FR vs PSA: First Industrial Realty Trust and Public Storage compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Public Storage is the larger company, worth $51.1B, about 6.4 times First Industrial Realty Trust.
- First Industrial Realty Trust grew revenue faster over the last year (+8.2% vs +2.6%).
- First Industrial Realty Trust keeps more of each dollar of revenue as operating profit (41.6% vs 39.0%).
- On earnings, First Industrial Realty Trust is the cheaper stock (22.6x vs 30.1x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | FR | PSA |
|---|---|---|
| Market cap | $8.0B | $51.1B |
| Share price | $59.43 | $289.86 |
| Revenue (last fiscal year) | $727M | $4.8B |
| Free cash flow (last fiscal year) | — | $3.1B |
| Revenue growth, last year | +8.2% | +2.6% |
| Revenue growth per year, last 5 fiscal years | +11.2% | +9.0% |
| Operating margin | 41.6% | 39.0% |
| Net margin | 48.0% | 41.8% |
| Return on equity | 13.1% | 22.2% |
| P/E (trailing) | 22.6x | 30.1x |
| Price / free cash flow | 69.7x | 17.6x |
| EV / EBITDA | 18.9x | 18.5x |
| FCF growth the price implies | — | 2.4% |
| Dividend yield | 3.1% | 4.1% |
| Debt / equity | 1.05x | 1.18x |
| Fundamental grade | C | C |
| Superinvestors holding it | 3 | 5 |
| Insider purchases, last 12 months | 0 | 6 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
First Industrial Realty Trust
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $476M | — | 37.7% |
| 2022 | $540M | — | 39.6% |
| 2023 | $614M | — | 39.8% |
| 2024 | $670M | — | 40.7% |
| 2025 | $727M | — | 42.3% |
Public Storage
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.4B | $2.5B | 46.9% |
| 2022 | $4.2B | $3.1B | 47.9% |
| 2023 | $4.5B | $3.2B | 46.3% |
| 2024 | $4.7B | $3.1B | 40.4% |
| 2025 | $4.8B | $3.1B | 40.0% |
Where the revenue comes from
First Industrial Realty Trust
No segment breakdown reported.
Public Storage · by segments, 2025
Self-storage facilities$4.5B93%
Ancillary operations$335M7%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open FR in InvestinglyQuestions
Which is bigger, First Industrial Realty Trust or Public Storage?
Public Storage (PSA), at $51.1B against $8.0B.
Is FR or PSA cheaper?
By trailing P/E, First Industrial Realty Trust (22.6x) is cheaper than Public Storage (30.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, FR or PSA?
First Industrial Realty Trust: revenue grew +8.2% over the last year, against +2.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.