EXTRA SPACE STORAGE INC (EXR) Stock Fundamental Analysis
NYSE:EXR - New York Stock Exchange, Inc. - US30225T1025 - REIT - Currency: USD
EXR gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals 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. While showing a medium growth rate, EXR is valued expensive at the moment.
1. Profitability
1.1 Basic Checks
In the past year EXR was profitable.
In the past year EXR had a positive cash flow from operations.
In the past 5 years EXR has always been profitable.
Each year in the past 5 years EXR had a positive operating cash flow.
1.2 Ratios
EXR has a Return On Assets (2.96%) which is comparable to the rest of the industry.
EXR has a better Return On Equity (6.12%) than 63.33% of its industry peers.
The Return On Invested Capital of EXR (3.98%) is worse 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 5.34%.
| 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
Looking at the Profit Margin, with a value of 26.20%, EXR is in the better half of the industry, outperforming 70.00% of the companies in the same industry.
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.
In the last couple of years the Operating Margin of EXR has declined.
Looking at the Gross Margin, with a value of 72.20%, EXR is in line with its industry, outperforming 53.33% of the companies in the same industry.
EXR's Gross Margin has been stable in the last couple of years.
| 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
EXR has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
EXR has more shares outstanding than it did 1 year ago.
The number of shares outstanding for EXR has been increased compared to 5 years ago.
EXR has a worse debt/assets ratio than last year.
2.2 Solvency
Based on the Altman-Z score of 1.45, we must say that EXR is in the distress zone and has some risk of bankruptcy.
Looking at the Altman-Z score, with a value of 1.45, EXR is in the better half of the industry, outperforming 66.67% 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.
EXR has a Debt to FCF ratio of 11.33. This is in the better half of the industry: EXR outperforms 66.67% of its industry peers.
A Debt/Equity ratio of 0.88 indicates that EXR is somewhat dependend on debt financing.
The Debt to Equity ratio of EXR (0.88) is comparable to the rest of the industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.88 | ||
| Debt/FCF | 11.33 | ||
| Altman-Z | 1.45 |
ROIC/WACC0.53
WACC7.51%
2.3 Liquidity
A Current Ratio of 0.39 indicates that EXR may have some problems paying its short term obligations.
Looking at the Current ratio, with a value of 0.39, EXR is doing worse than 76.67% of the companies in the same industry.
A Quick Ratio of 0.39 indicates that EXR may have some problems paying its short term obligations.
With a Quick ratio value of 0.39, EXR is not doing good in the industry: 76.67% of the companies in the same industry are doing better.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.39 | ||
| Quick Ratio | 0.39 |
3. Growth
3.1 Past
The Earnings Per Share has grown by an nice 18.93% over the past year.
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.
EXR shows a strong growth in Revenue. In the last year, 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)18.93%
EPS 3Y-11.05%
EPS 5Y6.33%
EPS Q2Q%98.02%
Revenue 1Y (TTM)27.21%
Revenue growth 3Y27.34%
Revenue growth 5Y20.01%
Sales Q2Q%19.18%
3.2 Future
The Earnings Per Share is expected to grow by 6.87% on average over the next years.
The Revenue is expected to grow by 3.65% on average over the next years.
EPS Next Y3.09%
EPS Next 2Y4.08%
EPS Next 3Y5.2%
EPS Next 5Y6.87%
Revenue Next Year1.92%
Revenue Next 2Y2.71%
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
A Price/Earnings ratio of 27.77 indicates a quite expensive valuation of EXR.
EXR's Price/Earnings ratio is a bit cheaper when compared to the industry. EXR is cheaper than 66.67% of the companies in the same industry.
The average S&P500 Price/Earnings ratio is at 27.85. EXR is around the same levels.
Based on the Price/Forward Earnings ratio of 31.47, the valuation of EXR can be described as expensive.
63.33% of the companies in the same industry are more expensive than EXR, based on the Price/Forward Earnings ratio.
EXR's Price/Forward Earnings ratio indicates a rather expensive valuation when compared to the S&P500 average which is at 20.77.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 27.77 | ||
| Fwd PE | 31.47 |
4.2 Price Multiples
70.00% of the companies in the same industry are cheaper than EXR, based on the Enterprise Value to EBITDA ratio.
The rest of the industry has a similar Price/Free Cash Flow ratio as EXR.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 28.93 | ||
| EV/EBITDA | 19.82 |
4.3 Compensation for Growth
The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
PEG (NY)8.99
PEG (5Y)4.38
EPS Next 2Y4.08%
EPS Next 3Y5.2%
5. Dividend
5.1 Amount
EXR has a Yearly Dividend Yield of 4.58%, which is a nice return.
EXR's Dividend Yield is slightly below the industry average, which is at 5.78.
Compared to an average S&P500 Dividend Yield of 2.45, EXR pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 4.58% |
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%
148.28
+1.76 (+1.2%)
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 Change0.16%
Ins Owners0.96%
Ins Owner Change3.13%
Market Cap31.47B
Analysts66.96
Price Target165 (11.28%)
Short Float %1.48%
Short Ratio2.39
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 4.58% |
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)-3.58%
PT rev (3m)-7.25%
EPS NQ rev (1m)-1.2%
EPS NQ rev (3m)-3.59%
EPS NY rev (1m)-0.5%
EPS NY rev (3m)-5.91%
Revenue NQ rev (1m)1.19%
Revenue NQ rev (3m)0.81%
Revenue NY rev (1m)-0.29%
Revenue NY rev (3m)-0.52%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 27.77 | ||
| Fwd PE | 31.47 | ||
| P/S | 9.66 | ||
| P/FCF | 28.93 | ||
| P/OCF | 16.67 | ||
| P/B | 2.26 | ||
| P/tB | 2.29 | ||
| EV/EBITDA | 19.82 |
EPS(TTM)5.34
EY3.6%
EPS(NY)4.71
Fwd EY3.18%
FCF(TTM)5.13
FCFY3.46%
OCF(TTM)8.89
OCFY6%
SpS15.35
BVpS65.72
TBVpS64.76
PEG (NY)8.99
PEG (5Y)4.38
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 | 1.45 |
F-Score6
WACC7.51%
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)18.93%
EPS 3Y-11.05%
EPS 5Y6.33%
EPS Q2Q%98.02%
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%19.18%
Revenue Next Year1.92%
Revenue Next 2Y2.71%
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%