Comprehensive Stock Comparison
Compare Extra Space Storage Inc. (EXR) vs Public Storage (PSA) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | EXR | 27.6% revenue growth vs PSA's 2.7% |
| Value | PSA | Lower P/E (30.5x vs 31.7x), PEG 4.10 vs 7.10 |
| Quality / Margins | PSA | 39.5% net margin vs EXR's 28.9% |
| Stability / Safety | PSA | Beta 0.45 vs EXR's 0.56 |
| Dividends | EXR | 4.3% yield; 15-year raise streak; PSA pays no meaningful dividend |
| Momentum (1Y) | PSA | +5.1% vs EXR's +3.2% |
| Efficiency (ROA) | PSA | 9.4% ROA vs EXR's 3.3%, ROIC 13.5% vs 3.7% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Extra Space Storage is a real estate investment trust that owns and operates self-storage facilities across the United States. It generates revenue primarily through rental income from storage units — including boat, RV, and business storage — with property management fees contributing additional income. The company benefits from economies of scale as the second-largest self-storage operator in the U.S., leveraging its national brand recognition and sophisticated revenue management systems.
Public Storage is a real estate investment trust that owns and operates self-storage facilities across the United States and Europe. It generates revenue primarily through rental income from storage units — with additional income from tenant insurance, truck rentals, and property management services — making it one of the largest self-storage operators globally. The company's competitive advantage lies in its massive scale, prime locations, and strong brand recognition that creates pricing power and operational efficiency.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
PSA leads in 5 of 6 categories (Financial Metrics, Valuation Metrics). EXR leads in 1 (Analyst Outlook).
Financial Metrics (TTM)
PSA and EXR operate at a comparable scale, with $4.8B and $3.3B in trailing revenue. PSA is the more profitable business, keeping 39.5% of every revenue dollar as net income compared to EXR's 28.9%. On growth, PSA holds the edge at +3.1% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | EXRExtra Space Stora… | PSAPublic Storage |
|---|---|---|
| RevenueTrailing 12 months | $3.3B | $4.8B |
| EBITDAEarnings before interest/tax | $2.1B | $3.7B |
| Net IncomeAfter-tax profit | $953M | $1.9B |
| Free Cash FlowCash after capex | $1.9B | $3.1B |
| Gross MarginGross profit ÷ Revenue | +67.7% | +73.0% |
| Operating MarginEBIT ÷ Revenue | +43.1% | +53.0% |
| Net MarginNet income ÷ Revenue | +28.9% | +39.5% |
| FCF MarginFCF ÷ Revenue | +57.2% | +65.2% |
| Rev. Growth (YoY)Latest quarter vs prior year | -9.0% | +3.1% |
| EPS Growth (YoY)Latest quarter vs prior year | -14.3% | +21.3% |
Valuation Metrics
At 34.1x trailing earnings, PSA trades at a 9% valuation discount to EXR's 37.5x P/E. Adjusting for growth (PEG ratio), PSA offers better value at 4.57x vs EXR's 8.40x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | EXRExtra Space Stora… | PSAPublic Storage |
|---|---|---|
| Market CapShares × price | $32.1B | $53.9B |
| Enterprise ValueMkt cap + debt − cash | $44.9B | $63.8B |
| Trailing P/EPrice ÷ TTM EPS | 37.48x | 34.08x |
| Forward P/EPrice ÷ next-FY EPS est. | 31.65x | 30.53x |
| PEG RatioP/E ÷ EPS growth rate | 8.40x | 4.57x |
| EV / EBITDAEnterprise value multiple | 21.39x | 14.00x |
| Price / SalesMarket cap ÷ Revenue | 9.60x | 11.17x |
| Price / BookPrice ÷ Book value/share | 2.15x | 5.78x |
| Price / FCFMarket cap ÷ FCF | 17.17x | 16.91x |
Profitability & Efficiency
PSA delivers a 20.1% return on equity — every $100 of shareholder capital generates $20 in annual profit, vs $7 for EXR. EXR carries lower financial leverage with a 0.88x debt-to-equity ratio, signaling a more conservative balance sheet compared to PSA's 1.10x.
