Extra Space Storage Inc. (EXR) Financial Ratios
25 years of historical data (2001–2025) · Real Estate · REIT - Industrial
EV/EBITDA
↓
20.12
↓-13% vs avg
5yr avg: 23.12
30Y Low13.2·High34.2
P/FCF
↓
16.14
↓-21% vs avg
5yr avg: 20.44
30Y Low8.8·High33.5
P/B Ratio
↓
2.07
↓-46% vs avg
5yr avg: 3.86
30Y Low0.8·High8.4
ROE
↓
6.7%
↑-50% vs avg
5yr avg: 13.4%
30Y Low-44%·High25%
Debt/EBITDA
↑
6.79
+11% vs avg
5yr avg: 6.09
30Y Low5.1·High19.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
EXR Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Extra Space Storage Inc. trades at 30.5x earnings, roughly in line with its 5-year average of 31.8x, sitting at the 40th percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a premium of 26%. On a free-cash-flow basis, the stock trades at 16.1x P/FCF, 21% below the 5-year average of 20.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $29.5B | $27.6B | $31.7B | $27.1B | $20.9B | $31.7B | $15.0B | $14.4B | $12.0B | $11.7B | $9.7B |
| Enterprise Value | $44.4B | $42.4B | $44.5B | $38.3B | $28.3B | $37.9B | $20.9B | $19.7B | $16.8B | $16.2B | $14.0B |
| P/E Ratio → | 30.46 | 28.37 | 37.12 | 33.82 | 22.96 | 36.63 | 31.23 | 32.60 | 29.00 | 23.26 | 26.54 |
| P/S Ratio | 8.74 | 8.17 | 9.48 | 10.37 | 10.61 | 19.72 | 10.89 | 10.92 | 9.95 | 10.47 | 9.68 |
| P/B Ratio | 2.07 | 1.93 | 2.13 | 1.76 | 5.11 | 8.39 | 5.11 | 4.93 | 4.33 | 4.31 | 3.75 |
| P/FCF | 16.14 | 15.08 | 16.95 | 19.57 | 17.16 | 33.46 | 19.65 | 20.59 | 17.89 | 19.90 | 18.21 |
| P/OCF | 15.96 | 14.91 | 16.77 | 19.35 | 16.84 | 33.33 | 19.47 | 20.36 | 17.78 | 19.64 | 18.04 |
P/E links to full P/E history page with 30-year chart
EXR EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Extra Space Storage Inc.'s enterprise value stands at 20.1x EBITDA, 13% below its 5-year average of 23.1x. The Real Estate sector median is 16.7x, placing the stock at a 21% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 12.56 | 13.34 | 14.64 | 14.41 | 23.52 | 15.17 | 14.90 | 13.87 | 14.49 | 13.92 |
| EV / EBITDA | 20.12 | 19.25 | 21.20 | 22.91 | 21.15 | 31.09 | 23.48 | 23.01 | 20.27 | 22.09 | 22.12 |
| EV / EBIT | 29.79 | 24.96 | 30.05 | 29.64 | 26.25 | 43.65 | 31.20 | 30.49 | 27.85 | 29.14 | 29.22 |
| EV / FCF | — | 23.19 | 23.86 | 27.61 | 23.30 | 39.91 | 27.37 | 28.10 | 24.95 | 27.53 | 26.19 |
EXR Profitability
Margins and return-on-capital ratios measuring operating efficiency
Extra Space Storage Inc. earns an operating margin of 44.1%, significantly above the Real Estate sector average of 26.0%. ROE of 6.7% is modest. ROIC of 3.9% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 28.4% | 28.4% | 76.3% | 77.3% | 78.5% | 76.4% | 74.0% | 74.2% | 75.1% | 75.3% | 74.9% |
| Operating Margin | 44.1% | 44.1% | 39.6% | 44.7% | 53.4% | 60.6% | 48.3% | 48.1% | 51.2% | 48.3% | 44.8% |
| Net Profit Margin | 28.8% | 28.8% | 25.6% | 30.7% | 43.8% | 51.4% | 34.9% | 31.8% | 34.3% | 42.8% | 36.4% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.7% | 6.7% | 5.6% | 8.2% | 21.9% | 24.6% | 16.4% | 14.7% | 15.1% | 18.0% | 14.7% |
| ROA | 3.4% | 3.4% | 3.0% | 4.1% | 7.6% | 8.3% | 5.4% | 5.1% | 5.4% | 6.6% | 5.6% |
| ROIC | 3.9% | 3.9% | 3.7% | 4.6% | 7.3% | 7.8% | 5.9% | 6.1% | 6.3% | 5.8% | 5.3% |
| ROCE | 5.4% | 5.4% | 5.0% | 6.3% | 10.1% | 10.8% | 8.1% | 8.0% | 8.3% | 7.8% | 7.2% |
EXR Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Extra Space Storage Inc. carries a Debt/EBITDA ratio of 6.8x, which is highly leveraged (14% below the sector average of 7.9x). Net debt stands at $14.8B ($15.0B total debt minus $139M cash). Interest coverage of just 2.7x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.05 | 1.05 | 0.88 | 0.73 | 1.85 | 1.64 | 2.05 | 1.82 | 1.73 | 1.67 | 1.66 |
| Debt / EBITDA | 6.79 | 6.79 | 6.20 | 6.74 | 5.65 | 5.08 | 6.75 | 6.23 | 5.81 | 6.20 | 6.81 |
| Net Debt / Equity | — | 1.04 | 0.87 | 0.72 | 1.83 | 1.62 | 2.01 | 1.80 | 1.71 | 1.65 | 1.64 |
| Net Debt / EBITDA | 6.73 | 6.73 | 6.13 | 6.68 | 5.58 | 5.03 | 6.63 | 6.15 | 5.74 | 6.12 | 6.74 |
| Debt / FCF | — | 8.11 | 6.90 | 8.04 | 6.14 | 6.45 | 7.72 | 7.51 | 7.06 | 7.63 | 7.98 |
