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ZYBERNO
Stock Report
Updated Aug 28, 2026

EXTRA SPACE STORAGE INC. (EXR)

Financial Services • NYSE

$142.79
Extra Space Storage Inc. is an American real estate investment trust (REIT) and one of the largest self-storage companies in the United States, headquartered in Salt Lake City, Utah. Founded in 1977, Extra Space Storage owns, operates, and manages self-storage properties offering storage units and storage space for residential and commercial customers. As of September 2024, the company owns or operates approximately 3,900 self-storage properties across 42 states comprising approximately 290 million square feet of rentable storage space serving over 1.1 million tenants. Extra Space Storage operates its properties under the Extra Space Storage brand and also operates approximately 1,250 stores for third-party owners under its management platform. Trading on the New York Stock Exchange under ticker symbol EXR and a member of the S&P 500, the company provides storage solutions including climate-controlled units, vehicle storage, and business storage, with properties typically located in high-visibility, high-traffic locations in major metropolitan markets and suburban areas.

Professional Investment Analysis

ZYBERNO SCORE →
Is it a great business? Is it getting better?
67.0/100
GOOD BUSINESS
EXTRA SPACE STORAGE INC. (EXR) scores 67/100 — strong fundamentals with solid profitability and healthy cash flow generation.
📊 How is the Zyberno Score calculated? +
VALUATION SIGNAL
MARGIN OF SAFETY
Is this stock cheap or expensive relative to what the business has historically generated for owners?
-9.2%
Fairly Valued
Is the market underestimating or overestimating what this business is capable of going forward?
-10.0%
Market Overestimates
↑ UNDER
+50%
Brina Gap
-50%
↓ OVER
← OVERVALUED
-100%
Margin of Safety
UNDERVALUED →
+100%
UNDERESTIMATED
GROWTH
DOUBLE
DISCOUNT
EXPENSIVE
HYPE
VALUE
TRAP
0,0
MoS -9.2%  ·  Gap -10.0%

Two independent signals. One tells you if the stock is cheap relative to what the business has historically generated for owners — the Margin of Safety. The other tells you if the market is underestimating what the business is capable of going forward — the Brina Gap.

They are calculated from completely different data sources and answer completely different questions. The Margin of Safety reads the past. The Brina Gap reads the present economics and compares them against what the current stock price is assuming about the future.

When both point in the same direction simultaneously — DOUBLE DISCOUNT — the probability of genuine mispricing is high. The market is wrong on two independent dimensions at once, which is rare and significant.

The most dangerous scenario is not an overvalued stock — those are easy to avoid. It is a VALUE TRAP: a stock that appears cheap historically but where the market is already pricing in stronger growth than the business fundamentals support. Without the Brina Gap signal this looks identical to a genuine opportunity. The matrix separates them instantly.

The Brina Gap is the more powerful of the two signals. Most investors and analytical tools focus on valuation alone — whether a stock is cheap relative to earnings. Far fewer systematically compare what the business economics structurally support against what the stock price is actually assuming. That gap between fundamental growth potential and market expectations is where the most reliable mispricings live, and where this matrix earns its value.

Use this as your first filter. A stock in DOUBLE DISCOUNT territory is worth investigating. Everything else requires either more caution or a specific reason to act.

GROWTH OVERESTIMATED
EXTRA SPACE STORAGE INC. (EXR) is fairly valued historically (Margin of Safety -9.2%) but the Brina Gap (-10.0%) shows the market is pricing in stronger growth than fundamentals support.
🎯 Expected Annual Return →
6.9%
Margin of Safety convergence — your return if the market re-prices to intrinsic value (5-yr annualised)
-14.6%
Brina Gap convergence — your return if the market corrects the growth mispricing the Gap measures
3.9%
Yield + growth — what the business alone earns you, even if the market never re-rates
💰 How is Margin of Safety calculated? +
📈 How is Brina Gap calculated? +

Critical Financial Health Indicators

Return on Equity (Profitability):POOR (6.7%)
Debt-to-Equity (Solvency Risk):EXCELLENT (0.11x)
Operating Margin (Operational Efficiency):EXCELLENT (40.9%)
Return on Capital (Capital Efficiency):POOR (9.4%)
📊 Valuation Trilogy
Three interconnected metrics for complete valuation analysis
💎
Intrinsic Value
DCF Fair Value
$130.74
🛡️
Margin of Safety
Valuation Gap
-9.2%
🎯
Expected Return
Projected Annual
6.9%
Click any metric for full methodology and detailed analysis
Zyberno's Verdict

According to Zyberno, EXTRA SPACE STORAGE INC. (EXR) is not a buy — GOOD BUSINESS (67/100) with a negative Margin of Safety of -9.2% and a Brina Gap of -10.0% showing the market already prices in more growth than the fundamentals support.

