24 years of historical data (2001–2024) · Real Estate · REIT - Industrial
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Extra Space Storage Inc. trades at 37.5x earnings, 16% above its 5-year average of 32.4x, sitting at the 74th percentile of its historical range. Compared to the Real Estate sector median P/E of 23.4x, the stock trades at a premium of 60%. On a free-cash-flow basis, the stock trades at 17.2x P/FCF, 20% below the 5-year average of 21.4x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $32.1B | $31.7B | $27.1B | $20.9B | $31.7B | $15.0B | $14.4B | $12.0B | $11.7B | $9.7B | $11.2B |
| Enterprise Value | $44.9B | $44.5B | $38.3B | $28.3B | $37.9B | $20.9B | $19.7B | $16.8B | $16.2B | $14.0B | $14.7B |
| P/E Ratio → | 37.48 | 37.12 | 33.82 | 22.96 | 36.63 | 31.23 | 32.60 | 29.00 | 23.26 | 26.54 | 56.54 |
| P/S Ratio | 9.60 | 9.48 | 10.37 | 10.61 | 19.72 | 10.89 | 10.92 | 9.95 | 10.47 | 9.68 | 14.09 |
| P/B Ratio | 2.15 | 2.13 | 1.76 | 5.11 | 8.39 | 5.11 | 4.93 | 4.33 | 4.31 | 3.75 | 4.72 |
| P/FCF | 17.17 | 16.95 | 19.57 | 17.16 | 33.46 | 19.65 | 20.59 | 17.89 | 19.90 | 18.21 | 31.10 |
| P/OCF | 16.98 | 16.77 | 19.35 | 16.84 | 33.33 | 19.47 | 20.36 | 17.78 | 19.64 | 18.04 | 30.48 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
Extra Space Storage Inc.'s enterprise value stands at 21.4x EBITDA, 11% below its 5-year average of 24.0x. The Real Estate sector median is 13.6x, placing the stock at a 57% premium on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 13.34 | 14.64 | 14.41 | 23.52 | 15.17 | 14.90 | 13.87 | 14.49 | 13.92 | 18.44 |
| EV / EBITDA | 21.39 | 21.20 | 22.91 | 21.15 | 31.09 | 23.48 | 23.01 | 20.27 | 22.09 | 22.12 | 34.23 |
| EV / EBIT | 33.96 | 30.05 | 29.64 | 26.25 | 43.65 | 31.20 | 30.49 | 27.85 | 29.14 | 29.22 | 38.93 |
| EV / FCF | — | 23.86 | 27.61 | 23.30 | 39.91 | 27.37 | 28.10 | 24.95 | 27.53 | 26.19 | 40.72 |
Margins and return-on-capital ratios measuring operating efficiency
Extra Space Storage Inc. earns an operating margin of 39.6%, significantly above the Real Estate sector average of 22.0%. Operating margins have compressed from 53.4% to 39.6% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 5.6% is modest. ROIC of 3.7% represents below-average returns on invested capital.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 76.3% | 76.3% | 77.3% | 78.5% | 76.4% | 74.0% | 74.2% | 75.1% | 75.3% | 74.9% | 74.0% |
| Operating Margin | 39.6% | 39.6% | 44.7% | 53.4% | 60.6% | 48.3% | 48.1% | 51.2% | 48.3% | 44.8% | 37.1% |
| Net Profit Margin | 25.6% | 25.6% | 30.7% | 43.8% | 51.4% | 34.9% | 31.8% | 34.3% | 42.8% | 36.4% | 23.8% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.6% | 5.6% | 8.2% | 21.9% | 24.6% | 16.4% | 14.7% | 15.1% | 18.0% | 14.7% | 8.8% |
| ROA | 3.0% | 3.0% | 4.1% | 7.6% | 8.3% | 5.4% | 5.1% | 5.4% | 6.6% | 5.6% | 3.6% |
| ROIC | 3.7% | 3.7% | 4.6% | 7.3% | 7.8% | 5.9% | 6.1% | 6.3% | 5.8% | 5.3% | 4.4% |
| ROCE | 5.0% | 5.0% | 6.3% | 10.1% | 10.8% | 8.1% | 8.0% | 8.3% | 7.8% | 7.2% | 5.8% |
Solvency and debt-coverage ratios — lower is generally safer
Extra Space Storage Inc. carries a Debt/EBITDA ratio of 6.2x, which is highly leveraged (7% below the sector average of 6.7x). Net debt stands at $12.9B ($13.0B total debt minus $138M cash). Interest coverage of just 2.2x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.88 | 0.88 | 0.73 | 1.85 | 1.64 | 2.05 | 1.82 | 1.73 | 1.67 | 1.66 | 1.49 |
| Debt / EBITDA | 6.20 | 6.20 | 6.74 | 5.65 | 5.08 | 6.75 | 6.23 | 5.81 | 6.20 | 6.81 | 8.26 |
