Extra Space Storage Inc. (EXR)
Real Estate · Self-Storage REITs · US stock · S&P 500 component
$143.41
▲ +0.22 (0.15%)
Fair valueFair
$143 −0.4% to fair value
$71fair band $122–$173$214
Day's range
$142.01 – $143.89
52-week range
$125.71 – $158.88
About Extra Space Storage Inc.
Extra Space Storage is a real estate investment trust that owns and operates self-storage facilities across the United States. Customers rent units by the month to store household goods or business inventory. The company earns most of its revenue from rental income, supplemented by tenant insurance, fees for managing facilities owned by third parties, and a tenant reinsurance program. Occupancy levels and rental rates are the main drivers of results.
The X-Ray Score for Extra Space Storage Inc. is 58 out of 100. Revenue over the last twelve months was $3.4 billion, and it grew 20.6% a year over the past three years. The business shows an operating margin of 40.9% and a return on invested capital of 10%. A dividend is paid, with a yield of 4.5%.
Price chart
52-wk range $125.71 – $158.88Volume 1,120,192Daily, split-adjusted
Vitals
Market cap$31.6B
52-week range$125.71 – $158.88
Volume (last day)1,120,192
P/E (TTM)32.7
EBIT / EV yield4.5%
Free-cash-flow yield4.9%
Dividend yield4.5%
Revenue (TTM)$3.4B
Net income (TTM)$958M
Operating margin40.9%
Return on capital9.5%
Debt incl. leasesData missing
Cash & securities$695M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$143middle half of models $142 – $145
Fair
−0.4% to fair value
Average of the 4 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $143
Undervalued < $122Fair $122 – $173Overvalued > $173
P/B multiple
$143
P/S multiple
$145
P/FFO multiple
$145
P/AFFO multiple
$139
Dividend discount, multi-stage · not used
$939
A model estimate, not a price target or recommendation. Inputs: risk-free 4.96%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Real Estate peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Fair
52/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield4.5%
Free-cash-flow yield4.9%
Fair value vs price1.0×
Growth
Fair
64/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)20.6%
EPS growth (3y)-10.5%
Growth consistency100%
Profitability
Fair
52/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital9.5%
Operating margin40.9%
Gross profitability8.5%
Financial health
Fair
65/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score6 / 9
Interest coverNo interest cost
Dividends
Fair
62/100
Dividend is typical for its sector.
See the numbers →
Dividend yield4.5%
Dividends vs free cash flow93%
Dividend growth19.5%
Quarterly results: last 6 quarters
+2.6%
Mar '25
+3.8%
Jun '25
+4.1%
Sep '25
+4.3%
Dec '25
+4.4%
Mar '26
+3.9%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $874M, diluted EPS $1.25.
SWOT analysis: Extra Space Storage Inc.
Strengthsinside the company
- Revenue has grown 20.6% a year over three years (median 6.6% for sector peers).
- Operating profit covers interest 50x, so debt costs are a small drag.
Weaknessesinside the company
- Earnings per share have declined 10.5% a year over three years.
Opportunitiesvaluation and setting
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Revenue growth slowed to 3.7% last year from 20.6% a year over three years.
- Our Market Compass rates the backdrop for Real Estate as unfavourable.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare EXR with peers and sector
Medians of 28 Real Estate peers and of 28 Real Estate stocks in our universe.
Largest peers (X-Ray Score): WELL 55, PLD 44, EQIX 54, AMT 50, SPG 42, DLR 38.