According to Zyberno's DCF model, EXTRA SPACE STORAGE INC. (EXR) trades at $142.79 against an estimated intrinsic value per share of $130.74 — a -9.2% Margin of Safety based on Owner Earnings of $1.49B TTM, projected at 8.8% growth for 10 years with a 2.5% terminal growth rate. The Brina Gap of -10.0% weakens the case: based on the company's ROIC (9.4%) and reinvestment rate (-11.4%), the business can fundamentally grow at -1.1% — but the current enterprise value implies the market expects 8.9%. This places EXR in the Expensive Hype quadrant of the Brina Matrix, the most fragile combination — overvalued on cash AND overpriced on growth. Zyberno's model translates this into a 5-year expected return of 6.9% annually.

Over the trailing twelve months, EXR generated $1.49B in Owner Earnings. Capital was deployed as follows: $1.44M returned via share buybacks, $1.37B paid as dividends, $363.12M invested in capital expenditures. Reinvestment rate: -11.4%. Owner Earnings have grown at 8.8% annually over the trailing five years using log-linear regression.

DIVISION I: EXECUTIVE SUMMARY
A. Market Valuation

Market Price & Capitalization (2)

Current Price:142.79
Market Cap:$30.12B

Valuation Multiples (4)

P/E Ratio:
31.59x
📊 Click to view full EXR P/E analysis →
P/B Ratio:2.12x
P/S Ratio:8.74x
Peg Ratio:-999.00x

Enterprise Metrics (3)

Enterprise Value:$30.25B
Ev Ebitda Ratio:14.14x
Pfcf Ratio:21.20x

Price Action & Momentum (3)

12-1 Momentum:
+15.1% (42th pctile)
📈 Click to view full EXR Momentum analysis →
Momentum Percentile:42 / 100
% of 52-Week High:89.9%
B. Profitability Assessment

Return Metrics (7)

ROE:
6.7%
📊 Click to view full EXR ROE analysis →
ROA:3.3%
Roic:
9.4%
📊 Click to view full EXR ROIC analysis →
Reinvestment Rate:-11.4%
Fundamental Growth Rate (g):-1.1%
Market-Implied Growth Rate:8.9%
Brina Gap:
-10.0%
☷ Click to view full EXR Brina Gap analysis →

Margin Analysis (3)

Operating Margin Ttm:40.9%
Net Margin Ttm:27.8%
Ebitda Margin:62.1%

TTM Performance (3)

Gross Margin Ttm:72.8%
Operating Margin Ttm:40.9%
Net Margin Ttm:27.8%

Yield Metrics (3)

Earnings Yield:$3.17
Owner Earnings Yield:$4.95
Dividend Yield:4.6%
C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):
+0.46
📊 Click to view full EXR Earnings Surprise analysis →
EPS Surprise vs Expected:16.6%
Latest Earnings Filed:2026-07-31

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):17.1%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):6.7%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):19.1%
Operating Cash Flow Growth Rate (Linear):13.4%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):10.0%
D. Financial Stability

Liquidity Ratios (3)

Current Ratio:0.04x
Quick Ratio:0.04x
Cash Ratio:0.04x

Leverage Analysis (3)

Debt To Equity Ttm:0.11x
Debt-to-Equity Ratio:0.11x
Debt To Ebitda:0.38x

Coverage Ratios (1)

Times Interest Earned:-999.00

Capital Structure (4)

Working Capital:-14,787,988,000.00
Cash And Cash Equivalents:695,171,000.00
Long Term Debt:$767.58M
Net Debt:$125.00M
DIVISION II: FINANCIAL STATEMENTS ANALYSIS
A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $3.45B
Linear Growth: 17.1%
📊 Click to view full EXR Revenue analysis & methodology →
Cost Of Revenue Ttm:$936.97M

Profitability Breakdown (2)

Gross profit TTM: $2.51B
Linear Growth: 14.9%
📊 Click to view full EXR Gross Profit analysis & methodology →
Operating income TTM: $1.41B
Linear Growth: 10.0%
📊 Click to view full EXR Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: $957.84M
Linear Growth: 6.7%
📊 Click to view full EXR Net Income analysis & methodology →
Income Before Tax:$927.45M
Ebitda Ttm:2,138,688,000.00

Operating Expenses (5)

Operating Expenses:1,925,171,000.00
R And D Expense:0.00
Sga Expense:189,241,000.00
Income Tax Expense:$43.79M
Interest Expense:0.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%
Sga To Revenue Percentage:21.6%
Ebitda Margin:62.1%
B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$29.66B
Current Assets:$695.17M
Ppe Net:61,270,000.00
Goodwill:170,811,000.00
Intangible Assets:$1.68M

