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Arphra AIPlain-English read on Extra Space Storage Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $1.61B | $1.97B | $2.62B | $3.34B | $3.38B | $3.47B | $3.57B | $3.7B | $3.89B |
| Cost of revenue | $379.3M | $423.35M | $594M | $790.79M | $2.42B | $1.34B | $1.39B | $1.44B | $1.52B |
| Gross profit | $1.23B | $1.54B | $2.02B | $2.55B | $960.17M | $2.06B | $2.2B | $2.19B | $2.36B |
| Gross margin | +76.44% | +78.46% | +77.29% | +76.31% | +28.43% | +59.47% | +61.58% | +59.26% | +60.79% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $120.99M | $174.89M | $223.32M | $282.06M | $186.34M | $259.73M | $265.53M | $269.83M | $295.82M |
| Total operating expenses | $254.46M | $491.85M | $850.94M | $1.22B | -$528.83M | $612.66M | $639.3M | $648.3M | $692.79M |
| Operating income | $975.95M | $1.05B | $1.17B | $1.32B | $1.49B | $1.48B | $1.48B | $1.56B | $1.64B |
| Operating margin | +60.63% | +53.44% | +44.75% | +39.65% | +44.09% | +42.77% | +41.54% | +42.21% | +42.23% |
| EBITDA | $1.11B | $1.37B | $1.79B | $2.26B | $2.41B | $2.44B | $2.47B | $2.53B | $2.67B |
| EBIT | $867.55M | $1.08B | $1.29B | $1.48B | $1.7B | $1.65B | $1.7B | $1.82B | $1.88B |
| Below the line | |||||||||
| Interest expense | $166.18M | $219.17M | $437.82M | $595.07M | $635.13M | $629.62M | $626.99M | $674.58M | $675.91M |
| Interest income | $49.7M | $69.42M | $84.86M | $124.42M | $163.2M | $135.35M | $139.02M | $141.83M | $150.43M |
| Other income / expense | -$77.87M | -$108.32M | -$298.13M | -$389.65M | -$424.9M | — | — | — | — |
| Pre-tax income | $898.08M | $942.08M | $872.01M | $933.71M | $1.06B | $1.05B | $1.1B | $1.13B | $1.17B |
| Income tax expense | $20.32M | $20.93M | $21.56M | $33.48M | $41.56M | $35.17M | $37.18M | $38.3M | $38.78M |
| Earnings | |||||||||
| Net income | $827.65M | $860.69M | $803.2M | $854.68M | $974M | $969.65M | $1.04B | $1.07B | $1.1B |
| Net income · continuing ops | $877.76M | $921.16M | $850.45M | $900.23M | $1.02B | $1.01B | $1.05B | $1.09B | $1.18B |
| Net margin | +51.42% | +43.79% | +30.71% | +25.61% | +28.84% | +27.98% | +29.22% | +28.83% | +28.28% |
| EPS · basic | $6.20 | $6.41 | $4.74 | $4.03 | $4.59 | $4.60 | $4.91 | $5.22 | $5.60 |
| EPS · diluted | $6.19 | $6.41 | $4.74 | $4.03 | $4.59 | $4.66 | $4.89 | $5.18 | $5.56 |
| EPS · low estimate | — | — | — | — | — | $4.64 | $4.84 | $4.86 | $5.45 |
| EPS · high estimate | — | — | — | — | — | $4.68 | $4.93 | $5.58 | $5.73 |
| Shares · basic | 133.37M | 134.05M | 169.22M | 211.58M | 211.85M | 212.73M | 210.92M | 213.93M | 211.88M |
| Shares · diluted | 140.02M | 141.68M | 169.22M | 211.58M | 211.85M | 209.91M | 213.27M | 211.57M | 210.46M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 5 | 5 | 2 | 1 |
| Analysts (EPS) | — | — | — | — | — | 7 | 7 | 6 | 4 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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