| Metric | EXRExtra Space Stora… | PSAPublic Storage |
|---|---|---|
| ROE (TTM)Return on equity | +6.6% | +20.1% |
| ROA (TTM)Return on assets | +3.3% | +9.4% |
| ROICReturn on invested capital | +3.7% | +13.5% |
| ROCEReturn on capital employed | +5.0% | +17.1% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 5 |
| Debt / EquityFinancial leverage | 0.88x | 1.10x |
| Net DebtTotal debt minus cash | $12.9B | $9.9B |
| Cash & Equiv.Liquid assets | $138M | $318M |
| Total DebtShort + long-term debt | $13.0B | $10.3B |
| Interest CoverageEBIT ÷ Interest expense | 2.22x | 11.19x |
Total Returns (with DRIP)
A $10,000 investment in PSA five years ago would be worth $16,046 today (with dividends reinvested), compared to $14,619 for EXR. Over the past 12 months, PSA leads with a +5.1% total return vs EXR's +3.2%. The 3-year compound annual growth rate (CAGR) favors PSA at 4.7% vs EXR's 1.2% — a key indicator of consistent wealth creation.
| Metric | EXRExtra Space Stora… | PSAPublic Storage |
|---|---|---|
| YTD ReturnYear-to-date | +15.3% | +18.8% |
| 1-Year ReturnPast 12 months | +3.2% | +5.1% |
| 3-Year ReturnCumulative with dividends | +3.5% | +14.8% |
| 5-Year ReturnCumulative with dividends | +46.2% | +60.5% |
| 10-Year ReturnCumulative with dividends | +140.5% | +64.9% |
| CAGR (3Y)Annualised 3-year return | +1.2% | +4.7% |
Risk & Volatility
PSA is the less volatile stock with a 0.45 beta — it tends to amplify market swings less than EXR's 0.56 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | EXRExtra Space Stora… | PSAPublic Storage |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.56x | 0.45x |
| 52-Week HighHighest price in past year | $160.58 | $322.49 |
| 52-Week LowLowest price in past year | $121.03 | $256.54 |
| % of 52W HighCurrent price vs 52-week peak | +94.1% | +95.2% |
| RSI (14)Momentum oscillator 0–100 | 58.2 | 64.2 |
| Avg Volume (50D)Average daily shares traded | 1.1M | 959K |
Analyst Outlook
Wall Street rates EXR as "Hold" and PSA as "Hold". Consensus price targets imply -0.7% upside for EXR (target: $150) vs -1.9% for PSA (target: $301). EXR is the only dividend payer here at 4.30% yield — a key consideration for income-focused portfolios.
| Metric | EXRExtra Space Stora… | PSAPublic Storage |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold |
| Price TargetConsensus 12-month target | $150.00 | $301.22 |
| # AnalystsCovering analysts | 28 | 36 |
| Dividend YieldAnnual dividend ÷ price | +4.3% | — |
| Dividend StreakConsecutive years of raises | 15 | 0 |
| Dividend / ShareAnnual DPS | $6.50 | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Extra Space Storage… (EXR) | 100 | 128.27 | +28.3% |
| Public Storage (PSA) | 100 | 123.97 | +24.0% |
Public Storage (PSA) returned +60% over 5 years vs Extra Space Storage… (EXR)'s +46%. A $10,000 investment in PSA 5 years ago would be worth $16,046 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Extra Space Storage… (EXR) | $1.0B | $3.3B | +232.2% |
| Public Storage (PSA) | $2.6B | $4.8B | +88.4% |
Public Storage's revenue grew from $2.6B (2016) to $4.8B (2025) — a 7.3% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Extra Space Storage… (EXR) | 36.4% | 25.6% | -29.7% |
| Public Storage (PSA) | 56.8% | 37.3% | -34.4% |
Public Storage's net margin went from 57% (2016) to 37% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Extra Space Storage… (EXR) | 23.3 | 37.1 | +59.2% |
| Public Storage (PSA) | 31.1 | 28.8 | -7.4% |
Extra Space Storage Inc. has traded in a 23x–37x P/E range over 8 years; current trailing P/E is ~37x. Public Storage has traded in a 12x–38x P/E range over 9 years; current trailing P/E is ~34x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Extra Space Storage… (EXR) | 2.91 | 4.03 | +38.5% |
| Public Storage (PSA) | 6.81 | 9.01 | +32.3% |
Public Storage's EPS grew from $6.81 (2016) to $9.01 (2025) — a 3% CAGR.
