— Know what they know.
/
Not Investment Advice

EXR

NYSE · USD
Extra Space Storage Inc.
Real Estate · REIT - Industrial
CEO Joseph D. Margolis Employees 8,393 R&D / revenue 0.0%
Last price
$139.61+1.39%last session
Market cap
$29.5B
P/E (TTM)
30.8x
From 52w high
−12.1%
From 52w low
+11.1%
1-year return
−7.0%
RSI 14 · vs SMA200
60.5 · −1.5%
IS score
46.6/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

EXR   SPY   XLRE (sector ETF) · weekly closes
90100110120Jan 26Apr 26Jul 26Oct 26SPY 116XLRE 101EXR 93

Score DNA

Each bar is a 0-100 score within the scored universe
64
Profitability
38
Growth
47
Value
70
Momentum
30
Risk (safety)
70
Quality
36
Balance sheet
94
Earnings quality

Flags

Strengths
✓ FCF yield 5%+
Warnings
▲ Altman distress zone▲ Share count rising
Observations
Moat model: Weak, Efficient ScalePiotroski 4 / 9Altman Z 1.5Beta 1.182 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
1 open-market sales, $495,000
Form 144 notices (12m): 3, $9.5M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+37
109 new holders, 66 closed
801 filers hold 99.2% · 285 added, 266 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+209
978 funds adding shares
769 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
44.2%
20-day avg 38.6%, 50-day avg 43.6%
Latest 5.6 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$3.4B
Revenue growth YoY+1.2%
Gross margin28.4%
Operating income$1.5B
Operating margin44.1%
Net income$974.0M
Net margin28.8%
EPS (diluted)$4.59
Cash flow
Operating cash flow$1.9B
Capital expenditure$21.1M
Free cash flow$1.8B
FCF conversion (FCF / OCF)98.9%
Stock-based compensation$35.5M
FCF less SBC$1.8B
Buybacks$149.5M
Dividends$1.4B
Balance sheet & returns
Cash & short-term investments$138.9M
Total debt$14.0B
Net debt$13.9B
Shareholders' equity$14.3B
Goodwill & intangibles$182.4M
Debt / equity1.09
ROE (TTM)7.1%
ROIC (TTM)-6,122.9%
Operating margin by fiscal year
60.6%FY202153.4%FY202244.7%FY202339.6%FY202444.1%FY2025
Revenue $1.6B (FY2021) to $3.4B (FY2025), a 20.4% CAGR.

Valuation

P/E (TTM)30.8x
EV / EBITDA13.7x
Price / sales8.61x
Price / FCF16.7x
FCF yield5.98%
Buyback yield0.51%
SBC / revenue1.1%
Price / book2.22x
Forward P/E FY202630.0x
Forward P/E FY202728.7x
Forward P/E FY202827.1x
Forward multiples divide today's price by Street EPS estimates. Street mean target $156.00 across 10 analysts last quarter is theirs, not ours.

EXR vs industry median

52 companies in REIT - Industrial
Gross margin 23.0% 68.8% Operating margin 43.4% 43.0% Net margin 28.0% 32.4% ROIC -6,122.9% 5.2%
EXR (TTM)Industry median Asset turnover 0.12 vs industry 0.10 · financial leverage 2.24

Earnings delivery

Next report 2026-10-27 · consensus EPS $1.19
67%
beat rate, 8 of 12 quarters
+1.4%
median EPS surprise
5
longest beat streak
-1-0-0+1+3+2+85+2-0+1+16+2
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-08-03 to 2026-04-28. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
EXR Extra Space Storage Inc. $29.5B30.8x7.1%28.0%+1.2% −7.0%
PSA Public Storage $55.7B28.4x22.0%40.6%+3.0% −1.7%
EGP EastGroup Properties, Inc. $10.6B34.4x8.7%39.1%+11.3% +15.3%
CUBE CubeSmart $8.8B26.7x12.4%31.3%+3.9% −6.9%
REXR Rexford Industrial Realty, I $8.4Bn/m-4.8%—−0.2% −14.5%
FR First Industrial Realty Trus $7.8B21.4x13.4%39.5%+8.4% —
LINE Lineage, Inc. $7.6Bn/m-2.0%-2.1%+1.0% —
PLD Prologis, Inc. $119.5B27.7x7.9%43.8%+7.3% —
12-month window: SPY +15.9%, sector ETF XLRE +0.9%. Past returns describe history only.

