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

$139.03+2.60(0.02%)After hours

Market Cap

$29.33B

P/E

30.6x

P/S

8.5x

P/B

2.2x

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: 66/100

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

Profitability15/25

Growth13/25

Balance Sheet & Red Flags13/25

Cash & Earnings Quality25/25

Strengths

Rising free cash flowStrong marginsCash-backed earningsConsistent free cash flow

Valuation vs. 5-year range

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

P/E · 30.6x5y range 28.6x – 54.8x

Currently near its 20-quarter median.

P/S · 8.5x5y range 7.9x – 28.7x

Currently near its 20-quarter median.

P/B · 2.2x5y range 1.6x – 14.5x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Margin Pressure

Watch

Operating margins declined 6.4% — watch for continued compression, which may signal competitive or cost pressure.

Price & Volume

Market Cap $29.33B

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue: $3.45B
Q. Revenue: $874.15M
TTM EBITDA: $2.14B
TTM Op. Income: $1.41B
Q. Op. Income: $392.18M
TTM Net Income: $957.84M
Q. Net Income: $263.47M
EPS: $1.25
Shares Out.: $210.96M

$3.45B in TTM revenue grew 4.2% YoY, reaching $874.15M last quarter. TTM EBITDA of $2.14B and TTM operating income of $1.41B show growth is flowing through to the bottom line. TTM net income of $957.84M 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: 73.5%
EBITDA Margin: 66.1%
Op. Margin: 44.9%
Net Margin: 30.1%

Op. margin of 44.9% is up 0.4% YoY — cost efficiency is improving. Net margin at 30.1% and gross margin of 73.5% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 1% — an improving trend.

Price Ratios

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

P/E Ratio: 30.6x
P/S Ratio: 8.5x
P/B Ratio: 2.2x

At 30.6x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 8.5x and P/B of 2.2x provide additional context. P/E sits above typical market levels while revenue growth is below 5%. Across the last 8 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

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

Total Assets: $29.66B
Cash: $695.17M
Long-Term Debt: $12.03B
Book Value: $13.26B
D/E Ratio: 0.9
Debt/EBITDA: 20.8

With $29.66B in assets and $12.03B in long-term debt, D/E is 0.9and book value is $13.26B — 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: $586.41M
TTM Free Cash Flow: $1.21B
FCF Margin: 35.0%
FCF / Net Income: 1.3

TTM FCF of $1.21B on $586.41M in operating cash flow. The FCF / Net Income ratio of 1.3x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.