22 years of historical data (2003–2024) · Real Estate · REIT - Industrial
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
CubeSmart trades at 23.9x earnings, 31% below its 5-year average of 34.7x, sitting at the 0th percentile of its historical range. This is roughly in line with the Real Estate sector median P/E of 23.4x. On a free-cash-flow basis, the stock trades at 14.9x P/FCF, 20% below the 5-year average of 18.5x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.4B | $9.7B | $10.5B | $9.1B | $11.7B | $6.6B | $6.0B | $5.3B | $5.2B | $4.8B | $5.2B |
| Enterprise Value | $12.4B | $12.7B | $13.5B | $12.1B | $14.9B | $9.0B | $7.9B | $7.1B | $6.9B | $6.4B | $6.4B |
| P/E Ratio → | 23.92 | 24.91 | 25.47 | 31.20 | 52.21 | 39.54 | 71.55 | 32.60 | 39.08 | 59.49 | 72.90 |
| P/S Ratio | 8.80 | 9.13 | 9.98 | 9.01 | 14.18 | 9.64 | 9.21 | 8.90 | 9.39 | 9.42 | 11.72 |
| P/B Ratio | 3.16 | 3.30 | 3.64 | 3.14 | 3.89 | 3.13 | 3.23 | 3.00 | 3.11 | 2.80 | 3.05 |
| P/FCF | 14.87 | 15.42 | 17.16 | 15.37 | 25.97 | 18.67 | 18.18 | 17.49 | 17.98 | 18.26 | 23.98 |
| P/OCF | 14.87 | 15.42 | 17.16 | 15.37 | 25.97 | 18.67 | 18.18 | 17.49 | 17.98 | 18.26 | 23.98 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
CubeSmart's enterprise value stands at 17.9x EBITDA, 10% below its 5-year average of 20.0x. The Real Estate sector median is 13.6x, placing the stock at a 32% premium on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 11.92 | 12.82 | 12.03 | 18.07 | 13.22 | 12.07 | 11.82 | 12.30 | 12.55 | 14.40 |
| EV / EBITDA | 17.95 | 18.46 | 19.17 | 18.36 | 28.45 | 15.73 | 13.87 | 11.77 | 12.30 | 12.54 | 24.65 |
| EV / EBIT | 25.59 | 26.34 | 26.64 | 34.60 | 51.16 | 34.84 | 32.52 | 31.04 | 35.39 | 46.11 | 58.51 |
| EV / FCF | — | 20.15 | 22.04 | 20.54 | 33.10 | 25.58 | 23.84 | 23.22 | 23.56 | 24.30 | 29.46 |
Margins and return-on-capital ratios measuring operating efficiency
CubeSmart earns an operating margin of 45.3%, significantly above the Real Estate sector average of 22.0%. Operating margins have expanded from 34.8% to 45.3% over the past 3 years, signaling improving operational efficiency. ROE of 13.4% is modest. ROIC of 6.1% represents adequate returns on invested capital.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 70.2% | 70.2% | 71.9% | 71.0% | 69.4% | 69.6% | 69.7% | 67.1% | 67.5% | 67.5% | 65.5% |
| Operating Margin | 45.3% | 45.3% | 47.3% | 34.8% | 35.3% | 61.0% | 62.1% | 36.8% | 35.0% | 28.0% | 24.3% |
| Net Profit Margin | 36.7% | 36.7% | 39.1% | 28.8% | 27.2% | 24.4% | 25.8% | 27.4% | 24.0% | 17.2% | 17.5% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.4% | 13.4% | 14.2% | 9.9% | 8.8% | 8.4% | 9.3% | 9.5% | 7.9% | 5.1% | 4.8% |
| ROA | 6.2% | 6.2% | 6.5% | 4.5% | 3.9% | 3.8% | 4.3% | 4.5% | 3.8% | 2.7% | 2.6% |
| ROIC | 6.1% | 6.1% | 6.3% | 4.3% | 4.1% | 7.5% | 8.4% | 4.8% | 4.4% | 3.5% | 2.9% |
| ROCE | 8.1% | 8.1% | 8.5% | 5.9% | 5.6% | 10.1% | 11.4% | 6.7% | 6.0% | 4.6% | 3.9% |
Solvency and debt-coverage ratios — lower is generally safer
CubeSmart carries a Debt/EBITDA ratio of 4.4x, which is highly leveraged (34% below the sector average of 6.7x). Net debt stands at $3.0B ($3.1B total debt minus $72M cash).
