EXR vs LINE: Extra Space Storage and Lineage compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Extra Space Storage is the larger company, worth $29.3B, about 3.5 times Lineage.
- Extra Space Storage grew revenue faster over the last year (+8.9% vs +0.8%).
- Extra Space Storage keeps more of each dollar of revenue as operating profit (1043.2% vs 3.6%).
- Lineage's price assumes faster free cash flow growth: about 15% a year, against 7% for Extra Space Storage (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | EXR | LINE |
|---|---|---|
| Market cap | $29.3B | $8.5B |
| Share price | $134.65 | $34.43 |
| Revenue (last fiscal year) | $129M | $5.4B |
| Free cash flow (last fiscal year) | $1.3B | $196M |
| Revenue growth, last year | +8.9% | +0.8% |
| Revenue growth per year, last 5 fiscal years | +18.2% | +2.8% |
| Operating margin | 1043.2% | 3.6% |
| Net margin | 708.8% | -3.1% |
| Return on equity | 7.2% | -2.1% |
| P/E (trailing) | 29.7x | — |
| Price / free cash flow | 16.0x | 43.3x |
| EV / EBITDA | 25.6x | 15.6x |
| FCF growth the price implies | 6.7% | 15.1% |
| Dividend yield | 4.9% | 6.4% |
| Debt / equity | 1.17x | 1.27x |
| Fundamental grade | C | D |
| Superinvestors holding it | 6 | 2 |
| Insider purchases, last 12 months | 4 | 8 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Extra Space Storage
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $66M | — | 1472.8% |
| 2022 | $84M | $45M | 1251.9% |
| 2023 | $102M | $1.3B | 1147.4% |
| 2024 | $121M | $1.4B | 1095.0% |
| 2025 | $129M | $1.3B | 1091.1% |
Lineage
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $4.9B | -$312M | 6.0% |
| 2023 | $5.3B | $30M | 7.5% |
| 2024 | $5.3B | $12M | -6.8% |
| 2025 | $5.4B | $196M | 3.4% |
Where the revenue comes from
Extra Space Storage · by segments, 2018
Self-Storage Operations$1.0B90%
Tenant Reinsurance$116M10%
Lineage · by segments, 2025
Global Warehousing$4.0B74%
Global Integrated Solutions$1.4B26%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open EXR in InvestinglyQuestions
Which is bigger, Extra Space Storage or Lineage?
Extra Space Storage (EXR), at $29.3B against $8.5B.
Which grows faster, EXR or LINE?
Extra Space Storage: revenue grew +8.9% over the last year, against +0.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.