Explain this page
Arphra AIPlain-English read on Extra Space Storage Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +76.44% | +78.46% | +77.29% | +76.31% | +28.43% | +59.47% | +61.58% | +59.26% | +60.79% |
| Operating margin | +60.63% | +53.44% | +44.75% | +39.65% | +44.09% | +42.77% | +41.54% | +42.21% | +42.23% |
| EBITDA margin | +68.92% | +69.56% | +68.54% | +67.70% | +71.48% | +70.45% | +68.99% | +68.26% | +68.74% |
| EBIT margin | +53.89% | +54.90% | +49.39% | +44.40% | +50.31% | +47.55% | +47.64% | +49.09% | +48.42% |
| Pre-tax margin | +55.79% | +47.93% | +33.35% | +27.97% | +31.51% | +30.17% | +30.79% | +30.59% | +30.05% |
| Net margin | +51.42% | +43.79% | +30.71% | +25.61% | +28.84% | +27.98% | +29.22% | +28.83% | +28.28% |
| Cost structure | |||||||||
| Cost of revenue / sales | +23.56% | +21.54% | +22.71% | +23.69% | +71.57% | +38.69% | +38.77% | +38.89% | +38.97% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +7.52% | +8.90% | +8.54% | +8.45% | +5.52% | +7.50% | +7.43% | +7.29% | +7.61% |
| Effective tax rate | +2.26% | +2.22% | +2.47% | +3.59% | +3.91% | +3.36% | +3.38% | +3.38% | +3.32% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +21.86% | +21.10% | +5.21% | +5.75% | +6.80% | +5.89% | +6.10% | +6.01% | +5.70% |
| Return on assets (ROA) | +7.90% | +7.07% | +2.93% | +2.96% | +3.33% | +3.02% | +3.17% | +3.04% | +2.99% |
| Return on capital (ROC) | +9.78% | +9.03% | +4.39% | +4.75% | +5.08% | +4.78% | +4.59% | +4.73% | +4.66% |
| Return on invested capital (ROIC) | +8.30% | +7.40% | +3.01% | +3.06% | +3.32% | +3.13% | +3.23% | +3.23% | +3.12% |
| Asset turnover | +15.37% | +16.15% | +9.52% | +11.57% | +11.54% | +10.78% | +10.85% | +10.54% | +10.58% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +51.42% | +43.79% | +30.71% | +25.61% | +28.84% | +27.98% | +29.22% | +28.83% | +28.28% |
| Asset turnover (× revenue / assets) | +15.37% | +16.15% | +9.52% | +11.57% | +11.54% | +10.78% | +10.85% | +10.54% | +10.58% |
| Equity multiplier (× assets / equity) | +276.67% | +298.35% | +178.13% | +194.14% | +204.30% | +195.36% | +192.42% | +197.99% | +190.44% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.15 | 0.16 | 0.10 | 0.12 | 0.12 | 0.11 | 0.11 | 0.11 | 0.11 |
| Fixed-asset turnover | 6.26 | 7.43 | 9.48 | 4.51 | 4.24 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 3.21 | 3.05 | 3.54 | 2.42 | 2.05 | — | — | — | — |
| Payables turnover | 2.67 | 2.47 | 1.78 | 2.28 | — | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 113.88 | 119.58 | 103.21 | 150.98 | 178.16 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 136.92 | 148.02 | 205.55 | 159.94 | — | — | — | — | — |
| Cash conversion cycle | -23.04 | -28.43 | -102.34 | -8.96 | 178.16 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.15 | 1.44 | 1.75 | 2.21 | 1.90 | 1.94 | 1.93 | 1.91 | 1.96 |
| FCF / Net income | 1.15 | 1.41 | 1.73 | 2.18 | 1.88 | 1.91 | 1.91 | 1.86 | 1.97 |
| FCF margin | +58.94% | +61.83% | +53.02% | +55.93% | +54.15% | +53.40% | +55.85% | +53.60% | +55.82% |
| OCF margin | +59.17% | +62.99% | +53.63% | +56.55% | +54.78% | +54.30% | +56.51% | +55.19% | +55.39% |
| CapEx / Revenue | +0.23% | +1.16% | +0.61% | +0.61% | +0.63% | +0.62% | +0.62% | +0.63% | +0.62% |
| CapEx / D&A | 0.02 | 0.08 | 0.03 | 0.03 | 0.03 | — | — | — | — |
