EXTRA SPACE STORAGE INC (EXR) Stock Fundamental Analysis
NYSE:EXR - New York Stock Exchange, Inc. - US30225T1025 - REIT - Currency: USD
Overall EXR gets a fundamental rating of 4 out of 10. We evaluated EXR against 30 industry peers in the Specialized REITs industry. EXR has a medium profitability rating, but doesn't score so well on its financial health evaluation. EXR is quite expensive at the moment. It does show a decent growth rate.
1. Profitability
1.1 Basic Checks
EXR had positive earnings in the past year.
In the past year EXR had a positive cash flow from operations.
EXR had positive earnings in each of the past 5 years.
In the past 5 years EXR always reported a positive cash flow from operatings.
1.2 Ratios
EXR has a Return On Assets (2.96%) which is in line with its industry peers.
EXR has a Return On Equity of 6.12%. This is in the better half of the industry: EXR outperforms 63.33% of its industry peers.
EXR has a worse Return On Invested Capital (3.98%) than 60.00% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for EXR is in line with the industry average of 5.25%.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 2.96% | ||
| ROE | 6.12% | ||
| ROIC | 3.98% |
ROA(3y)4.31%
ROA(5y)5.19%
ROE(3y)12.69%
ROE(5y)16.69%
ROIC(3y)4.86%
ROIC(5y)5.36%
1.3 Margins
EXR's Profit Margin of 26.20% is fine compared to the rest of the industry. EXR outperforms 70.00% of its industry peers.
In the last couple of years the Profit Margin of EXR has declined.
Looking at the Operating Margin, with a value of 43.02%, EXR is in the better half of the industry, outperforming 63.33% of the companies in the same industry.
EXR's Operating Margin has declined in the last couple of years.
EXR has a Gross Margin (72.20%) which is comparable to the rest of the industry.
In the last couple of years the Gross Margin of EXR has remained more or less at the same level.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 43.02% | ||
| PM (TTM) | 26.2% | ||
| GM | 72.2% |
OM growth 3Y-6.69%
OM growth 5Y-2.35%
PM growth 3Y-20.63%
PM growth 5Y-3.95%
GM growth 3Y-0.98%
GM growth 5Y-0.06%
2. Health
2.1 Basic Checks
With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), EXR is destroying value.
The number of shares outstanding for EXR has been increased compared to 1 year ago.
The number of shares outstanding for EXR has been increased compared to 5 years ago.
The debt/assets ratio for EXR is higher compared to a year ago.
2.2 Solvency
EXR has an Altman-Z score of 1.41. This is a bad value and indicates that EXR is not financially healthy and even has some risk of bankruptcy.
With a decent Altman-Z score value of 1.41, EXR is doing good in the industry, outperforming 63.33% of the companies in the same industry.
The Debt to FCF ratio of EXR is 11.33, which is on the high side as it means it would take EXR, 11.33 years of fcf income to pay off all of its debts.
The Debt to FCF ratio of EXR (11.33) is better than 70.00% of its industry peers.
A Debt/Equity ratio of 0.88 indicates that EXR is somewhat dependend on debt financing.
EXR has a Debt to Equity ratio of 0.88. This is comparable to the rest of the industry: EXR outperforms 60.00% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.88 | ||
| Debt/FCF | 11.33 | ||
| Altman-Z | 1.41 |
ROIC/WACC0.53
WACC7.5%
2.3 Liquidity
EXR has a Current Ratio of 0.39. This is a bad value and indicates that EXR is not financially healthy enough and could expect problems in meeting its short term obligations.
EXR has a worse Current ratio (0.39) than 80.00% of its industry peers.
EXR has a Quick Ratio of 0.39. This is a bad value and indicates that EXR is not financially healthy enough and could expect problems in meeting its short term obligations.
The Quick ratio of EXR (0.39) is worse than 80.00% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.39 | ||
| Quick Ratio | 0.39 |
3. Growth
3.1 Past
EXR shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -11.94%.
Measured over the past 5 years, EXR shows a small growth in Earnings Per Share. The EPS has been growing by 6.33% on average per year.
Looking at the last year, EXR shows a very strong growth in Revenue. The Revenue has grown by 27.21%.
