CluenexExtra Space Storage EXR
Extra Space Storage scores average on business quality (5.8 of 10). Here is why, in plain words, and what our sealed record shows.
Why it matters
- What Extra Space Storage does
Extra Space Storage operates as a real estate investment trust, renting self-storage units to residential and commercial customers across the United States. Revenue flows primarily from tenant lease agreements and ancillary property management services.
- What it does best
Extra Space delivers superior cash generation for its sector, posting an 80th percentile free cash flow margin of 44.5% compared to CubeSmart's similar metric, driven by a massive third-party management platform that collects fee income without heavy capital outlays.
- The main risk
An interest coverage ratio of 2.4x exposes the balance sheet to severe pressure if refinancing costs remain elevated, leaving little margin for error as net debt sits at $13.2 billion against shrinking interest safety.
Quality, check by check
Scored against its own industry, from company filings.
Operating margin of 44.1% and a net margin of 27.7% remain strong, driven by high-margin management fees, scaling well as units expand.
Scale advantages in property management lock in fragmented asset owners, reflected in an operating margin sitting in the 77th sector percentile.
Revenue grew 3.7% to $3.4B, marking a deceleration from prior years as the storage market normalizes from pandemic-era highs.
Debt-to-equity of 1.0 and a low interest coverage of 2.4x constrain flexibility, though $1.1B in free cash flow provides cover, leaving the balance sheet softer.
Insiders
Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.
No open market buys or unplanned sales by executives or directors.
Our sealed record on EXR
Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.
The first sealed verdicts appear here on Oct 11, 2026.
Questions
Extra Space Storage scores average on the Cluenex quality check (5.8 of 10), measured against its own industry. Profitability is strong, moat fair, growth steady and financial health fair.
In the last 90 days of SEC Form 4 filings: No open market buys or unplanned sales by executives or directors.
Oct 27, 2026, after the close.
See EXR today
- Today's verdict on EXR, and why
- Fair value with cautious, base and optimistic cases
- The exact price that would change the verdict
- Which stocks each signal names, the night it fires
Cite this page: Cluenex, “Extra Space Storage (EXR)”, https://cluenex.com/stocks/exr/, data as of Oct 10, 2026.