Recent 8-K filings

2026-08-24Officer/Director Change; Regulation FD; Exhibits
2026-07-28Earnings Release; Exhibits
2026-07-06Material Agreement; Financial Obligation; Exhibits
2026-06-25Other Events; Exhibits
2026-05-15Shareholder Vote
2026-04-28Earnings Release; Exhibits

Context

Shares outstanding211,269,558
Free float98.9%
Institutional ownership99.2%
Beta1.18
Dividend yield4.64%
Last dividend$1.62 on 2026-09-15
50 / 200-day average$139.46 / $141.90
Large-cap Real Estate median P/E26.2x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where EXR sits among 15 scored companies in REIT - Industrial (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureEXRIndustry medianIndustry percentileSector median
P/E (TTM) 30.8x 28.0x
70th		 24.1x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 8.6x 8.6x
50th		 3.7x
Price / book 2.2x 1.8x
71st		 1.3x
Price / tangible book 2.4x 2.4x
50th		 1.6x
Price / free cash flow 16.7x 18.3x
31st		 15.1x
Price / operating cash flow 15.5x 16.5x
43rd		 12.3x
Enterprise value $43.2B $10.3B
86th		 $7.5B
EV / sales 12.6x 12.6x
50th		 9.4x
EV / EBITDA 13.7x 16.3x
15th		 15.7x
EV / EBIT 17.8x 27.2x
8th		 27.2x
EV / free cash flow 24.5x 27.4x
31st		 29.4x
Earnings yield 3.2% 3.2%
50th		 3.2%
FCF yield 6.0% 5.3%
71st		 5.6%
Operating cash flow yield 6.4% 6.0%
57th		 7.9%
Graham number (per share) $76.71 $58.36
70th		 $22.48

Profitability (TTM)

MeasureEXRIndustry medianIndustry percentileSector median
Gross margin 23.0% 23.0%
50th		 51.4%
EBITDA margin 92.2% 76.7%
92nd		 54.9%
Operating margin 43.4% 39.6%
86th		 29.0%
EBIT margin 71.0% 45.0%
93rd		 31.7%
Net margin 28.0% 28.0%
43rd		 12.2%
NOPAT margin 34.3% 36.1%
43rd		 25.5%
FCF margin 51.5% 50.5%
64th		 21.8%
Operating cash flow margin 55.5% 56.6%
43rd		 33.4%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 5.1% 7.8%
29th		 6.6%
Stock comp / revenue 1.1% 1.5%
21st		 1.2%
Effective tax rate 21.0% 3.0%
71st		 1.9%

Returns on capital

MeasureEXRIndustry medianIndustry percentileSector median
ROE (on average equity) 7.1% 7.1%
50th		 5.3%
ROA 3.2% 3.5%
43rd		 1.6%
ROIC 4.4% 3.8%
57th		 3.7%
ROCE 8.8% 5.9%
86th		 4.4%
Return on tangible assets 8.2% 5.7%
86th		 3.8%
Cash ROIC (OCF / invested capital) 7.0% 6.2%
64th		 5.7%
Gross profitability (GP / assets) 2.7% 3.1%
36th		 5.3%
ROIC, 3-yr average 3.5% 4.0%
33rd		 2.4%
ROIC, 5-yr average 6.7% 5.0%
67th		 2.6%
ROE, 5-yr average 14.6% 7.3%
92nd		 4.4%
Incremental ROIC 172.9% -0.6%
100th		 6.5%

