XStocksXray

Research report · 16 October 2026

Extra Space Storage Inc. (EXR)

Real Estate · Self-Storage REITs · US stock · price as of 16 Oct 2026

Key indicators

Price	$139.61
52-week range	$120.04 – $157.03
Market cap	$30.8B
P/E (trailing)	31.8×
EV / EBITDA	14.1×
Free-cash-flow yield	5.0%
Dividend yield	4.6%
Revenue (last 12 months)	$3.4B
Revenue growth (3y a year)	20.6%
Operating margin	40.9%
Return on invested capital	9.5%
Net debt / EBITDA	–

Fair value

Fair value is not shown for this company.

X-Ray Score

63/ 100 · Medium confidence · ahead of 83% of sector peers

Valuation73

Growth64

Profitability52

Financial health65

Dividends61

Five-year price chart navy: price · brown: 200-day average · blue band: fair value range

Executive summary

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.

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 4.6%.

StocksXray gives Extra Space Storage Inc. an X-Ray Score of 63 out of 100 (medium confidence), ahead of 83% of the S&P 500 stocks in its sector. Its strongest lens is valuation (73) and its weakest is profitability (52).

XStocksXray

Extra Space Storage Inc. (EXR)

Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months

	FY2021	FY2022	FY2023	FY2024	FY2025	Now
Price	$185.87	$124.87	$142.18	$138.18	$125.86	$139.61
Market cap	$26.0B	$17.7B	$24.1B	$29.2B	$26.7B	$30.8B
P/E	30.0×	19.5×	30.0×	34.3×	27.4×	31.8×
EV / revenue	16.5×	9.1×	9.4×	9.1×	7.9×	8.7×
EV / EBITDA	21.3×	13.1×	14.3×	14.1×	12.5×	14.1×
Price / free cash flow	27.3×	394.2×	19.0×	20.8×	20.7×	20.0×
Free-cash-flow yield	3.7%	0.3%	5.3%	4.8%	4.8%	5.0%
Price / book	8.4×	5.4×	1.7×	2.1×	2.0×	2.3×
Dividend yield	2.42%	4.80%	4.56%	4.69%	5.15%	4.64%

Fundamentals checklist ● 7 Good · ● 5 Average · ● 0 Bad · each check graded against the sector

Cash quality

Earnings backed by cash−3.2%Average

Free-cash-flow yield5.0%Good

Risk models

Piotroski F-Score6 of 9Average

Growth

EPS growth (3y)−10.5%Average

Free-cash-flow growth (3y)206.2%Good

Revenue growth (3y)20.6%Good

Growth consistency100%Good

Balance sheet

Interest coverno interest costGood

Valuation

EBIT / EV yield4.6%Good

Profitability

Return on invested capital9.5%Good

Operating margin40.9%Average

Gross profitability8.5%Average

XStocksXray

Extra Space Storage Inc. (EXR)

Financials US$ millions, from SEC filings; last column is the last twelve months

Income statement	FY21	FY22	FY23	FY24	FY25	LTM
Revenue	1,577	1,924	2,560	3,257	3,378	3,446
Gross profit	1,209	1,489	1,948	2,425	2,459	2,509
Operating income	976	1,050	1,170	1,323	1,413	1,410
Net income	828	861	803	855	974	958
Diluted EPS ($)	6.19	6.41	4.74	4.03	4.59	4.38
Free cash flow	952	45	1,267	1,408	1,288	1,538
Gross margin	76.6%	77.4%	76.1%	74.5%	72.8%	72.8%
Operating margin	61.9%	54.6%	45.7%	40.6%	41.8%	40.9%
Net margin	52.5%	44.7%	31.4%	26.2%	28.8%	27.8%
Balance sheet	FY21	FY22	FY23	FY24	FY25	LTM
Total assets	10,474	12,167	27,456	28,848	29,264	29,660
Cash	71	93	99	138	139	695
Total debt	–	–	–	500	–	–
Equity	3,116	3,260	14,391	13,948	13,433	13,258
Dividend per share ($)	4.50	6.00	6.48	6.48	6.48	6.48

Revenue and net income US$ billions: navy revenue, teal net income

Margins blue gross, teal operating, brown net

Latest quarters

	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue ($M)	820	842	858	857	856	874
Growth vs a year earlier	+2.6%	+3.8%	+4.1%	+4.3%	+4.4%	+3.9%
Net income ($M)	271	250	166	287	241	263
Diluted EPS ($)	1.28	1.18	0.78	–	1.14	1.25

XStocksXray

Extra Space Storage Inc. (EXR)

Peers in Self-Storage REITs

Company	X-Ray
EXR · Extra Space Storage Inc.	63
PSA · Public Storage	48

Market Compass outlook for Real Estate: Unfavourable (20/100). It blends regime history, macro sensitivity, momentum and valuation.

Returns

1 week	+3.7%
1 month	+0.4%
3 months	−4.1%
6 months	−1.8%
1 year	−2.0%
3 years	+30.2%
5 years	+0.1%

Technical summary

DailyBullish10 bullish · 1 neutral · 5 bearish

WeeklyBullish8 bullish · 1 neutral · 3 bearish

MonthlyStrongly bullish7 bullish · 1 neutral · 0 bearish

50-day / 200-day average	$138.39 / $139.23
52-week low / high	$120.04 / $157.03
Classic pivot, support and resistance	S2 135.70 · S1 137.66 · P – · R1 141.27 · R2 142.92

Recent dividends

Ex-dividend date	Amount per share
15 Sep 2026	$1.6200
15 Jun 2026	$1.6200
16 Mar 2026	$1.6200
15 Dec 2025	$1.6200
15 Sep 2025	$1.6200
16 Jun 2025	$1.6200

XStocksXray

Extra Space Storage Inc. (EXR)

Strengths

Return on invested capital of 9.5% is ahead of 69% of its sector peers.
Revenue growth of 20.6% a year over three years is ahead of 95% of its sector peers.
Free-cash-flow yield of 5.0% is ahead of 69% of its sector peers.
Interest cover of no interest cost is ahead of 92% of its sector peers.
Piotroski F-Score of 6 out of 9: most of the nine accounting health tests pass.
Has raised its dividend for 7 years in a row.

Risks and weak spots

No check is weak against its sector.

Latest SEC filings

Date	Form	Items
24 Aug 2026	8-K	5.02,7.01,9.01
31 Jul 2026	10-Q
28 Jul 2026	8-K	2.02,9.01
6 Jul 2026	8-K	1.01,2.03,9.01
25 Jun 2026	8-K	8.01,9.01
25 Jun 2026	424B5
24 Jun 2026	424B5
15 May 2026	8-K	5.07

How to read this report

Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.