Extra Space Storage Inc. (EXR) vs Iron Mountain Incorporated (IRM)
A side-by-side comparison of Extra Space Storage Inc. and Iron Mountain Incorporated across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of August 11, 2026. Differences are shown without an overall score or investment verdict.
Total return — EXR vs IRM
growth of $100 · dividends reinvested · last 10yEXR vs IRM: by the numbers
- •IRM is the larger company ($36.43B vs $30.96B market cap).
- •EXR converts more revenue to profit (27.96% vs 3.76% net margin).
- •EXR grew revenue faster over the past five years (18.58% vs 11.73% CAGR).
- •EXR pays the higher dividend yield (4.42% vs 2.78%).
Metrics side by side
Valuation
| Metric | EXR | IRM |
|---|---|---|
| P/E ratio | 32.81 | 133.58 |
| Forward P/E | 31.82 | 50.52 |
| P/S ratio | 9.43 | 5.01 |
| P/B ratio | 2.44 | N/A |
| EV / EBITDA | 20.78 | 23.93 |
| FCF yield | 5.46% | N/A |
For REITs like Extra Space Storage Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
For REITs like Iron Mountain Incorporated, GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
Profitability
| Metric | EXR | IRM |
|---|---|---|
| Gross margin | 23.00% | 25.69% |
| Operating margin | 43.37% | 18.01% |
| Net margin | 27.96% | 3.76% |
| ROE | 7.22% | -14.74% |
| ROIC | 5.51% | 5.72% |
Dividends
| Metric | EXR | IRM |
|---|---|---|
| Dividend yield | 4.42% | 2.78% |
| Payout ratio | 141.18% | 689.18% |
Extra Space Storage Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Iron Mountain Incorporated's payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Growth (annualized)
| Metric | EXR | IRM |
|---|---|---|
| Revenue CAGR (5Y) | 18.58% | 11.73% |
| EPS CAGR (5Y) | 4.35% | -16.26% |
| FCF CAGR (5Y) | 16.09% | -43.23% |
| Total return CAGR (5Y) | 0.48% | 26.29% |
Frequently asked
- Which has grown faster, EXR or IRM?
- Over the past five years, EXR grew revenue faster — EXR at a 18.58% CAGR versus IRM at 11.73%.
- Does EXR or IRM pay a bigger dividend?
- EXR yields 4.42% and IRM yields 2.78% based on trailing dividends and the latest price.
- Is EXR or IRM more profitable?
- EXR runs the higher net margin — EXR at 27.96% versus IRM at 3.76%.
- How have EXR and IRM total returns compared?
- Over the past 10 years, EXR delivered 9.76% and IRM delivered 19.01% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Extra Space Storage & Iron Mountain appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified August 11, 2026.