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CubeSmart

CUBE Real Estate Reit Industrial

CubeSmart’s revenue for fiscal 2025 (year ended December 2025) was $1.1 billion, up 5.33% from fiscal 2024.

Revenue
+3.12%
EPS
+16.1%
Free cash flow
−5.37%
Total debt
+3.13%

Quarter to September 2026, against a year earlier

45.28 0.61 −1.33%
Market cap
$10.2B
P/E
29.8×
Fwd P/E
27.9×
Dividend yield
4.68%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Self-storage segment

Every year since 2022 →

Insider Decisions last twelve months

Sold, $m 9.89
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — — 1 — — 1 — — — — 2
Insider Ownership 1.86%

Capital & Financial Ratios $m

Size
Market Cap 10,180.00
Revenue ttm 1,145.07
Net income ttm 344.25
Free cash flow ttm 499.77
Net debt Q 3,519.71
Valuation
P/E 29.83
Forward P/E 27.90
Price / sales 8.92
Forward P/S Powerpack
Price / FCF 20.44
Price / book 4.10
Financial health
Current ratio Q 0.06
Debt / equity Q 1.42
Interest coverage Q 3.91
Growth
Revenue growth Q +3.12% (above 0%: growing)
Operating income growth Q +13.23% (above 0%: growing)
EPS, this year +8.09%
EPS, next year A +2.39%
Revenue, next year A +1.41%
EPS, past 5 yrs +11.43%
EPS, next 5 yrs A +3.91%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 12.0×, against a ten-year median of 12.4×; over the ten years it ranged from 10.1× in 2023 to 17.9× in 2021.
P/E against its own 10 years 34.18%
10-year low 10-year high
P/S against its own 10 years 29.74%
10-year low 10-year high
P/B against its own 10 years 91.31%
10-year low 10-year high
EV/Sales against its own 10 years 34.98%
10-year low 10-year high
EV/FCF against its own 10 years 38.72%
10-year low 10-year high

Dividends raised 2 years running

Yield
4.68%
Annual rate
2.12
Payout ratio
140.7%
Growth, 2018–26
+7.15%/yr
  1. 1.22 ’18
  2. 1.29 ’19 +6
  3. 1.33 ’20 +3
  4. 1.45 ’21 +9
  5. 1.78 ’22 +23
  6. 1.98 ’23 +11
  7. 1.53 ’24 −23
  8. 2.08 ’25 +36
  9. 2.12 ’26 +2
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 8 78 10 16
Receivables — — — —
Inventory — — — —
Other — — — —
8 78 10 16
2023 2024 2025 Q'26
Payables 201 230 230 250
ST’ Debt — — — —
Other — — — —
201 230 230 250

Compound Annual Growth %

10y 5y 3y
Sales 9.71% 10.58% 3.61%
Cash Flow 10.85% 11.63% 0.95%
Earnings 16.63% 15.05% 4.65%
Book Value 5.26% 8.33% (1.12%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.65 Actual 0.66

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.66 0.64 Miss by 0.02
Q1 FY26 0.62 0.63 Beat by 0.01
Q2 FY26 0.64 0.63 Miss by 0.01
Q3 FY26 0.65 0.66 Beat by 0.01
Q4 FY26 0.66 — Reports 25 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.36 0.39 0.42 — —
’25 0.39 0.36 0.36 0.34 1.46
’24 0.42 0.41 0.44 0.45 1.72
’23 0.43 0.43 0.45 0.50 1.82
’22 0.17 0.26 0.50 0.36 1.29
’21 0.21 0.24 0.43 0.21 1.09
’20 0.20 0.20 0.24 0.22 0.85
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 282 286 294 — —
’25 273 282 285 283 1,123
’24 261 266 271 268 1,066
’23 257 261 268 265 1,050
’22 239 249 261 261 1,010
’21 189 199 213 222 823
’20 164 164 173 179 679
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 149 144 171 — —
’25 146 157 168 136 609
’24 150 171 145 165 631
’23 137 162 170 142 611
’22 131 154 162 145 591
’21 98 119 126 106 449
’20 81 108 79 83 351
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 138 135 146 — —
’25 137 143 154 80 514
’24 120 159 133 132 545
’23 126 148 163 112 549
’22 83 115 132 131 461
’21 90 77 82 13 263
’20 60 25 58 (260) (117)
Fiscal quarters ending in the months shown.

Valuation

The price implies FFO a share growing 3.9% a year for ten years. It grew 2.6% a year over the last ten.

