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Extra Space Storage Inc (EXR) vs Public Storage (PSA)

Extra Space Storage Inc and Public Storage are both Reit Industrial companies. Public Storage is the larger, with a market value of $63.6B against $34.9B — 1.8× the size. Extra Space Storage Inc trades at the lower P/E: 32.5× against 34.1×. Public Storage grew revenue faster over the last twelve months: 5.16% against 4.05%. Public Storage has the higher net margin (33.7% vs 29.9%) and the higher return on invested capital (4.74% vs 3.52%). Both pay a dividend; Extra Space Storage Inc yields more (4.05% vs 3.54%). Across the 23 metrics below, Public Storage leads on 12 and Extra Space Storage Inc on 11.

Valuation

Metric EXR PSA Reit Industrial median
P/E 32.52 34.08 29.08
P/S 9.69 12.39 8.75
P/B 2.45 5.94 1.88
Price to free cash flow 31.87 25.51 27.37
EV/EBITDA 20.64 22.27 19.77
EV/Sales 13.51 14.77 11.83
Earnings yield 3.08% 2.93% 3.06%
Free cash flow yield 3.14% 3.92% 2.68%

Profitability

Metric EXR PSA Reit Industrial median
Gross margin 70.94% 72.38% 73.76%
Operating margin 43.78% 40.51% 40.64%
Net margin 29.89% 33.71% 30.03%
Free cash flow margin 30.41% 48.56% 18.60%
Return on equity 7.36% 21.81% 7.37%
Return on assets 3.57% 6.91% 3.98%
Return on invested capital 3.52% 4.74% 3.18%

Growth

Metric EXR PSA Reit Industrial median
Revenue growth (TTM) 4.05% 5.16% 4.61%
EPS growth (last fiscal year) 13.90% (15.32%) (2.22%)
Revenue growth, 5-year CAGR 20.02% 10.60% 14.64%
Net income growth, 5-year CAGR 15.12% 7.62% 12.19%

Health

Metric EXR PSA Reit Industrial median
Debt to equity 0.97 0.80 0.82
Current ratio 0.25 1.00 0.91
Net debt to EBITDA 6.12 2.92 4.82

Dividend

Metric EXR PSA Reit Industrial median
Dividend yield 4.05% 3.54% 4.05%
Payout ratio 1.32 1.21 1.15

Size

Metric EXR PSA Reit Industrial median
Market cap 34.92b 63.62b 7.97b

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