EXR
Extra Space Storage Inc.
EXR's fundamentals are mixed: its operating margin rose 1 points to 44%, while earnings per share grew 9.8%. At 32x earnings, it's trading right at its usual valuation. Analysts expect earnings to hold roughly steady.
EXR Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
EXR's profitability is currently strong, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for real estate companies like EXR.
EXR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 25x | $125 | -21% |
| Fair | 32x | $158 | -0.4% |
| Current | 32x | $158 | — |
| Forward | 33x | $158 | — |
| Expensive | 37x | $180 | +14% |
Historical ranges are pointers, not guarantees.
EXR's PE is in its fair range at 32x. On analysts' estimates for next year's earnings, today's price would be 33x.
EXR Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Stable | |
| Stable | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect EXR's profitability to weaken, with its earnings and revenue holding steady.
EXR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.81 | -2% |
| Q3 2026 | $4.91 | +9.8% |
| Q2 2026 | $4.52 | -1.7% |
| Q1 2026 | $4.45 | +3.5% |
| Q4 2025 | $4.59 | +14% |
| Q3 2025 | $4.47 | +23% |
| Q2 2025 | $4.60 | +25% |
| Q1 2025 | $4.30 | +0.2% |
| Q4 2024 | $4.03 | -15% |
EXR's earnings per share have fallen from their peak: $4.91 over the past year, against $6.90 in late 2022.
EXR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $889.8M | +3.6% |
| Q2 2026 | $874.2M | +3.9% |
| Q1 2026 | $856M | +4.4% |
| Q4 2025 | $857.5M | +4.3% |
| Q3 2025 | $858.5M | +4.1% |
| Q2 2025 | $841.6M | +3.8% |
| Q1 2025 | $820M | +2.6% |
| Q4 2024 | $821.9M | +3% |
EXR's revenue has grown year over year every quarter since late 2020: $890M last quarter, up 3.6% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 44% | +12 points |
| Q2 2026 | 45% | +0.4 points |
| Q1 2026 | 43% | -4.5 points |
| Q4 2025 | 43% | -3 points |
| Q3 2025 | 33% | -4.2 points |
| Q2 2025 | 44% | +6.8 points |
| Q1 2025 | 47% | +5.4 points |
| Q4 2024 | 46% | +4.4 points |
EXR's operating margin was 44% last quarter, up 12 points from the same quarter a year ago.
EXR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $459M | +3.3% |
| Q2 2026 | $499.6M | +31% |
| Q1 2026 | $477.5M | +38% |
| Q4 2025 | $116.8M | -23% |
| Q3 2025 | $444.2M | +44% |
| Q2 2025 | $382.1M | -26% |
| Q1 2025 | $345.4M | -20% |
| Q4 2024 | $151.1M | -49% |
EXR's free cash flow was $1.6B over the past year, up 17% from the year before. Free cash flow isn't a meaningful measure for real estate companies like EXR.
EXR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -337K shares |
| 1 year | -0.6% | -1.3M shares |
| 3 years | +53% | +76.5M shares |
| 5 years | +57% | +79.6M shares |
| Available history | +61% | +83.6M shares |
EXR has 220M diluted shares, down 0.6% from a year ago, with $470M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $327.2M |
| Q2 2026 | — |
| Q1 2026 | $1.4M |
| Q4 2025 | $140.9M |
| Q3 2025 | — |
| Q4 2023 | — |
| Q3 2023 | — |
| Q4 2022 | — |
EXR spent $470M buying back its own shares over the past year.
EXR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 5.4x | High |
| Q2 2026 | 5.6x | High |
| Q1 2026 | 5.7x | High |
| Q4 2025 | 5.7x | High |
| Q3 2025 | 5.5x | High |
| Q2 2025 | 5.3x | High |
| Q1 2025 | 5.3x | High |
| Q4 2024 | 5.5x | High |
EXR's net debt is about 5.4 years of its operating earnings (EBITDA), about the same as a year ago. Net leverage isn't a meaningful measure for real estate companies like EXR.
EXR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 65.7 | Neutral |
| Stochastic | 82.0 | Overbought |
EXR's weekly RSI is 66 (neutral) and its Stochastic is 82 (overbought).
EXR PE vs Real Estate Sector
| Metric | EXR | Sector median | Relative |
|---|---|---|---|
| PE | 32x | 24x | 35% above |
| PE % | 51 | 23 | 28 pts above |
EXR is trading at 32x earnings, a 35% premium to the Real Estate sector's median of 24x.
EXR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $144.1 | 9.8% above |
| 20 week MA | $144.6 | 9.4% above |
| 50 week MA | $142.2 | 11% above |
| 100 week MA | $143.9 | 9.9% above |
| 200 week MA | $146.7 | 7.9% above |
EXR has climbed back above all five of its weekly moving averages, and it's now 7.9% above its 200-week average.
EXR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $104.5 | $114.4 | +9.5% |
| 2021 | $114.4 | $218.0 | +91% |
| 2022 | $218.0 | $146.9 | -33% |
| 2023 | $146.9 | $160.3 | +9.1% |
| 2024 | $160.3 | $148.1 | -7.6% |
| 2025 | $148.1 | $130.8 | -12% |
| 2026 YTD | $130.8 | $158.2 | +21% |
EXR has finished lower in three of the last six years. It's up 21% so far in 2026.