Growth

MeasureEXRIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 1.5% 3.0%
36th		 8.4%
Revenue growth (QoQ) 2.1% 1.2%
71st		 2.2%
Revenue CAGR, 3 yr 18.4% 6.0%
92nd		 5.8%
Revenue CAGR, 5 yr 18.6% 11.1%
83rd		 9.5%
Gross profit CAGR, 3 yr -20.9% -5.4%
30th		 -0.8%
Operating income CAGR, 3 yr 11.4% -1.7%
92nd		 3.0%
Net income growth (TTM YoY) -1.9% 9.2%
22nd		 21.3%
Net income CAGR, 3 yr 5.2% 5.0%
56th		 8.5%
EPS growth (TTM YoY) -5.6% 7.8%
22nd		 17.6%
EPS CAGR, 3 yr -8.8% 2.4%
11th		 5.7%
EPS CAGR, 5 yr -1.0% 7.4%
11th		 5.6%
FCF growth (TTM YoY) -6.3% 2.3%
15th		 3.0%
FCF CAGR, 3 yr 13.4% 6.9%
89th		 5.6%
Operating cash flow CAGR, 3 yr 15.7% 11.5%
75th		 3.7%
Book value CAGR, 3 yr 38.4% -2.0%
100th		 -2.0%
Dividend CAGR, 3 yr -13.4% 0.5%
0th		 -1.2%
Sustainable growth rate -3.1% -3.1%
50th		 -1.4%

Margin history & stability

MeasureEXRIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 58.3% 61.2%
25th		 59.1%
Operating margin, 3-yr average 41.9% 43.8%
33rd		 28.6%
Net margin, 3-yr average 27.3% 33.9%
33rd		 12.3%
FCF margin, 3-yr average 54.0% 52.3%
58th		 27.4%
Revenue stability (0-1) 0.89 0.89
50th		 0.82
Earnings stability (0-1) 0.62 0.50
83rd		 0.36
Margin stability (0-1) 0.64 0.81
33rd		 0.83

Liquidity (latest quarter)

MeasureEXRIndustry medianIndustry percentileSector median
Cash & short-term investments $695.2M $51.2M
93rd		 $141.2M
Net cash (− = net debt) −$13.7B −$3.4B
7th		 −$3.3B
Working capital −$1.4B −$216.8M
7th		 $19.5M
Current ratio 0.34 0.69
14th		 1.02
Quick ratio 0.34 0.69
14th		 1.02
Cash ratio (cash + ST investments / current liabilities) 0.34 0.34
50th		 0.36
Defensive interval (days) —

Leverage & solvency (latest quarter)

MeasureEXRIndustry medianIndustry percentileSector median
Total debt $14.4B $3.5B
93rd		 $3.5B
Debt / equity 1.09 0.96
71st		 1.33
Net debt / equity 1.03 0.94
71st		 1.26
Debt / assets 48.6% 44.5%
71st		 51.3%
Debt / capital 52.1% 48.9%
71st		 57.1%
Debt / EBITDA 4.56 4.73
46th		 6.47
Net debt / EBITDA 4.34 4.57
46th		 6.15
Interest coverage (EBIT / interest) 1.6x 2.7x
36th		 1.5x
Cash interest coverage 1.3x 4.7x
7th		 2.1x
Debt payback (years of OCF) 7.6 yrs 7.0 yrs
71st		 8.9 yrs
Liabilities / assets 52.2% 50.4%
64th		 60.0%
IS credit model rating B+ — —
Implied credit spread (bps) 650 550
57th		 650

Efficiency

MeasureEXRIndustry medianIndustry percentileSector median
Asset turnover 0.12 0.12
50th		 0.12
Fixed asset turnover 4.68 0.42
67th		 0.90
Inventory turnover —
Receivables turnover 4.1 6.8
17th		 7.6
Days sales outstanding 90 days 52 days
86th		 37 days
Days inventory outstanding —
Days payables outstanding 61 days 71 days
36th		 53 days
Cash conversion cycle (days) 29 days −24 days
79th		 −6 days
Capex / revenue 4.0% 4.7%
46th		 4.4%
Capex / depreciation 0.19 0.17
54th		 0.32
Operating expense ratio 5.4% 31.6%
0th		 30.9%