Implied
3.9%
10 years, reported
2.6%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 510 559 598 644 679 823 1,010 1,050 1,066 1,123 1,145 +9.2% 1,139 1,175 1,226 +3.0%
Gross margin, % 67.48 67.53 67.08 67.43 67.07 69.35 70.95 71.93 70.20 68.71 67.65 +1.2 pt
EBT 88 136 165 171 168 231 292 412 392 331 344 +15.8%
EBT margin, % 17.33 24.26 27.68 26.52 24.68 28.06 28.97 39.27 36.75 29.50 30.06 +12.2 pt
Net income 88 136 165 171 168 231 292 412 392 331 344 +15.8%
Per share, $
Per share, $ Revenue 2.86 3.10 3.24 3.37 3.50 4.04 4.49 4.66 4.71 4.91 5.07 +6.2%
Earnings 0.45 0.74 0.89 0.89 0.85 1.10 1.29 1.82 1.73 1.46 1.52 +14.0%
Cash flow 1.48 1.62 1.65 1.74 1.81 2.20 2.63 2.71 2.79 2.66 2.66 +6.8%
Capex (2.35) (0.54) (1.31) (0.81) (2.41) (0.91) (0.58) (0.28) (0.38) (0.41) (0.45) (17.6%)
Free cash flow (0.87) 1.08 0.34 0.92 (0.60) 1.29 2.05 2.44 2.41 2.25 2.21 n/m
Book value 9.32 9.06 9.30 9.47 9.48 14.18 12.63 12.51 12.82 12.01 11.06 +2.9%
Shares, m 178 181 185 191 194 204 225 225 226 229 227 +2.8%
Valuation, ×
Valuation, × P/E 59.16 38.05 32.24 35.37 39.08 52.21 30.50 26.24 24.63 24.86 29.83 36.2
P/S 9.30 9.22 8.86 9.33 9.61 14.10 8.76 10.25 9.10 7.34 8.92 9.6
P/B 2.86 3.15 3.09 3.32 3.54 4.01 3.12 3.82 3.34 3.00 4.10 3.3
EV/Sales 12.41 12.13 11.77 12.24 13.08 17.91 11.72 13.03 11.82 10.36 12.00 12.6
EV/FCF (40.83) 34.78 113.16 44.73 (76.05) 56.01 25.66 24.92 23.13 22.64 27.49 22.8
Cash, $m
Cash, $m Operating cash flow 263 292 304 332 351 449 591 611 631 609 601 +9.8%
Capex (418) (97) (242) (156) (468) (186) (130) (62) (86) (94) (101) (15.2%)
Free cash flow (155) 195 62 176 (117) 263 461 549 545 514 500 n/m
Balance, $m
Balance, $m Working capital (83) (134) (143) (79) (153) (187) (205) (193) (152) (219) (234) +11.4%
Net debt 1,585 1,626 1,741 1,873 2,358 3,132 2,987 2,915 2,909 3,393 3,520 +8.8%
Shareholders’ equity 1,661 1,635 1,716 1,807 1,841 2,890 2,840 2,821 2,903 2,746 2,495 +5.7%
Returns, %
Returns, % ROA 2.43 3.83 4.49 4.35 3.76 3.95 4.52 6.55 6.20 5.12 5.19 +2.7 pt
ROIC 2.75 3.75 3.98 3.94 3.83 3.02 3.77 5.42 5.20 4.57 4.86 +1.8 pt
ROE 4.83 8.15 9.78 9.60 9.08 9.45 10.17 14.51 13.67 11.82 13.03 +7.0 pt
People
People Employees 2,136 2,508 2,815 3,011 3,111 2,892 2,804 3,040 3,104 3,121 — +4.3%
Revenue/emp, $m 0.24 0.22 0.21 0.21 0.22 0.28 0.36 0.35 0.34 0.36 — +4.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 3 Nov 2026

Business profile

Updated

CubeSmart is a U.S. real estate investment trust, or REIT, focused on self-storage. It owns, operates, develops and acquires storage properties, and manages stores for other owners. Its customers rent individual units for their exclusive use, typically on a month-to-month basis. Residential and commercial customers use the space, and some stores also offer outdoor storage for vehicles and boats.

