Comprehensive Stock Comparison
Compare Prologis, Inc. (PLD) vs Extra Space Storage Inc. (EXR) 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 PLD's 2.2% |
| Value | EXR | Lower P/E (31.7x vs 42.6x) |
| Quality / Margins | PLD | 36.7% net margin vs EXR's 28.9% |
| Stability / Safety | EXR | Beta 0.56 vs PLD's 0.85 |
| Dividends | EXR | 4.3% yield, 15-year raise streak, vs PLD's 2.6% |
| Momentum (1Y) | PLD | +18.3% vs EXR's +3.2% |
| Efficiency (ROA) | PLD | 3.3% ROA vs EXR's 3.3%, ROIC 3.8% 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
Prologis is a global owner and operator of logistics real estate — primarily warehouses and distribution centers — serving e-commerce and supply chain customers. It generates revenue primarily through rental income from long-term leases to logistics companies, retailers, and manufacturers, with property management and development services providing additional income. The company's competitive advantage lies in its massive scale — owning nearly 1 billion square feet of prime logistics space in key global markets — and its deep relationships with major logistics and e-commerce players.
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.
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
PLD leads in 2 of 6 categories (Financial Metrics, Total Returns). EXR leads in 2 (Valuation Metrics, Analyst Outlook). 2 tied.
Financial Metrics (TTM)
PLD is the larger business by revenue, generating $8.7B annually — 2.6x EXR's $3.3B. PLD is the more profitable business, keeping 36.7% of every revenue dollar as net income compared to EXR's 28.9%. On growth, PLD holds the edge at +8.7% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | PLDPrologis, Inc. | EXRExtra Space Stora… |
|---|---|---|
| RevenueTrailing 12 months | $8.7B | $3.3B |
| EBITDAEarnings before interest/tax | $6.7B | $2.1B |
| Net IncomeAfter-tax profit | $3.2B | $953M |
| Free Cash FlowCash after capex | $5.2B | $1.9B |
| Gross MarginGross profit ÷ Revenue | +67.7% | +67.7% |
| Operating MarginEBIT ÷ Revenue | +47.0% | +43.1% |
| Net MarginNet income ÷ Revenue | +36.7% | +28.9% |
| FCF MarginFCF ÷ Revenue | +59.3% | +57.2% |
| Rev. Growth (YoY)Latest quarter vs prior year | +8.7% | -9.0% |
| EPS Growth (YoY)Latest quarter vs prior year | -24.1% | -14.3% |
Valuation Metrics
At 35.6x trailing earnings, PLD trades at a 5% valuation discount to EXR's 37.5x P/E. Adjusting for growth (PEG ratio), PLD offers better value at 3.29x vs EXR's 8.40x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | PLDPrologis, Inc. | EXRExtra Space Stora… |
|---|---|---|
| Market CapShares × price | $132.4B | $32.1B |
| Enterprise ValueMkt cap + debt − cash | $162.6B | $44.9B |
| Trailing P/EPrice ÷ TTM EPS | 35.55x | 37.48x |
| Forward P/EPrice ÷ next-FY EPS est. | 42.61x | 31.65x |
| PEG RatioP/E ÷ EPS growth rate | 3.29x | 8.40x |
| EV / EBITDAEnterprise value multiple | 23.24x | 21.39x |
| Price / SalesMarket cap ÷ Revenue | 16.14x | 9.60x |
| Price / BookPrice ÷ Book value/share | 2.32x | 2.15x |
| Price / FCFMarket cap ÷ FCF | 26.95x | 17.17x |
Profitability & Efficiency
EXR delivers a 6.6% return on equity — every $100 of shareholder capital generates $7 in annual profit, vs $6 for PLD. PLD carries lower financial leverage with a 0.54x debt-to-equity ratio, signaling a more conservative balance sheet compared to EXR's 0.88x.
