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CubeSmart

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

45.23 0.14 −0.31%

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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 Segments Valuation Filings

CubeSmart (CUBE) valuation and DCF model

What the price implies · reverse DCF

At $45.23 the price implies FFO a share growing 3.9% a year for ten years.

FFO a share grew 2.6% a year over the last ten years, 1.6% over the last five. The price asks for close to its ten-year rate. The industry’s median company is priced for 4.7%.

In December 2017 the price assumed 1.9% a year; CubeSmart went on to grow FFO a share 1.2% a year to FY2025.

FFO a share is worked out from CubeSmart’s 10-Ks and 10-Qs: net income, plus the depreciation of its property and impairments, less gains on property sales. It reported AFFO of $0.66 a share for Q3 2026.

Price implies: 3.9%
Last 5 years, reported: 1.6%
Last 10 years, reported: 2.6%
Industry median implies: 4.7%

The headline discounts the last twelve months’ FFO a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF

The price needs: 3.9% a year for ten years; $45.23; today’s price
Its base case: 2.6% a year for five years, then 1.6%; $39.65; 12.3% below today’s price

Both are growth in FFO a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record CubeSmart’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

1 · FFO a share

FFO a share, last twelve months ($)the four quarters to September 2026, from the 10-Q and 10-K filings

Growth, yrs 1–5 (%)

Growth, yrs 6–10 (%)

Yearly growth in FFO a share. It usually slows as the company matures.

Today’s price implies FFO a share growing 3.9% a year for ten years.

2 · Rates

Cost of equity (%)

Terminal growth (%)

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

Current price ($)

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Value per share Expected return

Use the analysts’ consensus for years 1–3 (none held for this company)

How the model ends

Margin of safety (%)

Against CubeSmart’s own cost of capital: risk-free 4.3% + beta 0.98 × equity premium 4.5% = 8.7% cost of equity; weighted, 8.7%.

Use 8.7%

Base case value per share $39.65 ten years discounted, and what follows

Current price $45.23 market price per share

Below today’s price 12.3% downside at the base case’s assumptions

How we got there$18.54 10 years of FFO+$21.11 terminal value=$39.65 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Reit Industrial).

Multiple	Current	5Y avg	10Y avg	vs 10Y avg	Industry median	vs industry
P/E	29.83×	27.21×	33.30×	10% below	29.08×	3% above
P/FCF	20.44×	18.61×	31.43×	35% below	27.37×	25% below
P/B	4.10×	3.47×	3.45×	19% above	1.88×	118% above
EV/EBITDA	19.32×	18.22×	19.89×	3% below	19.77×	2% below
EV/Sales	12.00×	11.79×	12.61×	5% below	11.83×	1% above
P/FFO	17.55×	14.07×	13.92×	26% above	—	—

P/E P/FCF P/B EV/EBITDA EV/Sales P/FFO

CUBE trades at 29.83× P/E, against a 10-year average of 33.30× (range 24.63×–52.21×). That is cheaper than 67% of the last 9 year-end readings; re-rating to the average implies $50.49 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.