PSA Public Storage margins

Relative Growth: Rel. Growth: 46

Relative Strength: Rel. Strength: 45

Relative Valuation: Rel. Valuation: 37

Relative Profitability: Rel. Profitability: 86

Gross margin

72.5%

Operating margin

45.7%

EBITDA margin

71.6%

Net margin

41.8%

Currently, Public Storage has a gross margin of 72.5%, an operating margin of 45.7%, an EBITDA margin of 71.6%, and a net margin of 41.8%. EBITDA margin showed the largest improvement, increasing by 4.1 percentage points. Operating margin saw the largest decline, decreasing by 0.9 percentage points.

PSA margin history

Gross, operating, EBITDA and net margin trends

Public Storage's margins averaged 73.35% gross, 47.2% operating, 71.27% EBITDA, and 41.92% net during the last 3 years. Against the three-year averages, EBITDA margin is above its three-year average and gross, operating, and net margins are below their three-year averages.

PSA margin expansion

Year-over-year margin changes in percentage points

From the same period last year, EBITDA margin expanded by 4.1 percentage points and net margin by 3.7 percentage points, while gross margin contracted by 0.5 percentage points and operating margin by 0.9 percentage points.

Gross margin expansion

-0.5pp

Operating margin expansion

-0.9pp

EBITDA margin expansion

4.1pp

Net margin expansion

3.7pp

PSA Gross margin

Public Storage recorded an average gross margin of 73.35% across the last 3 years. Public Storage currently reports a gross margin of 72.5%, 0.9 percentage points below its three-year average. During this period, gross margin reached a high of 74.6% in Dec 2023 and a low of 72.5% in Jun 2026.

PSA Operating margin

Over the last 3 years, Public Storage's operating margin averaged 47.2%. As of the latest period, Public Storage's current operating margin is 45.7%, which is 1.5 percentage points below its three-year average. During this period, operating margin reached a high of 50.7% in Dec 2023 and a low of 45.7% in Jun 2026.

PSA EBITDA margin

Over the last 3 years, Public Storage's EBITDA margin averaged 71.27%. The current EBITDA margin of 71.6% is 0.3 percentage points above its three-year average. During this period, EBITDA margin reached a high of 74.6% in Mar 2024 and a low of 67% in Dec 2025.

PSA Net margin

Public Storage's net margin averaged 41.92% over the last 3 years. Compared with its three-year average, Public Storage's current net margin is 41.8% and is 0.1 percentage points below its three-year average. Over the last 3 years, Public Storage's net margin peaked at 47.6% in Dec 2023 and reached a low of 37% in Dec 2025.

PSA margin group comparison

Margins compared with peer-group, industry and sector averages

Public Storage's gross margin of 72.5% is higher than the Real Estate sector, the industry and its peers average. Looking at the Real Estate sector average of 63%, Public Storage's gross margin is 15% higher.

PSA margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is Public Storage's gross margin?

As of Jun 30, 2026, PSA has a gross margin of 72.5%.

What is Public Storage's operating margin?

The current operating margin for PSA is 45.7% as of Jun 30, 2026.

What is Public Storage's EBITDA margin?

As of Jun 30, 2026, PSA has an EBITDA margin of 71.6%.

What is Public Storage's net margin?

For the period ending Jun 30, 2026, PSA recorded a net margin of 41.8%.

What are the average margins of PSA?

The three-year average margins for PSA were 73.4% gross, 47.2% operating, 71.3% EBITDA, and 41.9% net.

What are the highest historical margins of PSA?

Over this 5-year history, PSA peaked at 74.9% gross in Sep 2023, 52.4% operating in Sep 2023, 138.5% EBITDA in Sep 2022, and 113.4% net in Sep 2022.

What are the lowest historical margins of PSA?

Over the last 5 years, Public Storage's lowest margins were 72.5% gross in Jun 2026, 45.7% operating in Jun 2026, 67% EBITDA in Dec 2025, and 37% net in Dec 2025.