Is Public Storage overvalued or undervalued?

As of 14 November 2025, the valuation grade for Public Storage has moved from very expensive to expensive. The company is currently overvalued, as indicated by its P/E ratio of 27, which is lower than the peer average of 28.45, and an EV to EBITDA ratio of 15.82, which is also below the peer average of 15.12. Additionally, the Price to Book Value stands at 5.55, suggesting a premium over its book value compared to its peers.
In comparison to notable peers, Welltower, Inc. has a P/E ratio of 88.35, while Prologis, Inc. shows a P/E of 31.30, both indicating higher valuations. Public Storage's recent stock performance has been underwhelming, with a year-to-date return of -8.41%, significantly trailing the S&P 500's gain of 14.49% over the same period, reinforcing the notion of its overvaluation.