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Side-by-side financial comparison of FIRST HORIZON CORP (FHN) and Public Storage (PSA). Click either name above to swap in a different company.
Public Storage is the larger business by last-quarter revenue ($1.2B vs $888.0M, roughly 1.4× FIRST HORIZON CORP). Public Storage runs the higher net margin — 41.7% vs 29.4%, a 12.3% gap on every dollar of revenue. On growth, FIRST HORIZON CORP posted the faster year-over-year revenue change (21.8% vs 3.3%). Over the past eight quarters, FIRST HORIZON CORP's revenue compounded faster (20.0% CAGR vs 2.5%).
First Horizon Corporation, formerly First Tennessee Bank, is a financial services company, founded in 1864, and based in Memphis, Tennessee. Through its banking subsidiary First Horizon Bank, it provides financial services through locations in 12 states across the Southeast, a region in which it is the fourth largest regional bank.
Public Storage, headquartered in Glendale, California, is a real estate investment trust that invests in self storage. It is the largest brand of self-storage services in the US and owns approximately 9% of the self storage square footage in the U.S. As of December 31, 2024, the company operated 3,073 self-storage facilities containing an aggregate of 221 million net rentable square feet of space.
FHN vs PSA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $888.0M | $1.2B |
| Net Profit | $261.0M | $507.1M |
| Gross Margin | — | — |
| Operating Margin | 38.5% | 40.7% |
| Net Margin | 29.4% | 41.7% |
| Revenue YoY | 21.8% | 3.3% |
| Net Profit YoY | 57.2% | -17.5% |
| EPS (diluted) | $0.51 | $2.59 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $888.0M | $1.2B | ||
| Q3 25 | $889.0M | $1.2B | ||
| Q2 25 | $830.0M | $1.2B | ||
| Q1 25 | $812.0M | $1.2B | ||
| Q4 24 | $729.0M | $1.2B | ||
| Q3 24 | $827.0M | $1.2B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | $819.0M | $1.2B |
| Q4 25 | $261.0M | $507.1M | ||
| Q3 25 | $262.0M | $511.1M | ||
| Q2 25 | $241.0M | $358.4M | ||
| Q1 25 | $218.0M | $407.8M | ||
| Q4 24 | $166.0M | $614.6M | ||
| Q3 24 | $218.0M | $430.3M | ||
| Q2 24 | — | $518.1M | ||
| Q1 24 | $192.0M | $508.9M |
| Q4 25 | 38.5% | 40.7% | ||
| Q3 25 | 38.7% | 42.3% | ||
| Q2 25 | 37.2% | 30.4% | ||
| Q1 25 | 35.1% | 34.8% | ||
| Q4 24 | 28.8% | 52.4% | ||
| Q3 24 | 34.0% | 36.7% | ||
| Q2 24 | — | 44.6% | ||
| Q1 24 | 31.0% | 44.3% |
| Q4 25 | 29.4% | 41.7% | ||
| Q3 25 | 29.5% | 41.8% | ||
| Q2 25 | 29.0% | 29.8% | ||
| Q1 25 | 26.8% | 34.5% | ||
| Q4 24 | 22.8% | 52.2% | ||
| Q3 24 | 26.4% | 36.2% | ||
| Q2 24 | — | 44.2% | ||
| Q1 24 | 23.4% | 44.0% |
| Q4 25 | $0.51 | $2.59 | ||
| Q3 25 | $0.50 | $2.62 | ||
| Q2 25 | $0.45 | $1.76 | ||
| Q1 25 | $0.41 | $2.04 | ||
| Q4 24 | $0.29 | $3.22 | ||
| Q3 24 | $0.40 | $2.16 | ||
| Q2 24 | — | $2.66 | ||
| Q1 24 | $0.33 | $2.60 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $318.1M |
| Total DebtLower is stronger | — | $10.3B |
