Public StorageFRA:PUP -0.11%87 Return-on-Tangible-Equity is 23.56% as of Mar. 2026, which is 22% above its 10-year median of 19.39. GuruFocus rates FRA:PUP with a GF Score™ of 87/100 and a GF Value™ of €258.20 (Fairly Valued). The stock has 7 warning signs investors should review. Among 931 REITs companies, Public Storage ranks better than 93.45% on this metric.
Return-on-Tangible-Equity is calculated as Net Income divided by its average total shareholder tangible equity. Total shareholder tangible equity equals to Total Stockholders Equity minus Intangible Assets. Public Storage's annualized net income for the quarter that ended in Mar. 2026 was €1,821 Mil. Public Storage's average shareholder tangible equity for the quarter that ended in Mar. 2026 was €7,730 Mil. Therefore, Public Storage's annualized Return-on-Tangible-Equity for the quarter that ended in Mar. 2026 was 23.56%.
The historical rank and industry rank for Public Storage's Return-on-Tangible-Equity or its related term are showing as below:
FRA:PUP'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: 15.77 Med: 19.39 Max: 46.09
Current: 20.93
During the past 13 years, Public Storage's highest Return-on-Tangible-Equity was 46.09%. The lowest was 15.77%. And the median was 19.39%.
FRA:PUP's Return-on-Tangible-Equity is ranked better than 93.45% of 931
companies
in the REITs industry
Industry Median: 6.25
vs FRA:PUP: 20.93
Public Storage (FRA:PUP) Return-on-Tangible-Equity Explanation
Return-on-Tangible-Equity measures the rate of return on the ownership interest (shareholder's tangible equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' tangible equity (shareholders equity minus intangibles). Return-on-Tangible-Equity shows how well a company uses investment funds to generate earnings growth. Return-on-Tangible-Equitys between 15% and 20% are considered desirable.
Be Aware
Net Income is used.
Because a company can increase its Return-on-Tangible-Equity by having more financial leverage, it is important to watch the leverage ratio when investing in high Return-on-Tangible-Equity companies. Like Return-on-Tangible-Asset, Return-on-Tangible-Equity is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their Return-on-Tangible-Equitys can be extremely high.
Public Storage Return-on-Tangible-Equity Related Terms
Public Storage Return-on-Tangible-Equity Historical Data
* Premium members only.
The historical data trend for Public Storage's Return-on-Tangible-Equity can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
FRA:PUP vs EXR, EGP, LINE: Return-on-Tangible-Equity Comparison
For the REIT - Industrial subindustry, Public Storage's Return-on-Tangible-Equity, along with its competitors' market caps and Return-on-Tangible-Equity data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Public Storage Return-on-Tangible-Equity vs REITs Industry
For the REITs industry and Real Estate sector, Public Storage's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where Public Storage's Return-on-Tangible-Equity falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual Return-on-Tangible-Equity, the net income of the last fiscal year and the average total shareholder tangible equity over the fiscal year are used. In calculating the quarterly data,
the net income data used here is four times the quarterly (Mar. 2026) net income data.
Return-on-Tangible-Equity is displayed in the 10-year financial page.
What does a Return-on-Tangible-Equity of 23.56% mean?
Public Storage (FRA:PUP) has a Return-on-Tangible-Equity of 23.56% as of Mar. 2026. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Public Storage and its competitors. This is 22% above median its historical median of 19.39. Over the past decade, Public Storage's Return-on-Tangible-Equity has ranged from 15.77 to 46.09. According to the industry distribution chart, Public Storage ranks #61 out of 931 companies in the REITs industry, placing it in the top 6.6%.
Is Public Storage's Return-on-Tangible-Equity too high?
Public Storage's current Return-on-Tangible-Equity of 23.56% is 22% above median its 10-year median of 19.39. Over the past 10 years, this metric has ranged from a low of 15.77 to a high of 46.09. The REITs industry median Return-on-Tangible-Equity is 6.25. Public Storage's value of 23.56% is 277% above this industry median. Based on the distribution chart, Public Storage ranks #61 out of 931 companies in the REITs industry, which is in the top quartile — a strong position relative to peers. Overall, Public Storage has a GF Score™ of 87/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Public Storage's Return-on-Tangible-Equity compare to EXR and EGP?
According to the REITs industry distribution chart, Public Storage ranks #61 out of 931 companies for Return-on-Tangible-Equity. This places Public Storage in the top 7% of its industry — outperforming the majority of peers. The industry median Return-on-Tangible-Equity is 6.25. Public Storage's value of 23.56% is 277% above this benchmark. Historically, Public Storage's own Return-on-Tangible-Equity has ranged from 15.77 to 46.09 over the past decade. While the company's 10-year median is 19.39 vs. the industry median of 6.25, Public Storage has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Return-on-Tangible-Equity for a REITs company?
The median Return-on-Tangible-Equity among REITs companies is 6.25, based on 931 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Equity significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Public Storage's current Return-on-Tangible-Equity of 23.56% is 277% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Return-on-Tangible-Equity mean?
A high Return-on-Tangible-Equity can signal that a stock is expensive relative to its fundamentals. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Public Storage and its competitors. For the REITs industry, the median Return-on-Tangible-Equity is 6.25 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Public Storage's current Return-on-Tangible-Equity is 23.56%, which is 22% above median its own 10-year median of 19.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Public Storage stock overvalued right now?
Based on GuruFocus' analysis, Public Storage (FRA:PUP) is currently considered Fairly Valued. The stock's GF Value™ is €258.20, compared to a current price of €275.70 — trading 6.8% above its estimated fair value. The current Return-on-Tangible-Equity is 23.56%, which is 22% above median its 10-year median of 19.39 and 277% above the REITs industry median of 6.25. Public Storage's overall GF Score™ is 87/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Equity calculated?
Return-on-Tangible-Equity is calculated from a company's financial statements. For Public Storage (FRA:PUP), the current Return-on-Tangible-Equity is 23.56% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Public Storage (FRA:PUP) Overvalued in 2026?
Based on GuruFocus' analysis, Public Storage stock appears to be overvalued.
The current stock price of €275.70 is trading 6.8% above its estimated GF Value™ of €258.20.
GuruFocus considers Public Storage to be Fairly Valued.
Key valuation signals for FRA:PUP:
Return-on-Tangible-Equity: 23.56% (22% above median its 10-year median of 19.39)
GF Value™: €258.20 vs. price of €275.70 (6.8% above fair value)
Industry Position: 277% above the REITs median (#61 of 931)
No single metric tells the full story. See the FRA:PUP stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Public Storage is the largest owner of self-storage facilities in the US, with more than 3,500 self-storage facilities in 40 states and approximately 258 million square feet of rentable space. Through equity interests, it also has exposure to the European self-storage market through Shurgard Self Storage. The company also has a merchandise business, a third-party property management business, and an insurance business that offers products to cover losses for the goods in self-storage facilities.
87GF Score
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