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Side-by-side financial comparison of Public Storage (PSA) and WATSCO INC (WSO). Click either name above to swap in a different company.
WATSCO INC is the larger business by last-quarter revenue ($1.5B vs $1.2B, roughly 1.3× Public Storage). Public Storage runs the higher net margin — 41.7% vs 6.1%, a 35.6% gap on every dollar of revenue. On growth, Public Storage posted the faster year-over-year revenue change (3.3% vs 0.1%). Over the past eight quarters, Public Storage's revenue compounded faster (2.5% CAGR vs -15.3%).
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.
Watsco, Inc. is a distributor of air conditioning, heating and refrigeration equipment, and related parts and supplies (HVAC/R) in the United States. Watsco was founded more than 60 years ago as a manufacturer of parts, components, and tools used in the HVAC/R industry. In 1989, the company shifted from manufacturing to distribution, by acquiring Gemaire Distributors Inc., a South Florida-based Rheem distributor.
PSA vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $1.2B | $1.5B |
| Net Profit | $507.1M | $92.9M |
| Gross Margin | — | 27.9% |
| Operating Margin | 40.7% | 7.2% |
| Net Margin | 41.7% | 6.1% |
| Revenue YoY | 3.3% | 0.1% |
| Net Profit YoY | -17.5% | -1.7% |
| EPS (diluted) | $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.
| Q1 26 | — | $1.5B | ||
| Q4 25 | $1.2B | $1.6B | ||
| Q3 25 | $1.2B | $2.1B | ||
| Q2 25 | $1.2B | $2.1B | ||
| Q1 25 | $1.2B | $1.5B | ||
| Q4 24 | $1.2B | $1.8B | ||
| Q3 24 | $1.2B | $2.2B | ||
| Q2 24 | $1.2B | $2.1B |
| Q1 26 | — | $92.9M | ||
| Q4 25 | $507.1M | $71.7M | ||
| Q3 25 | $511.1M | $161.6M | ||
| Q2 25 | $358.4M | $183.6M | ||
| Q1 25 | $407.8M | $80.1M | ||
| Q4 24 | $614.6M | $96.8M | ||
| Q3 24 | $430.3M | $171.0M | ||
| Q2 24 | $518.1M | $181.4M |
| Q1 26 | — | 27.9% | ||
| Q4 25 | — | 27.1% | ||
| Q3 25 | — | 27.5% | ||
| Q2 25 | — | 29.3% | ||
| Q1 25 | — | 28.1% | ||
| Q4 24 | — | 26.7% | ||
| Q3 24 | — | 26.2% | ||
| Q2 24 | — | 27.1% |
| Q1 26 | — | 7.2% | ||
| Q4 25 | 40.7% | 6.4% | ||
| Q3 25 | 42.3% | 11.4% | ||
| Q2 25 | 30.4% | 13.2% | ||
| Q1 25 | 34.8% | 7.3% | ||
| Q4 24 | 52.4% | 7.8% | ||
| Q3 24 | 36.7% | 11.6% | ||
| Q2 24 | 44.6% | 12.6% |
| Q1 26 | — | 6.1% | ||
| Q4 25 | 41.7% | 4.5% | ||
| Q3 25 | 41.8% | 7.8% | ||
| Q2 25 | 29.8% | 8.9% | ||
| Q1 25 | 34.5% | 5.2% | ||
| Q4 24 | 52.2% | 5.5% | ||
| Q3 24 | 36.2% | 7.9% | ||
| Q2 24 | 44.2% | 8.5% |
| Q1 26 | — | — | ||
| Q4 25 | $2.59 | $1.82 | ||
| Q3 25 | $2.62 | $3.98 | ||
| Q2 25 | $1.76 | $4.52 | ||
| Q1 25 | $2.04 | $1.93 | ||
| Q4 24 | $3.22 | $2.42 | ||
| Q3 24 | $2.16 | $4.22 | ||
