Extra Space Storage Inc. (EXR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+3.2%

$160.38

vs $155.46 price

Levered DCF

$132.44

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.44

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	28.37×	37.12×	33.82×	22.96×	36.57×	31.23×	32.3×	27.59×
P/B	2.05×	2.27×	1.89×	6.05×	9.7×	5.89×	5.33×	4.75×
P/S	8.17×	9.48×	10.37×	10.04×	18.79×	10.89×	10.26×	9.46×
EV / EBITDA	17.57×	19.66×	21.3×	19.89×	32.77×	23.37×	21.73×	19.96×
Gross margin	28.4%	76.3%	77.3%	78.5%	76.4%	74.0%	74.2%	75.1%
Operating margin	44.1%	39.6%	44.7%	53.4%	60.6%	48.3%	48.1%	51.2%
Net margin	28.8%	25.6%	30.7%	43.8%	51.4%	34.9%	31.8%	34.3%
Current ratio	1.28×	0.93×	0.85×	0.67×	0.83×	0.37×	0.36×	0.32×
Debt / equity	1.11×	0.93×	0.78×	2.32×	1.99×	2.36×	2.1×	1.99×
Interest coverage	2.34×	2.22×	2.67×	4.79×	5.87×	3.87×	3.32×	3.38×
Dividend yield	5.0%	4.3%	3.9%	4.1%	2.0%	3.1%	3.4%	3.7%
Payout ratio	141.1%	160.9%	130.3%	93.6%	72.6%	97.1%	109.1%	102.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.3%	6.1%	5.6%	26.4%	26.6%	18.9%	16.5%	17.2%
Return on invested capital	4.9%	4.5%	4.2%	8.6%	9.3%	7.0%	7.4%	7.9%
Return on assets	3.3%	3.0%	2.9%	7.1%	7.9%	5.1%	4.9%	5.3%
Free cash flow yield	6.6%	5.9%	5.1%	6.2%	3.1%	5.1%	5.2%	5.9%
Earnings yield	3.5%	2.7%	3.0%	4.4%	2.7%	3.2%	3.1%	3.6%
Enterprise value	$42.4B	$44.5B	$38.3B	$27.2B	$36.4B	$20.9B	$18.8B	$16.2B
Net debt / EBITDA	6.14×	5.69×	6.2×	5.46×	5.52×	6.59×	6.08×	5.85×
Cash conversion cycle (days)	178	-9	-102	-28	-23	-54	-107	-123