025) | — |
| Dividend yield (trailing twelve months) | 4.02% |
| Beta | 0.93 |
| Cost of capital (WACC) | 8.25% |
| Business classification | Mature & Stable (Low/slowing growth (~3% recent), High profitability (37% net margin), Highly cyclical earnings) |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 4.02% |
| Dividends per share, last 12 months | $12.00 |
| Coverage | — |
| Raised | — |
| Growth over 5 years | 8.4% a year |
| Latest payment | $3.00, ex-date Sep 15, 2026, paid Oct 6, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Dec 14, 2021 | $8.00 |
| To Sep 13, 2022 | $19.15 |
| To Sep 12, 2023 | $11.00 |
| To Sep 13, 2024 | $12.00 |
| To Sep 15, 2025 | $12.00 |
| Trailing twelve months (to Sep 15, 2026) | $12.00 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| P/Cash FFO · own history | primary | $301.53 | $289.21 | $325.60 |
| P/E · peers | cross check | $300.50 | $295.35 | $1,161.39 |
| P/E · own history | cross check | $271.63 | $241.70 | $313.88 |
| PEG | sanity check | $80.94 | $80.94 | $80.94 |
| EV/EBITDA · peers | cross check | $104.60 | $83.53 | $118.74 |
| EV/Revenue · peers | cross check | $76.36 | $66.44 | $144.86 |
| Dividend discount | cross check | $220.84 | $152.18 | $361.77 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 1 open-market sale ($463,133.4); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Oct 6, 2026 | SPOGLI RONALD P | Director | Grant / award | 6.28 | $1,795.1 |
| Oct 6, 2026 | HAVNER RONALD L JR | Director | Grant / award | 4.45 | $1,272 |
| Sep 30, 2026 | PETHERBRIDGE LUKE J | Director | Grant / award | 151 | — |
| Sep 30, 2026 | Mitra Shankh | Director | Grant / award | 339 | $95,882.8 |
| Sep 30, 2026 | WILLIAMS PAUL S | Director | Grant / award | 52 | $14,707.7 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Sep 16, 2026 | 8-K | 1.01 Entry into a Material Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1393311/000119312526393149/d130476d8k.htm |
| Sep 14, 2026 | 8-K | 7.01 Regulation FD Disclosure | https://www.sec.gov/Archives/edgar/data/1393311/000162828026061900/psa-20260914.htm |
| Sep 10, 2026 | 8-K | 1.01 Entry into a Material Agreement; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1393311/000119312526387986/d117471d8k.htm |
| Sep 10, 2026 | 424B5 | Prospectus supplement | https://www.sec.gov/Archives/edgar/data/1393311/000119312526387978/d112714d424b5.htm |
| Sep 9, 2026 | 424B5 | Prospectus supplement | https://www.sec.gov/Archives/edgar/data/1393311/000119312526385976/d112714d424b5.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Christopher Davis | 2026-06-30 | 37,740 | $12.0M |

1 tracked managers in all.

## About

Public Storage (PSA), an esteemed Real Estate Investment Trust (REIT) and a constituent of both the S&P 500 and FT Global 500 indices, concentrates its operations on the acquisition, development, ownership, and management of self-storage properties. By September 30, 2020, the company's substantial holdings included 2,504 self-storage facilities located across 38 U.S. states, collectively providing around 171 million net rentable square feet. Additionally, Public Storage held an approximate 35% common equity interest in Shurgard Self Storage SA (Euronext Brussels:SHUR), an entity that owned and operated 239 self-storage sites under the Shurgard brand in seven Western European countries, encompassing approximately 13 million net rentable square feet. Concurrently, it maintained an approximate 42% common equity interest in PS Business Parks, Inc. (NYSE:PSB), which, as of the same reporting…

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Source: https://sweetvaluelab.com/stocks/psa (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.