Extra Space Storage Inc. (EXR) vs SBA Communications Corporation (SBAC)
A side-by-side comparison of Extra Space Storage Inc. and SBA Communications Corporation 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 SBAC
growth of $100 · dividends reinvested · last 10yEXR vs SBAC: by the numbers
- •EXR is the larger company ($28.88B vs $18.94B market cap).
- •SBAC converts more revenue to profit (34.51% vs 27.96% net margin).
- •EXR grew revenue faster over the past five years (18.58% vs 5.63% CAGR).
- •EXR pays the higher dividend yield (4.71% vs 2.54%).
Metrics side by side
Valuation
| Metric | EXR | SBAC |
|---|---|---|
| P/E ratio | 30.58 | 19.22 |
| Forward P/E | 29.60 | 23.19 |
| P/S ratio | 8.43 | 6.60 |
| P/B ratio | 2.18 | N/A |
| EV / EBITDA | 19.23 | 18.19 |
| FCF yield | 6.05% | 5.55% |
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 SBA Communications Corporation, 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 | SBAC |
|---|---|---|
| Gross margin | 23.00% | 41.61% |
| Operating margin | 43.37% | 50.79% |
| Net margin | 27.96% | 34.51% |
| ROE | 7.22% | N/A |
| ROIC | 5.09% | 11.87% |
Dividends
| Metric | EXR | SBAC |
|---|---|---|
| Dividend yield | 4.71% | 2.54% |
| Payout ratio | 144.97% | 50.81% |
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.
SBA Communications Corporation'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 | SBAC |
|---|---|---|
| Revenue CAGR (5Y) | 18.58% | 5.63% |
| EPS CAGR (5Y) | 4.35% | 115.83% |
| FCF CAGR (5Y) | 16.09% | 1.35% |
| Total return CAGR (5Y) | -2.12% | -10.57% |
Frequently asked
- Which has grown faster, EXR or SBAC?
- Over the past five years, EXR grew revenue faster — EXR at a 18.58% CAGR versus SBAC at 5.63%.
- Does EXR or SBAC pay a bigger dividend?
- EXR yields 4.71% and SBAC yields 2.54% based on trailing dividends and the latest price.
- Is EXR or SBAC more profitable?
- SBAC runs the higher net margin — EXR at 27.96% versus SBAC at 34.51%.
- How have EXR and SBAC total returns compared?
- Over the past 10 years, EXR delivered 9.65% and SBAC delivered 6.38% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Extra Space Storage & SBA Communications 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.