Extra Space Storage (EXR) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Extra Space Storage

NYSE•Real Estate•REIT - Industrial

$156.23+0.25(<0.01%)After hours

Market Cap

$32.58B

P/E

31.3x

P/S

9.4x

P/B

2.5x

Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of June 30, 2026, the Company owned and/or operated 4,410 self-storage stores in 42 states and Washington, D.C. The Company's stores comprise approximately 3.0 million units and approximately 341.0 million square feet of rentable space operating under the Extra Space brand. The Company offers customers a wide selection of conveniently located and secure storage units across the country, including boat storage, RV storage, and business storage. It is the largest operator of self-storage properties in the United States. Extra Space Storage Inc. was incorporated in 1977 in Maryland, USA.

How this company scores

GoodMetricSide Score: 73/100

Strongest: Cash & Earnings Quality (25/25); weakest: Balance Sheet & Red Flags (13/25).

Profitability18/25

Growth17/25

Balance Sheet & Red Flags13/25

Cash & Earnings Quality25/25

Strengths

Rising free cash flowStrong marginsCash-backed earningsConsistent free cash flow

No red flags in the last 8 quarters.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 31.3x5y range 22.9x – 47.2x

Currently near its 20-quarter median.

P/S · 9.4x5y range 7.9x – 19.2x

Currently near its 20-quarter median.

P/B · 2.5x5y range 1.6x – 9.7x

Currently near its 20-quarter median.

Price & Volume

Market Cap $32.58B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $3.48B
Q. Revenue: $889.79M
TTM EBITDA: $2.26B
TTM Op. Income: $1.52B
Q. Op. Income: $391.87M
TTM Net Income: $1.04B
Q. Net Income: $247.76M
EPS: $1.17
Shares Out.: $210.65M

$3.48B in TTM revenue grew 4.1% YoY, reaching $889.79M last quarter. TTM EBITDA of $2.26B and TTM operating income of $1.52B show growth is flowing through to the bottom line. TTM net income of $1.04B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 73.2%
EBITDA Margin: 65.3%
Op. Margin: 44.0%
Net Margin: 27.8%

Op. margin of 44.0% is up 11.5% YoY — cost efficiency is improving. Net margin at 27.8% and gross margin of 73.2% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 35% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 31.3x
P/S Ratio: 9.4x
P/B Ratio: 2.5x

At 31.3x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 9.4x and P/B of 2.5x provide additional context. P/E sits above typical market levels while revenue growth is below 5%. Over the past year, P/E is down 1% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $28.96B
Cash: $114.82M
Long-Term Debt: $11.98B
Book Value: $12.85B
D/E Ratio: 0.9
Debt/EBITDA: 20.6

With $28.96B in assets and $11.98B in long-term debt, D/E is 0.9and book value is $12.85B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has risen for 7 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $467.13M
TTM Free Cash Flow: $1.29B
FCF Margin: 37.1%
FCF / Net Income: 1.2

TTM FCF of $1.29B on $467.13M in operating cash flow. The FCF / Net Income ratio of 1.2x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 3 consecutive quarters — an improving trend.