| Q2 24 | $2.66 | $4.49 |
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 | $392.7M |
| Total DebtLower is stronger | $10.3B | — |
| Stockholders' EquityBook value | $9.2B | $3.2B |
| Total Assets | $20.2B | $4.6B |
| Debt / EquityLower = less leverage | 1.11× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $392.7M | ||
| Q4 25 | $318.1M | $733.3M | ||
| Q3 25 | $296.5M | $524.3M | ||
| Q2 25 | $1.1B | $293.0M | ||
| Q1 25 | $287.2M | $431.8M | ||
| Q4 24 | $447.4M | $781.9M | ||
| Q3 24 | $599.0M | $550.0M | ||
| Q2 24 | $542.3M | $424.9M |
| Q1 26 | — | — | ||
| Q4 25 | $10.3B | $361.6M | ||
| Q3 25 | $10.0B | $340.8M | ||
| Q2 25 | $10.4B | $338.7M | ||
| Q1 25 | $9.4B | $346.4M | ||
| Q4 24 | $9.4B | $337.2M | ||
| Q3 24 | $9.5B | $321.0M | ||
| Q2 24 | $9.4B | $307.1M |
| Q1 26 | — | $3.2B | ||
| Q4 25 | $9.2B | $2.8B | ||
| Q3 25 | $9.3B | $2.8B | ||
| Q2 25 | $9.4B | $2.8B | ||
| Q1 25 | $9.6B | $2.7B | ||
| Q4 24 | $9.7B | $2.7B | ||
| Q3 24 | $9.6B | $2.7B | ||
| Q2 24 | $9.7B | $2.6B |
| Q1 26 | — | $4.6B | ||
| Q4 25 | $20.2B | $4.4B | ||
| Q3 25 | $20.1B | $4.6B | ||
| Q2 25 | $20.5B | $4.7B | ||
| Q1 25 | $19.6B | $4.5B | ||
| Q4 24 | $19.8B | $4.5B | ||
| Q3 24 | $19.8B | $4.5B | ||
| Q2 24 | $19.8B | $4.4B |
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | 0.13× | ||
| Q3 25 | 1.08× | 0.12× | ||
| Q2 25 | 1.11× | 0.12× | ||
| Q1 25 | 0.99× | 0.13× | ||
| Q4 24 | 0.96× | 0.13× | ||
| Q3 24 | 0.99× | 0.12× | ||
| Q2 24 | 0.97× | 0.12× |
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 | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.45× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $733.6M | $399.8M | ||
| Q3 25 | $875.1M | $354.9M | ||
| Q2 25 | $872.7M | $-7.4M | ||
| Q1 25 | $705.1M | $-177.6M | ||
| Q4 24 | $768.6M | $378.9M | ||
| Q3 24 | $798.8M | $232.8M | ||
| Q2 24 | $895.3M | $57.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $388.5M | ||
| Q3 25 | — | $346.1M | ||
| Q2 25 | — | $-14.3M | ||
| Q1 25 | — | $-185.2M | ||
| Q4 24 | — | $370.9M | ||
| Q3 24 | — | $223.0M | ||
| Q2 24 | — | $51.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 24.6% | ||
| Q3 25 | — | 16.7% | ||
| Q2 25 | — | -0.7% | ||
| Q1 25 | — | -12.1% | ||
| Q4 24 | — | 21.1% | ||
| Q3 24 | — | 10.3% | ||
| Q2 24 | — | 2.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.7% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.45× | 5.57× | ||
| Q3 25 | 1.71× | 2.20× | ||
| Q2 25 | 2.43× | -0.04× | ||
| Q1 25 | 1.73× | -2.22× | ||
| Q4 24 | 1.25× | 3.91× | ||
| Q3 24 | 1.86× | 1.36× | ||
| Q2 24 | 1.73× | 0.32× |
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% |
WSO
Segment breakdown not available.
