Extra Space Storage (EXR) stock
Real Estate · Self-Storage REITs
Extra Space Storage (EXR) is a Self-Storage REITs company in the Real Estate sector, headquartered in Salt Lake City, Utah. As of October 23, 2026, EXR closed at $143.41, a market capitalization of $31.65 billion, the 314th largest company in the S&P 500. Over the last twelve months it generated $3.51 billion in revenue (+4% year over year) and $1.84 billion in free cash flow. The stock trades at 31.7x trailing earnings and 29.8x forward earnings.
- 1-year total return: -0.4% (dividends reinvested)
- 5-year return: -1.1% a year
- 52-week range: $125.71 – $158.88
- Gross margin 74.9%, operating margin 45.9%
- Dividend yield: 4.52%
- FI Handbook report card: C- across 10 metrics
- 14th largest of 30 Real Estate stocks in the S&P 500
EXR price chart
1Y price change: -4.9% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| EXR | +7.2% | +13.9% | -0.4% | +14.8% | -1.1% | +10.9% | +16.4% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 2004.
EXR key statistics
- Market cap
- $31.7B
- #314 in S&P 500
- P/E (TTM)
- 31.7x
- Forward P/E
- 29.8x
- EPS (TTM)
- $4.53
- Revenue (TTM)
- $3.5B
- +4%
- Free cash flow
- $1.8B
- Gross margin
- 74.9%
- Operating margin
- 45.9%
- Return on equity
- 7.0%
- Dividend yield
- 4.52%
- 52-week range
- $125.71 – $158.88
- Beta
- 1.17
- Price / sales
- 9.0x
- EV / EBITDA
- 19.4x
- Debt / equity
- 1.02x
- Employees
- 8,393
EXR report card
C-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth3.8%D
- Gross margin74.9%A
- Operating margin45.9%A
- FCF margin52.4%A
- Return on equity7.0%D
- Net debt / EBITDA5.9xF
- Forward P/E29.8xD
- PEG ratio5.7xF
- Shareholder yield5.0%B
- Share count change / yr10.3%F
Extra Space Storage financials
Revenue went from $39.8M in fiscal 2016 to $129.5M in fiscal 2025, growing 14.0% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $39.8M | $39.4M | $41.8M | $49.9M | $52.1M | $66.3M | $83.9M | $102.0M | $120.9M | $129.5M |
| Gross profit | -$210.2M | -$232.6M | -$249.9M | -$286.2M | -$308.5M | -$302.3M | -$351.4M | -$510.1M | -$710.7M | -$788.7M |
| Operating income | $458.3M | $654.4M | $619.7M | $635.0M | $666.1M | $976.0M | $1.1B | $1.2B | $1.3B | $1.4B |
| Net income | $366.1M | $479.0M | $415.3M | $420.0M | $481.8M | $827.6M | $860.7M | $803.2M | $854.7M | $974.0M |
| EPS (diluted) | $2.91 | $3.76 | $3.27 | $3.24 | $3.71 | $6.19 | $6.41 | $4.74 | $4.03 | $4.59 |
| Free cash flow | — | — | — | — | — | — | $44.9M | $1.3B | $1.4B | $1.3B |
| Buybacks | — | — | $0 | $0 | $67.9M | $0 | $63.0M | $0 | $0 | $149.5M |
| Dividends paid | $367.8M | $393.0M | $424.9M | $458.1M | $467.8M | $601.0M | $805.3M | $1.0B | $1.4B | $1.4B |
| Diluted shares | 125.9M | 134.2M | 133.2M | 136.4M | 129.6M | 140.0M | 141.7M | 169.2M | 211.6M | 211.9M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into EXR?
A reverse DCF asks what growth the current price requires. With an enterprise value of $45.4B and $1.8B of trailing free cash flow, Extra Space Storage needs to grow free cash flow about 15.9% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 206.2% a year over the last five years.
P/E ratio history
Current 31.2x vs. median 31.2x (10th–90th percentile 23.8x–38.4x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
EXR dividend
- Dividend yield
- 4.52%
- Annual dividend
- $6.48
- Years of increases
- —
- 5-yr dividend growth
- 12.5%
- per year
- Payout ratio
- 143%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
EXR earnings
Next report: October 27, 2026. Extra Space Storage has beaten EPS estimates 3 quarters in a row.
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Jul 28, 2026 | $1.15 | $1.25 | +8.6% |
| Apr 28, 2026 | $1.10 | $1.14 | +3.4% |
| Feb 19, 2026 | $1.15 | $1.36 | +17.9% |
| Oct 29, 2025 | $1.19 | $0.78 | -34.2% |
| Jul 30, 2025 | $1.18 | $1.18 | -0.2% |
| Apr 29, 2025 | $1.03 | $1.28 | +24.6% |
| Feb 25, 2025 | $1.07 | $1.24 | +15.6% |
| Oct 29, 2024 | $1.10 | $0.91 | -17.4% |
Stocks like EXR
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 PSA Public Storage | +0.25% | +5% | $57.9B | 29.6x | Compare |
 WELL Welltower | -0.03% | +37% | $171.0B | 106.4x | Compare |
 PLD Prologis | -0.17% | +4% | $122.9B | 28.1x | Compare |
 EQIX Equinix | +0.25% | +17% | $94.2B | 61.5x | Compare |
 AMT American Tower Corporation (REI | +4.08% | +3% | $88.1B | 26.0x | Compare |
 SPG Simon Property | -0.19% | +24% | $80.3B | 14.9x | Compare |
 DLR Digital Realty Trust | +0.84% | +1% | $65.1B | 83.7x | Compare |
 O Realty Income | -0.30% | -0% | $53.8B | 41.2x | Compare |
EXR news
- APLE vs. EXR: Which Stock Is the Better Value Option? · Oct 23, 2026
- What to Expect From Extra Space Storage's Q3 2026 Earnings Report · Oct 23, 2026
- Public Storage (PSA) vs. Extra Space (EXR): Which Self-Storage REIT Is the Better Buy? · Oct 8, 2026
- Self Storage REITs Are Collecting Rent From Americans Who Cannot Let Go · Oct 5, 2026
- How Extra Space’s Upgraded 2026 Core FFO Outlook Will Impact Extra Space Storage (EXR) Investors · Oct 2, 2026
EXR stock FAQ
What is EXR's market cap?
Extra Space Storage's market capitalization is $31.65 billion as of October 23, 2026, ranking 314th in the S&P 500.
What is EXR's P/E ratio?
EXR trades at a trailing price-to-earnings ratio of 31.7x and a forward P/E of 29.8x. Its median P/E over the period we track is 31.2x.
Does EXR pay a dividend?
Yes. Extra Space Storage pays $6.48 per share a year, a 4.52% yield. Dividends grew 12.5% a year over the last five years.
How much has EXR stock returned?
Including reinvested dividends, EXR returned -0.4% over one year, -1.1% a year over five years, +10.9% a year over ten years through October 23, 2026.
Is EXR stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Extra Space Storage must grow free cash flow about 16% a year for the next decade. Its free cash flow grew 206% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
When does EXR report earnings?
Extra Space Storage is expected to report earnings on October 27, 2026. It has beaten EPS estimates 3 quarters in a row.
How many employees does Extra Space Storage have?
Extra Space Storage has about 8,393 full-time employees, or $418,338 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology