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Public Storage vs ERP Operating Ltd Partnership: PSA and VRMK compared
Public Storage is the larger company: $1.4B of revenue in its latest quarter (Q3 2026) against $1.2B for ERP Operating Ltd Partnership (Q3 2026). ERP Operating Ltd Partnership is growing faster (+56% against +12% a year earlier). Public Storage is more profitable, with an operating margin of 23.2% against -72.4%.
Where the money goes: PSA and VRMK
Public Storage (PSA) · Q3 2026
Public Storage, Q3 2026: revenue $1.4B (+12% year over year), operating margin 23.2%, net earnings $367M, operating cash flow $709M. The chart follows the revenue to costs, profit and cash.
ERP Operating Ltd Partnership (VRMK) · Q3 2026
ERP Operating Ltd Partnership, Q3 2026: revenue $1.2B (+56% year over year), operating margin -72.4%, net loss $747M. The chart follows the revenue to costs, profit and cash.
| Public Storage (PSA) | ERP Operating Ltd Partnership (VRMK) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $1.4B | $1.2B |
| Revenue growth, Y/Y | +12% | +56% |
| Operating margin | 23.2% | -72.4% |
| Net earnings | $367M | −$747M |
| Net margin | 26.9% | -62.5% |
| Operating cash flow | $709M | — |
| Free cash flow | $633M | — |
| Market value | $62.4B | — |
| P/E | 35.4× | — |
| Analysts’ mean target | $334.06 | — |
Where the revenue comes from
Public Storage
- Self-storage facilities: $1.3B (92%)
- Ancillary operations: $112M (8%)
Questions
Which is bigger, Public Storage or ERP Operating Ltd Partnership?
Public Storage is the larger company: $1.4B of revenue in its latest quarter (Q3 2026) against $1.2B for ERP Operating Ltd Partnership (Q3 2026).
Is Public Storage or ERP Operating Ltd Partnership growing faster?
ERP Operating Ltd Partnership is growing faster (+56% against +12% a year earlier).
Which is more profitable, Public Storage or ERP Operating Ltd Partnership?
Public Storage is more profitable, with an operating margin of 23.2% against -72.4%.
More: Public Storage earnings · how Public Storage makes money · ERP Operating Ltd Partnership earnings · how ERP Operating Ltd Partnership makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 26, 2026; 10-Q filed Nov 9, 2026). Fiscal quarters can end on different dates. Not investment advice.