EXR Real Estate

Extra Space Storage Inc.

$156.23+0.16%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Real Estate
Industry: REIT - Industrial
Country: United States
Market cap: 34.5B USD
Enterprise value: 47.9B USD
Full-time employees: 8,393

Overall health

Strength: more profitable than most peersmore profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.17 vs a peer median of 0.75)higher risk: bigger price swings (beta 1.17 vs peers 0.75)

Ranks #322 of 632 real estate companies (bottom 50%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 58% from December 2022 to July 2026.
Extra Space Storage had 58% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Extra Space Storage had 58% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock pay is large next to buybacks. Stock-based pay expense $91M vs $150M spent repurchasing shares over the 3 fiscal years to 2025.
Over three fiscal years Extra Space Storage recorded $91M of stock-based pay expense and spent $150M repurchasing shares (repurchases can include shares withheld to cover employees' taxes).Over three fiscal years Extra Space Storage recorded $91M of stock-based pay expense and spent $150M repurchasing shares.
Sales growing faster than profits. Since 2022: revenue +76%, operating profit +34%.
Since 2022, Extra Space Storage's revenue changed +76% but operating profit only +34%: costs are rising faster than sales.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $1.4B in 2020 to $3.4B in 2025.
Extra Space Storage's fiscal-year revenue rose in each of the five years to 2025, from $1.4B to $3.4B.

StockQuotient Score

51/ 100▼ 1 since Oct 27 close

Oct 5 53 → Nov 4 51 (-2)

Valuation

Is the price right?

31/100

Weak▼ 5 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 36 → 31

Share price +8.1%-6
Company's reported figures updated+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ Earnings yield
▼ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield2.9%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.51Sector median: 0.0535 · MAD: 0.0484

EBITDA yield4.8%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score -0.26Sector median: 0.0536 · MAD: 0.0204

Free cash flow yield4.6%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score -0.43Sector median: 0.0650 · MAD: 0.0444

Other data (not scored)

Book yield40.2%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 1.1277 · MAD: 0.5490

Growth

Is it growing?

67/100

Moderate▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Score 66 → 67

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Stronger than most peers on:

▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-1.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.41Sector median: 0.1117 · MAD: 0.3101

3-year revenue growth19.5%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 2.11Sector median: 0.0378 · MAD: 0.0744

Revenue growth4.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.13Sector median: 0.0297 · MAD: 0.0927

Profitability

Does it earn well?

84/100

Strong

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROIC
▲ ROA
▲ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin40.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.62Sector median: 0.2683 · MAD: 0.2257

Return on assets3.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.83Sector median: 0.0211 · MAD: 0.0134

Return on invested capital8.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 2.77Sector median: 0.0341 · MAD: 0.0197

Other data (not scored)

Gross margin72.8%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.5380 · MAD: 0.2259

Return on equity7.2%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0521 · MAD: 0.0465

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Beta
▼ Debt / equity
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.17

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.28Sector median: 0.7490 · MAD: 0.3270

Current ratio0.89×

Yahoo Finance fallback · SEC figure unavailable or out of dateReported value33% base weight · Z-score -0.43Sector median: 1.1950 · MAD: 0.7210

Debt / equity1.02×

Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score -0.55Sector median: 0.8040 · MAD: 0.3893

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Extra Space Storage

Is Extra Space Storage getting weaker?: Its latest SEC filing (Jul 31, 2026) showed no major changes. Its overall score is 51/100, down 1 since Oct 28, 2026.
How is Extra Space Storage valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 31/100 against 762 real estate peers. Earnings yield 2.9% vs a peer median of 5.3% (weaker than 65% of peers).Earnings yield 2.9% vs peers 5.3% (weaker than 65% of peers).
Is Extra Space Storage growing?: Yes, faster than most of its peers. Growth scores 67/100 against 762 real estate peers. 3-year revenue growth 19.5% vs a peer median of 3.8% (stronger than 88% of peers).3-year revenue growth 19.5% vs peers 3.8% (stronger than 88% of peers). Earnings per share growth -1.4% vs a peer median of 11.2% (weaker than 64% of peers).Earnings per share growth -1.4% vs peers 11.2% (weaker than 64% of peers).
How profitable is Extra Space Storage?: More profitable than most of its peers. Profitability scores 84/100 against 762 real estate peers. Return on invested capital 8.9% vs a peer median of 3.4% (stronger than 86% of peers).Return on invested capital 8.9% vs peers 3.4% (stronger than 86% of peers).
How risky is Extra Space Storage?: Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Beta 1.17 vs a peer median of 0.75 (weaker than 81% of peers).Beta 1.17 vs peers 0.75 (weaker than 81% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 31, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	3.4B USD	3.4B USD	+1.0%
Net income (12 months)	944.1M USD	957.8M USD	+1.5%
Operating margin	40.8%	40.9%	+0.1 pts
Free cash flow (12 months)	1.4B USD	1.5B USD	+8.4%
Cash	139.0M USD	695.2M USD	+400.2%
Shares outstanding	211.3M	211.3M	+0.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Real Estate · 124 companies

Valuations in Real Estate are within their usual range since 2016.

30% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +4% and earnings +25% (medians): earnings grew faster than prices.
Median price-to-sales is +112% vs the whole market, against a usual +154%.

2016Shaded: most expensive fifth of its range2026

Shown for Real Estate: too few REIT - Industrial companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	76.6%	77.4%	76.1%	74.5%	72.8%	▼ 1.7 pts
Operating margin	61.9%	54.6%	45.7%	40.6%	41.8%	▲ 1.2 pts
Net margin	52.5%	44.7%	31.4%	26.2%	28.8%	▲ 2.6 pts
Return on assets (ROA)	7.9%	7.1%	2.9%	3.0%	3.3%	▲ 0.4 pts
Return on equity (ROE)	26.6%	26.4%	5.6%	6.1%	7.3%	▲ 1.1 pts
Free cash flow margin	—	2.3%	49.5%	43.2%	38.1%	▼ 5.1 pts
Debt to equity	—	—	—	0.04×	—	—
Interest coverage	5.87×	4.79×	2.79×	—	—	—

EXR price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: more profitable than most peersmore profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.17 vs a peer median of 0.75)higher risk: bigger price swings (beta 1.17 vs peers 0.75)

Ranks #322 of 632 real estate companies (bottom 50%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 58% from December 2022 to July 2026.

Extra Space Storage had 58% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Extra Space Storage had 58% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock pay is large next to buybacks. Stock-based pay expense $91M vs $150M spent repurchasing shares over the 3 fiscal years to 2025.

Over three fiscal years Extra Space Storage recorded $91M of stock-based pay expense and spent $150M repurchasing shares (repurchases can include shares withheld to cover employees' taxes).Over three fiscal years Extra Space Storage recorded $91M of stock-based pay expense and spent $150M repurchasing shares.

Sales growing faster than profits. Since 2022: revenue +76%, operating profit +34%.

Since 2022, Extra Space Storage's revenue changed +76% but operating profit only +34%: costs are rising faster than sales.

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $1.4B in 2020 to $3.4B in 2025.

Extra Space Storage's fiscal-year revenue rose in each of the five years to 2025, from $1.4B to $3.4B.

Questions investors ask about Extra Space Storage

Is Extra Space Storage getting weaker?

Its latest SEC filing (Jul 31, 2026) showed no major changes. Its overall score is 51/100, down 1 since Oct 28, 2026.

How is Extra Space Storage valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 31/100 against 762 real estate peers. Earnings yield 2.9% vs a peer median of 5.3% (weaker than 65% of peers).Earnings yield 2.9% vs peers 5.3% (weaker than 65% of peers).

Is Extra Space Storage growing?

Yes, faster than most of its peers. Growth scores 67/100 against 762 real estate peers. 3-year revenue growth 19.5% vs a peer median of 3.8% (stronger than 88% of peers).3-year revenue growth 19.5% vs peers 3.8% (stronger than 88% of peers). Earnings per share growth -1.4% vs a peer median of 11.2% (weaker than 64% of peers).Earnings per share growth -1.4% vs peers 11.2% (weaker than 64% of peers).

How profitable is Extra Space Storage?

More profitable than most of its peers. Profitability scores 84/100 against 762 real estate peers. Return on invested capital 8.9% vs a peer median of 3.4% (stronger than 86% of peers).Return on invested capital 8.9% vs peers 3.4% (stronger than 86% of peers).

How risky is Extra Space Storage?

Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Beta 1.17 vs a peer median of 0.75 (weaker than 81% of peers).Beta 1.17 vs peers 0.75 (weaker than 81% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

3.4B USD

3.4B USD

+1.0%

Net income (12 months)

944.1M USD

957.8M USD

+1.5%

Operating margin

40.8%

40.9%

+0.1 pts

Free cash flow (12 months)

1.4B USD

1.5B USD

+8.4%

Cash

139.0M USD

695.2M USD

+400.2%

Shares outstanding

211.3M

211.3M

+0.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

76.6%

77.4%

76.1%

74.5%

72.8%

▼ 1.7 pts

Operating margin

61.9%

54.6%

45.7%

40.6%

41.8%

▲ 1.2 pts

Net margin

52.5%

44.7%

31.4%

26.2%

28.8%

▲ 2.6 pts

Return on assets (ROA)

7.9%

7.1%

2.9%

3.0%

3.3%

▲ 0.4 pts

Return on equity (ROE)

26.6%

26.4%

5.6%

6.1%

7.3%

▲ 1.1 pts

Free cash flow margin

—

2.3%

49.5%

43.2%

38.1%

▼ 5.1 pts

Debt to equity

—

0.04×

—

Interest coverage

5.87×

4.79×

2.79×

—