Is Extra Space Storage, Inc. overvalued or undervalued?

As of 5 September 2025, the valuation grade for Extra Space Storage, Inc. moved from fair to expensive, indicating that the company is overvalued. Key valuation ratios include a P/E ratio of 35, a Price to Book Value of 2.39, and an EV to EBITDA of 14.71. In comparison to peers, Crown Castle, Inc. has a P/E of 263.90, while VICI Properties, Inc. stands out with a more attractive P/E of 12.89.
The stock has underperformed relative to the S&P 500, with a year-to-date return of -4.62% compared to the index's 12.22%, and a one-year return of -21.45% against the S&P's 17.14%. This performance further supports the conclusion that Extra Space Storage, Inc. is currently overvalued.