| Metric | PLDPrologis, Inc. | EXRExtra Space Stora… |
|---|---|---|
| ROE (TTM)Return on equity | +5.6% | +6.6% |
| ROA (TTM)Return on assets | +3.3% | +3.3% |
| ROICReturn on invested capital | +3.8% | +3.7% |
| ROCEReturn on capital employed | +4.8% | +5.0% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 5 |
| Debt / EquityFinancial leverage | 0.54x | 0.88x |
| Net DebtTotal debt minus cash | $30.2B | $12.9B |
| Cash & Equiv.Liquid assets | $1.3B | $138M |
| Total DebtShort + long-term debt | $31.5B | $13.0B |
| Interest CoverageEBIT ÷ Interest expense | 5.27x | 2.22x |
Total Returns (with DRIP)
A $10,000 investment in PLD five years ago would be worth $16,053 today (with dividends reinvested), compared to $14,619 for EXR. Over the past 12 months, PLD leads with a +18.3% total return vs EXR's +3.2%. The 3-year compound annual growth rate (CAGR) favors PLD at 7.6% vs EXR's 1.2% — a key indicator of consistent wealth creation.
| Metric | PLDPrologis, Inc. | EXRExtra Space Stora… |
|---|---|---|
| YTD ReturnYear-to-date | +10.5% | +15.3% |
| 1-Year ReturnPast 12 months | +18.3% | +3.2% |
| 3-Year ReturnCumulative with dividends | +24.7% | +3.5% |
| 5-Year ReturnCumulative with dividends | +60.5% | +46.2% |
| 10-Year ReturnCumulative with dividends | +340.5% | +140.5% |
| CAGR (3Y)Annualised 3-year return | +7.6% | +1.2% |
Risk & Volatility
EXR is the less volatile stock with a 0.56 beta — it tends to amplify market swings less than PLD's 0.85 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. PLD currently trades 99.0% from its 52-week high vs EXR's 94.1% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | PLDPrologis, Inc. | EXRExtra Space Stora… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.85x | 0.56x |
| 52-Week HighHighest price in past year | $143.95 | $160.58 |
| 52-Week LowLowest price in past year | $85.35 | $121.03 |
| % of 52W HighCurrent price vs 52-week peak | +99.0% | +94.1% |
| RSI (14)Momentum oscillator 0–100 | 67.9 | 58.2 |
| Avg Volume (50D)Average daily shares traded | 2.8M | 1.1M |
Analyst Outlook
Wall Street rates PLD as "Buy" and EXR as "Hold". Consensus price targets imply -0.7% upside for EXR (target: $150) vs -4.6% for PLD (target: $136). For income investors, EXR offers the higher dividend yield at 4.30% vs PLD's 2.63%.
| Metric | PLDPrologis, Inc. | EXRExtra Space Stora… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold |
| Price TargetConsensus 12-month target | $136.00 | $150.00 |
| # AnalystsCovering analysts | 41 | 28 |
| Dividend YieldAnnual dividend ÷ price | +2.6% | +4.3% |
| Dividend StreakConsecutive years of raises | 11 | 15 |
| Dividend / ShareAnnual DPS | $3.74 | $6.50 |
| Buyback YieldShare repurchases ÷ mkt cap | +0.0% | 0.0% |
Historical Charts
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Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Feb 20 | Feb 26 | Change |
|---|---|---|---|
| Prologis, Inc. (PLD) | 100 | 153.87 | +53.9% |
| Extra Space Storage… (EXR) | 100 | 134.72 | +34.7% |
Prologis, Inc. (PLD) returned +61% over 5 years vs Extra Space Storage… (EXR)'s +46%. A $10,000 investment in PLD 5 years ago would be worth $16,053 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Prologis, Inc. (PLD) | $2.2B | $8.2B | +273.3% |
| Extra Space Storage… (EXR) | $795M | $3.3B | +320.1% |
Prologis, Inc.'s revenue grew from $2.2B (2015) to $8.2B (2024) — a 15.8% CAGR. Extra Space Storage Inc.'s revenue grew from $795M (2015) to $3.3B (2024) — a 17.3% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Prologis, Inc. (PLD) | 39.6% | 45.5% | +15.0% |
| Extra Space Storage… (EXR) | 23.8% | 25.6% | +7.4% |
Prologis, Inc.'s net margin went from 40% (2015) to 45% (2024). Extra Space Storage Inc.'s net margin went from 24% (2015) to 26% (2024).
