NYSE: EXR · Self-Storage REITs
Extra Space Storage
Extra Space Storage is a self-storage REIT and says it is the largest self-storage operator in the United States. At end-2025 it owned and/or operated 4,281 stores in 43 states and Washington, D.C., with about 330 million square feet in about 2.9 million units, including 1,856 stores managed for third-party owners. 2025 revenue was $3,378 million: property rental $2,895 million, tenant reinsurance $353 million, and management fees $129 million. Its 2023 merger with Life Storage more than doubled its total assets. CEO Joseph Margolis will retire at end-2026, succeeded by President Noah Springer.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 24, 2026 09:06 (SEC EDGAR) · Source 10-K filed: February 20, 2026
Built on10-K FY2025 · filed 2026-02-2010-Q (quarter ended 2026-09-30) · filed 2026-10-30Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 20.0%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 41.8%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -2.5 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 6.2x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.90x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 0 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 32.1x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.70
Higher than 87% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 92% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 17% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 93% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 68% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$158.16close on 2026-11-04
Market cap$33.4B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 32.1x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.5x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 21.8x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 5.0%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 4.1%
At FY2025 year-end: 28.4x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 2.0x
Book value at FY2025 year-end
At FY2025 year-end: 19.1x
EBITDA for FY2025
At FY2025 year-end: 6.1%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$858M → $890M (vs. a year earlier)↑ +3.6%$858M → $890M (vs. a year earlier)
- Operating margin32.5% → 44.0% (vs. a year earlier)↑ +11.5 pts32.5% → 44.0% (vs. a year earlier)
- Net income$166M → $248M (vs. a year earlier)↑ +49.3%$166M → $248M (vs. a year earlier)
- Diluted EPS$0.78 → $1.17 (vs. a year earlier)↑ +50.0%$0.78 → $1.17 (vs. a year earlier)
- Cash$695M → $115M (vs. previous quarter-end)↓ −83.5%$695M → $115M (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 27, 2026.
Key changes
Net income $1.17 per share, up 50.0%. Source sentence
Achieved net income attributable to common stockholders of $1.17 per diluted share, representing a 50.0% increase compared to the same period in the prior year, which included a loss from real estate assets sold in 2025.
Core FFO $2.17, up 4.3%. Source sentence
FFO, excluding adjustments (“Core FFO”), was $2.17 per diluted share, representing a 4.3% increase compared to the same period in the prior year.
Repurchased 2,390,497 shares for $327.1M. Source sentence
Repurchased 2,390,497 shares of common stock for $327.1 million at an average price of $136.85 per share using its stock repurchase program.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- Extra Space Storage Inc.
- Headquarters
- SALT LAKE CITY, UT
- Incorporated in
- Maryland
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: EXR
- Industry
- Self-Storage REITs
- CIK
- 1289490
- IR page
- https://ir.extraspace.com/ ↗
Workforce (as of FY2025 year-end)
Employees
8,393
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 50–58 days after quarter end (Feb 19, 2026; Feb 25, 2025; Feb 27, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 27–58 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 27, 2026 (+27 days) | Oct 30, 2026 10-Q (+30 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 28, 2026 (+28 days) | Jul 31, 2026 10-Q (+31 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 28, 2026 (+28 days) | May 1, 2026 10-Q (+31 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 19, 2026 (+50 days) | Feb 20, 2026 10-K (+51 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 29, 2025 (+29 days) | Oct 31, 2025 10-Q (+31 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 30, 2025 (+30 days) | Aug 1, 2025 10-Q (+32 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 29, 2025 (+29 days) | May 2, 2025 10-Q (+32 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 25, 2025 (+56 days) | Feb 28, 2025 10-K (+59 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 29, 2024 (+29 days) | Nov 4, 2024 10-Q (+35 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 30, 2024 (+30 days) | Aug 2, 2024 10-Q (+33 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 30, 2024 (+30 days) | May 3, 2024 10-Q (+33 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 27, 2024 (+58 days) | Feb 29, 2024 10-K (+60 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Self-storage
Extra Space Storage stores
Examples: 4,281 stores in 43 states and Washington, D.C.
Units typically 5×5 to 20×20 feet, rented month to month.
Management
Third-party management
Examples: 1,856 stores
Earns fees and expands the brand footprint.
Reinsurance
Tenant reinsurance
Reinsures risks on goods stored by tenants who buy insurance from a non-affiliated insurer.
