Comprehensive Stock Comparison
Compare CubeSmart (CUBE) vs National Storage Affiliates Trust (NSA) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | CUBE | 1.5% revenue growth vs NSA's -2.3% |
| Value | CUBE | Lower P/E (28.7x vs 57.9x), PEG 0.92 vs 10.11 |
| Quality / Margins | CUBE | 32.2% net margin vs NSA's 9.8% |
| Stability / Safety | CUBE | Beta 0.53 vs NSA's 0.62 |
| Dividends | NSA | 6.5% yield, 2-year raise streak, vs CUBE's 4.9% |
| Momentum (1Y) | CUBE | +4.7% vs NSA's -3.4% |
| Efficiency (ROA) | CUBE | 5.3% ROA vs NSA's 1.5%, ROIC 6.1% vs 6.2% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
CubeSmart is a real estate investment trust that owns and operates self-storage facilities across the United States. It generates revenue primarily through rental income from storage units—with additional income from tenant insurance, truck rentals, and packing supplies—with property operations contributing over 90% of total revenue. The company's competitive advantage lies in its national brand recognition, technology-enabled customer experience, and strategic locations in high-demand metropolitan areas.
National Storage Affiliates Trust is a real estate investment trust that owns and operates self-storage facilities across major U.S. metropolitan areas. It generates revenue primarily from rental income on storage units — with additional income from tenant insurance, truck rentals, and retail sales — and distributes most profits to shareholders as dividends. Its competitive advantage lies in its strategic focus on high-growth markets and its partnership model that allows it to acquire and manage properties through local operating partners who retain ownership stakes.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
CUBE leads in 3 of 6 categories (Financial Metrics, Total Returns). NSA leads in 2 (Valuation Metrics, Profitability & Efficiency). 1 tied.
Financial Metrics (TTM)
CUBE and NSA operate at a comparable scale, with $1.1B and $753M in trailing revenue. CUBE is the more profitable business, keeping 32.2% of every revenue dollar as net income compared to NSA's 9.8%. On growth, CUBE holds the edge at +5.2% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | CUBECubeSmart | NSANational Storage … |
|---|---|---|
| RevenueTrailing 12 months | $1.1B | $753M |
| EBITDAEarnings before interest/tax | $711M | $468M |
| Net IncomeAfter-tax profit | $357M | $74M |
| Free Cash FlowCash after capex | $651M | $300M |
| Gross MarginGross profit ÷ Revenue | +63.4% | +46.0% |
| Operating MarginEBIT ÷ Revenue | +41.7% | +37.0% |
| Net MarginNet income ÷ Revenue | +32.2% | +9.8% |
| FCF MarginFCF ÷ Revenue | +58.8% | +39.8% |
| Rev. Growth (YoY)Latest quarter vs prior year | +5.2% | -1.6% |
| EPS Growth (YoY)Latest quarter vs prior year | -18.2% | +53.3% |
Valuation Metrics
At 23.9x trailing earnings, CUBE trades at a 52% valuation discount to NSA's 50.0x P/E. Adjusting for growth (PEG ratio), CUBE offers better value at 0.76x vs NSA's 8.74x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | CUBECubeSmart | NSANational Storage … |
|---|---|---|
| Market CapShares × price | $9.4B | $2.7B |
| Enterprise ValueMkt cap + debt − cash | $12.4B | $2.7B |
| Trailing P/EPrice ÷ TTM EPS | 23.92x | 50.03x |
| Forward P/EPrice ÷ next-FY EPS est. | 28.70x | 57.87x |
| PEG RatioP/E ÷ EPS growth rate | 0.76x | 8.74x |
| EV / EBITDAEnterprise value multiple | 17.95x | 5.77x |
| Price / SalesMarket cap ÷ Revenue | 8.80x | 3.59x |
| Price / BookPrice ÷ Book value/share | 3.16x | 1.75x |
| Price / FCFMarket cap ÷ FCF | 14.87x | 9.00x |
Profitability & Efficiency
CUBE delivers a 12.5% return on equity — every $100 of shareholder capital generates $13 in annual profit, vs $5 for NSA. NSA carries lower financial leverage with a 0.01x debt-to-equity ratio, signaling a more conservative balance sheet compared to CUBE's 1.03x. On the Piotroski fundamental quality scale (0–9), NSA scores 7/9 vs CUBE's 5/9, reflecting strong financial health.
