Question 1

What is Public Storage's P/FCF ratio?

Accepted Answer

Public Storage (PSA) P/FCF ratio is 17.8× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Public Storage?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Public Storage specifically, the relevant sector benchmark is the current sector median of 17.0×.

Question 5

Is Public Storage's P/FCF ratio high or low?

Accepted Answer

Public Storage's P/FCF ratio of 17.8× is below its own 5-year average of 20.3× and above the sector median of 17.0×. That places the current reading at the 24th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Public Storage's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Public Storage (PSA) P/FCF ratio has ranged from a low of 8.7× in 2003 to a high of 35.2× in 2006. The 5-year average is 20.3× and the 5-year median is 19.0×.

Question 7

What was Public Storage's P/FCF ratio in 2025?

Accepted Answer

Public Storage (PSA) P/FCF ratio at the end of 2025 was 14.8×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Public Storage's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$45.53B	$3.09B	14.8×	-4.6×	Dec 31, 2025
2024	$52.46B	$2.71B	19.4×	+0.1×	Dec 31, 2024
2023	$53.58B	$2.79B	19.2×	+0.7×	Dec 31, 2023
2022	$49.13B	$2.66B	18.5×	-10.4×	Dec 31, 2022
2021	$65.57B	$2.27B	28.8×	+7.3×	Dec 31, 2021
2020	$40.30B	$1.87B	21.5×	+1.8×	Dec 31, 2020
2019	$37.14B	$1.88B	19.8×	+0.5×	Dec 31, 2019
2018	$35.23B	$1.83B	19.2×	-4.7×	Dec 31, 2018
2017	$36.32B	$1.52B	24.0×	-0.3×	Dec 31, 2017
2016	$38.71B	$1.59B	24.3×	-5.2×	Dec 31, 2016
2015	$42.82B	$1.45B	29.5×	+6.4×	Dec 31, 2015
2014	$31.87B	$1.38B	23.1×	+2.6×	Dec 31, 2014
2013	$25.85B	$1.26B	20.6×	-0.0×	Dec 31, 2013
2012	$24.77B	$1.20B	20.6×	+0.4×	Dec 31, 2012
2011	$22.87B	$1.13B	20.2×	+4.9×	Dec 31, 2011
2010	$17.14B	$1.12B	15.3×	+1.9×	Dec 31, 2010
2009	$13.72B	$1.03B	13.4×	-0.7×	Dec 31, 2009
2008	$13.38B	$947.42M	14.1×	-2.4×	Dec 31, 2008
2007	$12.38B	$747.88M	16.5×	-11.3×	Dec 31, 2007
2006	$16.50B	$592.73M	27.8×	+0.6×	Dec 31, 2006
2005	$8.67B	$318.04M	27.3×	+9.1×	Dec 31, 2005
2004	$7.16B	$394.74M	18.1×	+6.6×	Dec 31, 2004
2003	$5.49B	$475.23M	11.6×	+2.3×	Dec 31, 2003
2002	$4.00B	$430.74M	9.3×	-12.5×	Dec 31, 2002
2001	$4.02B	$184.90M	21.7×	—	Dec 31, 2001


Kimco Realty (KIM)	19.3×
Simon Property Group (SPG)	18.5×
SBA Communications (SBAC)	17.9×
BXP (BXP)	17.7×
Equity Residential (EQR)	17.6×
Federal Realty Investment Trust (FRT)	17.3×
STAG Industrial (STAG)	17.2×
Tanger (SKT)	17.0×
Essex Property Trust (ESS)	16.2×
Extra Space Storage (EXR)	15.8×
AvalonBay Communities (AVB)	15.2×
Camden Property Trust (CPT)	14.3×
Realty Income (O)	13.6×
Invitation Homes (INVH)	13.3×
Crown Castle (CCI)	13.0×
Medical Properties Trust (MPT)	12.8×
Host Hotels & Resorts (HST)	12.7×
UDR (UDR)	12.4×
NNN REIT (NNN)	12.2×
VICI Properties (VICI)	11.4×
Universal Health Realty Income Trust (UHT)	11.3×
Healthpeak Properties (DOC)	9.7×
Arbor Realty Trust (ABR)	7.6×
Alexandria Real Estate Equities (ARE)	6.2×
Opendoor Technologies (OPEN)	4.2×

P/FCF Ratio for Public Storage (PSA)

P/FCF Ratio daily chart for Public Storage (PSA)

Historical P/FCF Ratio for Public Storage (PSA) from 2001 to 2025

About P/FCF Ratio at Public Storage (PSA)

Public Storage P/FCF Ratio by Year

Public Storage P/FCF Ratio 2025: 14.8×

Public Storage P/FCF Ratio 2024: 19.4×

Public Storage P/FCF Ratio 2023: 19.2×

Public Storage P/FCF Ratio 2022: 18.5×

Public Storage P/FCF Ratio 2021: 28.8×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Public Storage (PSA) Key Financials

P/FCF Ratio daily chart for Public Storage (PSA)

Historical P/FCF Ratio for Public Storage (PSA) from 2001 to 2025

About P/FCF Ratio at Public Storage (PSA)

Public Storage P/FCF Ratio by Year

Public Storage P/FCF Ratio 2025: 14.8×

Public Storage P/FCF Ratio 2024: 19.4×

Public Storage P/FCF Ratio 2023: 19.2×

Public Storage P/FCF Ratio 2022: 18.5×

Public Storage P/FCF Ratio 2021: 28.8×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

+What is Public Storage's P/FCF ratio?

+How is the P/FCF ratio calculated?

+What is the P/FCF ratio?

+What is a good P/FCF ratio for Public Storage?

+Is Public Storage's P/FCF ratio high or low?

+What is Public Storage's historical P/FCF ratio range?

+What was Public Storage's P/FCF ratio in 2025?

+Why does Public Storage's P/FCF ratio change over time?

Public Storage (PSA) Key Financials