Is Extra Space Storage, Inc. overvalued or undervalued?

As of 31 October 2025, the valuation grade for Extra Space Storage, Inc. moved from expensive to fair. Based on the current metrics, the company appears to be fairly valued. Key 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, peers such as Crown Castle, Inc. have a P/E of 263.90, while VICI Properties, Inc. shows a more attractive P/E of 12.89.
Despite the fair valuation, Extra Space Storage has underperformed against the S&P 500, with a year-to-date return of -10.74% compared to the index's 16.30%. This trend continues over multiple periods, indicating potential concerns about the company's growth relative to the broader market.