Store counts as of December 31, 2025, from the FY2025 Form 10-K.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Self-storage
U.S. self-storage operators
U.S. share
Largest
Company-disclosed“We are the largest self-storage operator in the United States.”
Worldwide share
—
Not disclosed
07
Recent strategic focusSite analysis
Recent developments.
Q3 2026
Net income $1.17 per diluted share (+50%); Core FFO $2.17 (+4.3%); same-store revenue +2.7% and NOI +4.6%; same-store occupancy 94.0%. Extra Space bought back 2.39M shares for $327.1M.
Source: Q3 2026 earnings release
Leadership
Noah Springer became President on January 5, 2026 and will succeed CEO Joseph Margolis on January 1, 2027.
Source: Forms 8-K 2026-01-05 and 2026-08-24
Financing
Issued $550M of 4.900% senior notes due 2032 in July 2026.
Source: Form 8-K 2026-07-06
Capex ÷ D&A (FY2025)
0.23x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$164M ÷ $715M = 0.23x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$6.08B
Latest year: $926M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $74M in FY2020 to $164M in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$3.38B
As reported in the 10-K
Revenue CAGR (5 years)
+20.0%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($3,378M ÷ $1,356M) ^ (1÷5) − 1 = 20.0%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
41.8%▼caution
-7.3pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$1,413M ÷ $3,378M × 100 = 41.8%
ROE (FY2025)
7.1%
6-year average: 16.2%
As reported in the 10-K
P/B (FY2025 end)
2.05x
formulafiscal year-end closing price ÷ book value per share
e.g.$130.22 ÷ $63.62 = 2.05x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
19.1x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($27,497M + $13,231M − $139M) ÷ ($1,413M + $715M) = 19.1x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +20.0% a year over 5 years (strong growth)
From $1.36B in FY2020 to $3.38B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▼
Operating margin declined: 49.1% → 41.8%
How much operating profit is left per $100 of revenue. It moved -7.3 points over 5 years — pricing power, cost control, and product mix all show up here.
- ―
Equity ratio is 45.9% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 16.2% over 6 years (latest: 7.1%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Life Storage
07 · what it does
Key activities
- Store operations and rental pricing
- Third-party store management (1,856 stores)
- Tenant reinsurance
- Bridge lending and joint ventures
06 · what it draws on
Key resources
- 8,393 employees
- 4,281 stores owned and/or operated (330.4M sq ft)
- Interest-bearing debt of about $13.2B (end-2025)
02 · why customers buy
Value propositions
- Self-storage units in many markets, rented month to month.
04 · how it keeps them
Customer relationships
- Month-to-month rentals; third-party management for other owners; tenant insurance.
03 · how it reaches them
Channels
- Online marketing and reservations that Extra Space calls among the most dynamic in the industry, plus store staff.
01 · who it serves
Customer segments
- Individuals and businesses renting storage units
09 · where money goes
Cost structure
FY2025, share of revenue ($3.38B)
- Cost of revenue27.2%
- Selling, general & administrative5.5%
- Other operating costs25.5%
Operating profit left: 41.8% of revenue. Depreciation & amortization (inside the costs above): $715M. Capital spending: $164M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Property rental $2,895M
- Tenant reinsurance $353M
- Management fees & other $129M (2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Rents storage units month to month, earns fees managing stores for third-party owners, and reinsures the insurance tenants buy on stored goods.
01 what it draws on
Inputs & resources
- 8,393 employees
- 4,281 stores owned and/or operated (330.4M sq ft)
- Interest-bearing debt of about $13.2B (end-2025)
02 what it does
Activities
- Store operations and rental pricing
- Third-party store management (1,856 stores)
- Tenant reinsurance
- Bridge lending and joint ventures
03 who it serves
Customers
- Individuals and businesses renting storage units
04 how money comes in
How it earns
- Property rental $2,895M
- Tenant reinsurance $353M
- Management fees & other $129M (2025)
How the business makes money
- Tenants rent month to month; vacating tenants at same-store properties had stayed about 16.8 months on average (June 2026).
- Management business expands the footprint with little capital investment.
- Self-storage ownership is fragmented; the largest companies own a minority of stores.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Extra Space is a REIT evaluating the 2025 tax law.
Government funding & tax credits
REIT tax status
To keep REIT status (no corporate income tax on distributed income) it must distribute at least 90% of REIT taxable income each year.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Government funding & tax credits
2025 tax law
Expects the OBBBA to affect its financial position and results.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Property rental
2,895.2 (86%)Tenant reinsurance
352.9 (10%)Management fees and other
129.5 (4%)
Source: Form 10-K (FY2025) — consolidated statements of operations Total revenues $3,377.5M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
Life Storage
Merger completed in 2023; total assets rose from $12.2B (2022) to $27.5B (2023).