Most owned stores offer climate-controlled units. Customers can get help from a storage associate on-site or virtually, and some locations offer access around the clock through computer-controlled systems. CubeSmart combines local operating teams with centralized marketing, pricing and other support functions.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Self-storage segment 1,123 100.00%
Gross margin 68.71%
Operating margin 39.97%
Pre-tax margin 29.50%

Revenue by segment since 2022

CubeSmart vs peers in Reit Industrial (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
EXR Extra Space Storage Inc $34.9B 32.5× 32.6× +3.65% (above 0%: growing) +50.00% (above 0%: growing) −27.72% (below 0%: shrinking) 71.14% 44.04% Compare
EGP EastGroup Properties, Inc. $10.4B 32.9× 32.7× +9.50% (above 0%: growing) +15.87% (above 0%: growing) +22.82% (above 0%: growing) 74.02% 41.57% Compare
CUBE CubeSmart $10.2B 29.8× 27.9× +3.12% (above 0%: growing) +16.11% (above 0%: growing) −5.37% (below 0%: shrinking) 67.42% 42.77%
LINE Lineage, Inc. $9.0B — (loss-making) — (loss-making) +0.81% (above 0%: growing) n/m +91.92% (above 0%: growing) 31.23% 3.97% Compare
REXR Rexford Industrial Realty, Inc. $8.1B — (loss-making) — (loss-making) −5.58% (below 0%: shrinking) −81.08% (below 0%: shrinking) +58.30% (above 0%: growing) 76.16% 39.41% Compare
FR First Industrial Realty Trust, Inc. $7.4B 20.1× 21.7× +8.65% (above 0%: growing) −10.20% (below 0%: shrinking) −240.72% (below 0%: shrinking) 74.45% 44.21% Compare
TRNO Terreno Realty Corporation $7.3B 19.9× 33.2× +13.74% (above 0%: growing) −38.00% (below 0%: shrinking) +118.95% (above 0%: growing) 75.26% 42.18% Compare
STAG Stag Industrial, Inc. $7.1B 26.1× 33.6× +9.44% (above 0%: growing) +44.00% (above 0%: growing) +2,111.22% (above 0%: growing) 79.99% 38.36% Compare
COLD Americold Realty Trust Inc. $4.5B 19.0× — (loss-making) +4.20% (above 0%: growing) n/m +237.07% (above 0%: growing) 32.79% 107.39% Compare
Median of peers $7.7B 23.1× 32.7× +6.43% +2.84% +75.11% 74.24% 41.88%

All 14 Reit Industrial stocks →

From the latest earnings call

Updated

  • CEO Christopher Marr said occupancy ended September 90 basis points above a year earlier, while move-in rates returned to year-over-year growth by quarter-end.
  • CFO Timothy Martin said CubeSmart raised its full-year same-store revenue outlook and lowered its expense-growth range after its third-quarter results.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 101.94%
Held by the ten largest 58.77%
Holder Shares Stake Change
BlackRock 33.92m 15.07% +707.40k
Vanguard 31.70m 14.08% +74.24k
Norges Bank 12.24m 5.43% +12.24m
State Street 11.04m 4.90% −157.10k
T. Rowe Price 9.41m 4.18% −2.24m
Fidelity (FMR) 7.52m 3.34% +112.09k
AQR Capital Management 7.26m 3.22% +5.12m
CPP Investments 7.25m 3.22% −11.20k
COHEN & STEERS, INC. 7.23m 3.21% +7.23m
Geode Capital Management 4.77m 2.12% +13.22k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 3 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 9.18m 5.30m 130.85
2024 8.00m 6.22m 148.00
2023 6.72m 9.35m 155.02
2022 7.29m 1.05m 128.65
2021 7.32m 22.34m 174.59
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

CubeSmart (CUBE) Latest News

31 Oct

Impact 3 · · Simply Wall St.

30 Oct

Impact 3 · · The Motley Fool transcript
Impact 3 · · MarketBeat transcript
Impact 3 · · Moby

29 Oct

Impact 4 · · GlobeNewswire
Impact 3 · · Zacks
Impact 3 · · Associated Press

21 Oct

Impact 3 · · Zacks

17 Oct

Impact 3 · · Insider Monkey

7 Aug

Impact 3 · · The Motley Fool transcript

31 Jul

Impact 3 · transcript
Impact 3 · · MarketBeat transcript
Impact 3 · · Moby transcript

30 Jul

Impact 3 ·
Impact 3 ·

10 Jul

Impact 3 ·

9 May

Impact 3 · · Simply Wall St.

4 May

Impact 4 · · The Motley Fool transcript

2 May

Impact 4 · · GuruFocus.com

1 May

Impact 4 · · Moby
Impact 3 · · Simply Wall St.

30 Apr

Impact 4 · · Zacks
Impact 4 · · GlobeNewswire

1 Apr

Impact 4 · · Simply Wall St.

20 Mar

Impact 3 · · Insider Monkey

17 Mar

Impact 4 · · fastcompany.com

16 Mar

Impact 5 · · Associated Press Finance

4 Mar

Impact 3 · · Insider Monkey

3 Mar

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

CUBE metrics, ten years each

stockrow.com/CUBE · Data as of Nov 3, 2026 · For information only; not investment advice. · © 2026 stockrow.com