Latest Ratios: P/E Ratio 33.8x · EV/EBITDA 20.7x · ROE 6.7%. (2001–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $33.6B | $27.6B | $31.7B | $27.1B | $20.9B | $31.7B | $15.0B | $14.4B | $12.0B | $11.7B | $9.7B |
| Enterprise Value | $48.5B | $42.4B | $44.5B | $38.3B | $28.3B | $37.9B | $20.9B | $19.7B | $16.8B | $16.2B | $14.0B |
| P/E Ratio → | 33.82 | 28.37 | 37.12 | 33.82 | 22.96 | 36.63 | 31.23 | 32.60 | 29.00 | 23.26 | 26.54 |
| P/S Ratio | 9.50 | 8.17 | 9.48 | 10.37 | 10.61 | 19.72 | 10.89 | 10.92 | 9.95 | 10.47 | 9.68 |
| P/B Ratio | 2.35 | 1.93 | 2.13 | 1.76 | 5.11 | 8.39 | 5.11 | 4.93 | 4.33 | 4.31 | 3.75 |
| P/FCF | 19.51 | 15.08 | 16.95 | 19.57 | 17.16 | 33.46 | 19.65 | 20.59 | 17.89 | 19.90 | 18.21 |
| P/OCF | 18.18 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 20.71 | 19.25 | 21.15 | 22.84 | 21.15 | 31.09 | 23.48 | 23.01 | 20.27 | 22.09 | 22.12 |
| EV / EBIT | 32.55 | 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 |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 | 6.18 | 6.71 | 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 | 6.12 | 6.65 | 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 4.1% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.0% | 3.5% | 2.7% | 3.0% | 4.4% | 2.7% | 3.2% | 3.1% | 3.4% | 4.3% | 3.8% |
| FCF Yield | 5.1% | 6.6% | 5.9% | 5.1% | 5.8% | 3.0% | 5.1% | 4.9% | 5.6% | 5.0% | 5.5% |
| Buyback Yield | 0.4% | 0.5% | 0.0% | 0.0% | 0.3% | 0.0% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.5% | 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 |
Includes 30+ ratios · 25 years · Updated daily
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Quick answers to the most common questions about buying EXR stock.
Extra Space Storage Inc.'s current P/E ratio is 33.8x. The historical average is 35.1x. This places it at the 60th percentile of its historical range.
Extra Space Storage Inc.'s current EV/EBITDA is 20.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 22.2x.
Extra Space Storage Inc.'s return on equity (ROE) is 6.7%. The historical average is 4.3%.
Based on historical data, Extra Space Storage Inc. is trading at a P/E of 33.8x. This is at the 60th 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 4.08% with a payout ratio of 141.1%.
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.
Extra Space Storage Inc.'s Debt/EBITDA ratio is 6.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Rising leverage and muted revenue
Metrics are mathematically derived from official filings.
Premium Multiples Lack FFO Anchor
Based on EXR's reported figures, the trailing P/E of 34.68 and EV/EBITDA of 21.99 sit well above the reported P/FFO implied near 62 on quarterly FFO of $1.99, suggesting the market is pricing in durable growth that the recent in-line quarter has not yet confirmed.
Standard earnings multiples overstate the cost of owning a storage REIT because depreciation depresses GAAP earnings, so the P/FFO framing is the more relevant reference point. Relative to PSA at a P/E of 37.45 and CUBE at 30.84, EXR trades at a comparable but not discounted level despite a 1.2% revenue growth rate. Investors should monitor whether the 4.3% Core FFO growth cited by management can sustain a premium that the current top-line momentum does not obviously support.
NOI Margin Volatility Obscures Trend
As reported in financial statements, NOI margin swung from 85.2% in 2024Q4 to 70.1% in 2026Q1 and a negative -60.8% in 2025Q4, indicating reported property-level profitability is being shaped by items outside the core operating run-rate.
The erratic quarterly series makes it difficult to isolate organic same-store NOI momentum from accounting or acquisition effects. A stabilized margin in the 70% range in recent periods is the more defensible base, with the negative print likely reflecting a one-time or classification item that warrants further investigation. Investors should focus on same-store NOI growth disclosures rather than headline margin prints to judge operating leverage.
FFO Payout Ratio Near Upper Bound
Based on EXR's reported figures, the FFO payout ratio of 77.9% in 2026Q3 and 80.3% in 2026Q1 leave a narrow margin, with AFFO payout of roughly 0.78 implying limited retained cash for reinvestment or balance sheet repair.
A payout near 78% to 80% is within the normal REIT range but leaves little buffer if FFO softens, particularly given the 2025Q3 payout spike to 99.0%. The dividend yield of 4.1% appears supported by current cash flow, though the trend across the last ten quarters suggests the cushion has been inconsistent. Investors should monitor AFFO coverage closely given recurring capex swings.
Debt-to-Equity Drifts Toward Parity
According to reported financial statements, EXR's debt-to-equity ratio rose from 0.77 in 2024Q2 to 1.03 in 2026Q3 while interest coverage compressed to 2.69, implying a more rate-sensitive capital structure than two years ago.
The move toward debt-to-equity near one, combined with interest coverage in the 2.1x to 2.7x range, suggests that rising financing costs could meaningfully erode distributable earnings. Interest coverage at these levels leaves less room for error than the historically stronger readings near 2.5x to 2.7x in 2024. Investors should examine the debt maturity profile and fixed-rate share before drawing firm conclusions on refinancing risk.
P/E Misapplied Despite Depreciation Distortion
Based on EXR's reported figures, the standard P/E of 34.68 is the metric most commonly misapplied to this REIT, as real estate depreciation depresses net income and makes the multiple appear more expensive than cash-based valuation suggests.
Trailing P/E obscures the cash earnings power captured by FFO, which is the appropriate basis for storage REIT valuation. Using P/FFO or P/AFFO, along with implied cap rate on NOI, provides a more accurate framing, though the supplied data does not include a reported P/FFO figure, so the estimate here is an inference from quarterly FFO per share. Analysts should avoid anchoring on EV/EBITDA, which also fails to capture maintenance capex for property-heavy balance sheets.