# Extra Space Storage (EXR.US)

Canonical: https://gigainvestors.com/s/EXR

Analysis as of: 2026-10-16T07:28:26.376Z. Financial observations: FY2001–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $137.69 per share; close as of 2026-10-15.

Estimated value: low $90.51 per share, central $102.58 per share, high $118.64 per share. Buy at or below the central value $102.58 per share. Valuation as of 2026-10-16T07:28:26.376Z; scenarios are not confidence intervals.

Expected annual return: 8.1% at the stated quote. About 8.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.48×

- FY2018: 0.51×

- FY2019: 0.48×

- FY2020: 0.48×

- FY2021: 0.61×

- FY2022: 0.53×

- FY2023: 0.45×

- FY2024: 0.40×

- FY2025: 0.44×

- LTM to Mar 2026: 0.43×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 46.8pp below the typical margin (limit 4pp)

- ROIC, median of available years: 7.8%

- ROIC, second-lowest year: 4.8%

- Typical minus recent gross margin: 46.8 pp

- Typical gross margin (annual median): 75.2%

- Recent gross margin (lower of latest and 3-year median): 28.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.6%

- ROIC including acquisitions, ten-year median: 8.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.6%

- FY2017: 7.9%

- FY2018: 8.5%

- FY2019: 7.9%

- FY2020: 7.7%

- FY2021: 9.9%

- FY2022: 9.0%

- FY2023: 4.5%

- FY2024: 4.8%

- FY2025: 5.1%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.54×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $6.6B

- Net income, five-year total: $4.3B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 4.8 pp

- Working capital / revenue, change between three-year averages: 36.0 pp

- Working capital / revenue, final three-year average: 28.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.27×

- FY2022: 1.29×

- FY2023: 1.49×

- FY2024: 1.89×

- FY2025: 1.71×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 7.9% vs 4.8%

- Per-share earnings: 2.91 to 4.60 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 5.3%

- Ordinary dilution, 5-year annual growth: 10.3%

- Market cap gain: $18B

- Cumulative retained earnings: -$1.1B

- Diluted shares, 10-year annual growth: 5.3%

- Diluted shares, 5-year annual growth: 10.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.9%

- Per-share value change: $1.69

- Per-share value, starting three-year median: $2.91

- Per-share value, ending three-year median: $4.60

- Buybacks concentrated in cheaper years (correlation): 0.60

- Average buyback yield: 0.3%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: $374M

- Cumulative net income, 10 years: $6.5B

- ROIC, first three-year median: 7.9%

- ROIC, last three-year median: 4.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.91

- FY2017: $3.57

- FY2018: $3.12

- FY2019: $3.08

- FY2020: $3.72

- FY2021: $5.91

- FY2022: $6.07

- FY2023: $4.75

- FY2024: $4.04

- FY2025: $4.60

### accounting: pass

- Sloan accruals: -3.0%

- Receivables to sales index (DSRI): 1.18×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.90×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.4%

- FY2017: -1.6%

- FY2018: -3.3%

- FY2019: -3.4%

- FY2020: -3.1%

- FY2021: -1.2%

- FY2022: -3.1%

- FY2023: -2.2%

- FY2024: -3.6%

- FY2025: -3.0%

## Holders

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 39% since Dec 2021 · "Uncontrollable Expenses: Increased by 8% due to property tax and weather-related expenses." (finance.yahoo.com, May 2025) · sales +0.5%

Story as of 2026-10-16T09:58:44.084Z; price observation 2026-10-15.

Price needs cash profits to grow 4.7% a year for ten years

- 2026-07-29: EXR's Q2 Core FFO Beats Estimates on Strong Same-Store NOI ([finance.yahoo.com](https://finance.yahoo.com/real-estate/articles/exrs-q2-core-ffo-beats-171600466.html))

### Sales · FY2025–2026

sales +0.5%; source https://www.sec.gov/Archives/edgar/data/1289490/000128949026000011/exr-20251231.htm; observed 2026-02-20.

- FY2017: $1.1B 

- FY2018: $1.2B 

- FY2019: $1.3B 

- FY2020: $1.4B 

- FY2021: $1.6B 

- FY2022: $2.0B 

- FY2023: $2.6B 

- FY2024: $3.3B 

- FY2025: $3.4B 

- FY2026: $3.4B 

### Gross margin · FY2025

gross margin 28.4%; source https://www.sec.gov/Archives/edgar/data/1289490/000128949026000011/exr-20251231.htm; observed 2026-02-20.

