Extra Space Storage key statistics and ratios
In fiscal 2025, Extra Space Storage had return on equity of 7.1%, an operating margin of 41.8% and debt equal to 11.1% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.
Financial ratios
| Fiscal year | 2016Dec 2016 | 2017Dec 2017 | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMSept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 74.8% | 75.4% | 75.6% | 74.3% | 73.4% | 76.6% | 77.4% | 76.1% | 74.5% | 72.8% | 73.0% |
| Operating margin | 46.2% | 59.2% | 51.8% | 48.5% | 49.1% | 61.9% | 54.6% | 45.7% | 40.6% | 41.8% | 43.8% |
| Net margin | 36.9% | 43.3% | 34.7% | 32.1% | 35.5% | 52.5% | 44.7% | 31.4% | 26.2% | 28.8% | 29.9% |
| Free-cash-flow margin | — | — | — | — | — | — | 2.3% | 49.5% | 43.2% | 38.1% | 44.7% |
| Return on equity | 16.3% | 20.8% | 17.4% | 17.0% | 18.9% | 29.2% | 27.0% | 9.1% | 6.0% | 7.1% | 7.9% |
| Return on assets | 5.2% | 6.6% | 5.4% | 5.1% | 5.4% | 8.3% | 7.6% | 4.1% | 3.0% | 3.4% | 3.6% |
| Asset turnover | 0.14 | 0.15 | 0.16 | 0.16 | 0.15 | 0.16 | 0.17 | 0.13 | 0.12 | 0.12 | 0.12 |
| Debt to equity | 144.4% | 160.1% | 119.0% | — | 46.9% | 55.9% | 71.8% | 18.4% | 19.3% | 11.1% | 11.6% |
| Interest cover (operating income ÷ interest) | 3.4x | 4.3x | 3.5x | 28.0x | 38.8x | 5.9x | 4.8x | 2.8x | — | — | — |
| Effective tax rate | 4.8% | 0.7% | 2.1% | 2.5% | 2.7% | 2.4% | 2.3% | 2.6% | 3.9% | 4.4% | 4.2% |
| Capital spending as % of revenue | — | — | — | — | — | — | 62.0% | 5.3% | 14.7% | 16.6% | 10.3% |
| Free cash flow ÷ net income | — | — | — | — | — | — | 5.2% | 157.7% | 164.8% | 132.3% | 149.5% |
| Dividends ÷ net income | 100.5% | 82.1% | 102.3% | 109.1% | 97.1% | 72.6% | 93.6% | 130.3% | 160.9% | 141.1% | 131.6% |
| Dividends and buybacks ÷ free cash flow | — | — | — | — | — | — | >999% | 82.6% | 97.6% | 118.3% | 118.2% |
| Quarter | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 | 2026 Q3Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 73.1% | 72.7% | 73.0% | 72.6% | 73.0% | 72.2% | 73.5% | 73.2% |
| Operating margin | 46.2% | 47.4% | 44.4% | 32.5% | 43.3% | 42.9% | 44.9% | 44.0% |
| Net margin | 31.9% | 33.0% | 29.7% | 19.3% | 33.5% | 28.2% | 30.1% | 27.8% |
| Free-cash-flow margin | 18.3% | 44.4% | 45.4% | 53.3% | 9.9% | 55.8% | 60.9% | 51.6% |
Moat
Moderate moat
How hard Extra Space Storage's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
- Returns on capital 6 / 20
Net income has been a median 4.9% of total assets over 10 years.
- Pricing power 20 / 20
Gross margin has been a median 75.1%, moving by 1.6 percentage points (standard deviation) across 9 years.
- Durability 20 / 20
Operating margin has been a median 48.8%; its worst year was 39.5%.
- Discipline 10 / 20
The diluted share count rose 59.0% over five years; stock-based pay has been a median 1.1% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
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