Extra Space Storage Inc. (EXR) intrinsic value & 10-year financials
Extra Space Storage Inc. (EXR) has a Graham intrinsic value of $74.76 per share. At $139.61 on Oct 17, 2026, the stock trades 87% above that value. Over the last 10 fiscal years revenue grew 14.0% a year to $129.5M, with an average return on invested capital of 17.6%.
- Graham intrinsic value
- $74.76
- Share price (Oct 17, 2026)
- $139.61
- Price vs Graham value
- 87% above
- Market cap
- $29.6B
- Revenue (FY2025)
- $129.5M
- Revenue growth (10-yr CAGR)
- 14.0%
- ROIC (10-yr avg)
- 17.6%
- Free cash flow (FY2025)
- $1.3B
EXR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $129.5M | $974.0M | $4.59 | $1.3B | 1091.1% | 9.5% |
| FY2024 | $120.9M | $854.7M | $4.03 | $1.4B | 1095.0% | 8.9% |
| FY2023 | $102.0M | $803.2M | $4.74 | $1.3B | 1147.4% | 12.9% |
| FY2022 | $83.9M | $860.7M | $6.41 | $44.9M | 1251.9% | 32.2% |
| FY2021 | $66.3M | $827.6M | $6.19 | — | 1472.8% | 33.6% |
| FY2020 | $52.1M | $481.8M | $3.71 | — | 1277.9% | 25.5% |
| FY2019 | $49.9M | $420.0M | $3.24 | — | 1272.7% | 11.8% |
| FY2018 | $41.8M | $415.3M | $3.27 | — | 1484.1% | 11.7% |
| FY2017 | $39.4M | $479.0M | $3.76 | — | 1375.4% | 10.5% |
| FY2016 | $39.8M | $366.1M | $2.91 | — | 1129.1% | 19.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Extra Space Storage is a consistent compounder, expanding top-line revenue at 14.0% annually over the past decade.
Extra Space Storage has earned high returns on invested capital, averaging 17.6% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Extra Space Storage has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Extra Space Storage is modeled at 5.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $74.76 per share.