Upside case
Bull case
$49+21.2%
CUBE would need investors to value it at roughly 34x earnings — about 6x more generous than today's 28x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewHoldUpdated Jun 18, 2026
CubeSmart (CUBE) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Hold
Covering
29
analysts
12 bullish · 1 bearish · 29 covering CUBE
Strong Buy
0
Buy
12
Hold
16
Sell
1
Strong Sell
0
Consensus Target
$41
+1.7% vs today
Scenario Range
$24 – $49
Model bear to bull value window
Coverage
29
Published analyst ratings
Valuation Context
28.0x
Forward P/E · Market cap $9.3B
CUBE price targets
Three scenarios for where CUBE stock could go
Current
~$41
Confidence
49 / 100
Updated
Jun 18, 2026
Where we are now
Current · $41
Bear
$24
Base
$37
Bull
$49
Market caseClosest to today
Base case
$37-8.0%
This is close to how the market is already pricing CUBE — at roughly 26x forward earnings. No dramatic re-rating needed, just steady execution on the core business.
Stress case
Bear case
$24-42.0%
If investor confidence fades or macro conditions deteriorate, a 12x multiple contraction could push CUBE down roughly 42% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
CubeSmart
CUBE · NYSEReal EstateREIT - IndustrialDecember year-end
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.
Market Cap
$9.3B
Revenue TTM
$1.1B
Net Income TTM
$327M
Net Margin
28.9%
CUBE Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
58%Exceptional
12 quarters tracked
Revenue Beat Rate
92%Exceptional
vs consensus estimates
Avg EPS Surprise
+18.4%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 2025
EPS
$0.65/$0.63
Revenue
$282M/$283M
Q4 2025
EPS
$0.65/$0.65
Revenue
$285M/$280M
Q1 2026
EPS
$0.64/$0.37
Revenue
$283M/$277M
Q2 2026
EPS
$0.63/$0.35
Revenue
$282M/$275M
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $0.65/$0.63 | +3.2% | $282M/$283M | -0.1% |
| Q4 2025 | $0.65/$0.65 | +0.0% | $285M/$280M | +1.8% |
| Q1 2026 | $0.64/$0.37 | +73.1% | $283M/$277M | +2.2% |
| Q2 2026 | $0.63/$0.35 | +80.1% | $282M/$275M | +2.4% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$1.2B
+7.0% YoY
FY2
$1.3B
+4.9% YoY
EPS Outlook
FY1
$2.34
-1.8% YoY
FY2
$2.34
-0.4% YoY
Trailing FCF (TTM)$611M
FCF Margin: 54.0%
Next Earnings
July 30, 2026
Expected EPS
$0.36
Expected Revenue
$281M
CUBE beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
CUBE Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $166M
Product Mix
Latest annual revenue by segment or product family
Other Property Related Income
75.8%
+11.1% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Segment breakdown not available for this company.
Other Property Related Income is the largest disclosed segment at 75.8% of FY 2025 revenue, up 11.1% YoY.
CUBE Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Slightly cheap versus peers
Fair value est. $45 — implies +10.3% from today's price.
Upside to Fair Value
10.3%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
CUBE
27.8x
vs
S&P 500
24.4x
+14% premium
vs Real Estate Trailing P/E
CUBE
27.8x
vs
Real Estate
24.1x
+16% premium
vs CUBE 5Y Avg P/E
Today
27.8x
vs
5Y Average
31.7x
12% discount
Forward PE
28.0x
S&P 500
18.8x
+49%
Real Estate
25.1x
+11%
5Y Avg
—
—
Trailing PE
27.8x
S&P 500
24.4x
+14%
Real Estate
24.1x
+16%
5Y Avg
31.7x
-12%
PEG Ratio
2.43x
S&P 500
1.66x
+47%
Real Estate
1.34x
+82%
5Y Avg
—
—
EV/EBITDA
18.1x
S&P 500
15.2x
+19%
Real Estate
17.0x
+7%
5Y Avg
20.2x
-11%
Price/FCF
16.3x
S&P 500
20.7x
-21%
Real Estate
15.4x
+6%
5Y Avg
17.7x
-8%
Price/Sales
8.2x
S&P 500
3.1x
+167%
Real Estate
3.0x
+174%
5Y Avg
9.9x
-17%
Dividend Yield
5.12%
S&P 500
1.91%
+167%
Real Estate
4.62%
+11%
5Y Avg
4.28%
+20%
| Metric | CUBE | S&P 500 | Real Estate | 5Y Avg CUBE |
|---|---|---|---|---|
| Forward PE | 28.0x | 18.8x+49% | 25.1x+11% | — |
| Trailing PE | 27.8x | 24.4x+14% | 24.1x+16% | 31.7x-12% |
| PEG Ratio | 2.43x | 1.66x+47% | 1.34x+82% | — |
| EV/EBITDA | 18.1x | 15.2x+19% | 17.0x | 20.2x-11% |
| Price/FCF | 16.3x | 20.7x-21% | 15.4x | 17.7x |
| Price/Sales | 8.2x | 3.1x+167% | 3.0x+174% | 9.9x-17% |
| Dividend Yield | 5.12% | 1.91% | 4.62% | 4.28% |
CUBE trades above S&P 500 benchmarks on 5 of 6 measured multiples — commands a broad premium across most valuation dimensions.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolCUBE Financial Health
Verdict
Exceptional
CUBE pays 5.5% total shareholder yield with 29.5% operating margin. Leverage is structural for REITs — debt capacity matters more than absolute ratio.
