A Business at a Glance
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CubeSmart
CUBE
$9.6B
Mkt Cap
$42.09
+2.63%
CubeSmart (CUBE) has a current P/E ratio of 28.8, compared to its historical median P/E of 27.0. The stock is currently considered Fair based on its historical valuation range.
CubeSmart (CUBE) has a 5-year average return on invested capital (ROIC) of 10.9%. This indicates solid capital allocation.
CubeSmart (CUBE) has a market capitalization of $9.5B. It is classified as a mid-cap stock.
Yes, CubeSmart (CUBE) pays a dividend with a trailing twelve-month yield of 5.02%. The company also returns capital through share buybacks, with a buyback yield of 0.33%.
Based on historical P/E analysis, CubeSmart (CUBE) appears fair. The current P/E of 28.8 is 7% above its historical median of 27.0. The estimated fair value CAGR (P/E method) is 13.4%.
CubeSmart (CUBE) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
CubeSmart (CUBE) reported annual revenue of $1.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
ITEM 1. BUSINESS We are a self-administered and self-managed real estate company focused primarily on the ownership, operation, development, management, and acquisition of self-storage properties in the United States. The Parent Company was formed in July 2004 as a Maryland REIT. The Parent Company owns its assets and conducts its business through the Operating Partnership and its subsidiaries. The Parent Company controls the Operating Partnership as its sole general partner and, as of December 31, 2025, owned a 99.6% interest in the Operating Partnership. The Operating Partnership was formed in July 2004 as a Delaware limited partnership and has been engaged in virtually all aspects of the self-storage business, including the ownership, operation, development, management, and acquisition of self-storage properties.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.1B | 1.1B | 1.1B | 1.1B | 1.0B | 823M |
| Net Income | 327M | 334M | 391M | 411M | 291M | 223M |
| EPS | $1.44 | $1.46 | $1.72 | $1.82 | $1.29 | $1.09 |
| Free Cash Flow | 0 | 559M | 589M | 589M | 502M | 298M |
| ROIC | 0.0% | 10.6% | 14.0% | 14.5% | 8.4% | 6.9% |
| Gross Margin | - | 45.9% | 51.1% | 53.0% | 48.8% | 41.1% |
| Debt/Equity | 0.16 | 0.30 | 0.00 | 0.01 | 0.02 | 0.44 |
| Dividends/Share | $2.11 | $2.09 | $2.05 | $1.98 | $1.78 | $1.45 |
| Operating Income | 0 | 336M | 393M | 413M | 293M | 226M |
| Operating Margin | 0.0% | 29.9% | 36.9% | 39.3% | 29.1% | 27.4% |
| ROE | 12.4% | 11.9% | 13.8% | 14.6% | 10.2% | 9.5% |
| Shares Outstanding | 226M | 229M | 227M | 226M | 226M | 205M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 377M | 445M | 510M | 559M | 598M | 644M | 679M | 823M | 1.0B | 1.1B | 1.1B | 1.1B | 1.1B |
| Gross Margin | 31.2% | 31.4% | 35.7% | 41.5% | 43.1% | 42.0% | 44.0% | 41.1% | 48.8% | 53.0% | 51.1% | 45.9% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 28M | 28M | 33M | 35M | 38M | 39M | 41M | 48M | 55M | 57M | 60M | 65M | 66M |
| EBIT | 82M | 108M | 143M | 196M | 226M | 242M | 166M | 226M | 293M | 413M | 393M | 336M | 0 |