| Metric | CUBECubeSmart | NSANational Storage … |
|---|---|---|
| ROE (TTM)Return on equity | +12.5% | +4.8% |
| ROA (TTM)Return on assets | +5.3% | +1.5% |
| ROICReturn on invested capital | +6.1% | +6.2% |
| ROCEReturn on capital employed | +8.1% | +5.7% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 7 |
| Debt / EquityFinancial leverage | 1.03x | 0.01x |
| Net DebtTotal debt minus cash | $3.0B | -$708,000 |
| Cash & Equiv.Liquid assets | $72M | $23M |
| Total DebtShort + long-term debt | $3.1B | $23M |
| Interest CoverageEBIT ÷ Interest expense | — | 1.72x |
Total Returns (with DRIP)
A $10,000 investment in CUBE five years ago would be worth $13,844 today (with dividends reinvested), compared to $11,842 for NSA. Over the past 12 months, CUBE leads with a +4.7% total return vs NSA's -3.4%. The 3-year compound annual growth rate (CAGR) favors CUBE at 0.2% vs NSA's -0.4% — a key indicator of consistent wealth creation.
| Metric | CUBECubeSmart | NSANational Storage … |
|---|---|---|
| YTD ReturnYear-to-date | +17.7% | +25.6% |
| 1-Year ReturnPast 12 months | +4.7% | -3.4% |
| 3-Year ReturnCumulative with dividends | +0.6% | -1.2% |
| 5-Year ReturnCumulative with dividends | +38.4% | +18.4% |
| 10-Year ReturnCumulative with dividends | +88.4% | +183.1% |
| CAGR (3Y)Annualised 3-year return | +0.2% | -0.4% |
Risk & Volatility
CUBE is the less volatile stock with a 0.53 beta — it tends to amplify market swings less than NSA's 0.62 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. CUBE currently trades 93.2% from its 52-week high vs NSA's 86.2% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | CUBECubeSmart | NSANational Storage … |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.53x | 0.62x |
| 52-Week HighHighest price in past year | $44.13 | $40.62 |
| 52-Week LowLowest price in past year | $34.24 | $27.43 |
| % of 52W HighCurrent price vs 52-week peak | +93.2% | +86.2% |
| RSI (14)Momentum oscillator 0–100 | 63.9 | 61.1 |
| Avg Volume (50D)Average daily shares traded | 2.0M | 1.2M |
Analyst Outlook
Wall Street rates CUBE as "Hold" and NSA as "Hold". Consensus price targets imply 1.5% upside for CUBE (target: $42) vs -8.6% for NSA (target: $32). For income investors, NSA offers the higher dividend yield at 6.52% vs CUBE's 4.94%.