Property Operations
Revenue, margins, and distribution coverage
Revenue (TTM)
Trailing-twelve-month sales base
$1.1B
Revenue Growth
TTM vs prior year
+5.0%
Gross Margin
Gross profit as a share of revenue
5.8%
Operating Margin
Operating income divided by revenue
29.5%
Net Margin
Net income divided by revenue
28.9%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$1.44
Operating Margin
NOI-equivalent margin — key for REIT property economics
29.5%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
5.5%
ROA
Return on assets, trailing twelve months
4.9%
Cash & Equivalents
Liquid assets on the balance sheet
$6M
Net Debt
Total debt minus cash
$3.5B
Leverage (Net Debt / FCF)
REITs carry structural leverage — higher ratios are expected
5.8× FCF
Asset-heavy model means debt/FCF above 10× is common and not a distress signal.
ROE
Return on equity, trailing twelve months
11.7%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
5.5%
Dividend
5.1%
Buyback
0.4%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$36M
Dividend / Share
Annualized trailing dividend per share
$2.08
Payout Ratio
Share of earnings distributed as dividends
142.7%
Shares Outstanding
Declining as buybacks retire shares
228M
All figures from the trailing twelve months. REITs carry structural leverage — debt/FCF ratios above 10× are normal and do not indicate distress.
Open full ratios pageCUBE Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Economic and Market Risks
Adverse changes in economic conditions within the real estate industry can negatively impact CubeSmart's business. Geopolitical events, such as conflicts in the Middle East, may lead to rising bond yields, directly affecting REIT valuations.
High Risk
Operational and Financial Risks
CubeSmart's financial health rating is considered low by some metrics, with an Altman-Z score indicating some risk of bankruptcy. Concerns regarding balance sheet reporting inconsistencies and leverage uncertainty hinder the assessment of refinancing risk.
Medium
Competition Risks
Competition from existing and new self-storage properties can affect CubeSmart's ability to maintain occupancy and rental rates. Frequent and significant rent increases have led to customer dissatisfaction and concerns about predatory practices.
Medium
Rising Operating Costs
Rising operating costs, including marketing, repairs, and property insurance, can pressure CubeSmart's profitability. The company's high AFFO payout ratio leaves little room for dividend increases.
Lower
Cybersecurity Risks
Cybersecurity breaches, cyber or ransomware attacks, or system failures could adversely impact CubeSmart's business operations. Additionally, risks associated with generative artificial intelligence tools are potential concerns.
Lower
Regulatory Risks
Changes in real estate, zoning, use, and occupancy laws could affect CubeSmart's operations. The company also faces risks related to maintaining its qualification as a Real Estate Investment Trust (REIT) for federal income tax purposes.
Lower
Acquisition Risks
The failure of acquisitions and developments to close or perform as expected poses risks for CubeSmart. Additionally, the failure of joint venture partners to fulfill their obligations could impact the company's growth.
Lower
Legal Risks
A lawsuit in a key market has been identified as a risk factor for CubeSmart. This legal challenge could have implications for the company's operations and financial performance.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why CUBE Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
Strong Competitive Position and Strategy
CubeSmart is a leading owner and operator of self-storage properties in the U.S., ranking among the top three. The company employs an 'urban fortress' strategy, focusing on market dominance in high-barrier-to-entry areas like New York City, which allows them to potentially drive rents higher due to limited new competition.
Resilient Demand and Stable Fundamentals
There is resilient demand in dense urban markets and a steady need for storage across housing cycles. Stabilized fundamentals and improving operating metrics in 2025 are setting the stage for growth in 2026, with positive move-in rates and easing supply headwinds.
Compelling Dividend Yield and Income Appeal
CubeSmart offers an attractive dividend yield, often cited around 5.4% to 5.8%, which is near historic highs. The company has a 15-year dividend growth track record, having not cut its dividend since 2008-2009, even through the COVID pandemic.
Disciplined Capital Allocation and Management
CubeSmart utilizes joint ventures for capital allocation, creating value without taking on all the risk of ground-up development. The company's balance sheet is described as a 'fortress' with conservative leverage (around 4.7-4.8x net debt to EBITDA) and mostly fixed-rate debt.