| Interest Coverage | 2.68 | 2.68 | 2.49 | 2.95 | 4.92 | 5.22 | 3.89 | 3.37 | 3.29 | 3.51 | 3.46 |
EXR Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.28x means Extra Space Storage Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 0.85x to 1.28x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.28 | 1.28 | 0.93 | 0.85 | 0.67 | 0.83 | 0.37 | 0.36 | 0.32 | 0.44 | 0.16 |
| Quick Ratio | 1.28 | 1.28 | 0.93 | 0.85 | 0.67 | 0.83 | 0.37 | 0.36 | 0.32 | 0.44 | 0.16 |
| Cash Ratio | 0.10 | 0.10 | 0.08 | 0.09 | 0.08 | 0.10 | 0.10 | 0.21 | 0.25 | 0.28 | 0.09 |
| Asset Turnover | — | 0.12 | 0.12 | 0.10 | 0.16 | 0.15 | 0.15 | 0.15 | 0.15 | 0.15 | 0.14 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
EXR Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Extra Space Storage Inc. returns 5.1% to shareholders annually — split between a 4.6% dividend yield and 0.5% buyback yield. The payout ratio exceeds 100% at 141.1%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 3.3% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.6% | 5.0% | 4.3% | 3.9% | 3.9% | 1.9% | 3.1% | 3.2% | 3.5% | 3.4% | 3.8% |
| Payout Ratio | 141.1% | 141.1% | 160.9% | 130.3% | 93.6% | 72.6% | 97.1% | 109.1% | 102.3% | 82.1% | 100.5% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.3% | 3.5% | 2.7% | 3.0% | 4.4% | 2.7% | 3.2% | 3.1% | 3.4% | 4.3% | 3.8% |
| FCF Yield | 6.2% | 6.6% | 5.9% | 5.1% | 5.8% | 3.0% | 5.1% | 4.9% | 5.6% | 5.0% | 5.5% |
| Buyback Yield | 0.5% | 0.5% | 0.0% | 0.0% | 0.3% | 0.0% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.1% | 5.5% | 4.3% | 3.9% | 4.2% | 1.9% | 3.6% | 3.2% | 3.5% | 3.4% | 3.8% |
| Shares Outstanding | — | $212M | $212M | $169M | $142M | $140M | $130M | $136M | $133M | $134M | $126M |
Peer Comparison
Compare EXR with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 EXRYou | $30B | 30.5 | 20.1 | 16.1 | 28.4% | 44.1% | 6.7% | 3.9% | 6.8 |
 PSA | $52B | 33.2 | 18.3 | 18.1 | 25.0% | 46.7% | 18.6% | 8.9% | 3.0 |
 CUBE | $9B | 26.8 | 17.6 | 15.8 | 22.7% | 40.0% | 11.6% | 5.5% | 5.0 |
 NSA | $3B | 59.9 | 14.2 | 10.8 | 46.0% | 37.0% | 4.5% | 4.1% | 7.3 |
 SST | $32M | -0.5 | -2.2 | — | 37.7% | -23.3% | -127.6% | -39.3% | 0.5 |
 PLD | $130B | 35.0 | 22.9 | 26.5 | 74.9% | 53.8% | 6.4% | 3.8% | 4.5 |
 REXR | $8B | 41.3 | 16.9 | 40.5 | 77.3% | 37.9% | 2.4% | 2.4% | 5.0 |
 FR | $8B | 33.0 | 21.7 | 71.2 | 22.6% | 42.3% | 9.0% | 4.5% | 5.2 |
 EGP | $11B | 41.1 | 24.8 | 26.6 | 43.3% | 39.9% | 7.6% | 4.3% | 3.5 |
 STAG | $7B | 26.1 | 17.0 | 18.1 | 61.3% | 37.7% | 7.6% | 3.5% | 5.3 |
 URI | $59B | 24.2 | 10.5 | 88.4 | 35.4% | 24.7% | 28.4% | 12.4% | 2.3 |
| Real Estate Median | — | 24.1 | 16.7 | 15.4 | 52.1% | 26.0% | 3.5% | 3.0% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Full EXR Stock Analysis
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Side-by-side business, growth, and profitability comparison vs Public Storage.
Start ComparisonEXR — Frequently Asked Questions
Quick answers to the most common questions about buying EXR stock.
What is Extra Space Storage Inc.'s P/E ratio?
Extra Space Storage Inc.'s current P/E ratio is 30.5x. The historical average is 35.1x. This places it at the 40th percentile of its historical range.
What is Extra Space Storage Inc.'s EV/EBITDA?
Extra Space Storage Inc.'s current EV/EBITDA is 20.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.2x.
What is Extra Space Storage Inc.'s ROE?
Extra Space Storage Inc.'s return on equity (ROE) is 6.7%. The historical average is 4.3%.
Is EXR stock overvalued?
Based on historical data, Extra Space Storage Inc. is trading at a P/E of 30.5x. This is at the 40th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Extra Space Storage Inc.'s dividend yield?
Extra Space Storage Inc.'s current dividend yield is 4.64% with a payout ratio of 141.1%.
What are Extra Space Storage Inc.'s profit margins?
Extra Space Storage Inc. has 28.4% gross margin and 44.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Extra Space Storage Inc. have?
Extra Space Storage Inc.'s Debt/EBITDA ratio is 6.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.