| Metric | CUBECubeSmart | NSANational Storage … |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold |
| Price TargetConsensus 12-month target | $41.75 | $32.00 |
| # AnalystsCovering analysts | 29 | 19 |
| Dividend YieldAnnual dividend ÷ price | +4.9% | +6.5% |
| Dividend StreakConsecutive years of raises | 15 | 2 |
| Dividend / ShareAnnual DPS | $2.03 | $2.28 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| CubeSmart (CUBE) | 100 | 116.58 | +16.6% |
| National Storage Af… (NSA) | 100 | 89.45 | -10.6% |
CubeSmart (CUBE) returned +38% over 5 years vs National Storage Af… (NSA)'s +18%. A $10,000 investment in CUBE 5 years ago would be worth $13,844 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| CubeSmart (CUBE) | $510M | $1.1B | +109.0% |
| National Storage Af… (NSA) | $199M | $753M | +278.3% |
National Storage Affiliates Trust's revenue grew from $199M (2016) to $753M (2025) — a 15.9% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| CubeSmart (CUBE) | 17.2% | 36.7% | +112.9% |
| National Storage Af… (NSA) | 9.0% | 9.8% | +8.6% |
National Storage Affiliates Trust's net margin went from 9% (2016) to 10% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| CubeSmart (CUBE) | 39.1 | 24.9 | -36.3% |
| National Storage Af… (NSA) | 101.8 | 40.3 | -60.4% |
CubeSmart has traded in a 25x–72x P/E range over 8 years; current trailing P/E is ~24x. National Storage Affiliates Trust has traded in a 28x–102x P/E range over 8 years; current trailing P/E is ~50x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| CubeSmart (CUBE) | 0.45 | 1.72 | +282.2% |
| National Storage Af… (NSA) | 0.31 | 0.7 | +125.8% |
National Storage Affiliates Trust's EPS grew from $0.31 (2016) to $0.70 (2025) — a 9% CAGR.
Chart 6Free Cash Flow — 5 Years
CubeSmart generated $631M FCF in 2024 (+40% vs 2021). National Storage Affiliates Trust generated $300M FCF in 2025 (-1% vs 2021).
CUBE vs NSA: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is CUBE or NSA a better buy right now?
CubeSmart (CUBE) offers the better valuation at 23.9x trailing P/E (28.7x forward), making it the more compelling value choice. Analysts rate CubeSmart (CUBE) a "Hold" — based on 29 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — CUBE or NSA?
On trailing P/E, CubeSmart (CUBE) is the cheapest at 23.9x versus National Storage Affiliates Trust at 50.0x. On forward P/E, CubeSmart is actually cheaper at 28.7x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: CubeSmart wins at 0.92x versus National Storage Affiliates Trust's 10.11x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — CUBE or NSA?
Over the past 5 years, CubeSmart (CUBE) delivered a total return of +38.4%, compared to +18.4% for National Storage Affiliates Trust (NSA). A $10,000 investment in CUBE five years ago would be worth approximately $14K today (assuming dividends reinvested). Over 10 years, the gap is even starker: NSA returned +183.1% versus CUBE's +88.4%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — CUBE or NSA?
By beta (market sensitivity over 5 years), CubeSmart (CUBE) is the lower-risk stock at 0.53β versus National Storage Affiliates Trust's 0.62β — meaning NSA is approximately 18% more volatile than CUBE relative to the S&P 500. On balance sheet safety, National Storage Affiliates Trust (NSA) carries a lower debt/equity ratio of 1% versus 103% for CubeSmart — giving it more financial flexibility in a downturn.
05Which has better profit margins — CUBE or NSA?
CubeSmart (CUBE) is the more profitable company, earning 36.7% net margin versus 9.8% for National Storage Affiliates Trust — meaning it keeps 36.7% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: CUBE leads at 45.3% versus 37.0% for NSA. At the gross margin level — before operating expenses — CUBE leads at 70.2%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is CUBE or NSA more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, CubeSmart (CUBE) is the more undervalued stock at a PEG of 0.92x versus National Storage Affiliates Trust's 10.11x. A PEG below 1.0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, CubeSmart (CUBE) trades at 28.7x forward P/E versus 57.9x for National Storage Affiliates Trust — 29.2x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for CUBE: 1.5% to $41.75.
07Which pays a better dividend — CUBE or NSA?
All stocks in this comparison pay dividends. National Storage Affiliates Trust (NSA) offers the highest yield at 6.5%, versus 4.9% for CubeSmart (CUBE).
08Is CUBE or NSA better for a retirement portfolio?
For long-horizon retirement investors, CubeSmart (CUBE) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.53), 4.9% yield). Both have compounded well over 10 years (CUBE: +88.4%, NSA: +183.1%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between CUBE and NSA?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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