Public Storage (PSA) vs Welltower Inc. (WELL)
A side-by-side comparison of Public Storage and Welltower Inc. 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 — PSA vs WELL
growth of $100 · dividends reinvested · last 10yPSA vs WELL: by the numbers
- •WELL is the larger company ($168.14B vs $54.81B market cap).
- •PSA converts more revenue to profit (41.80% vs 10.67% net margin).
- •WELL grew revenue faster over the past five years (23.85% vs 9.62% CAGR).
- •PSA pays the higher dividend yield (4.05% vs 1.30%).
Metrics side by side
Valuation
| Metric | PSA | WELL |
|---|---|---|
| P/E ratio | 28.04 | 123.46 |
| Forward P/E | 29.31 | 82.15 |
| P/S ratio | 11.21 | 13.33 |
| P/B ratio | 5.96 | 3.62 |
| EV / EBITDA | 18.35 | 58.43 |
| FCF yield | 5.14% | 1.58% |
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.
For REITs like Welltower Inc., 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 | PSA | WELL |
|---|---|---|
| Gross margin | 24.96% | 38.82% |
| Operating margin | 48.30% | 5.40% |
| Net margin | 41.80% | 10.67% |
| ROE | 22.24% | 2.90% |
| ROIC | 11.74% | 0.96% |
Dividends
| Metric | PSA | WELL |
|---|---|---|
| Dividend yield | 4.05% | 1.30% |
| Payout ratio | 114.50% | 162.43% |
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.
Welltower Inc.'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 | PSA | WELL |
|---|---|---|
| Revenue CAGR (5Y) | 9.62% | 23.85% |
| EPS CAGR (5Y) | 7.52% | -9.79% |
| FCF CAGR (5Y) | 9.64% | 17.78% |
| Total return CAGR (5Y) | 1.88% | 25.30% |
Frequently asked
- Which has grown faster, PSA or WELL?
- Over the past five years, WELL grew revenue faster — PSA at a 9.62% CAGR versus WELL at 23.85%.
- Does PSA or WELL pay a bigger dividend?
- PSA yields 4.05% and WELL yields 1.30% based on trailing dividends and the latest price.
- Is PSA or WELL more profitable?
- PSA runs the higher net margin — PSA at 41.80% versus WELL at 10.67%.
- How have PSA and WELL total returns compared?
- Over the past 10 years, PSA delivered 6.88% and WELL delivered 16.35% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Public Storage & Welltower 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.