Cash flow & earnings quality

MeasureEXRIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.98 1.66
80th		 1.83
FCF / net income 1.84 1.56
80th		 1.43
FCF / operating cash flow 92.7% 91.3%
62nd		 82.5%
Capex / operating cash flow 7.3% 8.7%
38th		 17.9%
Accruals ratio -3.2% -3.4%
64th		 -3.1%
Sloan accruals ratio -9.4% -3.5%
14th		 -3.3%
Earnings quality score (0-1) 1.00 1.00
20th		 1.00

Dividends & buybacks

MeasureEXRIndustry medianIndustry percentileSector median
Dividend yield 4.6% 4.5%
57th		 5.2%
Dividend per share (TTM) $6.48 $2.12
86th		 $1.21
Payout ratio (dividends / net income) 143.1% 141.1%
60th		 110.2%
Dividends / FCF 77.7% 85.8%
31st		 79.1%
Dividend growth (YoY) -4.2% 7.6%
14th		 2.3%
Buyback yield 0.5% 0.1%
64th		 0.1%
Shareholder yield (dividends + buybacks) 5.1% 5.1%
50th		 5.9%
Share count change (YoY) 4.0% 0.5%
93rd		 0.5%
Buybacks, last 5 years $464.8M $51.6M
93rd		 $15.9M

Scores & forensic checks

MeasureEXRIndustry medianIndustry percentileSector median
IS score 47 51
36th		 43
IS profitability 64 64
50th		 44
IS growth 38 52
36th		 58
IS value 47 49
29th		 53
IS momentum 70 70
50th		 77
IS risk (safety) 30 30
50th		 15
IS quality 70 71
43rd		 59
IS balance sheet 36 38
36th		 35
IS earnings quality 94 75
93rd		 72
IS cash flow 73 73
50th		 61
Piotroski F-score (0-9) 4 5
7th		 6
Altman Z-score 1.5 1.3
57th		 0.8
Beneish M-score −3.28 −2.73
14th		 −2.71
Ohlson O-score −7.99 −7.82
36th		 −6.91
IS credit score 30 38
43rd		 34

Per share

MeasureEXRIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $4.35 $1.46
71st		 $0.78
Book value per share $60.17 $33.70
86th		 $15.91
Tangible book per share $67.21 $27.95
100th		 $16.11
Revenue per share $15.55 $6.88
86th		 $6.28
FCF per share $8.00 $2.46
93rd		 $1.49
Operating cash flow per share $8.63 $3.38
86th		 $1.95
Cash per share $3.15 $0.48
93rd		 $0.95

Size (TTM)

MeasureEXRIndustry medianIndustry percentileSector median
Market cap $29.5B $7.6B
86th		 $2.5B
Revenue $3.4B $880.6M
79th		 $956.7M
EBITDA $3.2B $557.8M
86th		 $399.5M
Net income $957.8M $247.0M
86th		 $109.6M
Free cash flow $1.8B $244.0M
86th		 $157.8M
Total assets $29.7B $6.6B
93rd		 $6.6B
Shareholders' equity $13.3B $3.6B
93rd		 $1.8B
Employees 8,393 628
85th		 307

