Extra Space Storage, Inc.

Real Estate Investment Trusts

EXRStrained7 of 11 basics passed

$134.65

+1.15%

Market cap $28.4B

$134.65

+1.15%

Market cap $28.4B

Extra Space Storage is a fully integrated real estate investment trust that owns, operates, and manages more than 4,200 self-storage properties in 43 states, with over 330 million net rentable square feet of storage space.

It is a $28.4B real estate company. Revenue grew 4.2% over the last year, and it keeps 28¢ of every dollar of sales as profit. It trades at 29.7× earnings — around the middle of its own history.

Website: extraspace.com
Location: Salt Lake City, UT
Employees: 8 393
Sector: Real Estate

Share price · 3 years

$121.23 → $134.65+11.1%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $3.45B
Profit: keeps 28¢ of every $1 sold; $958M
Free cash flow: cash left after running the business; $1.90B
P/E: years of profit in the price; 29.7
EPS: earnings per share, TTM; $4.52
Dividend: pays out 143% of profit · 72% of FCF; 4.82%
Shares: up 68% since 2016 — dilution; 211.9M
Volatility: beta vs the market — under 1 swings less; 1.12

Revenue, last 8 years

52-week range

Low $126.69$134.65High $152.85

Today's price is 30% of the way from the year's low to its high.

P/E vs its history5y

29.7×median 32.1×

Higher than 33% of past days — around the middle of its own history.

Valuation vs own history

P/E

29.7×

66%

P/S

8.2×

96%

EV/EBITDA

29.8×

87%

P/B

2.0×

89%

Share of the last ~5 years that was pricier than today (unusually cheap vs its own history). Based on the daily valuation record.

Standing in Real Estate

Size$28.4Btop 27%
Revenue growth+21%top 9%
Net margin28%top 38%
Return on equity7%top 60%
P/E29.7×top 61%
Dividend yield4.82%top 42%

Ranked against 46 Real Estate companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Growth and Health lag behind.

Valuation64

P/E vs own history33th pct · 20/25
FCF yield6.7% · 20/25
P/S8.3x · 12/25
EV/EBITDA19.4x · 12/25

Growth42

Revenue CAGR21.0% · 25/25
Net income CAGR4.2% · 6/25
EPS CAGR ~5Y4.3% · 6/25
Fwd implied growth4.5% · 5/25

Profitability60

ROIC7.3% · 5/25
ROE7.1% · 5/25
Net margin27.8% · 25/25
Operating margin40.9% · 25/25

Health16

Altman Zn/a · 0/25
Current ratio0.76 · 6/25
Interest coverage4.1x · 10/25
Net cash / debtn/a · 0/25

Quality60

Piotroski F5/9 · 15/25
Beneish M-2.56 · 25/25
FCF conversionn/a · 0/25
Margin stabilityσ 6.5% · 20/25

Moat70

ROIC >12% years7/10 yrs · 20/25
Median gross margin75.0% · 25/25
FCF-positive yearsn/a · 0/25
Worst-year net marginworst 26.2% · 25/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Best year on record
$974M net income
FY2018Financial
Revenue crossed $1B
$1.20B for the year
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Positive free cash flow every year since
10-year streak

Achievements

Verifiable track record, straight from the reported numbers.

#13 largest of 46 Real Estate companies by market cap

$10 000 invested in 2021 would be worth ~$7 335 today — price return only

$3.4B revenue in FY2025

Profitable 10 years in a row

Positive free cash flow 10 years in a row

8 393 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (70.8%)
Strongly profitable — 27.8% net margin
Strong cash conversion — FCF is 55.2% of revenue

Watch-outs

Nothing stands out as a concern in the available data.

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

7 of 11 checks passed

Revenue growing — the company sells more than a year ago+4.2% YoY
Profitable — makes more than it spends$958M TTM
Profit growing — earnings are higher than last year-8.9% YoY
Generates cash — cash left after running and investing$1.90B TTM
Debt under control — could handle its obligationscurrent ratio 0.76
Established company — not a micro-cap — lower blow-up risk$28.4B market cap
Not printing shares — share count not ballooning — you keep your slice+63.5% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distresshealth score 16/100
Pays a dividend — returns cash to shareholdersyield 4.82%
Valuation not extreme — price not wildly above earningsP/E 29.7

Peer comparisonExtra Space Storage, Inc. vs 6 largest real estate peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
EXR this company	$28.4B	29.7	+4.2%	27.8%	Strained
WELL Welltower Inc.	$162.5B	108.1	+37.6%	12.1%	Strained
PLD Prologis, Inc.	$123.1B	29.8	+7.3%	45.8%	Strained
EQIX Equinix, Inc.	$101.2B	66.0	+9.6%	15.6%	Strained
AMT American Tower Corporation	$84.5B	25.0	+14.2%	31.1%	Strained
DLR Digital Realty Trust, Inc.	$66.6B	83.0	+17.4%	11.8%	Strained
SPG Simon Property Group, Inc.	$64.7B	14.0	+15.0%	66.5%	Strained

Head-to-head: EXR vs WELL · EXR vs PLD · EXR vs EQIX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 2Buy 10Hold 12Sell 1

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $3.45B · net income $958M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$3.45B

YoY 4.2%

Net income (TTM)

$958M

Margin 27.8%

Gross margin

70.8%

Operating margin

40.9%

P/E ratio

29.7

Dividend yield

4.82%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	1.4	1.6	1.9	2.6	3.3	3.4
Gross profit	1.0	1.2	1.5	1.9	2.4	2.5
Operating income (EBIT)	0.7	1.0	1.1	1.2	1.3	1.4
Net income	0.5	0.8	0.9	0.8	0.9	1.0
EPS (diluted)	3.72	5.91	6.07	4.75	4.04	4.60

Cash flowFree cash flow $1.90B · operating cash flow $1.90B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$1.90B

Margin 55.2%

Operating cash flow (TTM)

$1.90B

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.8	1.0	1.2	1.4	1.9	1.9
Capital expenditure	—	—	—	—	—	—
Free cash flow	0.8	1.0	1.2	1.4	1.9	1.9
FCF margin	56.9%	60.4%	64.3%	54.8%	58.0%	54.8%

Balance sheetAssets $29.3B · debt n/a (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $29.3B of assets is financed

53%

47%

Liabilities $14.9B — borrowed moneyEquity $13.4B — owners' stake

Interest coverage

4.1x

EBIT ÷ interest expense

ROE

7.1%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.1	0.1	0.1	0.1	0.1	0.1
Total assets	9.4	10.5	12.2	27.5	28.8	29.3
Total liabilities	6.5	6.7	8.1	12.0	14.0	14.9
Total debt	—	—	—	—	—	—
Equity	2.5	3.1	3.3	14.4	13.9	13.4
Net debt	—	—	—	—	—	—

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of EXR on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $134.65 · market cap $28.4B.