- FY2016: 74.9% 

- FY2017: 75.3% 

- FY2018: 75.1% 

- FY2019: 74.2% 

- FY2020: 74.0% 

- FY2021: 76.4% 

- FY2022: 78.5% 

- FY2023: 77.3% 

- FY2024: 76.3% 

- FY2025: 28.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are USD 3.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1289490/000128949026000011/exr-20251231.htm (filed 2026-02-20); FY2025: revenue 3377542000; grossProfit 960167000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 28.4% to 77.3% during 2023–25; it earns 7.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: grossProfit / revenue = 77.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: grossProfit / revenue = 76.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1289490/000128949026000011/exr-20251231.htm (filed 2026-02-20); FY2025: grossProfit / revenue = 28.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); 10-year return on capital observations [[2016,0.06647575680950839],[2017,0.07852114355624455],[2018,0.0847057914848363],[2019,0.07946025315034103],[2020,0.07679854407961184],[2021,0.09929873682590026],[2022,0.08995244864398817],[2023,0.044975064433327876],[2024,0.047847213774477856],[2025,0.0509285559055309]]; median 0.0776598438179282. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 149.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2016: growth capex 0; upkeep 4968000; owner earnings 543719000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2017: growth capex 0; upkeep 7819000; owner earnings 657099784.890888. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2018: growth capex 0; upkeep 4297000; owner earnings 611835845.3659958. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2019: growth capex 0; upkeep 7764000; owner earnings 632060000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2020: growth capex 0; upkeep 7093000; owner earnings 693230346.8310108. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2021: growth capex 0; upkeep 3659000; owner earnings 1052269618.4164656. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2022: growth capex 0; upkeep 22832000; owner earnings 1108744673.3452315. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: growth capex 0; upkeep 116175000; owner earnings 1193076000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: growth capex 0; upkeep 20514000; owner earnings 1617190000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1289490/000128949026000011/exr-20251231.htm (filed 2026-02-20); FY2025: growth capex 0; upkeep 21139000; owner earnings 1668037000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Dividend observations: [[2016,367818000],[2017,393040000],[2018,424907000],[2019,458114000],[2020,467765000],[2021,600994000],[2022,805311000],[2023,1046341000],[2024,1375003000],[2025,1374298000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1289490/000128949026000011/exr-20251231.htm (filed 2026-02-20); FY2025: cash repurchases 149548000 USD.

### Are managers owners

Insiders own 0.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EXR.US SharesStats.PercentInsiders = 0.9440000000000001 percentage points; cache date 2026-10-16.

### What could break it

"There is significant competition among self-storage operators and from other storage alternatives." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1289490/000128949026000011/exr-20251231.htm (filed 2026-02-20); There is significant competition among self-storage operators and from other storage alternatives.

### What the price says

The price assumes cash profits grow 4.7% yearly over ten years; actual growth was 12.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Ten-year compound average after fade. Initial solved rate 0.054029960791577986. Price 137.69; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.4862418211432376 → FY2025 7.873650685994773. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $73.15 per share