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-08-04Margolis Joseph D
Director, Chief Executive Officer
 Gift 13,503——83,757
2026-08-04Margolis Joseph D
Director, Chief Executive Officer
 Gift 13,503——79,998
2026-07-01Dickens Zachary T
EVP, Chief Investment Officer
 Tax withholding 164$147.29$24,15633,712
2026-07-01Springer William N
President
 Tax withholding 138$147.29$20,32627,794
2026-07-01Norman Jeffrey Jay
Executive VP and CFO
 Tax withholding 735$147.29$108,25815,818
2026-06-11Mcneal Gwyn Goodson
EVP/Chief Legal Officer
 Open-market sale 3,300$150.00$495,00037,374
2026-05-14Woolley Kenneth M.
Director
 Award / grant 1,407$142.19$200,061407,088
2026-05-14Pittman Raymond J
Director
 Award / grant 1,407$142.19$200,0611,407
2026-05-14Maggelet Crystal Call
Director
 Award / grant 1,407$142.19$200,0611,407
2026-05-14Harnett Sue
Director
 Award / grant 1,407$142.19$200,0617,016
2026-05-14Bonner Joseph J
Director
 Award / grant 1,407$142.19$200,0617,339
2026-05-14Vander Ploeg Julia
Director
 Award / grant 1,407$142.19$200,0617,597

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAug

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired912,663$1.8M
GiftDisposed113,503—
GiftAcquired113,503—
Open-market saleDisposed13,300$495,000
Tax withholdingDisposed31,037$152,740
—Disposed20—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 3 notices · 72,800 shares · $9.5M
FiledFilerShares proposedEst. proceeds
2026-06-11Gwyn G Mcneal3,300$495,005
2026-03-13Joseph Daniel Margolis Trust7,500$1.1M
2025-12-08Spencer Kirk On Behalf Of Kirk Humanitarian62,000$8.0M
2025-10-01Joseph Daniel Margolis Trust7,500$1.1M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 10 trades (3 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-09-11Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-09-04Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2026-02-12Julia LetlowHousePurchase$1,001 - $15,0002026-03-13
2024-04-03Tommy TubervilleSenateSale (Full)$1,001 - $15,0002024-05-15
2024-04-03Tommy TubervilleSenateSale (Full)$1,001 - $15,0002024-05-14
2024-04-03Thomas Hawley TubervilleSenateSale (Full)$1,001 - $15,0002024-05-14
2022-10-06Tommy TubervilleSenatePurchase$1,001 - $15,0002022-11-10
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.22,947,440$3.3B10.86%
VANGUARD PORTFOLIO MANAGEMENT LLC18,616,459$2.7B8.81%
VANGUARD CAPITAL MANAGEMENT LLC13,807,439$2.0B6.54%
STATE STREET CORP13,558,465$2.0B6.42%
COHEN & STEERS, INC.12,896,053$1.9B6.10%
NORGES BANK9,300,678$1.4B4.40%
Capital Research Global Investors6,300,111$915.4M2.98%
GEODE CAPITAL MANAGEMENT, LLC6,139,183$888.8M2.91%
PRINCIPAL FINANCIAL GROUP INC6,057,187$880.1M2.87%
FMR LLC5,088,487$739.4M2.41%
Capital World Investors4,149,130$602.9M1.96%
First Eagle Investment Management, LLC3,876,997$563.3M1.84%
DIMENSIONAL FUND ADVISORS LP3,237,600$470.4M1.53%
Sixth Street Partners Management Company, L.P.2,964,887$430.8M1.40%
CHARLES SCHWAB INVESTMENT MANAGEMENT INC2,964,887$430.8M1.40%

Institutional ownership by quarter

2023-092026-0699.2%
% of shares held by 13F filers
2023-092026-06801
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-3080199.2%10928526666
2026-03-3176495.7%10126825667
2025-12-31742101.5%76218313115
2025-09-3079294.5%8427529385
2025-06-3080797.7%9530528477
2025-03-3179998.6%10530227073
2024-12-3178096.8%10027627176
2024-09-3076998.1%8926327662
2024-06-3074998.0%10226925351
2024-03-3171098.5%7126125165
2023-12-3171399.3%13621826865
2023-09-3064999.1%1423589363

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-14SCHEDULE 13G/ACohen & Steers Ireland Limited0.0%53,972
2026-04-29SCHEDULE 13GVanguard Capital Management7.6%16,007,966
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
2025-05-15SCHEDULE 13GCohen & Steers Ireland Limited0.0%20,423
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VGSNX1.57%$1.1B
VNQ1.57%$1.1B
VGSLX1.57%$1.1B
VITSX0.04%$880.4M
VSMPX0.04%$880.4M
VTSAX0.04%$880.4M

Share structure

Shares outstanding211,269,558
Float208,858,972
Free float98.9%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$1.6B$2.0B$2.6B$3.3B$3.4B
Cost of revenue$379.3M$423.4M$594.0M$790.8M$2.4B
Gross profit$1.2B$1.5B$2.0B$2.5B$960.2M
R&D$0$0$0$0$0
SG&A$121.0M$174.9M$223.3M$282.1M$186.3M
Operating income$976.0M$1.1B$1.2B$1.3B$1.5B
EBITDA$1.1B$1.4B$1.8B$2.3B$2.4B
Pretax income$898.1M$942.1M$872.0M$933.7M$1.1B
Income tax$20.3M$20.9M$21.6M$33.5M$41.6M
Net income$827.6M$860.7M$803.2M$854.7M$974.0M
EPS, diluted$6.19$6.41$4.74$4.03$4.59
Diluted shares140.0M141.7M169.2M211.6M211.9M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$71.1M$92.9M$99.1M$138.2M$138.9M
Receivables$502.2M$644.0M$739.5M$1.4B$1.6B
Inventory$0$0$0$0$0
Total current assets$617.8M$792.0M$929.7M$1.7B$1.8B
PP&E, net$257.0M$264.5M$275.9M$740.2M$797.3M
Goodwill & intangibles$16.5M$192.4M$318.4M$193.3M$182.4M
Total assets$10.5B$12.2B$27.5B$28.8B$29.3B
Accounts payable$142.3M$171.7M$334.5M$346.5M$0
Total current liabilities$740.9M$1.2B$1.1B$1.8B$1.4B
Long-term debt$5.4B$6.4B$10.3B$11.0B$12.6B
Total liabilities$6.7B$8.1B$12.0B$14.0B$14.9B
Shareholders' equity$3.8B$4.1B$15.4B$14.9B$14.3B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$877.8M$921.2M$850.5M$900.2M$1.0B
Depreciation & amortization$241.9M$288.3M$506.1M$783.0M$715.2M
Stock-based compensation$17.3M$21.4M$26.6M$22.9M$35.5M
Change in working capital−$22.4M$36.1M−$558,000$57.8M−$21.2M
Operating cash flow$952.4M$1.2B$1.4B$1.9B$1.9B
Capital expenditure−$3.7M−$22.8M−$16.0M−$20.5M−$21.1M
Free cash flow$948.8M$1.2B$1.4B$1.9B$1.8B
Investing cash flow−$837.5M−$1.6B−$1.8B−$1.6B−$814.2M
Net debt issued / repaid$206.7M$1.4B$1.6B$1.3B$584.5M
Buybacks$0−$67.5M$0$0−$149.5M
Dividends paid−$601.0M−$805.3M−$1.0B−$1.4B−$1.4B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin76.4%77.1%77.3%76.8%28.4%
Operating margin60.6%53.4%44.7%39.6%44.1%
Net margin51.3%43.7%30.7%25.6%28.8%
FCF margin58.9%61.8%53.0%55.9%54.6%
ROE29.2%27.0%9.1%6.0%7.1%
ROIC10.3%9.6%4.5%4.8%5.1%
ROA8.3%7.6%4.1%3.0%3.4%
Debt / equity1.992.320.780.931.11
Interest coverage5.2x4.9x3.0x2.5x1.7x
Current ratio0.830.670.850.931.28
Revenue growth+16.8%+22.1%+33.0%+27.6%+1.2%
EPS growth+68.1%+2.4%−39.1%+10.5%+9.2%
P/E at year end32.8x21.5x40.3x35.4x29.6x
EV / EBITDA at year end30.1x19.1x24.3x19.1x13.7x
FCF yield at year end3.50%6.56%4.29%6.17%6.41%
Dividend payout72.7%93.7%130.3%161.0%141.1%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Self Storage Operations$1.3B$1.7B$2.2B$2.8B$2.9B
Tenant Reinsurance$170.1M$185.5M$235.7M$332.8M$352.9M