Source: Form 10-K (FY2025)
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Individuals and businesses renting storage space month to month.
Named by the company
No customer is named.
Suppliers
A non-affiliated insurance company issues the tenant policies that Extra Space reinsures.
Named by the company
No supplier is named.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Its three primary public self-storage REIT competitors are CubeSmart, National Storage Affiliates and Public Storage; Public Storage and National Storage Affiliates announced a merger in March 2026.
Competitors named in the 10-K
Self-storage REITs
- CubeSmartsite ↗
- National Storage Affiliatessite ↗
- Public Storagesite ↗
Peer group the company chose
Compensation comparator group (18 companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
REITs and other companies similar in enterprise value, FFO, employees and properties, including all direct competitors.
- AvalonBay Communitiessite ↗
- Equity Residentialsite ↗
- SBA Communicationssite ↗
- BXPsite ↗
- Essex Property Trustsite ↗
- Simon Property Groupsite ↗
- Chipotle Mexican Grillsite ↗
- Hiltonsite ↗
- Sun Communitiessite ↗
- Crown Castlesite ↗
- Invitation Homessite ↗
- Welltowersite ↗
- CubeSmartsite ↗
- Mid-America Apartment Communities (MAA)site ↗
- Digital Realtysite ↗
- Public Storagesite ↗
- Equinixsite ↗
- Realty Incomesite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 1,356 | 1,577 | 1,924 | 2,560 | 3,257 | 3,378 |
| Operating income | 666 | 976 | 1,050 | 1,170 | 1,323 | 1,413 |
| Pretax income | 509 | 859 | 901 | 817 | 853 | 941 |
| Net income (attributable) | 482 | 828 | 861 | 803 | 855 | 974 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 16.3% | 22.0% | 33.1% | 27.2% | 3.7% |
| Operating margincalcoperating income ÷ revenue × 100 | 49.1% | 61.9% | 54.6% | 45.7% | 40.6% | 41.8% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 35.5% | 52.5% | 44.7% | 31.4% | 26.2% | 28.8% |
| Balance sheet ($M) | ||||||
| Total assets | 9,396 | 10,474 | 12,167 | 27,456 | 28,848 | 29,264 |
| Total equity | 2,936 | 3,786 | 4,078 | 15,414 | 14,859 | 14,324 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 5,746 | 5,958 | 7,331 | 11,017 | 12,322 | 13,231 |
| Equity ratio | 27.1% | 29.8% | 26.8% | 52.4% | 48.3% | 45.9% |
| ROE | 18.9% | 29.2% | 27.0% | 9.1% | 6.0% | 7.1% |
| Cash flow ($M) | ||||||
| Operating CF | 771 | 952 | 1,238 | 1,402 | 1,887 | 1,850 |
| Investing CF | -955 | -838 | -1,648 | -1,818 | -1,647 | -814 |
| Financing CF | 241 | -167 | 432 | 423 | -202 | -1,036 |
| Free cash flowcalccash flow from operations − capital expenditures | 697 | 893 | 1,153 | 1,286 | 1,738 | 1,686 |
| Cash and equivalents | 109 | 71 | 93 | 99 | 138 | 139 |
| Per share & other | ||||||
| EPS ($) | 3.71 | 6.19 | 6.41 | 4.74 | 4.03 | 4.59 |
| BVPS ($) | 19.40 | 23.27 | 24.34 | 68.11 | 65.79 | 63.62 |
| Dividend per share ($) | 3.60 | 4.50 | 6.00 | 6.48 | 6.48 | 6.48 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 97.0% | 72.7% | 93.6% | 136.7% | 160.8% | 141.2% |
| P/E (x) | 31.2 | 36.6 | 23.0 | 33.8 | 37.1 | 28.4 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 23.4 | 29.8 | 20.1 | 26.7 | 20.8 | 19.1 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 5.97 | 9.74 | 6.05 | 2.35 | 2.27 | 2.05 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $890M+3.6% | $392M+40.4% | $248M+49.3% | $1.17 |
| 2026-06-30 | $874M+3.9% | $392M+4.9% | $263M+5.5% | $1.25 |
| 2026-03-31 | $856M+4.4% | $368M-5.4% | $241M-11.0% | $1.14 |
| 2025-12-31 † | $857M+4.3% | $371M-2.4% | $287M+9.5% | — |
| 2025-09-30 | $858M | $279M | $166M | $0.78 |
| 2025-06-30 | $842M | $374M | $250M | $1.18 |
| 2025-03-31 | $820M | $389M | $271M | $1.28 |
| 2024-12-31 † | $822M | $380M | $262M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
5.0%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$1,413M × (1 − 3.5%) ÷ $27,368M × 100 = 5.0%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
7.49%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $27.5B ÷ ($27.5B + $13.23B) = 67.5%
e.g.Debt weight: $13.23B ÷ ($27.5B + $13.23B) = 32.5%
e.g.WACC: 8.8% × 67.5% + 5.0% × (1 − 3.5%) × 32.5% = 7.49%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 6.4%–8.8% and ROIC − WACC runs −3.9 to −1.4 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 7.49% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.70 (price-derived adjusted beta)
