CoStar Group vs Extra Space Storage
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The short version
- Extra Space Storage is the larger business, with $3.4B of revenue in fiscal 2025 against $3.2B for CoStar Group.
- CoStar Group grew revenue faster (18.7%, against 3.7%).
- Extra Space Storage kept more of each dollar of sales as operating profit (41.8% operating margin, against −2.2%).
- Extra Space Storage turned more of its sales into free cash flow (50.5% FCF margin, against 3.8%).
- Investors pay more for each dollar of CoStar Group’s earnings: a P/E of 188.4x against 31.7x for Extra Space Storage.
| Latest fiscal year | CSGP · FY25 | EXR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $13.7B | $31.6B |
| Revenue | $3.2B | $3.4B |
| Free cash flow | $123M | $1.7B |
| Net income | $7.0M | $974M |
| Growth | ||
| Revenue growth | 18.7% | 3.7% |
| 5-year growth | 14.4% | 20.0% |
| Share count change | 3.2% | 0.1% |
| Profitability | ||
| Gross margin | 78.9% | 72.8% |
| Operating margin | −2.2% | 41.8% |
| Net margin | 0.2% | 28.8% |
| FCF margin | 3.8% | 50.5% |
| Return on capital | −0.6% | — |
| Return on equity | 0.1% | 7.1% |
| Balance sheet | ||
| Net debt | −$629M | — |
| Net debt / EBITDA | −3.3x | — |
| Dividends and buybacks | $500M | $1.5B |
| Valuation & quality | ||
| P/E | 188.4x | 31.7x |
| Piotroski F-score | 5 | — |
Revenue
FY16
CSGP $838M
EXR $992M
FY17
CSGP $965M
EXR $1.1B
FY18
CSGP $1.2B
EXR $1.2B
FY19
CSGP $1.4B
EXR $1.3B
FY20
CSGP $1.7B
EXR $1.4B
FY21
CSGP $1.9B
EXR $1.6B
FY22
CSGP $2.2B
EXR $1.9B
FY23
CSGP $2.5B
EXR $2.6B
FY24
CSGP $2.7B
EXR $3.3B
FY25
CSGP $3.2B
EXR $3.4B
CSGP
EXR
Operating margin
FY16
CSGP 17.3%
EXR 46.2%
FY17
CSGP 18.0%
EXR 59.2%
FY18
CSGP 23.0%
EXR 51.8%
FY19
CSGP 26.0%
EXR 48.5%
FY20
CSGP 17.4%
EXR 49.1%
FY21
CSGP 22.2%
EXR 61.9%
FY22
CSGP 20.7%
EXR 54.6%
FY23
CSGP 11.5%
EXR 45.7%
FY24
CSGP 0.2%
EXR 40.6%
FY25
CSGP −2.2%
EXR 41.8%
CSGP
EXR
Free cash flow
FY16
CSGP $182M
EXR $516M
FY17
CSGP $210M
EXR $566M
FY18
CSGP $306M
EXR $617M
FY19
CSGP $412M
EXR $654M
FY20
CSGP $438M
EXR $704M
FY21
CSGP $346M
EXR $896M
FY22
CSGP $444M
EXR $1.2B
FY23
CSGP $372M
EXR $1.3B
FY24
CSGP −$186M
EXR $1.8B
FY25
CSGP $123M
EXR $1.7B
CSGP
EXR
Return on capital
FY16
CSGP 6.2%
EXR —
FY17
CSGP 9.0%
EXR —
FY18
CSGP 13.7%
EXR —
FY19
CSGP 13.8%
EXR —
FY20
CSGP 9.7%
EXR —
FY21
CSGP 11.3%
EXR —
FY22
CSGP 11.9%
EXR —
FY23
CSGP 7.0%
EXR —
FY24
CSGP 0.1%
EXR —
FY25
CSGP −0.6%
EXR —
CSGP
EXR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.