The Revenue has been growing by 20.01% on average over the past years. This is a very strong growth!
EPS 1Y (TTM)-11.94%
EPS 3Y-11.05%
EPS 5Y6.33%
EPS Q2Q%21.57%
Revenue 1Y (TTM)27.21%
Revenue growth 3Y27.34%
Revenue growth 5Y20.01%
Sales Q2Q%1.47%
3.2 Future
Based on estimates for the next years, EXR will show a small growth in Earnings Per Share. The EPS will grow by 6.87% on average per year.
Based on estimates for the next years, EXR will show a small growth in Revenue. The Revenue will grow by 3.65% on average per year.
EPS Next Y3.09%
EPS Next 2Y4.08%
EPS Next 3Y5.2%
EPS Next 5Y6.87%
Revenue Next Year1.89%
Revenue Next 2Y2.26%
Revenue Next 3Y4.18%
Revenue Next 5Y3.65%
3.3 Evolution
When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
4. Valuation
4.1 Price/Earnings Ratio
EXR is valuated quite expensively with a Price/Earnings ratio of 32.43.
EXR's Price/Earnings is on the same level as the industry average.
When comparing the Price/Earnings ratio of EXR to the average of the S&P500 Index (28.79), we can say EXR is valued inline with the index average.
A Price/Forward Earnings ratio of 31.45 indicates a quite expensive valuation of EXR.
EXR's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. EXR is cheaper than 63.33% of the companies in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 21.38, EXR is valued a bit more expensive.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 32.43 | ||
| Fwd PE | 31.45 |
4.2 Price Multiples
Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of EXR indicates a slightly more expensive valuation: EXR is more expensive than 63.33% of the companies listed in the same industry.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of EXR is on the same level as its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 27.52 | ||
| EV/EBITDA | 19.36 |
4.3 Compensation for Growth
The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates EXR does not grow enough to justify the current Price/Earnings ratio.
PEG (NY)10.49
PEG (5Y)5.12
EPS Next 2Y4.08%
EPS Next 3Y5.2%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 4.57%, EXR is a good candidate for dividend investing.
EXR's Dividend Yield is comparable with the industry average which is at 5.80.
EXR's Dividend Yield is rather good when compared to the S&P500 average which is at 2.47.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 4.57% |
5.2 History
The dividend of EXR is nicely growing with an annual growth rate of 12.75%!
EXR has been paying a dividend for at least 10 years, so it has a reliable track record.
EXR has not decreased its dividend for at least 10 years, so it has a reliable track record of non decreasing dividend.
Dividend Growth(5Y)12.75%
Div Incr Years14
Div Non Decr Years15
5.3 Sustainability
EXR pays out 161.16% of its income as dividend. This is not a sustainable payout ratio.
EXR's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP161.16%
EPS Next 2Y4.08%
EPS Next 3Y5.2%
141.05
-0.81 (-0.57%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustrySpecialized REITs
Earnings (Last)
Earnings (Next)
Inst Owners97.98%
Inst Owner Change0.4%
Ins Owners0.96%