Positive Green Shoots and Inflection Points
Move-in rates turned positive year-over-year in Q3 2025, the first time since early 2022, indicating the industry's race to the bottom on pricing may be over. CubeSmart demonstrated strong expense control, with only 3% growth compared to higher growth for some competitors.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
CUBE Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$40.62
52W Range Position
65%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$35.09
+15.8% from the low
52-Week High
$43.63
-6.9% from the high
1 Month
+4.34%
3 Month
+5.75%
YTD
+14.7%
1 Year
-4.9%
3Y CAGR
-3.1%
5Y CAGR
-2.4%
10Y CAGR
+3.2%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
CUBE vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
28.0x
vs 31.5x median
-11% below peer median
Revenue Growth
+7.0%
vs +8.3% median
-16% below peer median
Net Margin
28.9%
vs 28.8% median
+0% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
CUB CUBE CubeSmart | $9.3B | 28.0x | +7.0% | 28.9% | Hold | +1.7% |
PSA PSA Public Storage | $55.8B | 31.6x | +7.5% | 39.2% | Hold | -1.5% |
EXR EXR Extra Space Storage Inc. | $30.7B | 31.3x | +8.9% | 28.8% | Hold | +5.3% |
NSA NSA National Storage Affiliates Trust | $3.4B | 73.3x | +8.5% | 11.9% | Hold | -18.6% |
NNN NNN NNN REIT, Inc. | $8.6B | 22.3x | +8.3% | 41.4% | Hold | +4.3% |
SEL SELF Global Self Storage, Inc. | $58M | — | +1.0% | 15.4% | — | — |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
CUBE Dividend and Capital Return
CUBE returns 5.5% total yield, led by a 5.12% dividend.
Dividend SustainableFCF Stretched
Total Shareholder Yield
5.5%
Dividend + buyback return per year
Buyback Yield
0.4%
Dividend Yield
5.12%
Payout Ratio
1.4%
How CUBE Splits Its Return
Div 5.12%
Dividend 5.12%Buybacks 0.4%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$2.08
Growth Streak
Consecutive years of dividend increases
1Y
3Y Div CAGR
5.3%
5Y Div CAGR
9.4%
Ex-Dividend Date
—
Payment Cadence
Quarterly
5 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$36M
Estimated Shares Retired
886.8K
Approx. Share Reduction
0.4%
Shares Outstanding
Current diluted share count from the screening snapshot
228M
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $1.59 | — | — | — |
| 2025 | $2.08 | +35.9% | 0.4% | 6.2% |
| 2024 | $1.53 | -22.7% | 0.0% | 4.7% |
| 2023 | $1.98 | +11.2% | 0.0% | 4.2% |
| 2022 | $1.78 | +22.8% | 0.0% | 4.3% |
FAQ
7 questionsCUBE Investor Questions
Common questions answered from live analyst data and company financials.
01Is CubeSmart (CUBE) stock a buy or sell in 2026?
CubeSmart (CUBE) is rated Hold by Wall Street analysts as of 2026. Of 29 analysts covering the stock, 12 rate it Buy or Strong Buy, 16 rate it Hold, and 1 rate it Sell or Strong Sell. The consensus 12-month price target is $41, implying +1.7% from the current price of $41. The bear case scenario is $24 and the bull case is $49.
02What is the CUBE stock price target for 2026?
The Wall Street consensus price target for CUBE is $41 based on 29 analyst estimates. The high-end target is $43 (+5.9% from today), and the low-end target is $39 (-4.0%). The base case model target is $37.
03Is CubeSmart (CUBE) stock overvalued in 2026?
CUBE trades at 28.0x times forward earnings. The stock's valuation is broadly in line with the broader market. Based on current multiples versus the peer group, the relative model signals slightly cheap versus peers. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for CubeSmart (CUBE) stock in 2026?
The primary risks for CUBE in 2026 are: (1) Economic and Market Risks — Adverse changes in economic conditions within the real estate industry can negatively impact CubeSmart's business. (2) Operational and Financial Risks — CubeSmart's financial health rating is considered low by some metrics, with an Altman-Z score indicating some risk of bankruptcy. (3) Competition Risks — Competition from existing and new self-storage properties can affect CubeSmart's ability to maintain occupancy and rental rates. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is CubeSmart's revenue and earnings forecast?
Analyst consensus estimates CUBE will report consensus revenue of $1.2B (+7.0% year-over-year) and EPS of $2.34 (-1.8% year-over-year) for the upcoming fiscal year. The following year, analysts project $1.3B in revenue.
06When does CubeSmart (CUBE) report its next earnings?
CubeSmart is expected to report its next earnings on approximately 2026-07-30. Consensus expects EPS of $0.36 and revenue of $281M. Over recent quarters, CUBE has beaten EPS estimates 58% of the time.
07How much free cash flow does CubeSmart generate?
CubeSmart (CUBE) generated $611M in free cash flow over the trailing twelve months — a free cash flow margin of 54.0%. CUBE returns capital to shareholders through dividends (5.1% yield) and share repurchases ($36M TTM).