Latest Ratios: P/E Ratio 31.8x · EV/EBITDA 20.7x · 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 | $30.9B | $27.6B | $31.7B | $27.1B | $20.9B | $31.7B | $15.0B | $14.4B | $12.0B | $11.7B | $9.7B |
| Enterprise Value | $45.7B | $42.4B | $44.5B | $38.3B | $28.3B | $37.9B | $20.9B | $19.7B | $16.8B | $16.2B | $14.0B |
| P/E Ratio → | 31.84 | 28.37 | 37.12 | 33.82 | 22.96 | 36.63 | 31.23 | 32.60 | 29.00 | 23.26 | 26.54 |
| P/S Ratio | 9.14 | 8.17 | 9.48 | 10.37 | 10.61 | 19.72 | 10.89 | 10.92 | 9.95 | 10.47 | 9.68 |
| P/B Ratio | 2.16 | 1.93 | 2.13 | 1.76 | 5.11 | 8.39 | 5.11 | 4.93 | 4.33 | 4.31 | 3.75 |
| P/FCF | 16.88 | 15.08 | 16.95 | 19.57 | 17.16 | 33.46 | 19.65 | 20.59 | 17.89 | 19.90 | 18.21 |
| P/OCF | 16.69 | 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 | 20.74 | 19.25 | 21.20 | 22.91 | 21.15 | 31.09 | 23.48 | 23.01 | 20.27 | 22.09 | 22.12 |
| EV / EBIT | 30.70 | 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 | 4.4% | 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 | 3.1% | 3.5% | 2.7% | 3.0% | 4.4% | 2.7% | 3.2% | 3.1% | 3.4% | 4.3% | 3.8% |
| FCF Yield | 5.9% | 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 | 4.9% | 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 |
Street rate pricing compression
Based on recent market data, EXR's P/FFO multiple of 64.51x in 2026Q1 suggests a premium valuation that appears increasingly difficult to justify given the recent 5.4% year-over-year decline in FFO per share, signaling that investors are pricing in a recovery that has yet to materialize.
The elevated P/FFO multiple relative to historical norms indicates that the market may be overestimating the durability of the company's earnings growth post-merger. Investors should monitor whether this valuation compression continues as the spread between street rates and in-place rents narrows further.
As reported in quarterly financial statements, EXR's NOI margin experienced extreme instability, swinging from 85.2% in 2024Q4 to a negative 60.8% in 2025Q4, which suggests that the company is struggling to maintain property-level profitability amidst rising operating costs and integration challenges from recent acquisitions.
This margin volatility implies that the company's core profitability is highly sensitive to expense management and potential accounting adjustments related to the Life Storage integration. The inability to sustain high NOI margins warrants further investigation into whether digital marketing spend or property tax reassessments are permanently eroding the firm's operating leverage.
According to the latest financial filings, the FFO payout ratio reached 80.3% in 2026Q1, which represents a significant tightening of the dividend safety buffer compared to previous periods, indicating that the company has less retained cash flow available to fund capital expenditures or debt reduction.
The elevated payout ratio suggests that the dividend is becoming increasingly dependent on consistent FFO growth, which is currently under pressure. Investors should monitor whether management maintains the current distribution level if FFO per share continues to exhibit the volatility observed in recent quarters.
Based on reported figures, EXR's debt-to-equity ratio has steadily climbed to 0.98 in 2026Q1, reflecting a more aggressive capital structure that appears to be outpacing the company's ability to generate commensurate growth in net asset value following its recent large-scale merger activity.
The upward trend in leverage, combined with a relatively thin interest coverage ratio of 2.65x, suggests that the balance sheet is becoming more vulnerable to interest rate fluctuations. This increased debt load warrants further investigation into the company's refinancing risk and its ability to maintain financial flexibility in a softening market.
Financial analysts frequently misapply the standard P/E ratio to EXR, which obscures the company's true cash-generating capacity by failing to account for the significant non-cash depreciation charges inherent in real estate assets, as evidenced by the consistent divergence between GAAP net income and FFO per share.
Using P/E instead of P/FFO or P/AFFO leads to a distorted valuation that ignores the capital-intensive nature of the storage business. Investors should prioritize FFO and AFFO metrics, as these adjustments provide a more accurate reflection of the cash available for distribution and reinvestment.
Includes 30+ ratios · 25 years · Updated daily
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10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying EXR stock.
Extra Space Storage Inc.'s current P/E ratio is 31.8x. The historical average is 35.1x. This places it at the 50th percentile of its historical range.
Extra Space Storage Inc.'s current EV/EBITDA is 20.7x. 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 31.8x. This is at the 50th 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 4.44% 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.