- 2016-11: $70.16 per share

- 2016-12: $77.24 per share

- 2017-01: $72.05 per share

- 2017-02: $79.19 per share

- 2017-03: $74.39 per share

- 2017-04: $75.53 per share

- 2017-05: $77.47 per share

- 2017-06: $78.00 per share

- 2017-07: $79.50 per share

- 2017-08: $77.63 per share

- 2017-09: $79.92 per share

- 2017-10: $81.59 per share

- 2017-11: $85.36 per share

- 2017-12: $87.45 per share

- 2018-01: $83.48 per share

- 2018-02: $85.05 per share

- 2018-03: $87.36 per share

- 2018-04: $89.59 per share

- 2018-05: $96.25 per share

- 2018-06: $99.81 per share

- 2018-07: $93.97 per share

- 2018-08: $92.21 per share

- 2018-09: $86.64 per share

- 2018-10: $90.06 per share

- 2018-11: $95.98 per share

- 2018-12: $90.48 per share

- 2019-01: $98.61 per share

- 2019-02: $95.94 per share

- 2019-03: $101.91 per share

- 2019-04: $103.69 per share

- 2019-05: $107.16 per share

- 2019-06: $106.10 per share

- 2019-07: $112.39 per share

- 2019-08: $121.92 per share

- 2019-09: $116.82 per share

- 2019-10: $112.27 per share

- 2019-11: $106.05 per share

- 2019-12: $105.62 per share

- 2020-01: $110.68 per share

- 2020-02: $100.36 per share

- 2020-03: $95.76 per share

- 2020-04: $88.24 per share

- 2020-05: $96.75 per share

- 2020-06: $92.37 per share

- 2020-07: $103.34 per share

- 2020-08: $106.55 per share

- 2020-09: $106.99 per share

- 2020-10: $115.95 per share

- 2020-11: $112.73 per share

- 2020-12: $115.86 per share

- 2021-01: $113.79 per share

- 2021-02: $125.70 per share

- 2021-03: $132.55 per share

- 2021-04: $148.69 per share

- 2021-05: $149.81 per share

- 2021-06: $163.82 per share

- 2021-07: $174.14 per share

- 2021-08: $186.91 per share

- 2021-09: $167.99 per share

- 2021-10: $197.37 per share

- 2021-11: $200.00 per share

- 2021-12: $226.73 per share

- 2022-01: $198.19 per share

- 2022-02: $188.15 per share

- 2022-03: $205.60 per share

- 2022-04: $190.00 per share

- 2022-05: $178.20 per share

- 2022-06: $170.12 per share

- 2022-07: $189.52 per share

- 2022-08: $198.73 per share

- 2022-09: $172.71 per share

- 2022-10: $177.44 per share

- 2022-11: $160.69 per share

- 2022-12: $147.18 per share

- 2023-01: $157.83 per share

- 2023-02: $164.65 per share

- 2023-03: $162.93 per share

- 2023-04: $152.04 per share

- 2023-05: $144.27 per share

- 2023-06: $148.85 per share

- 2023-07: $139.57 per share

- 2023-08: $128.68 per share

- 2023-09: $121.58 per share

- 2023-10: $103.59 per share

- 2023-11: $130.17 per share

- 2023-12: $160.33 per share

- 2024-01: $144.44 per share

- 2024-02: $140.97 per share

- 2024-03: $147.00 per share

- 2024-04: $134.28 per share

- 2024-05: $144.77 per share

- 2024-06: $155.41 per share

- 2024-07: $159.62 per share

- 2024-08: $177.00 per share

- 2024-09: $180.19 per share

- 2024-10: $163.30 per share

- 2024-11: $170.96 per share

- 2024-12: $149.60 per share

- 2025-01: $154.00 per share

- 2025-02: $152.56 per share

- 2025-03: $148.49 per share

- 2025-04: $146.52 per share

- 2025-05: $151.15 per share

- 2025-06: $147.44 per share

- 2025-07: $134.36 per share

- 2025-08: $143.58 per share

- 2025-09: $140.94 per share

- 2025-10: $133.54 per share

- 2025-11: $133.17 per share

- 2025-12: $130.22 per share

- 2026-01: $137.97 per share

- 2026-02: $151.03 per share

- 2026-03: $131.13 per share

- 2026-04: $143.33 per share

- 2026-05: $144.31 per share

- 2026-06: $145.30 per share

- 2026-07: $148.04 per share

- 2026-08: $141.10 per share

- 2026-09: $131.51 per share

- 2026-10: $137.69 per share

## Annual estimated value (USD per share)

- FY2016: low $39.25 per share, central $44.64 per share, high $51.82 per share

- FY2017: low $44.96 per share, central $51.13 per share, high $59.34 per share

- FY2018: low $50.46 per share, central $57.39 per share, high $66.60 per share

- FY2019: low $53.67 per share, central $61.03 per share, high $70.83 per share

- FY2020: low $59.36 per share, central $67.46 per share, high $78.24 per share

- FY2021: low $63.75 per share, central $72.50 per share, high $84.15 per share

- FY2022: low $76.96 per share, central $87.53 per share, high $101.59 per share

- FY2023: low $85.22 per share, central $96.93 per share, high $112.52 per share

- FY2024: low $87.05 per share, central $99.01 per share, high $114.92 per share

- FY2025: low $86.40 per share, central $98.26 per share, high $114.06 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:34:08.115Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1289490/000128949026000011/exr-20251231.htm); period 2025-12-31, filed 2026-02-20.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.