| Stock-based comp / Revenue | +1.07% | +1.09% | +1.02% | +0.69% | +1.05% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 6.19 | 6.41 | 4.74 | 4.03 | 4.59 | 4.66 | 4.89 | 5.18 | 5.56 |
| EPS · basic | 6.20 | 6.41 | 4.74 | 4.03 | 4.59 | 4.60 | 4.91 | 5.22 | 5.60 |
| Book value / share | 27.04 | 28.78 | 91.09 | 70.23 | 67.61 | 78.40 | 80.29 | 83.85 | 91.69 |
| Tangible BV / share | 26.92 | 27.43 | 89.21 | 69.32 | 66.75 | 78.40 | 80.29 | 83.85 | 91.69 |
| Sales / share | 11.50 | 13.87 | 15.45 | 15.78 | 15.94 | 16.51 | 16.76 | 17.49 | 18.48 |
| Operating CF / share | 6.80 | 8.74 | 8.29 | 8.92 | 8.73 | 8.96 | 9.47 | 9.65 | 10.24 |
| Free cash flow / share | 6.78 | 8.58 | 8.19 | 8.82 | 8.63 | 8.82 | 9.36 | 9.38 | 10.32 |
| Dividends / share | 4.29 | 5.68 | 6.18 | 6.50 | 6.49 | 6.71 | 6.88 | 6.96 | 7.58 |
| Payout ratio | +72.61% | +93.57% | +130.27% | +160.88% | +141.10% | +145.35% | +140.42% | +138.03% | +145.09% |
| Retention ratio | +27.39% | +6.43% | -30.27% | -60.88% | -41.10% | -45.35% | -40.42% | -38.03% | -45.09% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +22.11% | +33.04% | +27.64% | +1.19% | +2.60% | +3.13% | +3.56% | +5.10% | +11.66% |
| Gross profit · YoY | — | +25.34% | +31.05% | +26.03% | -62.30% | +114.62% | +6.78% | -0.34% | +7.82% | +8.51% |
| Profit | ||||||||||
| Operating income · YoY | — | +7.63% | +11.40% | +13.09% | +12.52% | -0.47% | +0.18% | +5.21% | +5.16% | +6.72% |
| EBITDA · YoY | — | +23.25% | +31.08% | +26.07% | +6.84% | +1.11% | +0.99% | +2.47% | +5.84% | +11.62% |
| Net income · YoY | — | +3.99% | -6.68% | +6.41% | +13.96% | -0.45% | +7.70% | +2.17% | +3.11% | +3.62% |
| Operating | ||||||||||
| EBIT · YoY | — | +24.38% | +19.71% | +14.73% | +14.66% | -3.03% | +3.32% | +6.70% | +3.67% | +10.17% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +3.55% | -26.05% | -14.98% | +13.90% | +1.44% | +4.97% | +6.00% | +7.32% | -1.33% |
| EPS · basic · YoY | — | +3.39% | -26.05% | -14.98% | +13.90% | +0.26% | +6.65% | +6.28% | +7.34% | -1.27% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $6.19B | $7.56B | $11.25B | $13.03B | $14.97B | $14.54B | $15.24B | $15.31B | $15.93B |
| Net debt | $6.12B | $7.47B | $11.15B | $12.89B | $14.83B | $14.4B | $15.09B | $15.16B | $15.77B |
| Net debt / EBITDA | 5.52 | 5.46 | 6.22 | 5.70 | 6.14 | 5.90 | 6.12 | 6.00 | 5.90 |
| Debt / equity | 1.64 | 1.85 | 0.73 | 0.88 | 1.05 | 0.88 | 0.89 | 0.86 | 0.83 |
| Debt / assets | +59.11% | +62.14% | +40.99% | +45.16% | +51.16% | +45.23% | +46.25% | +43.60% | +43.36% |
| Equity / assets | +36.14% | +33.52% | +56.14% | +51.51% | +48.95% | +51.19% | +51.97% | +50.51% | +52.51% |
| Coverage | |||||||||
| EBITDA / interest expense | 6.68 | 6.24 | 4.09 | 3.80 | 3.80 | 3.88 | 3.93 | 3.75 | 3.96 |
| Operating income / interest | 5.87 | 4.79 | 2.67 | 2.22 | 2.34 | 2.35 | 2.37 | 2.32 | 2.43 |
| Interest expense | $166.18M | $219.17M | $437.82M | $595.07M | $635.13M | $629.62M | $626.99M | $674.58M | $675.91M |
| Liquidity | |||||||||
| Current ratio | 0.83 | 0.67 | 0.85 | 0.93 | 1.28 | — | — | — | — |
| Quick ratio | 0.77 | 0.62 | 0.77 | 0.85 | 1.28 | — | — | — | — |
| Cash ratio | 0.10 | 0.08 | 0.09 | 0.08 | 0.10 | — | — | — | — |
| Working capital | -$123.05M | -$391.99M | -$157.87M | -$122.34M | $394.45M | — | — | — | — |
| Working capital / revenue | -7.64% | -19.94% | -6.04% | -3.67% | +11.68% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).