Extra Space Storage vs Public Storage
Public Storage is the larger business, with $4.82bn of revenue in fiscal 2025 against $3.38bn for Extra Space Storage (1.4 times as much). Extra Space Storage grew faster (3.7% against 2.7%). Public Storage kept more of each dollar of sales as profit: a net margin of 37.0% against 28.8%. Extra Space Storage carries less debt relative to equity (11.1% against 111.5%).
| Latest fiscal year | Extra Space StorageEXR, 2025 | Public StoragePSA, 2025 |
|---|---|---|
| Revenue | $3.38bn | $4.82bn |
| Revenue growth | 3.7% | 2.7% |
| Net income | $974m | $1.78bn |
| Operating margin | 41.8% | — |
| Net margin | 28.8% | 37.0% |
| Return on equity | 7.1% | 18.8% |
| Free cash flow | $1.29bn | $3.19bn |
| Cash | $139m | $318m |
| Total debt | $1.49bn | $10.31bn |
| Debt to equity | 11.1% | 111.5% |
| Dividend per share | $6.48 | — |
| Dividend yield | 4.2% | — |
| Share buybacks | $150m | $0 |
| Employees | 8,012 | — |
| Market value | $32.58bn | $61.69bn |
| Price vs our value range | — | — |
| Moat score | 70 (Moderate) | 95 (Strong) |
| Insider trades, 12 months | 0 buys, 2 sales | 0 buys, 2 sales |