Extra Space Storage Inc (EXR) is slightly undervalued and Public Storage (PSA) is slightly undervalued.
Against our estimates of intrinsic value, EXR trades at the wider discount: a margin of safety of +19%, against +12% for PSA.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.1% (average of 3 methods) values the shares at $167.23; the price of $134.99 is 19% below that value, and 77% of that value comes from beyond year five.
Leak Score 57/100 on 8 of 12 signals
Discounting its cash flows at 9.3% (average of 3 methods) values the shares at $327.73; the price of $289.71 is 12% below that value, and 75% of that value comes from beyond year five.
Leak Score 73/100 on 8 of 12 signals
| Metric | EXR | PSA |
|---|---|---|
| Verdict | Slightly undervalued | Slightly undervalued |
| Price | $134.99 | $289.71 |
| Intrinsic value | $167.23 | $327.73 |
| Margin of safety | +19% | +12% |
| Leak Score | 57/100 (8/12) | 73/100 (8/12) |
| Market cap | $29.8B | $54.1B |
| Revenue growth, 5 years | 20.0% | 10.6% |
| Operating margin | 26.1% | 45.8% |
| Net margin | 27.7% | 37.7% |
| Return on equity | 7.1% | 22.0% |
| Debt to equity | 1.09 | 1.11 |
| P/E | 30.2x | 27.6x |
| Forward P/E | 28.0x | 28.6x |
| P/B | 2.1x | 10.5x |
| Dividend yield | 4.8% | 4.2% |