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.03 | 1.03 | 1.04 | 1.06 | 1.07 | 1.16 | 1.03 | 0.99 | 0.97 | 0.93 | 0.73 |
| Debt / EBITDA | 4.43 | 4.43 | 4.25 | 4.63 | 6.14 | 4.26 | 3.39 | 2.91 | 2.92 | 3.13 | 4.82 |
| Net Debt / Equity | — | 1.01 | 1.04 | 1.05 | 1.07 | 1.16 | 1.00 | 0.98 | 0.96 | 0.93 | 0.69 |
| Net Debt / EBITDA | 4.33 | 4.33 | 4.24 | 4.62 | 6.12 | 4.25 | 3.29 | 2.90 | 2.91 | 3.12 | 4.58 |
| Debt / FCF | — | 4.72 | 4.88 | 5.17 | 7.13 | 6.91 | 5.66 | 5.73 | 5.58 | 6.05 | 5.47 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.51x is below 1.0, meaning current liabilities exceed current assets. The current ratio has improved from 0.25x to 0.51x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.51 | 0.51 | 0.31 | 0.25 | 0.29 | 0.14 | 0.42 | 0.09 | 0.12 | 0.15 | 0.68 |
| Quick Ratio | 0.51 | 0.51 | 0.31 | 0.25 | 0.29 | 0.14 | 0.42 | 0.09 | 0.12 | 0.15 | 0.68 |
| Cash Ratio | 0.18 | 0.18 | 0.02 | 0.01 | 0.02 | 0.01 | 0.24 | 0.01 | 0.02 | 0.01 | 0.45 |
| Asset Turnover | — | 0.17 | 0.17 | 0.16 | 0.13 | 0.14 | 0.16 | 0.16 | 0.16 | 0.15 | 0.14 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
CubeSmart returns 4.9% to shareholders annually primarily through dividends. The payout ratio exceeds 100% at 118.0%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 4.2% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.9% | 4.7% | 4.2% | 4.3% | 2.4% | 3.9% | 4.0% | 4.2% | 3.7% | 3.1% | 2.1% |
| Payout Ratio | 118.0% | 118.0% | 107.7% | 132.9% | 126.2% | 154.7% | 144.2% | 135.0% | 145.2% | 169.8% | 137.8% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.2% | 4.0% | 3.9% | 3.2% | 1.9% | 2.5% | 1.4% | 3.1% | 2.6% | 1.7% | 1.4% |
| FCF Yield | 6.7% | 6.5% | 5.8% | 6.5% | 3.9% | 5.4% | 5.5% | 5.7% | 5.6% | 5.5% | 4.2% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.9% | 4.7% | 4.2% | 4.3% | 2.4% | 3.9% | 4.0% | 4.2% | 3.7% | 3.1% | 2.1% |
| Shares Outstanding | — | $227M | $226M | $226M | $205M | $195M | $192M | $185M | $181M | $180M | $170M |
Compare CUBE with 4 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| CUBEYou | $9B | 23.9 | 17.9 | 14.9 | 70.2% | 45.3% | 13.4% | 6.1% | 4.4 |
| PSA | $54B | 34.1 | 14.0 | 16.9 | 72.8% | 70.6% | 18.8% | 13.5% | 2.2 |
| EXR | $32B | 37.5 | 21.4 | 17.2 | 76.3% | 39.6% | 5.6% | 3.7% | 6.2 |
| NSA | $3B | 50.0 | 5.8 | 9.0 | 46.0% | 37.0% | 4.5% | 6.2% | 0.0 |
| SELF | $58M | 26.8 | 14.8 | 13.6 | 62.2% | 23.1% | 4.4% | 3.8% | 3.6 |
| Real Estate Median | — | 23.4 | 13.6 | 13.7 | 60.4% | 22.0% | 3.3% | 2.6% | 6.7 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 22 years · Updated daily
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Start ComparisonCubeSmart's current P/E ratio is 23.9x. The historical average is 58.2x.
CubeSmart's current EV/EBITDA is 17.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.5x.
CubeSmart's return on equity (ROE) is 13.4%. The historical average is 4.2%.
Based on historical data, CubeSmart is trading at a P/E of 23.9x. Compare with industry peers and growth rates for a complete picture.
CubeSmart's current dividend yield is 4.94% with a payout ratio of 118.0%.
CubeSmart has 70.2% gross margin and 45.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
CubeSmart's Debt/EBITDA ratio is 4.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.