Extra Space StorageFRA:FG8 +0.97%92 Piotroski F-Score is 3 as of Jun. 27, 2026, which is 50% below its 10-year median of 6.00. GuruFocus rates FRA:FG8 with a GF Score™ of 92/100 and a GF Value™ of €129.72 (Fairly Valued). The stock has 9 warning signs investors should review. Among 888 REITs companies, Extra Space Storage ranks worse than 89.41% on this metric.
Warning Sign:
Piotroski F-Score of 3 is low, which usually implies poor business operation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Extra Space Storage has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for Extra Space Storage's Piotroski F-Score or its related term are showing as below:
FRA:FG8'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 6 Max: 8
Current: 3
During the past 13 years, the highest Piotroski F-Score of Extra Space Storage was 8. The lowest was 3. And the median was 6.
Extra Space Storage (FRA:FG8) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Extra Space Storage Piotroski F-Score Related Terms
Extra Space Storage Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Extra Space Storage's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
FRA:FG8 vs EGP, LINE, CUBE: Piotroski F-Score Comparison
For the REIT - Industrial subindustry, Extra Space Storage's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Extra Space Storage Piotroski F-Score vs REITs Industry
For the REITs industry and Real Estate sector, Extra Space Storage's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Extra Space Storage's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Mar26) TTM:
Last Year (Mar25) TTM:
Net Income was 216.517 + 141.43 + 245.435 + 208.445 = €812 Mil. Cash Flow from Operations was 471.527 + 389.476 + 314.099 + 423.725 = €1,599 Mil. Revenue was 729.683 + 731.408 + 732.277 + 740.463 = €2,934 Mil. Gross Profit was 517.644 + 515.624 + 520.066 + 518.876 = €2,072 Mil.
Average Total Assets from the begining of this year (Mar25)
to the end of this year (Mar26) was
(26819.374 + 25462.066 + 24906.49 + 24991.495 + 25170.955) / 5 = €25470.076 Mil. Total Assets at the begining of this year (Mar25) was €26,819 Mil. Long-Term Debt & Capital Lease Obligation was €11,061 Mil. Total Current Assets was €1,565 Mil. Total Current Liabilities was €1,385 Mil.
Net Income was 172.675 + 174.082 + 250.675 + 250.559 = €848 Mil.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Extra Space Storage's current Net Income (TTM) was 812.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Extra Space Storage's return on assets of this year was 0.03027017. Extra Space Storage's return on assets of last year was 0.03354168.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Extra Space Storage's gearing of this year was 0.43428893. Extra Space Storage's gearing of last year was 0.43404812.
==> Last year is lower than this year ==> Score 0.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Extra Space Storage's current ratio of this year was 1.12936828. Extra Space Storage's current ratio of last year was 1.23047126.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Extra Space Storage's number of shares in issue this year was 220.323. Extra Space Storage's number of shares in issue last year was 212.053.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Extra Space Storage's gross margin of this year was 0.70631539. Extra Space Storage's gross margin of last year was 0.71822459.
==> Last year's gross margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Extra Space Storage's asset turnover of this year was 0.10939223. Extra Space Storage's asset turnover of last year was 0.12023166.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Extra Space Storage has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
Extra Space Storage (FRA:FG8) has a Piotroski F-Score of 3 as of Jun. 27, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Extra Space Storage and its competitors. This is 50% below median its historical median of 6.00. Over the past decade, Extra Space Storage's Piotroski F-Score has ranged from 3.00 to 8.00. According to the industry distribution chart, Extra Space Storage ranks #794 out of 888 companies in the REITs industry, placing it in the top 89.4%.
Is Extra Space Storage's Piotroski F-Score too high?
Extra Space Storage's current Piotroski F-Score of 3 is 50% below median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 8.00. The REITs industry median Piotroski F-Score is 6.00. Extra Space Storage's value of 3 is 50% below this industry median. Based on the distribution chart, Extra Space Storage ranks #794 out of 888 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Extra Space Storage has a GF Score™ of 92/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Extra Space Storage's Piotroski F-Score compare to EGP and LINE?
According to the REITs industry distribution chart, Extra Space Storage ranks #794 out of 888 companies for Piotroski F-Score. This places Extra Space Storage in the lower half of its industry. The industry median Piotroski F-Score is 6.00. Extra Space Storage's value of 3 is 50% below this benchmark. Historically, Extra Space Storage's own Piotroski F-Score has ranged from 3.00 to 8.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 6.00, Extra Space Storage has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for a REITs company?
The median Piotroski F-Score among REITs companies is 6.00, based on 888 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Extra Space Storage's current Piotroski F-Score of 3 is 50% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Extra Space Storage and its competitors. For the REITs industry, the median Piotroski F-Score is 6.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Extra Space Storage's current Piotroski F-Score is 3, which is 50% below median its own 10-year median of 6.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Extra Space Storage stock overvalued right now?
Based on GuruFocus' analysis, Extra Space Storage (FRA:FG8) is currently considered Fairly Valued. The stock's GF Value™ is €129.72, compared to a current price of €130.15 — trading 0.3% above its estimated fair value. The current Piotroski F-Score is 3, which is 50% below median its 10-year median of 6.00 and 50% below the REITs industry median of 6.00. Extra Space Storage's overall GF Score™ is 92/100 with 9 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Extra Space Storage (FRA:FG8), the current Piotroski F-Score is 3 as of Jun. 27, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Extra Space Storage (FRA:FG8) Overvalued in 2026?
Based on GuruFocus' analysis, Extra Space Storage stock appears to be overvalued.
The current stock price of €130.15 is trading 0.3% above its estimated GF Value™ of €129.72.
GuruFocus considers Extra Space Storage to be Fairly Valued.
Key valuation signals for FRA:FG8:
Piotroski F-Score: 3 (50% below median its 10-year median of 6.00)
GF Value™: €129.72 vs. price of €130.15 (0.3% above fair value)
Industry Position: 50% below the REITs median (#794 of 888)
No single metric tells the full story. See the FRA:FG8 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Extra Space Storage is a fully integrated real estate investment trust that owns, operates, and manages more than 4,200 self-storage properties in 43 states, with over 330 million net rentable square feet of storage space. Of these properties, approximately one half is wholly owned, while some facilities are owned through joint ventures and others are owned by third parties and managed by Extra Space Storage in exchange for a management fee.
92GF Score
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