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Side-by-side financial comparison of Public Storage (PSA) and Frontier Group Holdings, Inc. (ULCC). Click either name above to swap in a different company.
Public Storage is the larger business by last-quarter revenue ($1.2B vs $997.0M, roughly 1.2× Frontier Group Holdings, Inc.). Public Storage runs the higher net margin — 41.7% vs 5.3%, a 36.4% gap on every dollar of revenue. On growth, Public Storage posted the faster year-over-year revenue change (3.3% vs -0.5%). Over the past eight quarters, Frontier Group Holdings, Inc.'s revenue compounded faster (7.4% 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.
Frontier Communications Parent, Inc. is an American telecommunications company with a fiber-optic network and cloud-based services owned by Verizon. It was previously known as Citizens Utilities Co., Citizens Communications Co., and Frontier Communications Corp.
PSA vs ULCC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $997.0M |
| Net Profit | $507.1M | $53.0M |
| Gross Margin | — | — |
| Operating Margin | 40.7% | 4.9% |
| Net Margin | 41.7% | 5.3% |
| Revenue YoY | 3.3% | -0.5% |
| Net Profit YoY | -17.5% | -1.9% |
| EPS (diluted) | $2.59 | $0.24 |
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 | $997.0M | ||
| Q3 25 | $1.2B | $886.0M | ||
| Q2 25 | $1.2B | $929.0M | ||
| Q1 25 | $1.2B | $912.0M | ||
| Q4 24 | $1.2B | $1.0B | ||
| Q3 24 | $1.2B | $935.0M | ||
| Q2 24 | $1.2B | $973.0M | ||
| Q1 24 | $1.2B | $865.0M |
| Q4 25 | $507.1M | $53.0M | ||
| Q3 25 | $511.1M | $-77.0M | ||
| Q2 25 | $358.4M | $-70.0M | ||
| Q1 25 | $407.8M | $-43.0M | ||
| Q4 24 | $614.6M | $54.0M | ||
| Q3 24 | $430.3M | $26.0M | ||
| Q2 24 | $518.1M | $31.0M | ||
| Q1 24 | $508.9M | $-26.0M |
| Q4 25 | 40.7% | 4.9% | ||
| Q3 25 | 42.3% | -8.7% | ||
| Q2 25 | 30.4% | -8.1% | ||
| Q1 25 | 34.8% | -5.0% | ||
| Q4 24 | 52.4% | 4.5% | ||
| Q3 24 | 36.7% | 2.0% | ||
| Q2 24 | 44.6% | 2.6% | ||
| Q1 24 | 44.3% | -3.6% |
| Q4 25 | 41.7% | 5.3% | ||
| Q3 25 | 41.8% | -8.7% | ||
| Q2 25 | 29.8% | -7.5% | ||
| Q1 25 | 34.5% | -4.7% | ||
| Q4 24 | 52.2% | 5.4% | ||
| Q3 24 | 36.2% | 2.8% | ||
| Q2 24 | 44.2% | 3.2% | ||
| Q1 24 | 44.0% | -3.0% |
| Q4 25 | $2.59 | $0.24 | ||
| Q3 25 | $2.62 | $-0.34 | ||
| Q2 25 | $1.76 | $-0.31 | ||
| Q1 25 | $2.04 | $-0.19 | ||
| Q4 24 | $3.22 | $0.24 | ||
| Q3 24 | $2.16 | $0.11 | ||
| Q2 24 | $2.66 | $0.14 | ||
| Q1 24 | $2.60 | $-0.12 |
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 | $671.0M |
| Total DebtLower is stronger | $10.3B | $620.0M |
| Stockholders' EquityBook value | $9.2B | $491.0M |
| Total Assets | $20.2B | $7.2B |
| Debt / EquityLower = less leverage | 1.11× | 1.26× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $318.1M | $671.0M | ||
| Q3 25 | $296.5M | $566.0M | ||