| Net Debt / Equity | — | 0.87 | 0.72 | 1.83 | 1.62 | 2.01 | 1.80 | 1.71 | 1.65 | 1.64 | 1.46 |
| Net Debt / EBITDA | 6.13 | 6.13 | 6.68 | 5.58 | 5.03 | 6.63 | 6.15 | 5.74 | 6.12 | 6.74 | 8.08 |
| Debt / FCF | — | 6.90 | 8.04 | 6.14 | 6.45 | 7.72 | 7.51 | 7.06 | 7.63 | 7.98 | 9.61 |
| Interest Coverage | 2.22 | 2.22 | 2.67 | 4.79 | 5.87 | 3.87 | 3.32 | 3.38 | 3.41 | 3.25 | 2.98 |
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.93x is below 1.0, meaning current liabilities exceed current assets. The current ratio has improved from 0.67x to 0.93x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.93 | 0.93 | 0.85 | 0.67 | 0.83 | 0.37 | 0.36 | 0.32 | 0.44 | 0.16 | 0.90 |
| Quick Ratio | 0.93 | 0.93 | 0.85 | 0.67 | 0.83 | 0.37 | 0.36 | 0.32 | 0.44 | 0.16 | 0.90 |
| Cash Ratio | 0.08 | 0.08 | 0.09 | 0.08 | 0.10 | 0.10 | 0.21 | 0.25 | 0.28 | 0.09 | 0.63 |
| Asset Turnover | — | 0.12 | 0.10 | 0.16 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.14 | 0.13 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Extra Space Storage Inc. returns 4.3% to shareholders annually primarily through dividends. The payout ratio exceeds 100% at 160.9%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 2.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.3% | 4.3% | 3.9% | 3.9% | 1.9% | 3.1% | 3.2% | 3.5% | 3.4% | 3.8% | 2.4% |
| Payout Ratio | 160.9% | 160.9% | 130.3% | 93.6% | 72.6% | 97.1% | 109.1% | 102.3% | 82.1% | 100.5% | 142.1% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.7% | 2.7% | 3.0% | 4.4% | 2.7% | 3.2% | 3.1% | 3.4% | 4.3% | 3.8% | 1.8% |
| FCF Yield | 5.8% | 5.9% | 5.1% | 5.8% | 3.0% | 5.1% | 4.9% | 5.6% | 5.0% | 5.5% | 3.2% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.3% | 4.3% | 3.9% | 4.2% | 1.9% | 3.6% | 3.2% | 3.5% | 3.4% | 3.8% | 2.4% |
| Shares Outstanding | — | $212M | $169M | $142M | $140M | $130M | $136M | $133M | $134M | $126M | $127M |
Compare EXR with 4 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| EXRYou | $32B | 37.5 | 21.4 | 17.2 | 76.3% | 39.6% | 5.6% | 3.7% | 6.2 |
| PSA | $54B | 34.1 | 14.0 | 16.9 | 72.8% | 70.6% | 18.8% | 13.5% | 2.2 |
| CUBE | $9B | 23.9 | 17.9 | 14.9 | 70.2% | 45.3% | 13.4% | 6.1% | 4.4 |
| NSA | $3B | 50.0 | 5.8 | 9.0 | 46.0% | 37.0% | 4.5% | 6.2% | 0.0 |
| SELF | $58M | 26.8 | 14.8 | 13.6 | 62.2% | 23.1% | 4.4% | 3.8% | 3.6 |
| Real Estate Median | — | 23.4 | 13.6 | 13.7 | 60.4% | 22.0% | 3.3% | 2.6% | 6.7 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 24 years · Updated daily
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorSee our Bear / Base / Bull DCF models and intrinsic value estimates.
View ValuationSee how EXR stacks up against sector leader Public Storage.
Start ComparisonExtra Space Storage Inc.'s current P/E ratio is 37.5x. The historical average is 35.4x. This places it at the 74th percentile of its historical range.
Extra Space Storage Inc.'s current EV/EBITDA is 21.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.4x.
Extra Space Storage Inc.'s return on equity (ROE) is 5.6%. The historical average is 4.2%.
Based on historical data, Extra Space Storage Inc. is trading at a P/E of 37.5x. This is at the 74th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Extra Space Storage Inc.'s current dividend yield is 4.30% with a payout ratio of 160.9%.
Extra Space Storage Inc. has 76.3% gross margin and 39.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Extra Space Storage Inc.'s Debt/EBITDA ratio is 6.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.