Latest Ratios: P/E Ratio 26.1x · EV/EBITDA 17.2x · ROE 11.6%. (2003–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.7B | $8.3B | $9.7B | $10.5B | $9.1B | $11.7B | $6.6B | $6.0B | $5.3B | $5.2B | $4.8B |
| Enterprise Value | $12.2B | $11.8B | $12.7B | $13.5B | $12.1B | $14.9B | $9.0B | $7.9B | $7.1B | $6.9B | $6.4B |
| P/E Ratio → | 26.12 | 24.69 | 24.91 | 25.47 | 31.20 | 52.21 | 39.54 | 71.55 | 32.60 | 39.08 | 59.49 |
| P/S Ratio | 7.71 | 7.36 | 9.13 | 9.98 | 9.01 | 14.18 | 9.64 | 9.21 | 8.90 | 9.39 | 9.42 |
| P/B Ratio | 3.14 | 2.97 | 3.30 | 3.64 | 3.14 | 3.89 | 3.13 | 3.23 | 3.00 | 3.11 | 2.80 |
| P/FCF | 15.28 | 14.57 | 15.42 | 17.16 | 15.37 | 25.97 | 18.67 | 18.18 | 17.49 | 17.98 | 18.26 |
| P/OCF | 14.16 | 13.51 | 15.42 | 17.16 | 15.37 | 25.97 | 18.67 | 18.18 | 17.49 | 17.98 | 18.26 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 10.50 | 11.92 | 12.82 | 12.03 | 18.07 | 13.22 | 12.07 | 11.82 | 12.30 | 12.55 |
| EV / EBITDA | 17.24 | 16.67 | 18.46 | 19.17 | 18.36 | 28.45 | 15.73 | 13.87 | 11.77 | 12.30 | 12.54 |
| EV / EBIT | 27.16 | 26.47 | 26.34 | 26.64 | 41.53 | 64.41 | 34.84 | 32.52 | 31.04 | 35.39 | 46.11 |
| EV / FCF | — | 20.80 | 20.15 | 22.04 | 20.54 | 33.10 | 25.58 | 23.84 | 23.22 | 23.56 | 24.30 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.7% | 22.7% | 70.2% | 71.9% | 71.0% | 69.4% | 69.6% | 69.7% | 67.1% | 67.5% | 67.5% |
| Operating Margin | 40.0% | 40.0% | 45.3% | 47.3% | 34.8% | 35.3% | 61.0% | 62.1% | 36.8% | 35.0% | 28.0% |
| Net Profit Margin | 29.7% | 29.7% | 36.7% | 39.1% | 28.8% | 27.2% | 24.4% | 25.8% | 27.4% | 24.0% | 17.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.6% | 11.6% | 13.4% | 14.2% | 9.9% | 8.8% | 8.4% | 9.3% | 9.5% | 7.9% | 5.1% |
| ROA | 5.1% | 5.1% | 6.2% | 6.5% | 4.5% | 3.9% | 3.8% | 4.3% | 4.5% | 3.8% | 2.7% |
| ROIC | 5.5% | 5.5% | 6.1% | 6.3% | 4.3% | 4.1% | 7.5% | 8.4% | 4.8% | 4.4% | 3.5% |
| ROCE | 7.3% | 7.3% | 8.1% | 8.5% | 5.9% | 5.6% | 10.1% | 11.4% | 6.7% | 6.0% | 4.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.27 | 1.27 | 1.03 | 1.04 | 1.06 | 1.07 | 1.16 | 1.03 | 0.99 | 0.97 | 0.93 |
| Debt / EBITDA | 5.00 | 5.00 | 4.43 | 4.25 | 4.63 | 6.14 | 4.26 | 3.39 | 2.91 | 2.92 | 3.13 |
| Net Debt / Equity | — | 1.27 | 1.01 | 1.04 | 1.05 | 1.07 | 1.16 | 1.00 | 0.98 | 0.96 | 0.93 |
| Net Debt / EBITDA | 4.99 | 4.99 | 4.33 | 4.24 | 4.62 | 6.12 | 4.25 | 3.29 | 2.90 | 2.91 | 3.12 |
| Debt / FCF | — | 6.22 | 4.72 | 4.88 | 5.17 | 7.13 | 6.91 | 5.66 | 5.73 | 5.58 | 6.05 |
| Interest Coverage | 3.90 | 3.90 | — | — | — | — | — | — | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.13 | 0.13 | 0.51 | 0.31 | 0.25 | 0.29 | 0.14 | 0.42 | 0.09 | 0.12 | 0.15 |
| Quick Ratio | 0.13 | 0.13 | 0.51 | 0.31 | 0.25 | 0.29 | 0.14 | 0.42 | 0.09 | 0.12 | 0.15 |
| Cash Ratio | 0.02 | 0.02 | 0.18 | 0.02 | 0.01 | 0.02 | 0.01 | 0.24 | 0.01 | 0.02 | 0.01 |
| Asset Turnover | — | 0.17 | 0.17 | 0.17 | 0.16 | 0.13 | 0.14 | 0.16 | 0.16 | 0.16 | 0.15 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.4% | 5.8% | 4.7% | 4.2% | 4.3% | 2.4% | 3.9% | 4.0% | 4.2% | 3.7% | 3.1% |
| Payout Ratio | 142.7% | 142.7% | 118.0% | 107.7% | 132.9% | 126.2% | 154.7% | 144.2% | 135.0% | 145.2% | 169.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.8% | 4.0% | 4.0% | 3.9% | 3.2% | 1.9% | 2.5% | 1.4% | 3.1% | 2.6% | 1.7% |
| FCF Yield | 6.5% | 6.9% | 6.5% | 5.8% | 6.5% | 3.9% | 5.4% | 5.5% | 5.7% | 5.6% | 5.5% |
| Buyback Yield | 0.4% | 0.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.9% | 6.2% | 4.7% | 4.2% | 4.3% | 2.4% | 3.9% | 4.0% | 4.2% | 3.7% | 3.1% |
| Shares Outstanding | — | $229M | $227M | $226M | $226M | $205M | $195M | $192M | $185M | $181M | $180M |
Includes 30+ ratios · 23 years · Updated daily
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Quick answers to the most common questions about buying CUBE stock.