| Q2 25 | $1.1B | $563.0M | ||
| Q1 25 | $287.2M | $686.0M | ||
| Q4 24 | $447.4M | $740.0M | ||
| Q3 24 | $599.0M | $576.0M | ||
| Q2 24 | $542.3M | $658.0M | ||
| Q1 24 | $271.6M | $622.0M |
| Q4 25 | $10.3B | $620.0M | ||
| Q3 25 | $10.0B | $673.0M | ||
| Q2 25 | $10.4B | $565.0M | ||
| Q1 25 | $9.4B | $512.0M | ||
| Q4 24 | $9.4B | $507.0M | ||
| Q3 24 | $9.5B | $474.0M | ||
| Q2 24 | $9.4B | $455.0M | ||
| Q1 24 | $9.1B | $469.0M |
| Q4 25 | $9.2B | $491.0M | ||
| Q3 25 | $9.3B | $434.0M | ||
| Q2 25 | $9.4B | $506.0M | ||
| Q1 25 | $9.6B | $570.0M | ||
| Q4 24 | $9.7B | $604.0M | ||
| Q3 24 | $9.6B | $549.0M | ||
| Q2 24 | $9.7B | $520.0M | ||
| Q1 24 | $9.9B | $484.0M |
| Q4 25 | $20.2B | $7.2B | ||
| Q3 25 | $20.1B | $6.7B | ||
| Q2 25 | $20.5B | $6.5B | ||
| Q1 25 | $19.6B | $6.5B | ||
| Q4 24 | $19.8B | $6.2B | ||
| Q3 24 | $19.8B | $5.8B | ||
| Q2 24 | $19.8B | $5.7B | ||
| Q1 24 | $19.6B | $5.2B |
| Q4 25 | 1.11× | 1.26× | ||
| Q3 25 | 1.08× | 1.55× | ||
| Q2 25 | 1.11× | 1.12× | ||
| Q1 25 | 0.99× | 0.90× | ||
| Q4 24 | 0.96× | 0.84× | ||
| Q3 24 | 0.99× | 0.86× | ||
| Q2 24 | 0.97× | 0.88× | ||
| Q1 24 | 0.91× | 0.97× |
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 | $-91.0M |
| Free Cash FlowOCF − Capex | — | $-113.0M |
| FCF MarginFCF / Revenue | — | -11.3% |
| Capex IntensityCapex / Revenue | — | 2.2% |
| Cash ConversionOCF / Net Profit | 1.45× | -1.72× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-600.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $733.6M | $-91.0M | ||
| Q3 25 | $875.1M | $-215.0M | ||
| Q2 25 | $872.7M | $-133.0M | ||
| Q1 25 | $705.1M | $-86.0M | ||
| Q4 24 | $768.6M | $87.0M | ||
| Q3 24 | $798.8M | $-156.0M | ||
| Q2 24 | $895.3M | $9.0M | ||
| Q1 24 | $665.6M | $-22.0M |
| Q4 25 | — | $-113.0M | ||
| Q3 25 | — | $-217.0M | ||
| Q2 25 | — | $-166.0M | ||
| Q1 25 | — | $-104.0M | ||
| Q4 24 | — | $73.0M | ||
| Q3 24 | — | $-170.0M | ||
| Q2 24 | — | $-22.0M | ||
| Q1 24 | — | $-39.0M |
| Q4 25 | — | -11.3% | ||
| Q3 25 | — | -24.5% | ||
| Q2 25 | — | -17.9% | ||
| Q1 25 | — | -11.4% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | — | -18.2% | ||
| Q2 24 | — | -2.3% | ||
| Q1 24 | — | -4.5% |
| Q4 25 | — | 2.2% | ||
| Q3 25 | — | 0.2% | ||
| Q2 25 | — | 3.6% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | 3.2% | ||
| Q1 24 | — | 2.0% |
| Q4 25 | 1.45× | -1.72× | ||
| Q3 25 | 1.71× | — | ||
| Q2 25 | 2.43× | — | ||
| Q1 25 | 1.73× | — | ||
| Q4 24 | 1.25× | 1.61× | ||
| Q3 24 | 1.86× | -6.00× | ||
| Q2 24 | 1.73× | 0.29× | ||
| 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% |
ULCC
| Aircraft Fare | $453.0M | 45% |
| Passenger Service Fees | $227.0M | 23% |
| Passenger Baggage | $177.0M | 18% |
| Passenger Seat Selection | $69.0M | 7% |
| Other Passenger Revenue | $36.0M | 4% |
| Other | $35.0M | 4% |
