Extra Space Storage Inc. (EXR)

FairStock Score: 49/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I look for understandable, durable businesses bought at sensible prices. Extra Space is one of the largest self-storage operators, with 4,410 stores, about 3.0 million units, and 341 million rentable square feet. Storage demand is local and recurring, which can be a modest moat, but it is not immune to competition or new supply. As a REIT, depreciation distorts EPS and P/E, so I do not use the Graham Number or a margin-of-safety calculation. FFO/AFFO, the right measures, are not in this data. I lean instead on dividend yield, leverage, revenue trend, and price-to-book. The filed figures show, in fiscal 2025 (year ended 2025-12-31), revenue of $129.5M, net income of $974.0M, and diluted EPS of $4.59, up from fiscal 2024 (year ended 2024-12-31) revenue of $120.9M, net income of $854.7M, and EPS of $4.03. But fiscal 2023 (year ended 2023-12-31) EPS was $4.74, so the longer EPS path is not straight. More recently, in fiscal Q1 2026 (quarter ended 2026-03-31), revenue was $33.7M, net income $241.0M, and EPS $1.14; in fiscal Q2 2026 (quarter ended 2026-06-30), revenue was $34.9M, net income $263.5M, and EPS $1.25. Those revenue/net income pairings look odd and argue for caution. At the 2026-10-13 close, FairStock calculated P/E 29.52, P/B 2.13, EV/EBITDA 17.56, FCF yield 6.5%, dividend yield 4.74%, D/E 1.02, Altman Z 1.14, Piotroski 4/9, and FairStock Score 54/100. The Lynch category is STALWART - steady five-year profit and revenue growth - but current profit growth is -11.04%. I see a decent asset with a full price and a leveraged balance sheet; I would want clearer FFO/AFFO before calling it a bargain.

In plain English: Extra Space Storage owns and operates many self-storage locations across the U.S. The business earns recurring rent and pays a large dividend, but profit has recently slipped and the company carries meaningful debt. At the recent price, the shares look more fairly valued than cheap when compared with the company's profits, assets, and cash flow.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer