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Extra Space Storage

EXR
46
REIT - Industrial · Real Estate
Also trades as: 0IJV.L GBP 1.39 (+0.74%)
Price
$139.61
+1.92 (+1.39%)
Market Cap
$29.50B
Exchange
New York Stock Exchange
Winston Score
46
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
14/30
Growth
Mixed
6/20
Cash Flow
Exceptional
10/10
Stability
Mixed
4/10
Valuation
Good
5/10
Ownership
Mixed
4/15
Dividends
Good
3/5

46 of 100 counted points = Winston Score 46.

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Share count rising — dilution

+51.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 140.0M (2021) → 211.9M (2025)

§Winston Score History

The full picture

Extra Space Storage owns and operates self-storage facilities across the United States. These are the large buildings with rows of locked units where people and small businesses rent space to store furniture, boxes, vehicles, and other belongings. It is one of the largest self-storage companies in the country, managing over 3,500 locations after acquiring Life Storage in 2023.

The company makes money by collecting monthly rent from storage unit customers, similar to a landlord. It operates almost entirely in the U.S. and also earns fees by managing storage properties owned by other investors, which adds a lower-risk income stream. Self-storage has historically held up well during economic downturns because people need storage both when they are moving up and when they are downsizing, but the industry is facing near-term pressure from oversupply in some markets, which is pushing rents lower and could weigh on revenue growth.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+3.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+5.9% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

1.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$695M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Extra Space Storage is growing revenue at 4% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
-68.6%
Thin — -68.6% gross margin
Profit after running costs
Operating Margin
44.9%
Excellent — 44.9% operating margin
Return on the money invested
ROCE
11.2%
Below par — 11.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+1.5%
Nearly flat sales (+1.5% YoY)
Profit growth
EPS YoY
-2.6%
Earnings shrinking (-2.6% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
194%
Turns 194% of profit into real cash
Spare cash per sale
FCF Margin
50.7%
Converts sales into free cash efficiently (50.7%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.99
Moderate — manageable debt (0.99)
Covers its interest
Interest Cover
1.68x
Dangerous — barely covers interest (1.7x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
30.8x
Pricey — P/E 30.8

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year
P/E vs Forward
+4.9
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (30.8 → 25.9)

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Dividends

Dividend
Dividend Yield
4.86%
Healthy income — 4.86% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+0.0%
Dividend flat
Payout Ratio
143%
no trend
Paying out more than the last 12 months of profit. The dividend is being funded from cash or borrowing, not this year’s earnings.

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