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Side-by-side financial comparison of Public Storage (PSA) and Qnity Electronics, Inc. (Q). Click either name above to swap in a different company.
Qnity Electronics, Inc. is the larger business by last-quarter revenue ($1.3B vs $1.2B, roughly 1.0× Public Storage). Public Storage runs the higher net margin — 41.7% vs 16.5%, a 25.2% gap on every dollar of revenue. On growth, Qnity Electronics, Inc. posted the faster year-over-year revenue change (11.1% vs 3.3%).
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.
PSA vs Q — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.3B |
| Net Profit | $507.1M | $211.0M |
| Gross Margin | — | 45.1% |
| Operating Margin | 40.7% | 21.3% |
| Net Margin | 41.7% | 16.5% |
| Revenue YoY | 3.3% | 11.1% |
| Net Profit YoY | -17.5% | 6.0% |
| EPS (diluted) | $2.59 | $1.01 |
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 | $1.2B | — | ||
| Q3 25 | $1.2B | $1.3B | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.2B | $1.1B | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.2B | — |
| Q4 25 | $507.1M | — | ||
| Q3 25 | $511.1M | $211.0M | ||
| Q2 25 | $358.4M | — | ||
| Q1 25 | $407.8M | — | ||
| Q4 24 | $614.6M | — | ||
| Q3 24 | $430.3M | $199.0M | ||
| Q2 24 | $518.1M | — | ||
| Q1 24 | $508.9M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 45.1% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 47.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 40.7% | — | ||
| Q3 25 | 42.3% | 21.3% | ||
| Q2 25 | 30.4% | — | ||
| Q1 25 | 34.8% | — | ||
| Q4 24 | 52.4% | — | ||
| Q3 24 | 36.7% | 21.8% | ||
| Q2 24 | 44.6% | — | ||
| Q1 24 | 44.3% | — |
| Q4 25 | 41.7% | — | ||
| Q3 25 | 41.8% | 16.5% | ||
| Q2 25 | 29.8% | — | ||
| Q1 25 | 34.5% | — | ||
| Q4 24 | 52.2% | — | ||
| Q3 24 | 36.2% | 17.3% | ||
| Q2 24 | 44.2% | — | ||
| Q1 24 | 44.0% | — |
| Q4 25 | $2.59 | — | ||
| Q3 25 | $2.62 | $1.01 | ||
| Q2 25 | $1.76 | — | ||
| Q1 25 | $2.04 | — | ||
| Q4 24 | $3.22 | — | ||
| Q3 24 | $2.16 | $0.95 | ||
| Q2 24 | $2.66 | — | ||
| Q1 24 | $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 | $128.0M |
| Total DebtLower is stronger | $10.3B | $1.7B |
| Stockholders' EquityBook value | $9.2B | $9.1B |
| Total Assets | $20.2B | $12.5B |
| Debt / EquityLower = less leverage | 1.11× | 0.19× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $318.1M | — | ||
| Q3 25 | $296.5M | $128.0M | ||
| 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 | $1.7B | ||
| 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 | $9.2B | — | ||
| Q3 25 | $9.3B | $9.1B | ||
| Q2 25 | $9.4B | — | ||
| Q1 25 | $9.6B | — | ||
| Q4 24 | $9.7B | — | ||
| Q3 24 | $9.6B | $11.1B | ||
| Q2 24 | $9.7B | — | ||
| Q1 24 | $9.9B | — |
| Q4 25 | $20.2B | — | ||
| Q3 25 | $20.1B | $12.5B | ||
| Q2 25 | $20.5B | — | ||
| Q1 25 | $19.6B | — | ||
| Q4 24 | $19.8B | — | ||
| Q3 24 | $19.8B | — | ||
| Q2 24 | $19.8B | — | ||
| Q1 24 | $19.6B | — |
| Q4 25 | 1.11× | — | ||
| Q3 25 | 1.08× | 0.19× | ||
| 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 | $733.6M | $782.0M |
| Free Cash FlowOCF − Capex | — | $568.0M |
| FCF MarginFCF / Revenue | — | 44.5% |
| Capex IntensityCapex / Revenue | — | 16.8% |
| Cash ConversionOCF / Net Profit | 1.45× | 3.71× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $733.6M | — | ||
| Q3 25 | $875.1M | $782.0M | ||
| Q2 25 | $872.7M | — | ||
| Q1 25 | $705.1M | — | ||
| Q4 24 | $768.6M | — | ||
| Q3 24 | $798.8M | — | ||
| Q2 24 | $895.3M | — | ||
| Q1 24 | $665.6M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $568.0M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 44.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 16.8% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 1.45× | — | ||
| Q3 25 | 1.71× | 3.71× | ||
| Q2 25 | 2.43× | — | ||
| Q1 25 | 1.73× | — | ||
| Q4 24 | 1.25× | — | ||
| Q3 24 | 1.86× | — | ||
| Q2 24 | 1.73× | — | ||
| Q1 24 | 1.31× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PSA
| Self Storage Operations | $1.1B | 93% |
| Ancillary Operations | $86.9M | 7% |
Q
| Semiconductor Technologies | $693.0M | 54% |
| Interconnect Solutions | $583.0M | 46% |
