Public Storage vs WELLTOWER INC., two REIT stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Welltower is the $165B healthcare landlord, Public Storage the $57B self-storage operator, and their returns diverge as much as their size: Public Storage earns 20.4% on equity to Welltower's 3.3%, self-storage's pricing power against senior housing's operating grind. Public Storage yields the bigger dividend, 3.70% against 1.24%, and far more free cash, 5.57% against 1.79%. Welltower trades at 113 times earnings, Public Storage at 33.5, both depreciation-distorted, and on book at 3.69 and 6.12. Welltower runs 0.40 turns of debt, Public Storage 1.04. This is a cash-rich compounder against a growth-priced giant: Public Storage earns high returns now from a simple asset, Welltower is valued for the demographic wave still building behind it.
Comparison updated 2026-07-11.
| Metric | PSA | WELL |
|---|---|---|
| Price | $324.33 | $227.28 |
| Market cap | $57.1B | $165.1B |
| Sector | REIT | REIT |
| Stage | Mature | Growth |
| P/E | 33.5 | 113.1 |
| P/B | 6.12 | 3.69 |
| P/S | 11.74 | 14.03 |
| EV/EBITDA | 40.8 | 80.3 |
| Revenue growth | +2.9% | +37.5% |
| Operating margin | 39.0% | — |
| Net margin | 39.2% | 12.4% |
| Return on equity | 20.4% | 3.3% |
| Return on assets | 9.6% | 2.2% |
| Return on invested capital | 2.5% | — |
| FCF yield | 5.6% | 1.8% |
| Dividend yield | 3.7% | 1.2% |
| Debt / equity | 1.04 | 0.40 |
| Altman Z (solvency) | 3.49 | 4.86 |
| Piotroski F (quality) | 8 / 9 | 7 / 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.