Recent News
On September 26, 2025 Public Storage’s subsidiary, Public Storage Operating Company, priced a €425 million senior note offering due 2034 at a 3.50% coupon, intended to refinance maturing euro debt and support acquisitions and general corporate purposes. On December 8, 2025 the company issued an operating update covering activity through November 30, 2025, reporting modest declines in move‑in rent per square foot for new tenants and noting acquisition activity of 88 facilities under contract for roughly $949.4 million year‑to‑date.
Technical Analysis
Directional indicators show emerging trend strength: ADX at 20.95 signals an emerging trend rather than a strong directional regime, while DI‑ executed a dip‑and‑reversal and DI+ executed a peak‑and‑reversal, both indicating growing bearish directional pressure that weighs on near‑term upside potential.
Momentum measures present bearish momentum: MACD sits at -3.69 with a peak‑and‑reversal and remains below its signal line (-3.25), a configuration that confirms recent bearish momentum and reduces the likelihood of immediate bullish acceleration absent a MACD cross above the signal.
Regression momentum offers a counterpoint: MRO at -21.06 sits negative, indicating price below WMDST’s target and therefore upside potential toward the target; the MRO trend shows increasing values, which supports a growing mean‑reversion pressure that could temper pure downside moves.
RSI at 42.54 with a peak‑and‑reversal notes weak near‑term momentum below the midline, reinforcing the technical bias toward limited immediate strength and aligning with the MACD and directional indicators.
Price sits below short‑ and medium‑term averages: last close $259.15 trails the 20‑day average $269.87, the 50‑day average $280.80, and the 200‑day average $286.39, while price sits near the lower Bollinger band (lower 1σ $263.58; lower 2σ $257.29) and below the Ichimoku cloud short components (Tenkan/Kijun $268.78). Elevated volume at 3,363,089 versus 10‑day average 1,588,583 and 200‑day average 897,262 suggests conviction behind recent moves; the SuperTrend upper level at $271.46 functions as near‑term resistance to any rebound attempt.
Fundamental Analysis
Operating performance shows margin strength and cash generation. EBIT $597.3M and EBITDA $887.7M accompany an EBIT margin of 48.8%, which sits above the industry peer mean (47.63%) and just below the industry peer median (51.22%). Operating margin at 47.01% exceeds the industry peer high (45.47%), supporting a premium operational valuation component.
Revenue and earnings growth present mixed timing signals: year‑over‑year revenue growth recorded at 54.11% and quarter‑over‑quarter revenue growth at 26.22% show strong top‑line momentum; reported EPS $2.62 beat the $2.54 estimate by $0.08, an EPS surprise of 3.15%.
Cash flow profile supports distributions but highlights payout tension. Free cash flow $799.15M generates a free cash flow yield near 1.56%, slightly above the industry peer mean (1.38%). Operating cash flow $875.09M and cash flow to earnings at 156.37% underline solid cash conversion, yet dividend payout ratio stands at 112.68% with dividend coverage at 88.75%, indicating dividends exceed current earnings and rely on cash flow and retained capital.
Leverage and coverage present a mixed credit picture. Total debt $10.04B with net debt ~$9.75B produces debt/EBITDA around 11.31x, reflecting elevated leverage for the sector, while interest coverage about 7.50x sits near the industry peer high (7.48x), indicating adequate ability to service interest despite higher nominal leverage.
