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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. In the quarter to June 2026, revenue grew 1.48%, EPS grew 11.1%, free cash flow fell 5.25% and total debt rose 3.63%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for ten.

38.74 1.03 +2.73%
Market cap
$8.6B
P/E
25.8×
Fwd P/E
28.0×
Dividend yield
5.62%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 7.29
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — 1 — — 1 — — 1 — — — —
Insider Ownership 1.58%

Capital & Financial Ratios $m

Market Cap 8,560.00
Revenue 1,136.19
Net Income 332.35
Free Cash Flow 508.04
Net Debt 3,459.43
Current Ratio 0.07
Debt/Equity 1.34
P/E ratio 25.83
Fwd P/E 28.00
P/S ratio 7.53
P/B ratio 3.29
Past 5Y EPS Growth 11.43%
This Y EPS Growth 7.46%
Next Y EPS Growth 1.71%
Next Y revenue growth 0.97%
Next 5Y EPS Growth 3.46%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 10.6×, 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 18.66%
10-year low 10-year high
P/S against its own 10 years 2.99%
10-year low 10-year high
P/B against its own 10 years 42.16%
10-year low 10-year high
EV/Sales against its own 10 years 3.80%
10-year low 10-year high
EV/FCF against its own 10 years 20.05%
10-year low 10-year high

Dividends

Payout Ratio 1.46
Annual Dividend Rate 2.12
Annual Dividend Yield 5.62%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 2.12
0.53
0.53
0.53
0.53
2025 2.08
0.52
0.52
0.52
0.52
2024 1.53
0.51
0.51
0.51
2023 1.98
0.49
0.49
0.49
0.51
2022 1.78
0.43
0.43
0.43
0.49
2021 1.45
0.34
0.34
0.34
0.43
2020 1.33
0.33
0.33
0.33
0.34
2019 1.29
0.32
0.32
0.32
0.33
2018 1.22
0.30
0.30
0.30
0.32
2017 1.11
0.27
0.27
0.27
0.30
2016 0.90
0.21
0.21
0.21
0.27
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 8 78 10 17
Receivables — — — —
Inventory — — — —
Other — — — —
8 78 10 17
2023 2024 2025 Q'26
Payables 201 230 230 242
ST’ Debt — — — —
Other — — — —
201 230 230 242

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%)

Revenue $m

Mar Jun Sep Dec Year
’26 282 286 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.36 0.39 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 23.65 22.83 25.22 27.97 19.61 31.44 36.82 33.17 39.80 34.24

