Stock fact sheet · data as of
Extra Space Storage Inc. (EXR): fair value, margin of safety and Wheel Score
Real Estate · REIT - Industrial · United States · High Yield Income
Is EXR undervalued?
Extra Space Storage Inc. (EXR) closed at 137.69 on 16 Oct 2026, 42% above the GLS average fair value of 96.97. 6 of the 9 models that produced a number value the shares below the current price. A gap this wide usually means the market is paying for growth or a story the trailing numbers do not show yet; the models work from filed results, not forecasts, so they are conservative by design.
There is a wide gap between Lynch (18.63) and Payback Time (186.73). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
The nightly engine files EXR under High Yield Income: a dividend yield above 4%.
Nine valuation models for EXR
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 158.46 | +15% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 80.14 | -42% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 74.17 | -46% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 18.63 | -86% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 33.76 | -75% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 175.05 | +27% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 186.73 | +36% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 95.35 | -31% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 50.46 | -63% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -62.25 | -145% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 158.33 | +15% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Extra Space Storage Inc. scores 6 of 9 on the Piotroski F-score: a middling result that passes the Sunday Scan's "6 or more" rule. Some of the nine tests on profitability, leverage and efficiency are failed, so the accounts are worth a look before selling a put on the name. A GLS Moat score of 4.9/10 is a weak reading: the ten-year history the score grades (revenue, EPS, book value, margins, cash flow, share count, ROIC) has not been steady, so the Moat part of the Wheel Score contributes little.
Returns on capital are thin or negative - ROIC 3.4%, ROE 7.3%, ROA 3.3% - with debt at 1.11 times equity and a free-cash-flow yield of 6.1%.
The dividend yield is high at 4.71% (payout ratio 143%) - a payout above 100% of earnings, which is not covered by profits. A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual. Revenue comes mainly from Self Storage Operations 89%, Tenant Reinsurance 11% (quarter Q2 FY2026).
Institutional ownership scores 10/10, insider activity 1/10 and Congressional trading 1/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | 3.4% |
|---|---|---|---|
| GLS Moat | 4.9 / 10 | ROE | 7.3% |
| Debt / equity | 1.11 | ROA | 3.3% |
| Free-cash-flow yield | 6.1% | Payout ratio | 143% |
| Institutions | 10 / 10 | Insiders · Congress | 1 · 1 / 10 |
Wheel Score 53: Fair
A Wheel Score of 53 puts Extra Space Storage Inc. in the Fair band - below the 70 the Sunday Scan requires. Value 0/25, Health 13/20, Moat 7/15, Premium 13/20 and Stability 19/20; the weakest part is Value (0/25).
Implied volatility is 28% on the near-the-money contracts 20-60 days out: some premium, but under the 35-60% range the Wheel Score pays full marks for (13 of 20 points). Chain open interest is 8,801 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 1.3M shares a day on a market cap of $29.1B, with a beta of 1.17; the Stability part of the Wheel Score gives that 19 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 0 / 25 | -42% margin of safety | |
| Health | 13 / 20 | Piotroski 6/9 | |
| Moat | 7 / 15 | moat 4.9/10 | |
| Premium | 13 / 20 | implied volatility 28% | |
| Stability | 19 / 20 | 1.3M shares/day, $29.1B cap, beta 1.17 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
Extra Space Storage Inc. reports earnings on 27 Oct 2026 (after the close) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in REIT - Industrial
The 12 companies below are the closest to Extra Space Storage Inc. by market cap within the REIT - Industrial industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| PLDGP Prologis, Inc. | 50.25 | 52.05 | +3% | 39No options | $38.4B |
| PSA Public Storage | 288.76 | 188.87 | -53% | 51Fair | $54.0B |
| EGP EastGroup Properties, Inc. | 194.43 | 97.58 | -99% | 51Fair | $10.5B |
| CUBE CubeSmart | 38.56 | 28.62 | -35% | 57Fair | $8.7B |
| REXR Rexford Industrial Realty, Inc. | 37.50 | 22.01 | -70% | 45Weak | $8.6B |
| FR First Industrial Realty Trust, Inc. | 58.78 | 31.42 | -87% | 56Fair | $7.8B |
| LINE Lineage, Inc. | 34.11 | 36.11 | +6% | 45Weak | $7.8B |
| TRNO Terreno Realty Corporation | 64.81 | 49.67 | -30% | 52Fair | $7.1B |
| STAG STAG Industrial, Inc. | 35.88 | 28.22 | -27% | 54Fair | $6.9B |
| PLD Prologis, Inc. | 130.53 | 74.35 | -76% | 57Fair | $124.0B |
| COLD Americold Realty Trust, Inc. | 13.92 | 7.20 | -93% | 45Weak | $4.0B |
| LXP LXP Industrial Trust | 61.01 | 53.23 | -15% | 66Good | $3.6B |
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Start free See the Sunday ScanQuestions about EXR
Is EXR undervalued right now?
No: at 137.69 the stock trades 42% above the GLS average fair value of 96.97 (data as of 16 Oct 2026), well beyond what trailing earnings, cash flow and book value support.
What is the Wheel Score of EXR and what does it mean?
EXR scores 53 out of 100 (Fair). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for EXR?
96.97 per share as of 16 Oct 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Extra Space Storage Inc. report earnings next?
The next earnings report is due on 27 Oct 2026 (after the close), 11 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does EXR have listed options, and how liquid are they?
Yes. The nightly snapshot found 230 listed contracts with 8,801 open interest across all expiries and implied volatility of 28% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.