Realty Income Corporation (O) vs Public Storage (PSA)
A side-by-side comparison of Realty Income Corporation and Public Storage across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 10, 2026. Differences are shown without an overall score or investment verdict.
Total return — O vs PSA
growth of $100 · dividends reinvested · last 10yO vs PSA: by the numbers
- •O is the larger company ($55.48B vs $55.29B market cap).
- •O pays the higher dividend yield (5.44% vs 4.07%).
Metrics side by side
Valuation
| Metric | O | PSA |
|---|---|---|
| P/E ratio | 43.43 | 28.29 |
| Forward P/E | 39.13 | 29.57 |
| P/S ratio | N/A | 11.31 |
| P/B ratio | 1.40 | 6.02 |
| EV / EBITDA | N/A | 18.49 |
| FCF yield | 3.93% | 5.10% |
For REITs like Realty Income 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 | O | PSA |
|---|---|---|
| Gross margin | N/A | 24.96% |
| Operating margin | N/A | 48.30% |
| Net margin | N/A | 41.80% |
| ROE | N/A | 22.24% |
| ROIC | N/A | 11.74% |
Dividends
| Metric | O | PSA |
|---|---|---|
| Dividend yield | 5.44% | 4.07% |
| Payout ratio | 236.57% | 114.50% |
Realty Income 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 | O | PSA |
|---|---|---|
| Revenue CAGR (5Y) | N/A | 9.62% |
| EPS CAGR (5Y) | 0.35% | 7.52% |
| FCF CAGR (5Y) | 13.20% | 9.64% |
| Total return CAGR (5Y) | 3.31% | 1.70% |
Frequently asked
- Does O or PSA pay a bigger dividend?
- O yields 5.44% and PSA yields 4.07% based on trailing dividends and the latest price.
- How have O and PSA total returns compared?
- Over the past 10 years, O delivered 4.46% and PSA delivered 6.81% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Realty Income & 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 10, 2026.