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Extra Space StorageMEX:EXR 92 Owner Earnings per Share (TTM) is 133.47 as of Mar. 2026, which is 566% above its 10-year median of 20.05. GuruFocus rates MEX:EXR with a GF Score™ of 92/100 and a GF Value™ of MXN2,655.48. The stock has 9 warning signs investors should review. Among 335 REITs companies, Extra Space Storage ranks worse than 66.27% on this metric.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
Extra Space Storage's Owner Earnings per Share (TTM) ended in Mar. 2026 was MXN133.47. It's Price-to-Owner-Earnings ratio for today is 19.54.
The historical rank and industry rank for Extra Space Storage's Owner Earnings per Share (TTM) or its related term are showing as below:
MEX:EXR'
s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 15.16 Med: 20.05 Max: 32.07
Current: 19.54
Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.
Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.
Extra Space Storage Owner Earnings per Share (TTM) Related Terms
Extra Space Storage Owner Earnings per Share (TTM) Historical Data
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The historical data trend for Extra Space Storage's Owner Earnings per Share (TTM) 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.
Extra Space Storage Owner Earnings per Share (TTM) Chart
MEX:EXR vs EGP, LINE, CUBE: Owner Earnings per Share (TTM) Comparison
For the REIT - Industrial subindustry, Extra Space Storage's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings 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 Price-to-Owner-Earnings vs REITs Industry
For the REITs industry and Real Estate sector, Extra Space Storage's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where Extra Space Storage's Price-to-Owner-Earnings falls into.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
1. Start with "Net Income" from income statement. Extra Space Storage's Net Income for the trailing twelve months (TTM) ended in Mar. 2026 was MXN17,268 Mil.
3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income.
Extra Space Storage's Change In Deferred Tax for the trailing twelve months (TTM) ended in Mar. 2026 was MXN0 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = MXN245 Mil
It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.
The following shows how to get maintenance capital expenditure.
First, calculate the revenue change regarding to the previous quarter. If the revenue decreased from the previous quarter, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous quarter, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.
Extra Space Storage's 5-Year Average Maintenance Capital Expenditure = MXN245 Mil
5. "Change In Working Capital" is from cashflow statement. Extra Space Storage's Change In Working Capital for the trailing twelve months (TTM) ended in Mar. 2026 was MXN-132 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.
* 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.
What does a Owner Earnings per Share (TTM) of 133.47 mean?
Extra Space Storage (MEX:EXR) has a Owner Earnings per Share (TTM) of 133.47 as of Mar. 2026. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Extra Space Storage. This is 566% above median its historical median of 20.05. Over the past decade, Extra Space Storage's Owner Earnings per Share (TTM) has ranged from 15.16 to 32.07. According to the industry distribution chart, Extra Space Storage ranks #222 out of 335 companies in the REITs industry, placing it in the top 66.3%.
Is Extra Space Storage's Owner Earnings per Share (TTM) too high?
Extra Space Storage's current Owner Earnings per Share (TTM) of 133.47 is 566% above median its 10-year median of 20.05. Over the past 10 years, this metric has ranged from a low of 15.16 to a high of 32.07. The REITs industry median Owner Earnings per Share (TTM) is 14.46. Extra Space Storage's value of 133.47 is 823% above this industry median. Based on the distribution chart, Extra Space Storage ranks #222 out of 335 companies in the REITs industry, which is below the industry midpoint. Overall, Extra Space Storage has a GF Score™ of 92/100, reflecting its overall financial health beyond just this single metric.
How does Extra Space Storage's Owner Earnings per Share (TTM) compare to EGP and LINE?
According to the REITs industry distribution chart, Extra Space Storage ranks #222 out of 335 companies for Owner Earnings per Share (TTM). This places Extra Space Storage in the lower half of its industry. The industry median Owner Earnings per Share (TTM) is 14.46. Extra Space Storage's value of 133.47 is 823% above this benchmark. Historically, Extra Space Storage's own Owner Earnings per Share (TTM) has ranged from 15.16 to 32.07 over the past decade. While the company's 10-year median is 20.05 vs. the industry median of 14.46, Extra Space Storage has consistently been above 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 Owner Earnings per Share (TTM) for a REITs company?
The median Owner Earnings per Share (TTM) among REITs companies is 14.46, based on 335 companies in the industry. Companies in the top quartile (top 25%) have a Owner Earnings per Share (TTM) significantly above this median, while those in the bottom quartile fall well below. However, Owner Earnings per Share (TTM) should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Extra Space Storage's current Owner Earnings per Share (TTM) of 133.47 is 823% above 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 Owner Earnings per Share (TTM) mean?
A high Owner Earnings per Share (TTM) can signal that a stock is expensive relative to its fundamentals. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Extra Space Storage. For the REITs industry, the median Owner Earnings per Share (TTM) is 14.46 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Extra Space Storage's current Owner Earnings per Share (TTM) is 133.47, which is 566% above median its own 10-year median of 20.05. 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?
Extra Space Storage (MEX:EXR) has a current Owner Earnings per Share (TTM) of 133.47. The stock's GF Value™ is MXN2,655.48, compared to a current price of MXN2,608.00 — trading 1.8% below its estimated fair value. The current Owner Earnings per Share (TTM) is 133.47, which is 566% above median its 10-year median of 20.05 and 823% above the REITs industry median of 14.46. 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 Owner Earnings per Share (TTM) calculated?
Owner Earnings per Share (TTM) is calculated from a company's financial statements. For Extra Space Storage (MEX:EXR), the current Owner Earnings per Share (TTM) is 133.47 as of Mar. 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 (MEX:EXR) Overvalued in 2026?
Based on GuruFocus' analysis, Extra Space Storage stock appears to be undervalued.
The current stock price of MXN2,608.00 is trading 1.8% below its estimated GF Value™ of MXN2,655.48.
Key valuation signals for MEX:EXR:
Owner Earnings per Share (TTM): 133.47 (566% above median its 10-year median of 20.05)
GF Value™: MXN2,655.48 vs. price of MXN2,608.00 (1.8% below fair value)
Industry Position: 823% above the REITs median (#222 of 335)
No single metric tells the full story. See the MEX:EXR 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
Get the complete analysis for MEX:EXR
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