Extra Space Storage Inc.EXR
NYSE•Real Estate•REIT - Industrial
Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of December 31, 2025, the Company owned and/or operated 4,281 self-storage stores in 43 states and Washington, D.C. Its stores comprise approximately 2.9 million units and approximately 330.4 million square feet of rentable space operating under the Extra Space brand. The Company offers customers a wide selection of conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. It is the largest operator of self-storage properties in the United States. Extra Space Storage Inc. was incorporated in 1977 in Maryland, USA.
Extra Space Storage Inc (EXR) reported trailing twelve months revenue of $3.41B as of March 2026, a 4.2% increase year-over-year. Quarterly revenue reached $856.03M, reflecting continued top-line momentum.
Extra Space Storage Inc generated $944.10M in TTM net income, with quarterly EBITDA of $553.35M. The operating margin contracted from 47.4% to 42.9%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (42.9%) and net margin (28.2%) indicates moderate non-operating costs. Net margin has narrowed from 33.0% a year ago, reflecting increased costs or interest expense.
EXR trades at a P/E of 28.7x (in line with broad market averages) and a P/S of 7.9x. The price-to-book ratio of 2.0x reflects a moderate premium to book value.
The company generated $415.39M in free cash flow over the trailing twelve months, a 52.3% increase year-over-year, indicating cash generation ability. The balance sheet shows $29.10B in total assets with $12.02B in long-term debt against $13.33B in stockholders equity for a debt-to-equity ratio of 0.9. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~41.4% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~6.6% on average, adequate but below the threshold typically associated with wide moats.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~8.2% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~40.8% — no sign of cost or pricing stress.
FCF covers net income by 1.3x on average — earnings are well-supported by cash generation.
D/E ratio is 0.9 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation