Latest Ratios: P/E Ratio 29.2x · EV/EBITDA 19.6x · 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 | $28.3B | $27.6B | $31.7B | $27.1B | $20.9B | $31.7B | $15.0B | $14.4B | $12.0B | $11.7B | $9.7B |
| Enterprise Value | $43.1B | $42.4B | $44.5B | $38.3B | $28.3B | $37.9B | $20.9B | $19.7B | $16.8B | $16.2B | $14.0B |
| P/E Ratio → | 29.16 | 28.37 | 37.12 | 33.82 | 22.96 | 36.63 | 31.23 | 32.60 | 29.00 | 23.26 | 26.54 |
| P/S Ratio | 8.37 | 8.17 | 9.48 | 10.37 | 10.61 | 19.72 | 10.89 | 10.92 | 9.95 | 10.47 | 9.68 |
| P/B Ratio | 1.98 | 1.93 | 2.13 | 1.76 | 5.11 | 8.39 | 5.11 | 4.93 | 4.33 | 4.31 | 3.75 |
| P/FCF | 15.46 | 15.08 | 16.95 | 19.57 | 17.16 | 33.46 | 19.65 | 20.59 | 17.89 | 19.90 | 18.21 |
| P/OCF | 15.28 | 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 | 19.56 | 19.25 | 21.20 | 22.91 | 21.15 | 31.09 | 23.48 | 23.01 | 20.27 | 22.09 | 22.12 |
| EV / EBIT | 28.95 | 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 | 6.20 | 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 |
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 | 4.8% | 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 | 3.4% | 3.5% | 2.7% | 3.0% | 4.4% | 2.7% | 3.2% | 3.1% | 3.4% | 4.3% | 3.8% |
| FCF Yield | 6.5% | 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 | 5.4% | 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 29.2x. The historical average is 35.1x. This places it at the 40th percentile of its historical range.
Extra Space Storage Inc.'s current EV/EBITDA is 19.6x. 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 29.2x. This is at the 40th 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 4.85% 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
Integration and rate softening
Metrics are mathematically derived from official filings.
Premium Multiple Persists
EXR trades at a P/FFO of 64.3x, a significant premium to peers, implying the market capitalizes on its platform advantages and growth prospects. According to the latest quarterly data, this multiple is well above PSA's 36.3x P/E.
The P/FFO of 64.3x is elevated relative to the broader REIT sector and historical norms, suggesting investors are paying up for EXR's perceived superior growth and management platform. However, with FFO growth decelerating to 5.2% YoY, the premium may be difficult to justify unless the Life Storage integration yields significant synergies. The implied cap rate, derived from NOI and enterprise value, appears compressed, indicating that acquisition yields are low, which could pressure future returns.
NOI Margin Volatility Clouds Outlook
NOI margin swung from 70.1% in 2026Q1 to 50.3% in 2026Q2, with a negative print in 2025Q4, indicating non-recurring items distorting profitability. As reported in EXR's financial statements, these fluctuations warrant close monitoring.
The extreme volatility in NOI margin, including a negative quarter, suggests that reported figures are influenced by one-time charges or accounting adjustments, not core operations. Excluding anomalies, the underlying NOI margin appears stable around 70%, reflecting the high fixed-cost structure and strong flow-through. However, the muted revenue growth of 1.2% YoY indicates limited pricing power, and the recent softening in street rates in Sunbelt markets could pressure margins if not offset by cost controls.
Dividend Coverage Comfortable
The AFFO payout ratio of 76.1% in 2026Q2 leaves a 24% retained cash buffer, providing a cushion for dividend sustainability. Based on EXR's reported figures, this coverage has been stable, ranging from 74% to 99% over the past ten quarters.
With AFFO per share of $1.87 and a dividend of $1.42, the payout ratio is within a safe range, indicating that the dividend is well-covered by cash flows. The retained AFFO can be used for reinvestment or debt reduction, supporting future growth. However, the payout ratio spiked to 99% in 2025Q3, highlighting potential vulnerability if FFO were to decline. Investors should monitor whether the recent earnings beat is sustainable, as the muted revenue growth suggests the coverage may rely on cost discipline.
Leverage Creeps Higher
Debt-to-equity rose to 1.02 in 2026Q2, up from 0.74 in 2024Q1, indicating increased leverage to fund growth. According to EXR's latest balance sheet, total debt reached $14.4B, with interest coverage at 2.11x.
The gradual increase in leverage reflects the company's aggressive acquisition strategy, including the Life Storage merger. While the debt-to-gross-assets ratio remains moderate, the interest coverage of 2.11x is thin, suggesting that a rise in interest rates or a decline in NOI could strain debt service. The company's fixed-rate exposure and debt maturity profile are not disclosed in the provided data, but the reliance on variable-rate debt could amplify refinancing risk. Investors should monitor the company's ability to deleverage through retained cash flows.
Occupancy and G&A Efficiency
Occupancy rates remain high, but G&A efficiency is a concern, with G&A expenses as a percentage of revenue not disclosed. As per EXR's earnings release, the company's platform and third-party management are key differentiators.
The company's portfolio quality is supported by its broad geographic diversification and high occupancy, which provides a stable revenue base. However, the integration of Life Storage may lead to temporary inefficiencies in G&A, and the lack of disclosure on G&A costs limits analysis. The third-party management platform is a high-margin, capital-light revenue stream that enhances overall profitability, but its contribution to FFO is not separately quantified. The concentration in Sunbelt markets, where street rates are softening, poses a risk to occupancy and rental growth.
P/E Misleads REIT Valuation
The standard P/E ratio of 32.69 is distorted by depreciation, understating earnings power. As reported in EXR's financials, FFO per share of $2.04 is significantly higher than EPS, making P/FFO the appropriate metric.
For REITs, depreciation is a non-cash charge that reduces GAAP earnings but does not reflect the actual cash-generating ability of the properties. Using P/E would overstate the valuation, as it ignores the substantial depreciation expense. The correct approach is to use P/FFO or P/AFFO, which add back depreciation and adjust for other non-cash items. In EXR's case, the P/FFO of 64.3x is still high, but it provides a more accurate basis for comparison with peers. Investors should also consider the implied cap rate and same-store NOI growth to assess valuation relative to private market transactions.