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Side-by-side financial comparison of Public Storage (PSA) and Toast, Inc. (TOST). Click either name above to swap in a different company.
Toast, Inc. is the larger business by last-quarter revenue ($1.6B vs $1.2B, roughly 1.3× Public Storage). Public Storage runs the higher net margin — 41.7% vs 6.2%, a 35.5% gap on every dollar of revenue. On growth, Toast, Inc. posted the faster year-over-year revenue change (22.0% vs 3.3%). Over the past eight quarters, Toast, Inc.'s revenue compounded faster (23.3% CAGR vs 2.5%).
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.
Toast, Inc. is an American cloud-based restaurant management software company based in Boston, Massachusetts. The company provides an all-in-one point of sale (POS) system built on the Android operating system.
PSA vs TOST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.6B |
| Net Profit | $507.1M | $101.0M |
| Gross Margin | — | 25.9% |
| Operating Margin | 40.7% | 5.2% |
| Net Margin | 41.7% | 6.2% |
| Revenue YoY | 3.3% | 22.0% |
| Net Profit YoY | -17.5% | 215.6% |
| EPS (diluted) | $2.59 | $0.18 |
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 | $1.6B | ||
| Q3 25 | $1.2B | $1.6B | ||
| Q2 25 | $1.2B | $1.6B | ||
| Q1 25 | $1.2B | $1.3B | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $1.2B | $1.3B | ||
| Q2 24 | $1.2B | $1.2B | ||
| Q1 24 | $1.2B | $1.1B |
| Q4 25 | $507.1M | $101.0M | ||
| Q3 25 | $511.1M | $105.0M | ||
| Q2 25 | $358.4M | $80.0M | ||
| Q1 25 | $407.8M | $56.0M | ||
| Q4 24 | $614.6M | $32.0M | ||
| Q3 24 | $430.3M | $56.0M | ||
| Q2 24 | $518.1M | $14.0M | ||
| Q1 24 | $508.9M | $-83.0M |
| Q4 25 | — | 25.9% | ||
| Q3 25 | — | 26.5% | ||
| Q2 25 | — | 25.3% | ||
| Q1 25 | — | 25.9% | ||
| Q4 24 | — | 24.9% | ||
| Q3 24 | — | 24.7% | ||
| Q2 24 | — | 23.0% | ||
| Q1 24 | — | 23.2% |
| Q4 25 | 40.7% | 5.2% | ||
| Q3 25 | 42.3% | 5.1% | ||
| Q2 25 | 30.4% | 5.2% | ||
| Q1 25 | 34.8% | 3.2% | ||
| Q4 24 | 52.4% | 2.5% | ||
| Q3 24 | 36.7% | 2.6% | ||
| Q2 24 | 44.6% | 0.4% | ||
| Q1 24 | 44.3% | -5.2% |
| Q4 25 | 41.7% | 6.2% | ||
| Q3 25 | 41.8% | 6.4% | ||
| Q2 25 | 29.8% | 5.2% | ||
| Q1 25 | 34.5% | 4.2% | ||
| Q4 24 | 52.2% | 2.4% | ||
| Q3 24 | 36.2% | 4.3% | ||
| Q2 24 | 44.2% | 1.1% | ||
| Q1 24 | 44.0% | -7.7% |
| Q4 25 | $2.59 | $0.18 | ||
| Q3 25 | $2.62 | $0.16 | ||
| Q2 25 | $1.76 | $0.13 | ||
| Q1 25 | $2.04 | $0.09 | ||
| Q4 24 | $3.22 | $0.09 | ||
| Q3 24 | $2.16 | $0.07 | ||
| Q2 24 | $2.66 | $0.02 | ||
| Q1 24 | $2.60 | $-0.15 |
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 | $1.4B |
| Total DebtLower is stronger | $10.3B | — |
| Stockholders' EquityBook value | $9.2B | $2.1B |
| Total Assets | $20.2B | $3.1B |
| Debt / EquityLower = less leverage | 1.11× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $318.1M | $1.4B | ||
| Q3 25 | $296.5M | $1.4B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | $287.2M | $1.0B | ||
| Q4 24 | $447.4M | $903.0M | ||
| Q3 24 | $599.0M | $761.0M | ||
| Q2 24 | $542.3M | $691.0M | ||
| Q1 24 | $271.6M | $578.0M |
| 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 | $9.2B | $2.1B | ||
| Q3 25 | $9.3B | $2.0B | ||
| Q2 25 | $9.4B | $1.8B | ||
| Q1 25 | $9.6B | $1.7B | ||
| Q4 24 | $9.7B | $1.5B | ||
| Q3 24 | $9.6B | $1.4B | ||
| Q2 24 | $9.7B | $1.3B | ||
| Q1 24 | $9.9B | $1.2B |
| Q4 25 | $20.2B | $3.1B | ||
| Q3 25 | $20.1B | $3.0B | ||
| Q2 25 | $20.5B | $2.8B | ||
| Q1 25 | $19.6B | $2.6B | ||
| Q4 24 | $19.8B | $2.4B | ||
| Q3 24 | $19.8B | $2.2B | ||
| Q2 24 | $19.8B | $2.2B | ||
| Q1 24 | $19.6B | $2.1B |
| 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 | $733.6M | $194.0M |
| Free Cash FlowOCF − Capex | — | $178.0M |
| FCF MarginFCF / Revenue | — | 10.9% |
| Capex IntensityCapex / Revenue | — | 1.0% |
| Cash ConversionOCF / Net Profit | 1.45× | 1.92× |
| TTM Free Cash FlowTrailing 4 quarters | — | $608.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $733.6M | $194.0M | ||
| Q3 25 | $875.1M | $165.0M | ||
| Q2 25 | $872.7M | $223.0M | ||
| Q1 25 | $705.1M | $79.0M | ||
| Q4 24 | $768.6M | $147.0M | ||
| Q3 24 | $798.8M | $109.0M | ||
| Q2 24 | $895.3M | $124.0M | ||
| Q1 24 | $665.6M | $-20.0M |
| Q4 25 | — | $178.0M | ||
| Q3 25 | — | $153.0M | ||
| Q2 25 | — | $208.0M | ||
| Q1 25 | — | $69.0M | ||
| Q4 24 | — | $134.0M | ||
| Q3 24 | — | $97.0M | ||
| Q2 24 | — | $108.0M | ||
| Q1 24 | — | $-33.0M |
| Q4 25 | — | 10.9% | ||
| Q3 25 | — | 9.4% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | — | 5.2% | ||
| Q4 24 | — | 10.0% | ||
| Q3 24 | — | 7.4% | ||
| Q2 24 | — | 8.7% | ||
| Q1 24 | — | -3.1% |
| Q4 25 | — | 1.0% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 1.0% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 1.0% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | — | 1.2% |
| Q4 25 | 1.45× | 1.92× | ||
| Q3 25 | 1.71× | 1.57× | ||
| Q2 25 | 2.43× | 2.79× | ||
| Q1 25 | 1.73× | 1.41× | ||
| Q4 24 | 1.25× | 4.59× | ||
| Q3 24 | 1.86× | 1.95× | ||
| Q2 24 | 1.73× | 8.86× | ||
| 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% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
