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 September 13, 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 ($33.14B vs $28.17B market cap).
- •EXR converts more revenue to profit (27.96% vs 5.54% net margin).
- •EXR grew revenue faster over the past five years (18.58% vs 11.97% CAGR).
- •EXR pays the higher dividend yield (4.71% vs 2.93%).
Metrics side by side
Valuation
| Metric | EXR | IRM |
|---|---|---|
| P/E ratio | 29.83 | 79.56 |
| Forward P/E | 28.87 | 44.66 |
| P/S ratio | 8.22 | 4.38 |
| P/B ratio | 2.12 | N/A |
| EV / EBITDA | 18.91 | 21.31 |
| FCF yield | 6.20% | 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% | 18.76% |
| Net margin | 27.96% | 5.54% |
| ROE | 7.22% | N/A |
| ROIC | 5.09% | 6.34% |
Dividends
| Metric | EXR | IRM |
|---|---|---|
| Dividend yield | 4.71% | 2.93% |
| Payout ratio | 144.97% | 241.21% |
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% | 11.97% |
| EPS CAGR (5Y) | 4.35% | -16.26% |
| FCF CAGR (5Y) | 16.09% | -43.23% |
| Total return CAGR (5Y) | -2.12% | 24.35% |
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 11.97%.
- Does EXR or IRM pay a bigger dividend?
- EXR yields 4.71% and IRM yields 2.93% 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 5.54%.
- How have EXR and IRM total returns compared?
- Over the past 10 years, EXR delivered 9.65% and IRM delivered 18.31% 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 September 13, 2026.