American Tower Corporation (AMT) vs Public Storage (PSA)
A side-by-side comparison of American Tower Corporation and Public Storage across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 13, 2026. Differences are shown without an overall score or investment verdict.
Total return — AMT vs PSA
growth of $100 · dividends reinvested · last 10yAMT vs PSA: by the numbers
- •AMT is the larger company ($82.73B vs $54.51B market cap).
- •PSA converts more revenue to profit (41.80% vs 30.88% net margin).
- •PSA grew revenue faster over the past five years (9.62% vs 4.95% CAGR).
- •PSA pays the higher dividend yield (4.05% vs 3.92%).
Metrics side by side
Valuation
| Metric | AMT | PSA |
|---|---|---|
| P/E ratio | 24.42 | 27.89 |
| Forward P/E | 25.47 | 29.15 |
| P/S ratio | 7.56 | 11.15 |
| P/B ratio | 22.24 | 5.93 |
| EV / EBITDA | 18.13 | 18.27 |
| FCF yield | 4.79% | 5.17% |
For REITs like American Tower Corporation, GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
For REITs like Public Storage, GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
Profitability
| Metric | AMT | PSA |
|---|---|---|
| Gross margin | 73.19% | 24.96% |
| Operating margin | 44.40% | 48.30% |
| Net margin | 30.88% | 41.80% |
| ROE | 90.83% | 22.24% |
| ROIC | 7.27% | 11.74% |
Dividends
| Metric | AMT | PSA |
|---|---|---|
| Dividend yield | 3.92% | 4.05% |
| Payout ratio | 96.01% | 114.50% |
American Tower Corporation's payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Public Storage's payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Growth (annualized)
| Metric | AMT | PSA |
|---|---|---|
| Revenue CAGR (5Y) | 4.95% | 9.62% |
| EPS CAGR (5Y) | 7.23% | 7.52% |
| FCF CAGR (5Y) | 6.23% | 9.64% |
| Total return CAGR (5Y) | -6.67% | 1.88% |
Frequently asked
- Which has grown faster, AMT or PSA?
- Over the past five years, PSA grew revenue faster — AMT at a 4.95% CAGR versus PSA at 9.62%.
- Does AMT or PSA pay a bigger dividend?
- AMT yields 3.92% and PSA yields 4.05% based on trailing dividends and the latest price.
- Is AMT or PSA more profitable?
- PSA runs the higher net margin — AMT at 30.88% versus PSA at 41.80%.
- How have AMT and PSA total returns compared?
- Over the past 10 years, AMT delivered 7.61% and PSA delivered 6.88% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
American Tower & Public Storage appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified September 13, 2026.