PLD vs PSA: Prologis 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.
- Prologis is the larger company, worth $121.1B, about 2.4 times Public Storage.
- Prologis grew revenue faster over the last year (+7.4% vs +2.6%).
- Prologis keeps more of each dollar of revenue as operating profit (52.4% vs 39.0%).
- On earnings, Public Storage is the cheaper stock (30.1x vs 32.6x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | PLD | PSA |
|---|---|---|
| Market cap | $121.1B | $51.1B |
| Share price | $129.49 | $289.86 |
| Revenue (last fiscal year) | $8.8B | $4.8B |
| Free cash flow (last fiscal year) | — | $3.1B |
| Revenue growth, last year | +7.4% | +2.6% |
| Revenue growth per year, last 5 fiscal years | +16.6% | +9.0% |
| Operating margin | 52.4% | 39.0% |
| Net margin | 41.5% | 41.8% |
| Return on equity | 7.0% | 22.2% |
| P/E (trailing) | 32.6x | 30.1x |
| Price / free cash flow | 24.2x | 17.6x |
| EV / EBITDA | 19.8x | 18.5x |
| FCF growth the price implies | — | 2.4% |
| Dividend yield | 3.2% | 4.1% |
| Debt / equity | 0.75x | 1.18x |
| Fundamental grade | C | C |
| Superinvestors holding it | 6 | 5 |
| Insider purchases, last 12 months | 6 | 6 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Prologis
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.8B | — | 67.4% |
| 2022 | $6.0B | — | 58.0% |
| 2023 | $8.0B | — | 46.2% |
| 2024 | $8.2B | — | 53.8% |
| 2025 | $8.8B | — | 49.6% |
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
Prologis · by segments, 2025
Real Estate Operations$8.2B93%
Strategic Capital$592M7%
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 PLD in InvestinglyQuestions
Which is bigger, Prologis or Public Storage?
Prologis (PLD), at $121.1B against $51.1B.
Is PLD or PSA cheaper?
By trailing P/E, Public Storage (30.1x) is cheaper than Prologis (32.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, PLD or PSA?
Prologis: revenue grew +7.4% 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.