| Stockholders' EquityBook value | $8.8B | $9.2B |
| Total Assets | $83.9B | $20.2B |
| Debt / EquityLower = less leverage | — | 1.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $318.1M | ||
| Q3 25 | — | $296.5M | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $287.2M | ||
| Q4 24 | — | $447.4M | ||
| Q3 24 | — | $599.0M | ||
| Q2 24 | — | $542.3M | ||
| Q1 24 | — | $271.6M |
| Q4 25 | — | $10.3B | ||
| Q3 25 | — | $10.0B | ||
| Q2 25 | — | $10.4B | ||
| Q1 25 | — | $9.4B | ||
| Q4 24 | — | $9.4B | ||
| Q3 24 | — | $9.5B | ||
| Q2 24 | — | $9.4B | ||
| Q1 24 | — | $9.1B |
| Q4 25 | $8.8B | $9.2B | ||
| Q3 25 | $8.9B | $9.3B | ||
| Q2 25 | $9.0B | $9.4B | ||
| Q1 25 | $8.7B | $9.6B | ||
| Q4 24 | $8.8B | $9.7B | ||
| Q3 24 | $9.0B | $9.6B | ||
| Q2 24 | — | $9.7B | ||
| Q1 24 | $8.9B | $9.9B |
| Q4 25 | $83.9B | $20.2B | ||
| Q3 25 | $83.2B | $20.1B | ||
| Q2 25 | $82.1B | $20.5B | ||
| Q1 25 | $81.5B | $19.6B | ||
| Q4 24 | $82.2B | $19.8B | ||
| Q3 24 | $82.6B | $19.8B | ||
| Q2 24 | — | $19.8B | ||
| Q1 24 | $81.8B | $19.6B |
| Q4 25 | — | 1.11× | ||
| Q3 25 | — | 1.08× | ||
| Q2 25 | — | 1.11× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | 0.96× | ||
| Q3 24 | — | 0.99× | ||
| Q2 24 | — | 0.97× | ||
| Q1 24 | — | 0.91× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $396.0M | $733.6M |
| Free Cash FlowOCF − Capex | $389.0M | — |
| FCF MarginFCF / Revenue | 43.8% | — |
| Capex IntensityCapex / Revenue | 0.8% | — |
| Cash ConversionOCF / Net Profit | 1.52× | 1.45× |
| TTM Free Cash FlowTrailing 4 quarters | $595.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $396.0M | $733.6M | ||
| Q3 25 | $-200.0M | $875.1M | ||
| Q2 25 | $83.0M | $872.7M | ||
| Q1 25 | $349.0M | $705.1M | ||
| Q4 24 | $191.0M | $768.6M | ||
| Q3 24 | $389.0M | $798.8M | ||
| Q2 24 | — | $895.3M | ||
| Q1 24 | $838.0M | $665.6M |
| Q4 25 | $389.0M | — | ||
| Q3 25 | $-208.0M | — | ||
| Q2 25 | $74.0M | — | ||
| Q1 25 | $340.0M | — | ||
| Q4 24 | $174.0M | — | ||
| Q3 24 | $383.0M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $828.0M | — |
| Q4 25 | 43.8% | — | ||
| Q3 25 | -23.4% | — | ||
| Q2 25 | 8.9% | — | ||
| Q1 25 | 41.9% | — | ||
| Q4 24 | 23.9% | — | ||
| Q3 24 | 46.3% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 101.1% | — |
| Q4 25 | 0.8% | — | ||
| Q3 25 | 0.9% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 1.1% | — | ||
| Q4 24 | 2.3% | — | ||
| Q3 24 | 0.7% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.2% | — |
| Q4 25 | 1.52× | 1.45× | ||
| Q3 25 | -0.76× | 1.71× | ||
| Q2 25 | 0.34× | 2.43× | ||
| Q1 25 | 1.60× | 1.73× | ||
| Q4 24 | 1.15× | 1.25× | ||
| Q3 24 | 1.78× | 1.86× | ||
| Q2 24 | — | 1.73× | ||
| Q1 24 | 4.36× | 1.31× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FHN
| Commercial Consumer And Wealth Segment | $776.0M | 87% |
| Other | $88.0M | 10% |
| Corporate | $24.0M | 3% |
PSA
| Self Storage Operations | $1.1B | 93% |
| Ancillary Operations | $86.9M | 7% |
