Extra Space Storage (EXR)
Real Estate · $28.9B market cap · SEC CIK 0001289490
fundamentals score out of 100
Next reports on Oct 27, 2026, after the close, with analysts expecting $1.19 in earnings per share.
The case for EXR
- Generated $1.3B of free cash flow in FY2025, 995% of revenue.
- 28% of revenue drops through to net profit.
- Pays a 5.1% dividend while you wait.
- Has compounded revenue at 20.0% a year over five years.
- Gross margin of 71% absorbs cost shocks.
The case against
- Pricey at 30.1× earnings, against a long-run market average nearer 20×.
- Priced at 8.4× sales with revenue growing only 4.2%.
- Growth is slowing: revenue up 4.2% this year against 20.0% a year over five.
- Return on equity of only 7%.
- Current liabilities exceed current assets (ratio 0.76).
- The price trend is weak (37/100): -1.3% over a year, -5.4% over three months, 28% of the way up its 52-week range.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Real Estate companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 53 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 56 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 62 |
| Momentumhow the price has behaved lately | 37 |
| Stabilityhow violently it moves, what it owes and what it pays you | 71 |
- Each factor except momentum is half fixed thresholds, half rank among the 31 Real Estate companies.
Key numbers
| Price / earnings | 30.1× |
|---|---|
| Price / book | 2.32× |
| Price / sales | 8.4× |
| Revenue growth (YoY) | +4.2% |
| EPS growth (YoY) | -3.9% |
| Gross margin | 71% |
| Operating margin | 41% |
| Net margin | 28% |
| Return on equity | 7% |
| Debt / equity | 1.03× |
| Current ratio | 0.76 |
| Dividend yield | 5.10% |
| Beta | 1.11 |
| 52-week range | $125.71 – $158.88 |
| Position in that range | 28% of the way up |
| 3-month return | -5.4% |
| 1-year return | -1.3% |
Five years of financials, as filed
Pulled from Extra Space Storage's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $129M | $121M | $102M | $83.9M | $66.3M |
| Operating income | $1.4B | $1.3B | $1.2B | $1.1B | $976M |
| Net income | $974M | $855M | $803M | $861M | $828M |
| Operating cash flow | $1.9B | $1.9B | $1.4B | $1.2B | $952M |
| Capital expenditure | $562M | $479M | $136M | $1.2B | — |
| Total assets | $29.3B | $28.8B | $27.5B | $12.2B | $10.5B |
| Total liabilities | $14.9B | $14.0B | $12.0B | $8.1B | $6.7B |
| Shareholder equity | $13.4B | $13.9B | $14.4B | $3.3B | $3.1B |
| Cash | $139M | $138M | $99.1M | $92.9M | $71.1M |
| Free cash flow | $1.3B | $1.4B | $1.3B | $44.9M | — |
| Operating margin | 1091.1% | 1095.0% | 1147.4% | 1251.9% | 1472.8% |
| Net margin | 752.3% | 707.2% | 787.6% | 1025.8% | 1249.0% |
| Diluted shares | 212M | 212M | 169M | 142M | 140M |
Share count is up 51.3% over 4 years. Your slice has been diluted.
What Extra Space Storage says it does
Extra Space Storage Inc. ("we," "our," "us" or the "Company") is a fully integrated, self-administered and self-managed real estate investment trust ("REIT") formed as a Maryland corporation on April 30, 2004. We closed our initial public offering ("IPO") on August 17, 2004. Our common stock is traded on the New York Stock Exchange under the symbol "EXR." We were formed to continue the business of Extra Space Storage LLC and its subsidiaries, which had engaged in the self-storage business since 1977. These companies were reorganized after the consummation of our IPO and various formation transactions. Our executive management team and board of directors have extensive experience and ownership positions in the Company. Substantially all of our business is conducted through Extra Space Storage LP (the "Operating Partnership"). Our primary assets are general partner and limited partner interests in the Operating Partnership. This…
Risk factors EXR lists in its 10-K
- adverse changes in general economic conditions, the real estate industry and the markets in which we operate
- potential liability for uninsured losses and environmental contamination
- our ability to recover losses under our insurance policies
- the effect of competition from new and existing stores or other storage alternatives, including increased or unanticipated competition for our properties, which could cause rents and occupancy rates to decline
- failure to close pending acquisitions and developments on expected terms, or at all
- risks associated with acquisitions, dispositions and development of properties, including increased development costs due to additional regulatory requirements related to climate change and other factors
- reductions in asset valuations and related impairment charges
- economic uncertainty due to the impact of natural disasters, war or terrorism, which could adversely affect our business plan
- our lack of sole decision-making authority with respect to our joint venture investments
- disruptions in credit and financial markets and resulting difficulties in raising capital or obtaining credit at reasonable rates or at all, which could impede our ability to grow
- availability of financing and capital, the levels of debt that we maintain and our credit ratings
- changes in global financial markets, increases in interest rates and the impact of enacted and proposed U.S. tariffs on global economic conditions
- the effect of recent or future changes to U.S. tax laws; and
- the failure to maintain our REIT status for U.S. federal income tax purposes