Extra Space Storage Inc — Earnings Quality Grade F
EXR · Real Estate
Major red flags
Screening Summary
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 15 days, change +1 days YoY
AR growth 9.5% vs revenue growth 3.7%
Revenue 3.7%, CFFO -2.0%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 3.0% vs revenue 3.7%. Normal
SG&A/Gross Profit = 7.8%, excellent (<30%)
Gross margin 70.8%, change -1.4pp. Stable
Cash Flow Quality
CFFO/NI = 1.90. Profits backed by cash
FCF $1.8B, FCF/NI = 1.88
Accruals ratio = -3.0%. Low accruals
Cash $0.1B covers only 1% of debt $14.0B
Balance Sheet Health
Goodwill+Intangibles $0.2B = 1% of equity. Manageable
Debt/EBITDA = 5.8x (>4x). Financial stress
Insufficient data
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -22% YoY. Normal
Manipulation Score
M-Score = -2.55 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score — Not Applicable
Extra Space Storage Inc is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-09