Street estimates by fiscal year

Next report 2026-10-27 · consensus EPS $1.19 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$3.5B$3.5B – $3.5B$4.66$4.60 – $4.70730.0x
2027$3.6B$3.6B – $3.7B$4.87$4.80 – $4.92728.7x
2028$3.7B$3.7B – $3.8B$5.16$4.90 – $5.45627.1x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-04-28$1.12$1.14+1.8%$851.4M$856.0M+0.5%
2026-02-19$1.17$1.36+16.2%$854.6M$857.5M+0.3%
2025-10-29$2.06$2.08+1.0%$733.0M$777.6M+6.1%
2025-07-30$2.06$2.05−0.5%$732.2M$841.6M+14.9%
2025-04-29$1.96$2.00+2.0%$707.6M$820.0M+15.9%
2025-02-25$1.10$2.03+84.5%$707.3M$821.9M+16.2%
2024-10-29$2.03$2.07+2.0%$726.8M$824.8M+13.5%
2024-07-30$2.00$2.06+3.0%$742.4M$810.7M+9.2%
2024-04-30$1.95$1.96+0.5%$716.6M$799.5M+11.6%
2024-02-27$2.03$2.02−0.5%$720.8M$797.8M+10.7%
2023-11-07$2.03$2.02−0.5%$612.9M$748.0M+22.1%
2023-08-03$1.51$1.50−0.7%$507.9M$511.4M+0.7%
2023-05-02$1.41$1.46+3.5%$450.3M$503.1M+11.7%
2023-02-22$1.46$1.52+4.1%$509.2M$506.7M−0.5%
2022-11-01$1.59$1.65+3.8%$497.4M$498.9M+0.3%
2022-08-02$1.47$1.64+11.6%$478.5M$475.0M−0.7%
2022-05-03$1.35$1.51+11.9%$438.8M$443.6M+1.1%
2022-02-23$1.40$2.00+42.9%$421.0M$427.4M+1.5%
2021-10-27$1.22$1.40+14.8%$332.1M$412.5M+24.2%
2021-07-27$1.08$1.25+15.7%$329.1M$378.6M+15.1%
2021-04-28$0.99$1.53+54.5%$311.2M$358.9M+15.3%
2021-02-22$0.90$1.19+32.2%$239.6M$353.5M+47.5%
2020-11-04$1.24$1.31+5.6%$307.9M$343.0M+11.4%
2020-08-04$1.16$1.23+6.0%$298.6M$327.2M+9.6%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.206-150.206-220.106-290.107-060.207-130.307-200.507-270.208-030.108-100.108-170.208-240.208-31
Week ofNotionalSharesTrades
2026-08-31$171.8M1,224,90142,554
2026-08-24$154.5M1,071,28135,200
2026-08-17$141.1M956,23034,532
2026-08-10$111.6M757,76928,316
2026-08-03$172.6M1,153,89631,490
2026-07-27$451.7M2,991,41760,524