Chart 6Free Cash Flow — 5 Years
Extra Space Storage Inc. generated $2B FCF in 2024 (+97% vs 2021). Public Storage generated $3B FCF in 2025 (+40% vs 2021).
EXR vs PSA: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is EXR or PSA a better buy right now?
Public Storage (PSA) offers the better valuation at 34.1x trailing P/E (30.5x forward), making it the more compelling value choice. Analysts rate Extra Space Storage Inc. (EXR) a "Hold" — based on 28 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — EXR or PSA?
On trailing P/E, Public Storage (PSA) is the cheapest at 34.1x versus Extra Space Storage Inc. at 37.5x. On forward P/E, Public Storage is actually cheaper at 30.5x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Public Storage wins at 4.10x versus Extra Space Storage Inc.'s 7.10x.
03Which is the better long-term investment — EXR or PSA?
Over the past 5 years, Public Storage (PSA) delivered a total return of +60.5%, compared to +46.2% for Extra Space Storage Inc. (EXR). A $10,000 investment in PSA five years ago would be worth approximately $16K today (assuming dividends reinvested). Over 10 years, the gap is even starker: EXR returned +140.5% versus PSA's +64.9%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — EXR or PSA?
By beta (market sensitivity over 5 years), Public Storage (PSA) is the lower-risk stock at 0.45β versus Extra Space Storage Inc.'s 0.56β — meaning EXR is approximately 24% more volatile than PSA relative to the S&P 500. On balance sheet safety, Extra Space Storage Inc. (EXR) carries a lower debt/equity ratio of 88% versus 110% for Public Storage — giving it more financial flexibility in a downturn.
05Which has better profit margins — EXR or PSA?
Public Storage (PSA) is the more profitable company, earning 37.3% net margin versus 25.6% for Extra Space Storage Inc. — meaning it keeps 37.3% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: PSA leads at 70.6% versus 39.6% for EXR. At the gross margin level — before operating expenses — EXR leads at 76.3%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is EXR or PSA more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Public Storage (PSA) is the more undervalued stock at a PEG of 4.10x versus Extra Space Storage Inc.'s 7.10x. Both stocks trade at elevated growth-adjusted valuations, so expected growth needs to materialise. On forward earnings alone, Public Storage (PSA) trades at 30.5x forward P/E versus 31.7x for Extra Space Storage Inc. — 1.1x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for EXR: -0.7% to $150.00.
07Which pays a better dividend — EXR or PSA?
In this comparison, EXR (4.3% yield) pays a dividend. PSA does not pay a meaningful dividend and should not be held primarily for income.
08Is EXR or PSA better for a retirement portfolio?
For long-horizon retirement investors, Extra Space Storage Inc. (EXR) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.56), 4.3% yield, +140.5% 10Y return). Both have compounded well over 10 years (EXR: +140.5%, PSA: +64.9%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between EXR and PSA?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: EXR is a mid-cap income-oriented stock; PSA is a mid-cap quality compounder stock. EXR pays a dividend while PSA does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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