PSA · sample dossier
Public Storage
52/100
Stale StatementsGenerated Oct 24, 2026 · 10:00 AM UTC · 1 hour ago
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EquityPublic Storage · XNYS
Decision context
Recommendation
A mixed picture — no strong reason to buy or sell right now.
AlphaDog Fair Value
Market context
Snapshot returns at report publication
1 month
+8.9%
3 months
-4.4%
6 months
+0.5%
1 year
-0.3%
At a Glance
A large company is on a steady trend at growth-style pricing.
Top Holders
As of Jun 30, 2026Financial trajectory
Financial Performance
Executive thesis & key metrics
Executive Thesis
Public Storage (PSA) is a $57.90B market-cap self-storage operator trading at $309.89 with a 74.4% TTM gross margin and 41.6% TTM net margin.
Key Metrics to Watch
What changed recently
No material changes found in the last 30 days.
Why this rating
Score 52 · Hold
Data through
Stale StatementsJun 30, 2026
A newer quarter has been reported and is not in these statements.
Composite 52/100 — no single factor above 75 dominates.
Re-evaluate if
- Net margin falls below 33.3% (was 41.6%)
- Quarterly YoY revenue growth accelerates above 2.6% while TTM gross margin holds at or above 74.4%.
- TTM P/E compresses below 29.60 and EV/EBITDA drops below 20.02 while TTM FCF/share stays at or above $16.21.
Trim / reconsider if
- ROA falls below 4.5% (was 7.0%)
Think of these dollars as a map of our value estimate for Hold — helpful context, not a reason to override the view.
A Calmer Look · Devil's Advocate
The consensus Hold verdict (composite score 52/100) treats Public Storage's 74.4% gross margin and 29.60x P/E as a balanced standoff, but both sides are anchoring on stale Q2 2026 financial data from 2026-06-30 that is over 90 days old as of 2026-10-24.
May be overlooked
Both sides rely on stale 2026-06-30 balance sheet figures (older than 90 days) showing $259,936 thousand in cash against $10,180,215 thousand in notes payable, ignoring refinancing and interest rate exposure in a 1.10x Debt/Equity capital structure.
The consensus fails to reconcile the divergence between the 44.9% YoY quarterly EPS jump and the 5.9% QoQ EPS decline ($2.71 in Q1 to $2.55 in Q2) alongside a 4/9 Piotroski F-score, leaving non-operating or accounting drivers of the YoY spike unexamined.
Neither side evaluates customer demand elasticity or occupancy cyclicality in self-storage, despite quarterly revenue stalling between $1.22B and $1.23B across four consecutive quarters (only 0.8% QoQ and 2.6% YoY growth).
Expectations look stretched
Bulls extrapolate an 8.9% 1-month share price bounce (to $309.89) as top-percentile momentum, ignoring that 3-month returns are -4.4% and 1-year returns are -0.3%.
The bull case leans on management's increased full-year 2026 outlook from the stale 2026-07-29 release (nearly 90 days old) even though Q2 revenue grew 0.8% QoQ to $1.23B and Q2 EPS contracted 5.9% QoQ.
Citing a 74.4% gross margin and 41.6% net margin as evidence of an unassailable moat overlooks that these margins yield a modest 7.0% TTM ROA and have not prevented top-line growth from slowing to 2.6% YoY.
Quarterly YoY revenue growth accelerates above 2.6% while TTM gross margin holds at or above 74.4%.
Quarterly YoY revenue growth accelerates above 2.6% while TTM gross margin holds at or above 74.4%.
Monitor These Triggers
3 Checkpoints · Next PrintQuarterly YoY revenue growth relative to the 2.6% baseline and TTM gross margin resilience at 74.4%.
Go deeper
For learning and research only — not investment advice. AlphaDog doesn’t hold stocks and isn’t your financial advisor.
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