- Equity risk premium
- 5.5%
- Cost of equity
- 8.80%
- Cost of debt
- 4.95% (no debt on record, using the risk-free rate)
- Tax rate
- 3.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 68% : 32%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 7.49%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.70 (price-derived adjusted beta. Raw β 0.55, R² 0.11, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.552 + 0.33 = 0.700
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.7 × 5.5% = 8.8%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
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What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
3.9%
Perpetual FCF growth: g = r − FCF ÷ EV = 7.5% − 3.6%
Past FCF growth (FY2020–FY2025)
+19.3%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+20.0%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $1.69B (operating CF − capex); enterprise value $46.49B = market cap $33.4B (latest close, 2026-11-04) + debt $13.23B − cash and short-term investments $139M; r = WACC of 7.5% using this page’s default assumptions (β 0.70, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$46.83B
FCF $1.69B ÷ (7.5% − 3.9%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 5.5% | 6.5% | 7.5% | 8.5% | 9.5% |
|---|---|---|---|---|---|
| 0% | 0.66x | 0.56x | 0.48x | 0.43x | 0.38x |
| 2% | 1.04x | 0.81x | 0.66x | 0.56x | 0.48x |
| 4% | 2.42x | 1.45x | 1.04x | 0.81x | 0.66x |
| 6% | — | 7.25x | 2.42x | 1.45x | 1.04x |
| 8% | — | — | — | 7.25x | 2.42x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
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Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.67x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -3.0%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 150%
Most profit comes from core operations.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,850M ÷ $974M = 1.90x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$1,413M ÷ $941M × 100 = 150%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 99.4%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 0.6%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 66 of 416
- Beta (adjusted)
- 0.70
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 16% of covered companies have more
above 1 = swings more than the market
- 210.1M shares reported by 796 13F filers ÷ 211.3M shares outstanding on 2026-07-24. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-01 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-24)
19
Strengths & weaknessesSite analysis
Strengths
1. Scale leader
The largest self-storage operator in the U.S., with 4,281 stores.
Evidence: Form 10-K FY2025
2. Steady cash flow
Operating cash flow of $1,850M in 2025.
Evidence: SEC EDGAR XBRL
3. Capital-light fee income
Manages 1,856 stores for third-party owners.
Evidence: Form 10-K FY2025
Weaknesses
1. Flat dividend
Dividend per share has been $6.48 since 2023.
Evidence: SEC EDGAR XBRL
2. Rising debt
Interest-bearing debt grew from $11.0B (2023) to $13.2B (2025).
Evidence: Form 10-K balance sheets
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
28.4x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
4.98%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
141%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
6.1%
(Operating CF − capex) ÷ market cap
1. High dividend payout
Paid $6.48 per share in 2025 against diluted EPS of $4.59 (REITs distribute most taxable income).
- What has to hold
- Cash flow covers distributions.
- The other side
- No increase since 2023.
Evidence: SEC EDGAR XBRL
2. Consolidator in a fragmented industry
Large operators own a minority of stores, leaving room for acquisitions and management contracts.
- What has to hold
- Accretive deals remain available.
- The other side
- Rising debt.
Evidence: Form 10-K FY2025
Debt is notes payable + unsecured term loans + senior notes + revolving lines/commercial paper from each 10-K balance sheet. Capex is development/redevelopment plus equipment; property acquisitions (including the 2023 Life Storage merger cash) are shown as M&A. As a REIT, EPS understates cash earnings because of real estate depreciation.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
—
$139M vs. —
Interest coverage (operating income ÷ interest expense)
Not disclosed
Interest expense isn’t reported as a separate line.