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1544.2%
DateShort shareShort volumeTotal volume
2026-10-1544.2%219,274496,028
2026-10-1425.5%102,082400,475
2026-10-1316.2%77,554479,115
2026-10-1220.0%89,734448,565
2026-10-0931.4%137,656439,047
2026-10-0812.0%117,716980,051
2026-10-0724.1%145,632605,402
2026-10-0626.0%158,148608,434
2026-10-0553.3%177,166332,464
2026-10-0258.0%184,733318,705
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+2.4Jan-0.8Feb+3.3Mar+2.1Apr+1.2May+1.2Jun+0.4Jul+2.8Aug-0.6Sep+1.1Oct+0.8Nov+4.8Dec
MonthAvg returnUp yearsYears
Jan+2.4%70%20
Feb−0.8%35%20
Mar+3.3%81%21
Apr+2.1%45%20
May+1.2%60%20
Jun+1.2%60%20
Jul+0.4%55%20
Aug+2.8%65%20
Sep−0.6%45%20
Oct+1.1%60%20
Nov+0.8%60%20
Dec+4.8%80%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1460.5
MFI47.3
ADX24.3
Stochastic %K / %D84.4 / 76.4
Williams %R-12.8
CCI245
TSI / signal-6.2 / -18.8
Chaikin money flow0.02
ATR$2.69
Bollinger width6.1%
Volume vs 20-day avg0.64x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$134.02 (+4.2%)
SMA 50$138.97 (+0.5%)
SMA 200$141.71 (−1.5%)
EMA 21$135.30 (+3.2%)
EMA 50$137.93 (+1.2%)
EMA 200$140.92 (−0.9%)
Bollinger upper$138.08 (+1.1%)
Bollinger lower$129.95 (+7.4%)
Parabolic SAR$131.02 (+6.6%)
Open the live chart, 110+ indicators

About Extra Space Storage Inc.

Extra Space Storage Inc., a prominent, self-administered and self-managed real estate investment trust (REIT), is headquartered in Salt Lake City, Utah, and holds a distinguished place as a member of the S&P 500 index. As of September 30, 2020, its expansive portfolio encompassed 1,906 self-storage facilities, with operations spanning 40 U.S. states, Washington, D.C., and Puerto Rico. Collectively, these facilities offer roughly 1.4 million individual storage units, totaling approximately 147.5 million square feet of rentable area. Extra Space Storage caters to diverse customer needs by providing a wide array of secure and conveniently located storage solutions nationwide. This includes specialized options for vehicles like boats and RVs, as well as dedicated business storage. Notably, it holds the position of the second-largest owner and operator of self-storage facilities throughout the U.S., and stands as the nation's largest self-storage management company.

https://www.extraspace.com

Key executives

NameTitlePayBorn
Joseph Daniel MargolisChief Executive Officer & Director$3.0M1961
Samrat SondhiExecutive VP & Chief Digital Officer$1.3M1975
Noah SpringerPresident$1.3M1980
W. Noah SpringerPresident$1.3M1980
Zachary DickensExecutive Vice President & Chief Investment Officer$1.3M1975
Gwyn Goodson McNealExecutive Vice President & Chief Legal Officer$1.1M1969
Jeffrey NormanExecutive Vice President & Chief Financial Officer$891,6751981
Matthew T. HerringtonExecutive Vice President & Chief Operating Officer$719,0131981

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Joseph D. Margolis Chief Executive Officer2025$940,000$11.1M$1.6M$14.2M
Scott Stubbs Former Chief Financial Officer2025$520,000$3.2M$638,625$4.5M
Noah Springer President and former Chief Strategy and Partnership Officer2025$500,000$3.0M$614,063$4.2M
Samrat Sondhi Chief Digital Officer2025$510,000$2.8M$626,344$4.1M
Zach Dickens Chief Investment Officer2025$500,000$2.8M$614,063$4.1M
Jeff Norman Chief Financial Officer2025$392,375$495,708$442,125$1.4M

Employees

4k20184k20194k20204k20215k20228k20238k20248k2025

Dividends

Ex-dateAmountPaid
2026-09-15$1.622026-09-30
2026-06-15$1.622026-06-30
2026-03-16$1.622026-03-31
2025-12-15$1.622025-12-31
2025-09-15$1.622025-09-30
2025-06-16$1.622025-06-30
2025-03-14$1.622025-03-31
2024-12-16$1.622024-12-31

Moat model

Weak · Efficient Scale · 2026-06-30
Cost advantage53
Intangibles21
Switching costs55
Network effect60
Efficient scale75
Our component scores (0-100) and overall 49.9; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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