| Op. Margin | 21.6% | 24.3% | 28.0% | 35.0% | 37.8% | 37.5% | 24.4% | 27.4% | 29.1% | 39.3% | 36.9% | 29.9% | 0.0% |
| Net Income | 20M | 72M | 80M | 134M | 164M | 169M | 166M | 223M | 291M | 411M | 391M | 334M | 327M |
| Net Margin | 5.4% | 16.1% | 15.7% | 24.0% | 27.4% | 26.3% | 24.4% | 27.2% | 28.8% | 39.1% | 36.7% | 29.7% | 28.9% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 5.5% | 6.3% | 7.5% | 10.3% | 12.2% | 11.1% | 6.9% | 6.9% | 8.4% | 14.5% | 14.0% | 10.6% | 0.0% |
| ROE | 1.6% | 4.6% | 4.8% | 8.2% | 9.8% | 9.6% | 9.1% | 9.5% | 10.2% | 14.6% | 13.8% | 11.9% | 12.4% |
| ROA | 0.8% | 2.4% | 2.4% | 3.8% | 4.5% | 4.3% | 3.8% | 3.9% | 4.5% | 6.5% | 6.2% | 5.1% | 5.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 166M | 217M | 263M | 292M | 304M | 332M | 351M | 449M | 591M | 611M | 631M | 609M | 611M |
| Free Cash Flow | -381M | -58M | -125M | 211M | 77M | 213M | -67M | 298M | 502M | 589M | 589M | 559M | 0 |
| Owner Earnings | 37M | 62M | 97M | 141M | 155M | 162M | 187M | 209M | 268M | 396M | 410M | 334M | 334M |
| CapEx | 548M | 276M | 389M | 81M | 228M | 118M | 418M | 152M | 89M | 22M | 42M | 50M | 0 |
| Maint. CapEx | 127M | 152M | 162M | 146M | 143M | 164M | 157M | 232M | 315M | 205M | 210M | 263M | 265M |
| Growth CapEx | 421M | 124M | 227M | 0 | 84M | 0 | 261M | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 127M | 152M | 162M | 146M | 143M | 164M | 157M | 232M | 315M | 205M | 210M | 263M | 265M |
| CapEx/OCF | 329.8% | 127.8% | 138.3% | 23.9% | 70.5% | 35.6% | 119.1% | 33.7% | 15.0% | 3.7% | 6.7% | 8.2% | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 76M | 107M | 149M | 195M | 221M | 244M | 256M | 274M | 387M | 442M | 462M | 476M | 478M |
| Dividend Yield | 4.4% | 3.8% | 4.3% | 5.9% | 5.6% | 5.2% | 5.6% | 3.6% | 4.4% | 5.2% | 4.7% | 5.3% | 5.0% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 32M | 32M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.4% | 0.3% |
| Stock-Based Comp | 1.7M | 3.7M | 4.9M | 5.6M | 5.6M | 6.7M | 7.1M | 8.1M | 9.1M | 10M | 11M | 12M | 12M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 44M | 44M |
| Balance Sheet | |||||||||||||
| Net Debt | 131M | 186M | 339M | 180M | 192M | 642M | 560M | 1.2B | 55M | 12M | -69M | 817M | 408M |
| Cash & Equiv. | 2.9M | 63M | 3.0M | 5.3M | 3.8M | 55M | 3.6M | 11M | 6.1M | 6.5M | 72M | 5.8M | 7.3M |
| Long-Term Debt | 56M | 249M | 299M | 103M | N/A | 696M | 446M | 1.0B | N/A | N/A | N/A | 444M | 444M |
| Debt/Equity | 0.09 | 0.15 | 0.21 | 0.11 | 0.11 | 0.39 | 0.31 | 0.44 | 0.02 | 0.01 | 0.00 | 0.30 | 0.16 |
| Interest Coverage | 1.7 | 2.5 | 2.8 | 3.4 | 3.6 | 3.3 | 2588.8 | 105.5 | 137.1 | 193.1 | 184.1 | 157.3 | 157.3 |
| Equity | 1.4B | 1.6B | 1.7B | 1.6B | 1.7B | 1.8B | 1.8B | 2.9B | 2.8B | 2.8B | 2.9B | 2.7B | 2.6B |
| Total Assets | 2.8B | 3.1B | 3.5B | 3.5B | 3.8B | 4.0B | 4.8B | 6.5B | 6.3B | 6.2B | 6.4B | 6.6B | 6.6B |
| Total Liabilities | 1.3B | 1.4B | 1.8B | 1.9B | 2.0B | 2.2B | 2.7B | 3.5B | 3.4B | 3.3B | 3.4B | 3.9B | 3.9B |
| Intangibles | 22M | 13M | 8.3M | 1.7M | 8.1M | 10M | 58M | 109M | 1.2M | 1.8M | 10M | 7.8M | 1.8M |
