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. The company appears to be fairly valued based on its current metrics. 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, which suggest that while the company is not undervalued, it is also not excessively priced compared to its peers.
In comparison to its peers, Extra Space Storage, Inc. has a P/E ratio of 31.82, while Crown Castle, Inc. is considered risky with a P/E of 263.90, and VICI Properties, Inc. is very attractive with a P/E of 12.89. The recent stock performance shows that Extra Space Storage has underperformed against the S&P 500, with a year-to-date return of -12.15% compared to the index's 16.30%, indicating potential concerns about its growth prospects despite its fair valuation.