Public Storage vs Samsung: Revenue, Profit and Business Model
Public Storage reported $4.8B of revenue in FY2025 and $1.8B of net income. Samsung reported ~$236.9B of revenue in FY2025 and ~$31.4B of net income.
Latest financial snapshot
Public Storage
- Latest revenue
- $4.8B (FY2025)
- Net income
- $1.8B
- Net margin
- 37.0%
- Revenue growth
- +7.3% a year, FY2016–FY2025
Samsung
- Latest revenue
- ~$236.9B (FY2025)
- Net income
- ~$31.4B
- Net margin
- 13.3%
- Revenue growth
- +4.5% a year, FY2021–FY2025
Financial summary
Public Storage
Revenue grew from $2.56 billion in 2016 to $4.82 billion in 2025, helped by pandemic-era demand in 2021-2022 and acquisitions such as Simply Self Storage. Growth has since slowed: FY2025 revenue rose 2.7% and net income fell to $1.78 billion from $2.07 billion in 2024. In Q2 2026, Core FFO was $4.17 per share, down 2.6%, and same-store revenue declined 0.6%, yet management raised full-year 2026 Core FFO guidance to $16.75-$17.05 per share, citing first-half performance and accretion from the NSA and PS Canada deals.
Samsung
Samsung's earnings follow the memory cycle. Revenue fell from ~$215 billion (KRW 302.2 trillion) in 2022 to ~$184 billion (KRW 258.9 trillion) in 2023 during a chip downturn, then recovered to ~$214 billion (KRW 300.9 trillion) in 2024 and ~$237 billion (KRW 333.6 trillion) in 2025, when net income reached about $31.5 billion (KRW 44.3 trillion). In 2026, AI server demand created a memory shortage. Q1 operating profit of ~$40.6 billion (KRW 57.2 trillion) exceeded the full-year 2025 total, and Q2 reached ~$63.5 billion (KRW 89.5 trillion) on ~$122 billion (KRW 171.5 trillion) revenue. Higher memory costs also squeezed Samsung's own devices: the MX and Networks unit lost ~$497 million (KRW 0.7 trillion) in Q2 2026 on ~$23.6 billion (KRW 33.2 trillion) revenue.
Revenue and profit by year
Public Storage
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $4.8B | $1.8B | 37.0% | +2.7% | Source |
| FY2024 | $4.7B | $2.1B | 44.1% | +3.9% | Source |
| FY2023 | $4.5B | $2.1B | 47.6% | +8.0% | Source |
| FY2022 | $4.2B | $4.3B | 104.0% | +22.4% | Source |
| FY2021 | $3.4B | $2B | 57.2% | +17.2% | Source |
| FY2020 | $2.9B | $1.4B | 46.6% | +2.1% | Source |
| FY2019 | $2.9B | $1.5B | 53.3% | +3.5% | Source |
| FY2018 | $2.8B | $1.7B | 62.0% | +3.4% | Source |
| FY2017 | $2.7B | $1.4B | 54.0% | +4.2% | Source |
| FY2016 | $2.6B | $1.5B | 56.8% | — | Source |
Samsung
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$236.9B | ~$31.4B | 13.3% | +10.9% | Source |
| FY2024 | ~$213.6B | ~$23.9B | 11.2% | +16.2% | Source |
| FY2023 | ~$183.8B | ~$10.3B | 5.6% | -14.3% | Source |
| FY2022 | ~$214.6B | ~$38.9B | 18.1% | +8.1% | Source |
| FY2021 | ~$198.5B | ~$27.9B | 14.0% | — | Source |
Where the revenue comes from
Public Storage
- Self-storage rental revenueMajority
Rent from month-to-month storage leases across company-owned facilities.
- Ancillary revenueMinority
Tenant reinsurance premiums, merchandise sales and third-party management fees.
Samsung
- Memory semiconductors
- Foundry and system LSI
- Galaxy smartphones and mobile devices
- Display panels
- TVs and appliances
- Network equipment
- Harman automotive and audio
Business model and strategy
Public Storage
How it makes money
Public Storage makes money by owning self-storage properties and renting units to households and small businesses, usually on month-to-month agreements. That short lease term lets it adjust move-in rates often and raise rents for existing tenants over time. Self-storage rent is the bulk of revenue.
Growth strategy
Under the PS4.0 plan announced in February 2026, Public Storage is pursuing growth through large acquisitions (NSA, closed July 2026; PS Canada, agreed in Q2 2026), smaller property purchases (44 facilities for $454.9 million year to date as of late July 2026), development and expansion of existing sites, and growth of its third-party management platform.
Competitive advantage
Public Storage's edge comes from scale and brand. Its orange-door brand is the most recognized in U.S. self-storage, which lowers customer acquisition costs online. A dense network of properties in major metros lets it share staff and marketing across sites, and its centralized revenue-management and digital rental tools can be applied to every facility it acquires.
Samsung
How it makes money
Samsung earns money from two groups of businesses. Device Solutions (DS) makes and sells memory (DRAM, HBM, NAND), System LSI chips such as Exynos processors and ISOCELL image sensors, and contract foundry manufacturing.
Growth strategy
Samsung's growth plan centers on AI memory: ramping HBM4 for Nvidia and AMD accelerators, developing HBM4E, and adding DRAM capacity at Pyeongtaek. In foundry it is pursuing 2nm gate-all-around production and building its Taylor, Texas fab to win customers from TSMC. On the device side it relies on Galaxy AI features, foldables and premium TVs to defend share against Apple and Chinese brands.
Competitive advantage
Samsung's edge is manufacturing scale and breadth. It is the largest memory producer and one of only three major DRAM makers, alongside SK hynix and Micron. That lets it capture pricing upswings like the 2026 AI-driven shortage.
Questions about Public Storage vs Samsung
Which company has higher revenue — Public Storage or Samsung Electronics Co., Ltd.?
Public Storage reported $4.8B (FY2025), while Samsung Electronics Co., Ltd. reported ~$236.9B (FY2025). By last reported revenue, Samsung Electronics Co., Ltd. is the larger business, with Public Storage reporting a smaller revenue base.
What is the market cap of Public Storage vs Samsung Electronics Co., Ltd.?
Public Storage's market capitalisation stands at $55.4B, while Samsung Electronics Co., Ltd.'s is $1.33T. Samsung Electronics Co., Ltd. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Public Storage.
Which is more financially efficient — Public Storage or Samsung Electronics Co., Ltd.?
Public Storage generates $836k / employee in revenue per employee, while Samsung Electronics Co., Ltd. generates $914k / employee. Samsung Electronics Co., Ltd. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Public Storage and Samsung Electronics Co., Ltd. make money?
Public Storage and Samsung Electronics Co., Ltd. generate revenue in fundamentally different ways. Public Storage: Public Storage makes money by owning self-storage properties and renting units to households and small businesses, usually on month-to-month agreements. Samsung Electronics Co., Ltd.: Samsung earns money from two groups of businesses.
Which company is valued higher relative to revenue — Public Storage or Samsung Electronics Co., Ltd.?
On a price-to-sales (P/S) basis, Public Storage trades at 11.5x P/S and Samsung Electronics Co., Ltd. at 5.6x P/S. Public Storage commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Samsung Electronics Co., Ltd.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Public Storage bigger than Samsung Electronics Co., Ltd.?
By last reported revenue, Samsung Electronics Co., Ltd. (~$236.9B (FY2025)) is the larger company compared to Public Storage ($4.8B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Public Storage vs Samsung overview