| Retained Earnings | -519M | -585M | -659M | -729M | -792M | -877M | -975M | -1.2B | -1.3B | -1.3B | -1.4B | -1.6B | -1.7B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | 69M | 85M | 94M | 143M | 150M | 138M | 159M | 200M | 214M | 201M | 230M | 230M | 224M |
| Per Share Data | |||||||||||||
| EPS | 0.14 | 0.42 | 0.45 | 0.74 | 0.88 | 0.88 | 0.85 | 1.09 | 1.29 | 1.82 | 1.72 | 1.46 | 1.44 |
| Owner EPS | 0.26 | 0.36 | 0.54 | 0.78 | 0.83 | 0.84 | 0.96 | 1.02 | 1.19 | 1.75 | 1.80 | 1.46 | 1.48 |
| Book Value | 9.95 | 9.63 | 9.32 | 8.98 | 9.18 | 9.36 | 9.40 | 14.01 | 12.52 | 12.40 | 12.63 | 11.90 | 11.70 |
| Cash Flow/Share | 1.14 | 1.27 | 1.48 | 1.61 | 1.63 | 1.73 | 1.80 | 2.19 | 2.62 | 2.71 | 2.77 | 2.66 | 2.62 |
| Dividends/Share | 0.55 | 0.69 | 0.90 | 1.11 | 1.22 | 1.29 | 1.33 | 1.45 | 1.78 | 1.98 | 2.05 | 2.09 | 2.11 |
| Shares Out. | 145.5M | 170.7M | 177.6M | 181.5M | 186.2M | 192.2M | 194.8M | 205.0M | 225.8M | 225.7M | 227.4M | 228.6M | 226.5M |
| Valuation | |||||||||||||
| P/E Ratio | 103.5 | 48.5 | 39.0 | 27.7 | 24.3 | 27.3 | 31.7 | 42.8 | 26.7 | 23.4 | 23.2 | 24.2 | 29.2 |
| P/FCF | N/A | N/A | N/A | 17.6 | 51.8 | 21.6 | N/A | 32.2 | 15.5 | 16.3 | 15.4 | 14.5 | N/A |
| EV/EBIT | 31.7 | 35.8 | 24.9 | 21.4 | 19.8 | 26.2 | 30.1 | 32.3 | 27.4 | 24.6 | 19.0 | 18.9 | N/A |
| Price/Book | 1.5 | 2.1 | 1.9 | 2.3 | 2.3 | 2.6 | 2.9 | 3.3 | 2.8 | 3.4 | 3.2 | 3.0 | 3.6 |
| Price/Sales | 4.5 | 6.4 | 6.8 | 5.9 | 6.6 | 7.3 | 6.8 | 9.3 | 8.6 | 8.1 | 9.1 | 8.0 | 8.4 |
| FCF Yield | -18.1% | -1.7% | -4.0% | 5.7% | 1.9% | 4.6% | -1.3% | 3.1% | 6.5% | 6.1% | 6.5% | 6.9% | N/A |
| Market Cap | 2.1B | 3.5B | 3.1B | 3.7B | 4.0B | 4.6B | 5.3B | 9.6B | 7.8B | 9.6B | 9.1B | 8.1B | 9.5B |
| Avg. Price | 11.72 | 16.54 | 19.42 | 18.08 | 21.20 | 24.54 | 23.61 | 37.36 | 38.53 | 37.80 | 42.79 | 39.18 | 42.09 |
| Year-End Price | 14.49 | 20.38 | 17.55 | 20.46 | 21.37 | 24.01 | 26.98 | 46.70 | 34.45 | 42.60 | 39.92 | 35.37 | 42.09 |
CubeSmart passes 5 of 9 quality checks, suggesting mixed fundamentals.
CubeSmart trades at 28.8x trailing earnings, compared to its 15-year median P/E of 27.0x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 17.2x vs a median of 17.0x. The company's 5-year average ROIC is 10.9% with a gross margin of 48.0%. Total shareholder yield (dividends + buybacks) is 5.4%. At current prices, the estimated annualized return to fair value is +35.4%.
CubeSmart (CUBE) has a net profit margin of 29.7%. This is a strong margin indicating high profitability.
CubeSmart (CUBE) generated $559 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CubeSmart (CUBE) has a debt-to-equity ratio of 0.30. This indicates a conservatively financed balance sheet.
CubeSmart (CUBE) reported earnings per share (EPS) of $1.46 in its most recent fiscal year.
CubeSmart (CUBE) has a return on equity (ROE) of 11.9%. This indicates moderate shareholder returns.
CubeSmart (CUBE) has a 5-year average gross margin of 48.0%. This indicates decent pricing power.
The Ledger Terminal provides 15 years of financial data for CubeSmart (CUBE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CubeSmart (CUBE) has a book value per share of $11.90, based on its most recent annual SEC filing.