Extra Space Storage Inc.
$144.61
+1.6%Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of September 30, 2020, the Company owned and/or operated 1,906 self-storage stores in 40 states, Washington, D.C. and Puerto Rico. The Company's stores comprise approximately 1.4 million units and approximately 147.5 million square feet of rentable space. The Company offers customers a wide selection of conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. The Company is the second largest owner and/or operator of self-storage stores in the United States and is the largest self-storage management company in the United States.
At a Glance
Live SnapshotIntrinsic Alpha Methodology
Thesis Lenses
Signal
High confidenceValuation multiple is elevated (P/E 31.5).
Valuation inputs: P/E 31.5, earnings yield +3.2%, momentum +1.6%.
If multiples stay elevated while momentum fades, downside repricing risk rises.
Driver
High confidenceReturn profile is soft (ROE +7.2%, ROIC +4.9%).
Profitability stack: net margin +28.8%, ROE +7.2%, ROIC +4.9%.
Quality deterioration often appears in margins before it shows up in headline EPS.
Risk
High confidenceDownside profile looks controlled across current risk inputs.
Risk factors: liabilities/assets +51.1%, momentum +1.6%, net margin +28.8%.
Higher leverage with weak momentum and thin margins can amplify drawdown severity.
Extra Space Storage Inc. Market vs Earnings Trajectory
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Extra Space Storage Inc. Fair Value Envelope
Extra Space Storage Inc. Profit Bridge
Profitability Analysis
Gross Margin
Moderate margins typical of competitive industries. Monitor for pricing pressure or rising costs.
Operating Margin
Outstanding operational efficiency. The company generates substantial profit from core operations.
Net Profit Margin
Exceptional profitability. The company converts a significant portion of revenue to bottom-line earnings.
Effective Tax Rate
Below-average tax rate suggests effective tax planning, favorable jurisdictions, or tax credits.
Profitability Insight
Efficient profit conversion: Minimal margin compression from gross to net indicates lean operations and favorable tax/interest environment.
Extra Space Storage Inc. Cash Conversion Engine
Cash Flow Quality Analysis
FCF Conversion Rate
Excellent cash generation. The company converts earnings to cash at or above 100%, indicating high-quality earnings.
CapEx Intensity
Asset-light business model. Low capital requirements leave more cash available for shareholders and growth investments.
FCF Growth Trend
Flat FCF growth. Stable but not expanding—monitor for signs of business maturity or temporary headwinds.
Working Capital Impact
Minimal working capital impact on FCF. Changes in operating assets and liabilities well-managed.
Cash Flow Quality Insight
Asset-light with strong cash conversion: Low capital requirements combined with efficient cash generation creates significant shareholder value through dividends, buybacks, or strategic investments.
Extra Space Storage Inc. Funding & Solvency Profile
Financial Health Analysis
Current Ratio
Warning: Liquidity concerns. Current assets may not be sufficient to cover short-term obligations.
Debt-to-Equity Ratio
Elevated leverage. Debt exceeds equity, which amplifies both gains and risks. Monitor debt servicing ability.
Working Capital
Negative working capital indicates short-term liabilities exceed short-term assets—potential liquidity stress.
Asset Composition
Capital-intensive business with significant long-term investments in property, equipment, or intangibles.
Financial Health Insight
Negative working capital with limited cash reserves requires immediate attention—potential liquidity crisis if not addressed promptly.
Extra Space Storage Inc. Street Expectations Map
Wall Street analysts project that EXR stock may experience modest gains over the coming 12 months. The consensus 1-year price target stands at 151.88, with estimates ranging from a low of 140.00 to a high of 164.00.
The consensus 1-year price target stands at 151.88, with estimates ranging from a low of 140.00 to a high of 164.00.
Analyst Consensus Analysis
Upside Potential
Moderate upside. Analysts expect positive returns but with limited margin of safety. Consider entry timing.
Analyst Agreement
High analyst agreement. Narrow target range indicates strong consensus on valuation, suggesting clear investment thesis and predictable outlook.
Risk-Reward Profile
Favorable risk-reward. Potential upside significantly exceeds downside risk, offering asymmetric return profile attractive for risk-tolerant investors.
Analyst Conviction
Positive outlook with reasonable agreement. Analysts generally optimistic about prospects with manageable uncertainty.
Market Sentiment Insight
Monitor and evaluate: Current analyst consensus suggests limited conviction or near-term catalysts. Stay informed on company developments and reassess positioning as new information emerges.
Extra Space Storage Inc. Insider Positioning
During the last 12 months, insiders have sold $3.25M worth of EXR shares, with no buying activity reported.
3 Months
0
0.00
7.5K
1.07M
-1.1M
-$1.07M
3-6 Months
0
0.00
0
0.00
+0
+$0
6-9 Months
0
0.00
7.5K
1.06M
-1.1M
-$1.06M
9-12 Months
0
0.00
7.5K
1.13M
-1.1M
-$1.13M
Top Buyers
No buying activity
Top Sellers
Margolis Joseph D
Director, Officer: Chief Executive Officer
$3.25M
Insider Activity Analysis
Net Insider Sentiment
Strong bearish signal with $3.25M net selling. Heavy insider selling may indicate concerns about valuation or near-term prospects.
Buy/Sell Ratio
Very poor ratio. Heavy selling with minimal buying suggests insiders may be concerned about valuation or outlook.
Recent Trend (3 Months)
Heavy recent selling activity. Recent insider sales notably exceed purchases—may warrant investigation into company developments.
Insider Participation
1 insider sellers vs. 0 buyers. Widespread selling across multiple insiders may signal concerns.
Insider Activity Insight
Persistent selling pressure: Consistent insider selling with weak buy/sell ratio suggests insiders may be capitalizing on current valuation. Exercise caution and review recent earnings quality and management commentary.
exr Dividend History
Learning Layer
Related Guides
Build conviction on EXR by pairing this stock hub with focused valuation guides.
Research Paths
Snapshot
Start with context, operating signals, and key market metrics.
Value Model
Stress test fair value across bear, base, and bull assumptions.
Statements
Validate revenue quality, margins, and balance sheet durability.
Earnings Call
Read management commentary and compare it with reported outcomes.
Dividends
Check payout sustainability and long-term distribution behavior.
Analyst Expectations
Review consensus spread and where estimate risk is concentrated.