CubeSmart's current P/E ratio is 26.1x. The historical average is 55.8x. This places it at the 21th percentile of its historical range.
CubeSmart's current EV/EBITDA is 17.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.4x.
CubeSmart's return on equity (ROE) is 11.6%. The historical average is 4.6%.
Based on historical data, CubeSmart is trading at a P/E of 26.1x. This is at the 21th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CubeSmart's current dividend yield is 5.45% with a payout ratio of 142.7%.
CubeSmart has 22.7% gross margin and 40.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
CubeSmart's Debt/EBITDA ratio is 5.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Anomalous debt/equity ratio
Metrics are mathematically derived from official filings.
P/FFO Compression Signals Caution
CubeSmart's P/FFO has compressed from 12.93 in 2024Q4 to 11.56 in 2026Q2, per quarterly filings, suggesting the market is pricing in slower growth despite a 5.1% dividend yield.
The P/FFO decline reflects a 3.5% year-over-year FFO contraction in 2026Q2, as reported in earnings releases, indicating that investors are paying less for each dollar of funds from operations. This compression may imply that the market expects continued deceleration in same-store NOI growth, which has moderated from post-pandemic highs. The implied cap rate, derived from NOI and enterprise value, appears to be expanding, aligning with the broader rate environment and potentially making private market valuations more attractive.
NOI Margin Volatility Obscures Core Trends
NOI margin swung from 71.7% in 2024Q4 to -90.5% in 2025Q4, per financial statements, indicating significant non-cash impairments that distort the underlying stability of property-level profitability.
Excluding the anomalous 2025Q4 quarter, NOI margins have remained relatively stable in the high-60s to low-70s range, as seen in 2026Q2's 66.5%. This suggests that the core portfolio is generating consistent operating income, but the volatility raises questions about the reliability of reported figures. The 2026Q2 margin of 66.5% is slightly below the 68.8% reported in 2024Q2, indicating a modest compression that may be driven by rising property taxes and labor costs, which are largely outside management's control.
AFFO Coverage Narrows to 83%
In 2026Q2, AFFO of $109.9M covered dividends of $120.6M at 0.83x, per quarterly filings, indicating a modest shortfall that may pressure retained cash if sustained.
The FFO payout ratio has risen from 74.9% in 2024Q4 to 82.9% in 2026Q2, as reported in financial statements, reflecting stagnant FFO per share and a growing dividend. The AFFO coverage of 0.83x suggests that the company is not retaining enough cash to fully fund its dividend, which may necessitate drawing on cash reserves or external financing. While the dividend yield of 5.1% is attractive, investors should monitor whether this coverage ratio deteriorates further, as it could signal a future dividend cut or a need to reduce growth capex.
Leverage Contained but Debt Creeps Higher
Total debt increased from $3.0B in 2024Q1 to $3.5B in 2026Q2, as reported in SEC filings, yet the debt-to-equity ratio of 1.34 remains below peers like NSA's 2.23.
Interest coverage has improved slightly from 3.63 in 2025Q4 to 3.84 in 2026Q2, per quarterly data, indicating that operating income is sufficient to service debt obligations. However, the reported debt-to-equity ratio of 1.34 is anomalously low for a REIT, and the prior figure of 1.27 in 2025Q4 suggests either a significant deleveraging event or a data reporting error that warrants verification. The company's fixed-rate exposure and debt maturity profile are not fully disclosed, but the rising debt levels and minimal cash balances of $14.3M in 2026Q2 suggest that refinancing risk should be monitored, especially in a rising rate environment.
Urban Density Supports Occupancy Resilience
CubeSmart's concentration in high-barrier urban markets, particularly NYC, as per company disclosures, may support occupancy resilience despite moderating same-store NOI growth.
The company's strategic focus on land-constrained urban areas, where zoning and development costs limit competition, appears to provide a structural moat that could sustain occupancy rates above suburban peers. However, this geographic concentration also creates a single point of failure if regional economic conditions or regulations deteriorate. G&A efficiency appears strong, with operating margins near 40%, but rising marketing and labor costs could compress these figures if customer acquisition becomes more expensive.
P/E Misleads; FFO Is the True Lens
The standard P/E of 28.01, as per market data, is distorted by heavy non-cash depreciation charges, obscuring CubeSmart's true earnings power; P/FFO of 11.56 is the appropriate metric.
Net income of $89.6M in 2026Q2 is 38% below FFO of $145.4M, as reported in financial statements, highlighting the substantial non-cash depreciation that depresses GAAP earnings. Investors relying on P/E would conclude that CubeSmart is overvalued relative to peers, but P/FFO reveals a more reasonable valuation. Additionally, the reported debt-to-equity ratio of 1.34 may understate off-balance-sheet obligations from the third-party management platform's joint ventures, warranting a closer look at gross assets rather than book equity.