Valuation multiples diverge across metrics: price‑to‑book at 10.35x and price‑to‑sales at 41.97x exceed the industry peer mean values (P/B mean 2.00x; P/S mean 40.98x), while trailing P/E at 111.8x and forward P/E around 108.3x sit below the peer mean P/E but still reflect very high earnings multiples. Enterprise multiple near 68.85x lies modestly below the industry peer mean (74.87x). WMDST values the stock as over‑valued given high price multiples relative to earnings, elevated payout above earnings, and significant nominal leverage despite strong margins and cash generation.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-10-29 |
| NEXT REPORT DATE: | 2026-01-28 |
| CASH FLOW | Begin Period Cash Flow | $ 1.1 B |
| Operating Cash Flow | $ 875.1 M | |
| Capital Expenditures | $ -75.94 M | |
| Change In Working Capital | $ 61.3 M | |
| Dividends Paid | $ -575.86 M | |
| Cash Flow Delta | $ -808.14 M | |
| End Period Cash Flow | $ 296.5 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.2 B | |
| Forward Revenue | $ 270.3 M | |
| COSTS | ||
| Cost Of Revenue | $ 330.9 M | |
| Depreciation | $ 290.4 M | |
| Depreciation and Amortization | $ 290.4 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 648.6 M | |
| PROFITABILITY | ||
| Gross Profit | $ 893.2 M | |
| EBITDA | $ 887.7 M | |
| EBIT | $ 597.3 M | |
| Operating Income | $ 575.4 M | |
| Interest Income | $ 10.3 M | |
| Interest Expense | $ 79.7 M | |
| Net Interest Income | $ -69.36 M | |
| Income Before Tax | $ 517.6 M | |
| Tax Provision | $ 2.8 M | |
| Tax Rate | 0.547 % | |
| Net Income | $ 511.1 M | |
| Net Income From Continuing Operations | $ 514.8 M | |
| EARNINGS | ||
| EPS Estimate | $ 2.54 | |
| EPS Actual | $ 2.62 | |
| EPS Difference | $ 0.08 | |
| EPS Surprise | 3.15 % | |
| Forward EPS | $ 2.57 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 20.1 B | |
| Intangible Assets | $ 269.6 M | |
| Net Tangible Assets | $ 9.0 B | |
| Total Current Assets | $ 296.5 M | |
| Cash and Short-Term Investments | $ 296.5 M | |
| Cash | $ 296.5 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | $ 385.0 M | |
| LIABILITIES | ||
| Accounts Payable | — | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 664.4 M | |
| Net Debt | $ 9.7 B | |
| Total Debt | $ 10.0 B | |
| Total Liabilities | $ 10.7 B | |
| EQUITY | ||
| Total Equity | $ 5.0 B | |
| Retained Earnings | $ -1.15 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 28.28 | |
| Shares Outstanding | 175.463 M | |
| Revenue Per-Share | $ 6.98 | |
| VALUATION | Market Capitalization | $ 51.4 B |
| Enterprise Value | $ 61.1 B | |
| Enterprise Multiple | 68.855 | |
| Enterprise Multiple QoQ | -17.453 % | |
| Enterprise Multiple YoY | -4.567 % | |
| Enterprise Multiple IPRWA | high: 84.156 median: 77.223 mean: 74.869 PSA: 68.855 low: 34.181 |
|
| EV/R | 49.933 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 4.054 | |
| Asset To Liability | 1.879 | |
| Debt To Capital | 0.669 | |
| Debt To Assets | 0.499 | |
| Debt To Assets QoQ | -1.763 % | |
| Debt To Assets YoY | 4.367 % | |
| Debt To Assets IPRWA | high: 0.807 PSA: 0.499 mean: 0.385 median: 0.359 low: 0.146 |
|
| Debt To Equity | 2.024 | |
| Debt To Equity QoQ | -2.637 % | |
| Debt To Equity YoY | 12.371 % | |
| Debt To Equity IPRWA | PSA: 2.024 high: 1.8 mean: 0.767 median: 0.672 low: 0.187 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 10.353 | |
| Price To Book QoQ | 2.604 % | |
| Price To Book YoY | -5.476 % | |
| Price To Book IPRWA | PSA: 10.353 high: 3.329 mean: 2.005 median: 1.969 low: 0.655 |
|
| Price To Earnings (P/E) | 111.751 | |
| Price To Earnings QoQ | -1.385 % | |
| Price To Earnings YoY | -26.635 % | |
| Price To Earnings IPRWA | high: 185.137 median: 135.914 mean: 127.66 PSA: 111.751 low: -342.914 |
|
| PE/G Ratio | 72.097 | |
| Price To Sales (P/S) | 41.97 | |
| Price To Sales QoQ | -0.529 % | |
| Price To Sales YoY | -13.474 % | |
| Price To Sales IPRWA | high: 51.316 median: 46.75 PSA: 41.97 mean: 40.977 low: 3.38 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 108.311 | |
