Using the PEG framework with analyst consensus forward EPS growth of 14.6% plus 4.9% dividend yield, Public Storage has a fair value of $144.86 based on NTM EPS (FY2026) of $9.96. The current PEG ratio is 1.86.
PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.
PEG works well for steady growers with predictable earnings.
| EPS Growth RateForward | 9.7% |
| Dividend Yield | +4.9% |
| Adjusted Growth (clamped 8–25%) | 14.6% |
| Fair P/E | 14.6x |
| NTM EPS (FY2026) | $9.96 |
| Fair Value | $144.86 |
| Period | EPS Est. | Growth | Analysts |
|---|---|---|---|
| FY2025 (actual) | $9.01 | — | — |
| FY2026E | $9.96 | +10.5% | 7 |
| FY2027E | $10.33 | +3.7% | 8 |
| FY2028E | $11.34 | +9.8% | 4 |
| FY2029E | $13.13 | +15.8% | 3 |
| FY2030E | $14.30 | +8.9% | 3 |
5Y Forward EPS CAGR: 9.7%
| Year | Net Income | EPS | YoY |
|---|---|---|---|
| FY2021 | $2.0B | $9.87 | — |
| FY2022 | $4.3B | $23.50 | +138.1% |
| FY2023 | $2.1B | $11.06 | -52.9% |
| FY2024 | $2.1B | $10.64 | -3.8% |
| FY2025 | $1.8B | $9.01 | -15.3% |
4Y Historical EPS CAGR: -2.3%
The PEG Fair Value uses the Price/Earnings-to-Growth framework. A stock is fairly valued when its P/E ratio equals its earnings growth rate (PEG = 1.0). This model adds dividend yield to the growth rate per the original PEGY formula.
Growth rate priority: analyst consensus forward EPS CAGR (when ≥ 3 analysts cover the stock), falling back to historical EPS CAGR. Using EPS rather than net income avoids distortion from share buybacks. The growth rate is clamped between 8% and 25% — below 8% would undervalue stable earners, while above 25% would overvalue unsustainable spikes.