Public Storage

PSANYSEReal Estate● Active

$309.68

+$3.02(+0.98%)

Market Cap$54.4B

P/E Ratio—

52W High$313.51

52W Low$256.54

Avg Volume1.1M

Open$305.44

Beta0.96

Overview

Public Storage (PSA) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

PSA · free cash flow · updated Jun 8, 2026

Core FCF metrics

PSA · FCF · TTM · margin & CAGR

Free cash flow was $2.90B for FY2025 (fiscal year ending 2025-12-31), up 7.0% year-over-year The FCF margin was 60.0%. Five-year CAGR stands at +9.1%.

FY2025 Free Cash Flow$2.90B▲ +7.0% YoY

Trailing 12M (TTM)$3.06Btrailing 4 quarters sum

FCF Margin60.0%$2.90B ÷ revenue

3-Year CAGR+2.9%FY2022 → FY2025

5-Year CAGR+9.1%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

PSA · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$3.19B(289M)$2.90B▲ +7.0%60.0%

FY2024$3.13B(420M)$2.71B▼ 2.8%57.7%

FY2023$3.25B(461M)$2.79B▲ +4.8%61.7%

FY2022$3.12B(460M)$2.66B▲ +16.9%63.5%

FY2021$2.54B(270M)$2.27B▲ +21.4%66.5%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

PSA · P/FCF · FCF yield · FCF per share

Public Storage (PSA) trades at a FCF yield of 5.64% and a price-to-free-cash-flow ratio of 17.7x. FCF per share stands at $17.47, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

5.64%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$17.47

TTM FCF ÷ Shares Outstanding

Price / FCF

x17.7

Share Price ÷ FCF per Share

EV / FCF (TTM)

x20.9

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

PSA · cash flow statement · operating / investing / financing

For FY2025, Public Storage generated $3.19B in operating cash flow and spent 289M in capital expenditures, yielding $2.90B in free cash flow.

Operating Activities

+$3.19B

Cash from core business operations

2025-12-31

Investing Activities

−$1.69B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$1.63B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($3.19B) − |CapEx| (289M) = FCF ($2.90B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Real Estate)

PSA vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Public StorageYOU

PSA

$2.90B+7.0%60.1%

58%

American Tower Corporation

AMT

$3.78B+2.2%35.5%

76%

Simon Property Group, Inc.

Real Estate · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Public Storage (PSA) reported free cash flow of $2.90B for FY2025 (fiscal year ending 2025-12-31), up 7.0% year-over-year. The FCF margin was 60.0%.

Based on available data, Public Storage has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $2.90B in FY2025. The 5-year CAGR stands at +9.1%.

Public Storage's FCF yield is 5.64% and price-to-FCF ratio is 17.7x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

PSA free cash flow · 8 questions

Public Storage free cash flow was $2.90B for FY2025, up 7.0% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $3.06B.

PSA free cash flowPSA FCFPSA FCF 2025PSA free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Public Storage · Public Storage SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026