EXR vs PLD: Extra Space Storage and Prologis compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Prologis is the larger company, worth $121.1B, about 4.1 times Extra Space Storage.
- Extra Space Storage grew revenue faster over the last year (+8.9% vs +7.4%).
- Extra Space Storage keeps more of each dollar of revenue as operating profit (1043.2% vs 52.4%).
- On earnings, Extra Space Storage is the cheaper stock (29.7x vs 32.6x).
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 | PLD |
|---|---|---|
| Market cap | $29.3B | $121.1B |
| Share price | $134.65 | $129.49 |
| Revenue (last fiscal year) | $129M | $8.8B |
| Free cash flow (last fiscal year) | $1.3B | — |
| Revenue growth, last year | +8.9% | +7.4% |
| Revenue growth per year, last 5 fiscal years | +18.2% | +16.6% |
| Operating margin | 1043.2% | 52.4% |
| Net margin | 708.8% | 41.5% |
| Return on equity | 7.2% | 7.0% |
| P/E (trailing) | 29.7x | 32.6x |
| Price / free cash flow | 16.0x | 24.2x |
| EV / EBITDA | 25.6x | 19.8x |
| FCF growth the price implies | 6.7% | — |
| Dividend yield | 4.9% | 3.2% |
| Debt / equity | 1.17x | 0.75x |
| Fundamental grade | C | C |
| Superinvestors holding it | 6 | 6 |
| Insider purchases, last 12 months | 4 | 6 |
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% |
Prologis
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.8B | — | 67.4% |
| 2022 | $6.0B | — | 58.0% |
| 2023 | $8.0B | — | 46.2% |
| 2024 | $8.2B | — | 53.8% |
| 2025 | $8.8B | — | 49.6% |
Where the revenue comes from
Extra Space Storage · by segments, 2018
Self-Storage Operations$1.0B90%
Tenant Reinsurance$116M10%
Prologis · by segments, 2025
Real Estate Operations$8.2B93%
Strategic Capital$592M7%
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 Prologis?
Prologis (PLD), at $121.1B against $29.3B.
Is EXR or PLD cheaper?
By trailing P/E, Extra Space Storage (29.7x) is cheaper than Prologis (32.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, EXR or PLD?
Extra Space Storage: revenue grew +8.9% over the last year, against +7.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.