Chart 4P/E Ratio History — 8 Years
| Stock | 2017 | 2024 | Change |
|---|---|---|---|
| Prologis, Inc. (PLD) | 21.1 | 26.4 | +25.1% |
| Extra Space Storage… (EXR) | 23.3 | 37.1 | +59.2% |
Prologis, Inc. has traded in a 21x–51x P/E range over 8 years; current trailing P/E is ~36x. Extra Space Storage Inc. has traded in a 23x–37x P/E range over 8 years; current trailing P/E is ~37x.
Chart 5EPS Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Prologis, Inc. (PLD) | 1.64 | 4.01 | +144.5% |
| Extra Space Storage… (EXR) | 1.56 | 4.03 | +158.3% |
Prologis, Inc.'s EPS grew from $1.64 (2015) to $4.01 (2024) — a 10% CAGR. Extra Space Storage Inc.'s EPS grew from $1.56 (2015) to $4.03 (2024) — a 11% CAGR.
Chart 6Free Cash Flow — 5 Years
Prologis, Inc. generated $5B FCF in 2024 (+97% vs 2021). Extra Space Storage Inc. generated $2B FCF in 2024 (+97% vs 2021).
PLD vs EXR: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is PLD or EXR a better buy right now?
Prologis, Inc. (PLD) offers the better valuation at 35.6x trailing P/E (42.6x forward), making it the more compelling value choice. Analysts rate Prologis, Inc. (PLD) a "Buy" — based on 41 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 — PLD or EXR?
On trailing P/E, Prologis, Inc. (PLD) is the cheapest at 35.6x versus Extra Space Storage Inc. at 37.5x. On forward P/E, Extra Space Storage Inc. is actually cheaper at 31.7x — notably different from the trailing picture, reflecting expected earnings growth. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Prologis, Inc. wins at 3.94x versus Extra Space Storage Inc.'s 7.10x.
03Which is the better long-term investment — PLD or EXR?
Over the past 5 years, Prologis, Inc. (PLD) delivered a total return of +60.5%, compared to +46.2% for Extra Space Storage Inc. (EXR). A $10,000 investment in PLD five years ago would be worth approximately $16K today (assuming dividends reinvested). Over 10 years, the gap is even starker: PLD returned +340.5% versus EXR's +140.5%. 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 — PLD or EXR?
By beta (market sensitivity over 5 years), Extra Space Storage Inc. (EXR) is the lower-risk stock at 0.56β versus Prologis, Inc.'s 0.85β — meaning PLD is approximately 51% more volatile than EXR relative to the S&P 500. On balance sheet safety, Prologis, Inc. (PLD) carries a lower debt/equity ratio of 54% versus 88% for Extra Space Storage Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — PLD or EXR?
Prologis, Inc. (PLD) is the more profitable company, earning 45.5% net margin versus 25.6% for Extra Space Storage Inc. — meaning it keeps 45.5% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: PLD leads at 53.8% 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 PLD or EXR 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, Prologis, Inc. (PLD) is the more undervalued stock at a PEG of 3.94x 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, Extra Space Storage Inc. (EXR) trades at 31.7x forward P/E versus 42.6x for Prologis, Inc. — 11.0x 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 — PLD or EXR?
All stocks in this comparison pay dividends. Extra Space Storage Inc. (EXR) offers the highest yield at 4.3%, versus 2.6% for Prologis, Inc. (PLD).
08Is PLD or EXR 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%, PLD: +340.5%), 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 PLD and EXR?
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: PLD is a mid-cap quality compounder stock; EXR is a mid-cap income-oriented stock. 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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