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Extra Space Storage Inc

EXR Real Estate Reit Industrial

Extra Space Storage Inc’s revenue for fiscal 2025 (year ended December 2025) was $3.4 billion, up 3.70% from fiscal 2024.

Revenue
+3.65%
EPS
+50.0%
Free cash flow
−27.7%
Total debt
+3.90%

Quarter to September 2026, against a year earlier

159.18 0.94 −0.59%
Market cap
$34.9B
P/E
32.5×
Fwd P/E
32.6×
Dividend yield
4.05%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

Extra Space Storage Inc (EXR) valuation and DCF model

What the price implies · reverse DCF

At $159.18 the price implies FFO a share growing 5.4% a year for ten years.

FFO a share grew 12.3% a year over the last ten years, 7.5% over the last five. The price asks for less than its ten-year rate. The industry’s median company is priced for 4.7%.

In December 2017 the price assumed 5.8% a year; Extra Space Storage Inc went on to grow FFO a share 4.0% a year to FY2025.

FFO a share is worked out from Extra Space Storage Inc’s 10-Ks and 10-Qs: net income, plus the depreciation of its property and impairments, less gains on property sales.

Price implies
5.4%
Last 5 years, reported
7.5%
Last 10 years, reported
12.3%
Industry median implies
4.7%

The headline discounts the last twelve months’ FFO a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
5.4% a year for ten years
$159.18
today’s price
Its base case
12.3% a year for five years, then 7.4%
$225.75
41.8% above today’s price

Both are growth in FFO a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Extra Space Storage Inc’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · FFO a share
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in FFO a share. It usually slows as the company matures.

Today’s price implies FFO a share growing 5.4% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Extra Space Storage Inc’s own cost of capital: risk-free 4.3% + beta 1.09 × equity premium 4.5% = 9.2% cost of equity; weighted, 9.2%.

Use 9.2%
Base case value per share $225.75 ten years discounted, and what follows
Current price $159.18 market price per share
Above today’s price 41.8% upside at the base case’s assumptions

How we got there$88.91 10 years of FFO+$136.84 terminal value=$225.75 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Reit Industrial).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 32.52× 30.72× 30.37× 7% above 29.08× 12% above
P/FCF 31.87× 48.31× 46.52× 31% below 27.37× 16% above
P/B 2.45× 2.61× 3.88× 37% below 1.88× 30% above
EV/EBITDA 20.64× 20.58× 21.35× 3% below 19.77× 4% above
EV/Sales 13.51× 13.59× 14.75× 8% below 11.83× 14% above
P/FFO 19.70× 19.00× 19.80× 1% below — —
P/E P/FCF P/B EV/EBITDA EV/Sales P/FFO
29.68×60.31×90.93×121.56×10Y avg 46.52×201720182019202020212023202420252026

EXR trades at 31.87× P/FCF, against a 10-year average of 46.52× (range 24.46×–130.36×). That is cheaper than 63% of the last 8 year-end readings; re-rating to the average implies $232.37 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.