| Forward PE/G | 69.878 | |
| Forward P/S | 184.0 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 19.319 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.06 | |
| Asset Turnover Ratio QoQ | 0.652 % | |
| Asset Turnover Ratio YoY | 0.35 % | |
| Asset Turnover Ratio IPRWA | PSA: 0.06 high: 0.042 mean: 0.025 median: 0.023 low: 0.012 |
|
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 50.569 PSA: 0 median: -160.546 mean: -175.214 low: -351.27 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -3.327 | |
| CapEx To Revenue | -0.062 | |
| CapEx To Depreciation | -0.262 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 19.4 B | |
| Net Invested Capital | $ 15.0 B | |
| Invested Capital | $ 15.0 B | |
| Net Tangible Assets | $ 9.0 B | |
| Net Working Capital | $ -367.93 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.446 | |
| Current Ratio | 0.446 | |
| Current Ratio QoQ | -74.76 % | |
| Current Ratio YoY | -53.859 % | |
| Current Ratio IPRWA | high: 2.308 mean: 0.85 median: 0.745 PSA: 0.446 low: 0.134 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 11.314 | |
| Cost Of Debt | 0.774 % | |
| Interest Coverage Ratio | 7.495 | |
| Interest Coverage Ratio QoQ | 23.026 % | |
| Interest Coverage Ratio YoY | 9.147 % | |
| Interest Coverage Ratio IPRWA | PSA: 7.495 high: 7.476 median: 4.391 mean: 3.702 low: -4.558 |
|
| Operating Cash Flow Ratio | 1.206 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 0.887 | |
| Dividend Payout Ratio | 1.127 | |
| Dividend Rate | $ 3.28 | |
| Dividend Yield | 0.011 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -2.079 % | |
| Revenue Growth | 1.911 % | |
| Revenue Growth QoQ | 26.222 % | |
| Revenue Growth YoY | 54.113 % | |
| Revenue Growth IPRWA | high: 8.385 % PSA: 1.911 % mean: 1.506 % median: 1.374 % low: -5.53 % |
|
| Earnings Growth | 1.55 % | |
| Earnings Growth QoQ | -76.558 % | |
| Earnings Growth YoY | -108.246 % | |
| Earnings Growth IPRWA | high: 71.429 % median: 34.426 % mean: 8.525 % PSA: 1.55 % low: -200.0 % |
|
| MARGINS | ||
| Gross Margin | 72.971 % | |
| Gross Margin QoQ | -0.752 % | |
| Gross Margin YoY | 0.077 % | |
| Gross Margin IPRWA | high: 87.708 % median: 74.98 % mean: 74.301 % PSA: 72.971 % low: 68.132 % |
|
| EBIT Margin | 48.797 % | |
| EBIT Margin QoQ | 34.346 % | |
| EBIT Margin YoY | 13.672 % | |
| EBIT Margin IPRWA | high: 96.125 % median: 51.225 % PSA: 48.797 % mean: 47.628 % low: -6.874 % |
|
| Return On Sales (ROS) | 47.01 % | |
| Return On Sales QoQ | -1.829 % | |
| Return On Sales YoY | 9.509 % | |
| Return On Sales IPRWA | PSA: 47.01 % high: 45.473 % median: 40.318 % mean: 39.868 % low: 4.248 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 799.1 M | |
| Free Cash Flow Yield | 1.556 % | |
| Free Cash Flow Yield QoQ | -3.534 % | |
| Free Cash Flow Yield YoY | 30.209 % | |
| Free Cash Flow Yield IPRWA | high: 5.891 % PSA: 1.556 % median: 1.399 % mean: 1.38 % low: -1.673 % |
|
| Free Cash Growth | -2.229 % | |
| Free Cash Growth QoQ | -108.468 % | |
| Free Cash Growth YoY | -83.137 % | |
| Free Cash Growth IPRWA | high: 46.522 % median: 16.591 % mean: 9.498 % PSA: -2.229 % low: -52.163 % |
|
| Free Cash To Net Income | 1.564 | |
| Cash Flow Margin | 65.474 % | |
| Cash Flow To Earnings | 1.568 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 2.514 % | |
| Return On Assets QoQ | 40.84 % | |
| Return On Assets YoY | 15.639 % | |
| Return On Assets IPRWA | PSA: 2.514 % high: 2.005 % median: 0.78 % mean: 0.772 % low: -1.168 % |
|
| Return On Capital Employed (ROCE) | 3.071 % | |
| Return On Equity (ROE) | 0.103 | |
| Return On Equity QoQ | 44.325 % | |
| Return On Equity YoY | 25.889 % | |
| Return On Equity IPRWA | PSA: 0.103 high: 0.03 median: 0.015 mean: 0.015 low: -0.044 |
|
| DuPont ROE | 10.236 % | |
| Return On Invested Capital (ROIC) | 3.959 % | |
| Return On Invested Capital QoQ | 41.595 % | |
| Return On Invested Capital YoY | -104.677 % | |
| Return On Invested Capital IPRWA | PSA: 3.959 % high: 1.759 % median: 1.21 % mean: 1.209 % low: 0.151 % |
|