Liability Structure (4)

Total Liabilities:15,483,159,000.00
Current Liabilities:15,483,159,000.00
Long Term Debt:$767.58M
Short Term Debt:$52.59M

Equity & Capital (3)

Equity:$14.18B
Retained Earnings:-$1.63B
Common Stock:500,000,000.00

Working Capital Items (3)

Accounts Receivable:114,679,000.00
Inventory:0.00
Accounts Payable:445,144,000.00

Special Items (2)

Contract Liabilities:0.00
Stock Based Compensation:7,606,000.00
C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $1.86B
Linear Growth: 13.4%
Free cash flow TTM: $1.50B
Linear Growth: 19.1%
📊 Click to view full EXR Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:-$47.50M
Capital Expenditures Ttm:363,124,000.00

Financing Activities (3)

Financing Cash Flow:-$442.13M
Dividends Paid Ttm:1,372,848,000.00
Stock Repurchase:1,443,000.00

Capital Transactions (3)

Common Stock Issuance:0.00
Long Term Debt Issuance:$4.17B
Long Term Debt Repayments:$4.25B

Non-Cash Items (1)

Depreciation Amortization Ttm:728,960,000.00
DIVISION III: OPERATIONAL METRICS
A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):4.52
Eps diluted TTM: $4.52
Linear Growth: -5.9%
📊 Click to view full EXR EPS analysis & methodology →
Earnings Per Share Ttm:$4.54

Revenue & Cash Per Share (3)

Sales Per Share Ttm:16.34
Operating Cash Flow Per Share:$8.77
Fcf Per Share Ttm:6.73

Book Value & Capital (2)

Book Value Per Share:$67.20
Cash Per Share:3.30

Dividend Policy (1)

Dividend Payout Ratio:149.08x
B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.12x
Working Capital Turnover Ttm:-999.00x

Receivables Management (2)

Receivables Turnover Ttm:30.05x
Days Sales Outstanding Ttm:12.15

Inventory Management (2)

Inventory Turnover Ttm:-999.00x
Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:173.41
Cash Conversion Cycle:-1,160.26
C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:60.00
Quality Score:90.00

Market Metrics (2)

Beta:0.00x
Volatility Category:unknown
DIVISION IV: INVESTMENT ANALYSIS
A. Value Investment Framework

Owner Earnings Analysis (3)

Owner earnings TTM: $1.49B
Linear Growth: 8.8%
📊 Click to view full EXR Owner Earnings analysis & methodology →
Owner Earnings Per Share:$7.07
Owner Earnings Yield:$4.95

Growth Assessment (1)

Owner Earnings Growth Rate:$8.80

Damodaran Growth Analysis (4)

Reinvestment Rate:-11.4%
Fundamental Growth Rate (g):-1.1%
Market-Implied Growth Rate:8.9%
Brina Gap:
-10.0%
☷ Click to view full EXR Brina Gap analysis →

Intrinsic Value Models (1)

Intrinsic Value:
$27.58B
📊 Click to view full EXR DCF valuation →

Margin of Safety (1)

Margin Of Safety:
-9.2%
📊 Click to view full EXR valuation analysis →

Return Scenarios (2)

Theoretical 5-Year Return:
6.9%
📊 Click to view full EXR expected return analysis →
Forward Expected Return (Yield + Growth):
3.9%
📊 Click to view full EXR expected return analysis →

Investment Assessment (1)

Buffett Assessment:Overvalued
B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):17.1%
Net Income Growth Rate (Linear):6.7%
Operating Income Growth Rate (Linear):10.0%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):19.1%
Operating Cash Flow Growth Rate (Linear):13.4%

Other Growth Rates (3)

Gross Profit Growth Rate (Linear):14.9%
Book Value Growth Rate (Linear):41.9%
Owner Earnings Growth Rate:$8.80
C. Company Profile & Context

Corporate Information (6)

Symbol:EXR
Company Name:EXTRA SPACE STORAGE INC.
Sector:Financial Services
Industry:Real Estate
Exchange:NYSE
Country:United States

Market Classification (3)

Market Cap Category:N/A
Price Category:high
Volume Category:N/A

Share Structure (3)

Shares Outstanding:210.96M
Shares Outstanding Basic:210.96M
Shares Outstanding Diluted:220.36M

Data Processing Info (3)

Processing Version:v3.0
Last Updated:2026-08-28 19:05:04 UTC
Data Timestamp:2026-08-28T19:05:04.219301
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