Ins Owner Change3.13%
Market Cap29.94B
Analysts66.96
Price Target165 (16.98%)
Short Float %1.71%
Short Ratio2.75
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 4.57% |
Yearly Dividend6.5
Dividend Growth(5Y)12.75%
DP161.16%
Div Incr Years14
Div Non Decr Years15
Ex-Date
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-1.64%
Min EPS beat(2)-19.64%
Max EPS beat(2)16.37%
EPS beat(4)3
Avg EPS beat(4)2.88%
Min EPS beat(4)-19.64%
Max EPS beat(4)16.37%
EPS beat(8)5
Avg EPS beat(8)3.45%
EPS beat(12)9
Avg EPS beat(12)4.51%
EPS beat(16)13
Avg EPS beat(16)11.09%
Revenue beat(2)0
Avg Revenue beat(2)-7.44%
Min Revenue beat(2)-7.83%
Max Revenue beat(2)-7.05%
Revenue beat(4)0
Avg Revenue beat(4)-6.37%
Min Revenue beat(4)-7.83%
Max Revenue beat(4)-5.29%
Revenue beat(8)1
Avg Revenue beat(8)-1.99%
Revenue beat(12)5
Avg Revenue beat(12)4.7%
Revenue beat(16)9
Avg Revenue beat(16)8.34%
PT rev (1m)-1.46%
PT rev (3m)-5.22%
EPS NQ rev (1m)-1.1%
EPS NQ rev (3m)-3.59%
EPS NY rev (1m)-5.08%
EPS NY rev (3m)-5.91%
Revenue NQ rev (1m)0.38%
Revenue NQ rev (3m)0.81%
Revenue NY rev (1m)-0.32%
Revenue NY rev (3m)-0.49%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 32.43 | ||
| Fwd PE | 31.45 | ||
| P/S | 9.19 | ||
| P/FCF | 27.52 | ||
| P/OCF | 15.86 | ||
| P/B | 2.15 | ||
| P/tB | 2.18 | ||
| EV/EBITDA | 19.36 |
EPS(TTM)4.35
EY3.08%
EPS(NY)4.48
Fwd EY3.18%
FCF(TTM)5.13
FCFY3.63%
OCF(TTM)8.89
OCFY6.31%
SpS15.35
BVpS65.72
TBVpS64.76
PEG (NY)10.49
PEG (5Y)5.12
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 2.96% | ||
| ROE | 6.12% | ||
| ROCE | 5.04% | ||
| ROIC | 3.98% | ||
| ROICexc | 4% | ||
| ROICexgc | 4.03% | ||
| OM | 43.02% | ||
| PM (TTM) | 26.2% | ||
| GM | 72.2% | ||
| FCFM | 33.4% |
ROA(3y)4.31%
ROA(5y)5.19%
ROE(3y)12.69%
ROE(5y)16.69%
ROIC(3y)4.86%
ROIC(5y)5.36%
ROICexc(3y)4.89%
ROICexc(5y)5.4%
ROICexgc(3y)4.99%
ROICexgc(5y)5.5%
ROCE(3y)6.15%
ROCE(5y)6.79%
ROICexcg growth 3Y-15.49%
ROICexcg growth 5Y-8.59%
ROICexc growth 3Y-15.27%
ROICexc growth 5Y-8.37%
OM growth 3Y-6.69%
OM growth 5Y-2.35%
PM growth 3Y-20.63%
PM growth 5Y-3.95%
GM growth 3Y-0.98%
GM growth 5Y-0.06%
F-Score6
Asset Turnover0.11
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.88 | ||
| Debt/FCF | 11.33 | ||
| Debt/EBITDA | 5.64 | ||
| Cap/Depr | 102.13% | ||
| Cap/Sales | 24.55% | ||
| Interest Coverage | 2.81 | ||
| Cash Conversion | 86.42% | ||
| Profit Quality | 127.49% | ||
| Current Ratio | 0.39 | ||
| Quick Ratio | 0.39 | ||
| Altman-Z | 1.41 |
F-Score6
WACC7.5%
ROIC/WACC0.53
Cap/Depr(3y)221.95%
Cap/Depr(5y)275.25%
Cap/Sales(3y)37.71%
Cap/Sales(5y)44.84%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-11.94%
EPS 3Y-11.05%
EPS 5Y6.33%
EPS Q2Q%21.57%
EPS Next Y3.09%
EPS Next 2Y4.08%
EPS Next 3Y5.2%
EPS Next 5Y6.87%
Revenue 1Y (TTM)27.21%
Revenue growth 3Y27.34%
Revenue growth 5Y20.01%
Sales Q2Q%1.47%
Revenue Next Year1.89%
Revenue Next 2Y2.26%
Revenue Next 3Y4.18%
Revenue Next 5Y3.65%
EBIT growth 1Y13.28%
EBIT growth 3Y18.82%
EBIT growth 5Y17.19%
EBIT Next Year49.97%
EBIT Next 3Y18.13%
EBIT Next 5Y12.21%
FCF growth 1Y12.65%
FCF growth 3YN/A
FCF growth 5Y29.67%
OCF growth 1Y34.58%
OCF growth 3Y25.61%
OCF growth 5Y21.68%