Free cash flow ÷ dividends paid
1.2x
$1.69B vs. $1.37B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Diversified tenant base
About 2.9 million units rented to many individual customers.
Source: Form 10-K FY2025
Long tenant stays
Average stay of vacating same-store tenants was about 16.8 months.
Source: Form 10-Q Q3 2026
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Extra Space reports only ordinary-course legal proceedings and claims; no individual case is described.
Company statement: Various ordinary-course proceedings and claims; accruals are made when losses are probable and estimable.
Based on Form 10-Q (quarter ended 2026-09-30) — Legal Proceedings, reviewed 2026-10-24. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
Competition and new supply
- Company disclosure (summarized from the 10-K)
- Competes with public storage REITs (CubeSmart, National Storage Affiliates, Public Storage) and many private owners; new stores can pressure rents.
- Company’s stated mitigation
- Scale and data from managed stores.
- This site’s assessment
- Impact Med / Likelihood Med
- 2Demand & macro
Housing activity and consumer demand
- Company disclosure (summarized from the 10-K)
- Demand for storage depends on consumer moves and economic conditions.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Funding & liquidity
Refinancing and interest rates
- Company disclosure (summarized from the 10-K)
- About $13.2B of debt must be refinanced over time; higher rates raise interest costs.
- Company’s stated mitigation
- Investment-grade senior notes (e.g., $550M 4.900% notes due 2032 issued July 2026).
- This site’s assessment
- Impact Med / Likelihood Med
- 4Law & regulation
Insurance regulation
- Company disclosure (summarized from the 10-K)
- Tenant reinsurance is subject to insurance regulators with broad discretion over licenses and compliance.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Low / Likelihood Med
- 5Governance & key people
CEO succession
- Company disclosure (summarized from the 10-K)
- Joseph Margolis retires December 31, 2026; Noah Springer becomes CEO on January 1, 2027.
- Company’s stated mitigation
- Planned internal succession.
- This site’s assessment
- Impact Low / Likelihood High
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (4)
The use of, or inability to take advantage of the benefits of, artificial intelligence by us presents risks and challenges that may adversely impact our business and operating results or may adversely impact the demand for storage with the Company.
We have begun and may continue to use artificial intelligence and machine learning (collectively, “AI”) tools in our operations. Read more
We use AI in assessing marketing decisions and operating our stores. However, there can be no assurance that we will realize the desired or anticipated benefits, or any benefits, and we may fail to properly implement such technology. While AI tools may facilitate optimization and operational efficiencies, they also have the potential for inaccuracy, bias, infringement or misappropriation of intellectual property. The use of AI tools may introduce errors or inadequacies that are not easily detectable, including deficiencies, inaccuracies, or biases in the data used for AI training, or in the content, analyses, or recommendations generated by AI applications. Additionally, if our peers use AI tools to optimize operations and we fail to utilize AI tools in a…
New laws and regulations are being adopted, and existing laws and regulations may be interpreted, in ways that could affect our business operations and the way in which we use AI. Read more
Our ongoing efforts to comply with privacy and data protection laws, as well as initiatives to comply with new legal regulations relating to privacy, data protection and AI, impose significant costs and challenges that are likely to increase over time. Additionally, this complex and rapidly evolving landscape around AI may expose us to claims, inquiries, demands and proceedings by private parties and global regulatory authorities and subject us to legal liability as well as reputational harm.
Uncertainty around the safety and security of new and emerging AI applications may require additional investment in the development of proprietary datasets, machine learning models and systems to test for security, accuracy, bias and other variables, which are often complex, may be costly and could impact our operating results. Cybersecurity threat actors may also utilize AI tools to automate and enhance cybersecurity attacks against us and could lead to data breaches, loss of confidential or sensitive information, and financial or reputational harm.
No longer in the text (1)
Costs associated with complying with the Americans with Disabilities Act of 1990 may result in unanticipated expenses.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 20, 2026 ↗ with the 10-K filed Feb 28, 2025 ↗.
25
What to watch going forwardSite analysis
- CEO transition to Noah Springer on January 1, 2027.
- Effect of the planned merger of Public Storage and National Storage Affiliates (announced March 2026) on competition.
- Same-store revenue trends as new supply is absorbed.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 24, 2026 09:06 (SEC EDGAR) · Source 10-K filed: February 20, 2026
Built on10-K FY2025 · filed 2026-02-20Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Extra Space Storage’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.