Analyst estimates 2026–2028

Powerpack
High 33.52 29.79 33.18 36.32 35.77 57.34 57.23 48.93 55.14 44.13
People
People Employees 2,136 2,508 2,815 3,011 3,111 2,892 2,804 3,040 3,104 3,121
Revenue/emp, $m 0.24 0.22 0.21 0.21 0.22 0.28 0.36 0.35 0.34 0.36
Income, $m
Income, $m Revenue 510 559 598 644 679 823 1,010 1,050 1,066 1,123
Gross margin, % 67.48 67.53 67.08 67.43 67.07 69.35 70.95 71.93 70.20 68.71
EBT 88 136 165 171 168 231 292 412 392 331
EBT margin, % 17.33 24.26 27.68 26.52 24.68 28.06 28.97 39.27 36.75 29.50
Net income 88 136 165 171 168 231 292 412 392 331
Depreciation 164 148 146 166 159 240 315 205 210 263
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
Earnings 0.45 0.74 0.89 0.89 0.85 1.10 1.29 1.82 1.73 1.46
Cash flow 1.48 1.62 1.65 1.74 1.81 2.20 2.63 2.71 2.79 2.66
Capex (2.35) (0.54) (1.31) (0.81) (2.41) (0.91) (0.58) (0.28) (0.38) (0.41)
Free cash flow (0.87) 1.08 0.34 0.92 (0.60) 1.29 2.05 2.44 2.41 2.25
Book value 9.32 9.06 9.30 9.47 9.48 14.18 12.63 12.51 12.82 12.01
Shares, m 178 181 185 191 194 204 225 225 226 229
Valuation, ×
Valuation, × P/E 59.16 38.05 32.24 35.37 39.08 52.21 30.50 26.24 24.63 24.86
P/S 9.30 9.22 8.86 9.33 9.61 14.10 8.76 10.25 9.10 7.34
P/B 2.86 3.15 3.09 3.32 3.54 4.01 3.12 3.82 3.34 3.00
EV/Sales 12.41 12.13 11.77 12.24 13.08 17.91 11.72 13.03 11.82 10.36
EV/FCF (40.83) 34.78 113.16 44.73 (76.05) 56.01 25.66 24.92 23.13 22.64
Cash, $m
Cash, $m Operating cash flow 263 292 304 332 351 449 591 611 631 609
Capex (418) (97) (242) (156) (468) (186) (130) (62) (86) (94)
Free cash flow (155) 195 62 176 (117) 263 461 549 545 514
Balance, $m
Balance, $m Working capital (83) (134) (143) (79) (153) (187) (205) (193) (152) (219)
Total debt 1,596 1,635 1,747 1,932 2,365 3,146 2,996 2,923 2,987 3,403
Net debt 1,585 1,626 1,741 1,873 2,358 3,132 2,987 2,915 2,909 3,393
Shareholders’ equity 1,661 1,635 1,716 1,807 1,841 2,890 2,840 2,821 2,903 2,746
Returns, %
Returns, % ROA 2.43 3.83 4.49 4.35 3.76 3.95 4.52 6.55 6.20 5.12
ROIC 2.75 3.75 3.98 3.94 3.83 3.02 3.77 5.42 5.20 4.57
ROE 4.83 8.15 9.78 9.60 9.08 9.45 10.17 14.51 13.67 11.82
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
EGP EastGroup Properties, Inc. $10.6B 33.9× 34.0× +9.05% (above 0%: growing) +16.53% (above 0%: growing) +447.46% (above 0%: growing) 73.78% 40.76% Compare
CUBE CubeSmart $8.6B 25.8× 28.0× +1.48% (above 0%: growing) +11.11% (above 0%: growing) −5.25% (below 0%: shrinking) 66.48% 40.97%
REXR Rexford Industrial Realty, Inc. $8.4B — (loss-making) 27.3× −1.60% (below 0%: shrinking) n/m +30.62% (above 0%: growing) 77.10% 41.60% Compare
FR First Industrial Realty Trust, Inc. $8.2B 21.5× 26.9× +8.20% (above 0%: growing) +38.10% (above 0%: growing) +183.07% (above 0%: growing) 75.40% 45.08% Compare
LINE Lineage, Inc. $7.9B — (loss-making) — (loss-making) +0.81% (above 0%: growing) n/m +91.92% (above 0%: growing) 31.23% 3.97% Compare
TRNO Terreno Realty Corporation $7.1B 17.4× 32.9× +11.12% (above 0%: growing) −40.00% (below 0%: shrinking) −173.91% (below 0%: shrinking) 76.25% 41.77% Compare
STAG Stag Industrial, Inc. $7.0B 27.6× 33.3× +8.08% (above 0%: growing) +3.70% (above 0%: growing) −536.34% (below 0%: shrinking) 79.93% 37.04% Compare
COLD Americold Realty Trust Inc. $4.0B — (loss-making) — (loss-making) +1.87% (above 0%: growing) n/m +63.81% (above 0%: growing) 32.08% (43.42%) Compare
LXP LXP Industrial Trust $3.6B 61.0× 614× +0.45% (above 0%: growing) n/m −175.97% (below 0%: shrinking) 81.64% 16.08% Compare
Median of peers $7.5B 27.6× 33.1× +4.98% +10.12% +47.22% 75.83% 38.90%

All 15 Reit Industrial stocks →

CubeSmart (CUBE) key facts

  • Concern: Net income was $331.3 million, or $1.46 per share (basic), a net margin of 29.7%.
  • Strength: CubeSmart’s revenue for fiscal 2025 (year ended December 2025) was $1.1 billion, up 5.33% from fiscal 2024.
  • CubeSmart (CUBE) is a Reit Industrial company in the Real Estate sector, listed on the New York Stock Exchange.
  • As of October 14, 2026, CUBE traded at $37.71, a market capitalization of $8.6 billion.
  • At that price the stock trades at 25.8× trailing-twelve-month earnings and 7.5× sales; its P/E is higher than 19% of its own readings over the past ten years.
  • CubeSmart pays an annual dividend of $2.12 per share, a yield of 5.62%, with a payout ratio of 146.2%.
  • Return on equity was 11.8% and debt-to-equity 1.34.
  • Its Piotroski F-score is 4 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

CubeSmart (CUBE) Latest News

16 Mar

Impact 5 ·
stockrow.com/CUBE · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com