Is Public Storage overvalued or undervalued?

As of 14 November 2025, the valuation grade for Public Storage has moved from very expensive to expensive, indicating a slight improvement in perceived value. The company appears overvalued based on its current metrics. The P/E ratio stands at 27, while the EV to EBITDA ratio is 15.82, and the Price to Book Value is 5.55, all suggesting that the stock is trading at a premium compared to its earnings and asset values.
In comparison to its peers, Public Storage's P/E ratio of 28.45 is higher than that of Welltower, Inc. at 88.35 and Prologis, Inc. at 31.30, indicating that it is relatively expensive within its industry. Additionally, the company's returns have lagged significantly behind the S&P 500, with a 1-year return of -19.32% compared to the index's 13.19%, reinforcing the notion that the stock may not be a compelling investment at its current valuation.