BXP vs Extra Space Storage
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The short version
- BXP is the larger business, with $3.5B of revenue in fiscal 2025 against $3.4B for Extra Space Storage.
- Extra Space Storage grew revenue faster (3.7%, against 2.2%).
- Investors pay more for each dollar of BXPβs earnings: a P/E of 33.4x against 31.7x for Extra Space Storage.
| Latest fiscal year | BXP Β· FY25 | EXR Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.9B | $31.6B |
| Revenue | $3.5B | $3.4B |
| Free cash flow | β | $1.7B |
| Net income | $277M | $974M |
| Growth | ||
| Revenue growth | 2.2% | 3.7% |
| 5-year growth | 4.7% | 20.0% |
| Share count change | 0.7% | 0.1% |
| Profitability | ||
| Gross margin | 59.1% | 72.8% |
| Operating margin | β | 41.8% |
| Net margin | 8.0% | 28.8% |
| FCF margin | β | 50.5% |
| Return on capital | β | β |
| Return on equity | 5.2% | 7.1% |
| Balance sheet | ||
| Net debt | β | β |
| Net debt / EBITDA | β | β |
| Dividends and buybacks | $643M | $1.5B |
| Valuation & quality | ||
| P/E | 33.4x | 31.7x |
| Piotroski F-score | β | β |
Revenue
FY16
BXP $2.6B
EXR $992M
FY17
BXP $2.6B
EXR $1.1B
FY18
BXP $2.7B
EXR $1.2B
FY19
BXP $3.0B
EXR $1.3B
FY20
BXP $2.8B
EXR $1.4B
FY21
BXP $2.9B
EXR $1.6B
FY22
BXP $3.1B
EXR $1.9B
FY23
BXP $3.3B
EXR $2.6B
FY24
BXP $3.4B
EXR $3.3B
FY25
BXP $3.5B
EXR $3.4B
BXP
EXR
Operating margin
FY16
BXP 32.4%
EXR 46.2%
FY17
BXP 34.9%
EXR 59.2%
FY18
BXP β
EXR 51.8%
FY19
BXP β
EXR 48.5%
FY20
BXP β
EXR 49.1%
FY21
BXP β
EXR 61.9%
FY22
BXP β
EXR 54.6%
FY23
BXP β
EXR 45.7%
FY24
BXP β
EXR 40.6%
FY25
BXP β
EXR 41.8%
BXP
EXR
Free cash flow
FY16
BXP β
EXR $516M
FY17
BXP β
EXR $566M
FY18
BXP β
EXR $617M
FY19
BXP β
EXR $654M
FY20
BXP β
EXR $704M
FY21
BXP β
EXR $896M
FY22
BXP β
EXR $1.2B
FY23
BXP β
EXR $1.3B
FY24
BXP β
EXR $1.8B
FY25
BXP β
EXR $1.7B
BXP
EXR
Return on capital
FY16
BXP β
EXR β
FY17
BXP β
EXR β
FY18
BXP β
EXR β
FY19
BXP β
EXR β
FY20
BXP β
EXR β
FY21
BXP β
EXR β
FY22
BXP β
EXR β
FY23
BXP β
EXR β
FY24
BXP β
EXR β
FY25
BXP β
EXR β
BXP
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.