REALTY INCOME CORP vs Public Storage, two REIT stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Public Storage's self-storage lockers earn some of the sector's best economics, 39.2% net margins and 20.4% on equity; Realty Income's triple-net retail earns steady rent and pays the fatter dividend, 5.10% against 3.70%. Realty Income yields more free cash too, 6.92% against 5.57%, and trades far cheaper on book, 1.43 against Public Storage's 6.12, since the market prizes storage's pricing power. Both post depreciation-distorted P/Es in the low-50s and low-30s that flatter to deceive. Public Storage runs 1.04 turns of debt, Realty Income almost none. The choice is high-quality operations against high-quality income: Public Storage compounds superior margins from cinderblock, Realty Income hands over a larger, monthly-paid slice of its rent, and both are about as defensive as the sector gets.
Comparison updated 2026-07-11.
| Metric | O | PSA |
|---|---|---|
| Price | $63.09 | $324.33 |
| Market cap | $59.0B | $57.1B |
| Sector | REIT | REIT |
| Stage | Mature | Mature |
| P/E | 51.7 | 33.5 |
| P/B | 1.43 | 6.12 |
| P/S | 9.96 | 11.74 |
| EV/EBITDA | 23.2 | 40.8 |
| Revenue growth | +9.8% | +2.9% |
| Operating margin | — | 39.0% |
| Net margin | 19.1% | 39.2% |
| Return on equity | 2.7% | 20.4% |
| Return on assets | 1.5% | 9.6% |
| Return on invested capital | — | 2.5% |
| FCF yield | 6.9% | 5.6% |
| Dividend yield | 5.1% | 3.7% |
| Debt / equity | 0.01 | 1.04 |
| Altman Z (solvency) | 1.14 | 3.49 |
| Piotroski F (quality) | 8 / 9 | 8 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.