Extra Space Storage vs Public Storage
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The short version
- Public Storage is the larger business, with $4.8B of revenue in fiscal 2025 against $3.4B for Extra Space Storage.
- Extra Space Storage grew revenue faster (3.7%, against 2.7%).
- Investors pay more for each dollar of Extra Space Storage’s earnings: a P/E of 31.7x against 29.6x for Public Storage.
| Latest fiscal year | EXR · FY25 | PSA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $31.6B | $54.7B |
| Revenue | $3.4B | $4.8B |
| Free cash flow | $1.7B | — |
| Net income | $974M | $1.8B |
| Growth | ||
| Revenue growth | 3.7% | 2.7% |
| 5-year growth | 20.0% | 10.6% |
| Share count change | 0.1% | −0.1% |
| Profitability | ||
| Gross margin | 72.8% | — |
| Operating margin | 41.8% | — |
| Net margin | 28.8% | 37.0% |
| FCF margin | 50.5% | — |
| Return on capital | — | 11.0% |
| Return on equity | 7.1% | 18.8% |
| Balance sheet | ||
| Net debt | — | $9.9B |
| Net debt / EBITDA | — | 3.1x |
| Dividends and buybacks | $1.5B | $0.0M |
| Valuation & quality | ||
| P/E | 31.7x | 29.6x |
| Piotroski F-score | — | — |
Revenue
FY16
EXR $992M
PSA $2.6B
FY17
EXR $1.1B
PSA $2.7B
FY18
EXR $1.2B
PSA $2.8B
FY19
EXR $1.3B
PSA $2.9B
FY20
EXR $1.4B
PSA $2.9B
FY21
EXR $1.6B
PSA $3.4B
FY22
EXR $1.9B
PSA $4.2B
FY23
EXR $2.6B
PSA $4.5B
FY24
EXR $3.3B
PSA $4.7B
FY25
EXR $3.4B
PSA $4.8B
EXR
PSA
Operating margin
FY16
EXR 46.2%
PSA 53.7%
FY17
EXR 59.2%
PSA 53.3%
FY18
EXR 51.8%
PSA —
FY19
EXR 48.5%
PSA —
FY20
EXR 49.1%
PSA —
FY21
EXR 61.9%
PSA —
FY22
EXR 54.6%
PSA —
FY23
EXR 45.7%
PSA —
FY24
EXR 40.6%
PSA —
FY25
EXR 41.8%
PSA —
EXR
PSA
Free cash flow
FY16
EXR $516M
PSA —
FY17
EXR $566M
PSA —
FY18
EXR $617M
PSA —
FY19
EXR $654M
PSA —
FY20
EXR $704M
PSA —
FY21
EXR $896M
PSA —
FY22
EXR $1.2B
PSA —
FY23
EXR $1.3B
PSA —
FY24
EXR $1.8B
PSA —
FY25
EXR $1.7B
PSA —
EXR
PSA
Return on capital
FY16
EXR —
PSA —
FY17
EXR —
PSA 14.5%
FY18
EXR —
PSA —
FY19
EXR —
PSA —
FY20
EXR —
PSA —
FY21
EXR —
PSA 15.2%
FY22
EXR —
PSA 27.8%
FY23
EXR —
PSA 13.5%
FY24
EXR —
PSA 12.6%
FY25
EXR —
PSA 11.0%
EXR
PSA
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.