| Metric | EXR | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 58 | 51 | 51 |
| Valuation | 52 | 50 | 50 |
| Growth | 64 | 56 | 56 |
| Profitability | 52 | 51 | 51 |
| Financial health | 65 | 53 | 53 |
| Dividends | 62 | 47 | 47 |
Sector leaders: highest X-Ray Score in Real Estate
EXR ranks #7 of 29 in Real Estate by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for EXR
Each factor is rated by where EXR stands among the 29 Real Estate stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 6 Good · 11 Average · 2 Bad of 19
Growth: 1 · 1 · 1
Profitability: 3 · 2 · 0
Financial strength: 1 · 1 · 0
Valuation: 0 · 4 · 1
Cash flow: 1 · 3 · 0
| Factor | EXR | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +20.6% | Good beats 95% | +6.8% | – | – |
| Revenue growth, last year | +3.7% | Bad beats 29% | +5.1% | +22.0% | ▼ Worse |
| EPS growth, 3 years a year | −10.5% | Average beats 37% | −1.9% | – | – |
| Profitability | |||||
| Gross margin | 72.8% | Good beats 85% | 47.1% | 76.1% | ≈ In line |
| Operating margin | 40.9% | Average beats 65% | 34.3% | 45.7% | ▼ Worse |
| Net margin | 27.8% | Good beats 67% | 21.5% | 31.4% | ▼ Worse |
| Return on invested capital | 9.5% | Good beats 69% | 7.5% | – | – |
| Return on equity | 7.2% | Average beats 48% | 7.3% | 7.3% | ≈ In line |
| Financial strength | |||||
| Interest cover | 50.0x | Good beats 92% | 3.4x | 4.8x | ▲ Better |
| Piotroski F-score | 6 / 9 | Average beats 47% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 33.0x | Average beats 45% | 31.9x | 33.8x | ≈ In line |
| Price / book | 2.4x | Average beats 56% | 2.6x | 2.3x | ≈ In line |
| Price / sales | 9.2x | Bad beats 26% | 6.9x | 10.6x | ▲ Better |
| EV / EBITDA | 14.8x | Average beats 65% | 18.8x | – | – |
| Free cash flow yield | 4.9% | Average beats 61% | 4.1% | 4.4% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 44.6% | Average beats 50% | 44.6% | 43.2% | ≈ In line |
| Cash from operations / net income | 1.98 | Average beats 52% | 1.91 | 1.75 | ▲ Better |
| Free cash flow growth, 3 years a year | +206.2% | Good beats 100% | +11.7% | – | – |
| Accruals (lower is better) | −3.2% | Average beats 40% | −3.7% | – | – |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 7 Good · ● 5 Average · ● 1 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldGood
Risk models
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Average
Free-cash-flow growth (3y)Good
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Interest coverGood
Valuation
Fair value vs priceBad
EBIT / EV yieldGood
Profitability
Return on invested capitalGood
Operating marginAverage
Gross profitabilityAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 64/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $1.6B | $1.9B | $2.6B | $3.3B | $3.4B |
| Operating income | $976M | $1.1B | $1.2B | $1.3B | $1.4B |
| Net income | $828M | $861M | $803M | $855M | $974M |
| Operating cash flow | $952M | $1.2B | $1.4B | $1.9B | $1.9B |
| Operating margin | 61.9% | 54.6% | 45.7% | 40.6% | 41.8% |
| Free cash flow | – | $45M | $1.3B | $1.4B | $1.3B |
| Diluted EPS | $6.19 | $6.41 | $4.74 | $4.03 | $4.59 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 1 neutral · 3 bearish
Weekly
Strongly bullish
9 bullish · 1 neutral · 2 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 138.5 | Bullish |
| EMA 10 | 139.3 | Bullish |
| SMA 20 | 135.7 | Bullish |
| EMA 20 | 137.6 | Bullish |
| SMA 50 | 137.9 | Bullish |
| EMA 50 | 138.1 | Bullish |
| SMA 100 | 141.6 | Bullish |
| EMA 100 | 139.2 | Bullish |
| SMA 200 | 139.6 | Bullish |
| EMA 200 | 139.0 | Bullish |
Oscillators (daily)
| RSI (14) | 65.39 | Neutral |
| MACD (12, 26) | 1.37 | Bullish |
| Momentum (12) | 8.89 | Bullish |
| Stochastic %K (14) | 96.40 | Bearish |
| Williams %R (14) | -3.60 | Bearish |
| CCI (20) | 158.3 | Bearish |
Pivot points (classic, last session)
S3 140.4 | S2 141.2 | S1 142.3 | Pivot 143.1 | R1 144.2 | R2 145.0 | R3 146.1 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
6.48 USD
Yield on today's price
4.52%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 1.6200 | |
| 1.6200 | |
| 1.6200 | |
| 1.6200 | |
| 1.6200 | |
| 1.6200 | |
| 1.6200 | |
| 1.6200 | |
| 1.6200 | |
| 1.6200 | |
| 1.6200 | |
| 1.6200 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold EXR
| ETF | Share of the fund |
|---|---|
| REZ iShares Residential and Multisector Re... | 5.48% |
| ICF iShares Cohen & Steers REIT | 3.22% |
| XLRE The Real Estate Select Sector SPDR | 3.18% |
| RWR SPDR Dow Jones REIT | 2.88% |
| USRT iShares Core U.S. REIT | 2.50% |
| DFAR DFA Investment Dimensions Group Inc. | 2.32% |
| IYR iShares U.S. Real Estate | 2.27% |
| SCHH Schwab U.S. REIT | 2.17% |
The eight funds with the largest weight in EXR among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
EXR SEC filings
8-KSEC EDGAR
Director or officer change; Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Entered a material agreement
8-KSEC EDGAR
Other events
424B5SEC EDGAR
424B5
424B5SEC EDGAR
424B5
8-KSEC EDGAR
Shareholder vote results
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.