CubeSmart (CUBE) Financial Ratios
23 years of historical data (2003–2025) · Real Estate · REIT - Industrial
EV/EBITDA
↓
18.09
↓-11% vs avg
5yr avg: 20.22
30Y Low11.0·High28.4
P/FCF
↓
16.33
-8% vs avg
5yr avg: 17.70
30Y Low7.1·High26.0
P/B Ratio
↓
3.35
-1% vs avg
5yr avg: 3.39
30Y Low0.5·High3.9
ROE
↑
11.6%
↓+0% vs avg
5yr avg: 11.6%
30Y Low-13%·High14%
Debt/EBITDA
↓
5.00
+2% vs avg
5yr avg: 4.89
30Y Low2.9·High13.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
CUBE Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
CubeSmart trades at 27.8x earnings, 12% below its 5-year average of 31.7x, sitting at the 21st percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a premium of 16%. On a free-cash-flow basis, the stock trades at 16.3x P/FCF, 8% below the 5-year average of 17.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.3B | $8.3B | $9.7B | $10.5B | $9.1B | $11.7B | $6.6B | $6.0B | $5.3B | $5.2B | $4.8B |
| Enterprise Value | $12.8B | $11.8B | $12.7B | $13.5B | $12.1B | $14.9B | $9.0B | $7.9B | $7.1B | $6.9B | $6.4B |
| P/E Ratio → | 27.82 | 24.69 | 24.91 | 25.47 | 31.20 | 52.21 | 39.54 | 71.55 | 32.60 | 39.08 | 59.49 |
| P/S Ratio | 8.24 | 7.36 | 9.13 | 9.98 | 9.01 | 14.18 | 9.64 | 9.21 | 8.90 | 9.39 | 9.42 |
| P/B Ratio | 3.35 | 2.97 | 3.30 | 3.64 | 3.14 | 3.89 | 3.13 | 3.23 | 3.00 | 3.11 | 2.80 |
| P/FCF | 16.33 | 14.57 | 15.42 | 17.16 | 15.37 | 25.97 | 18.67 | 18.18 | 17.49 | 17.98 | 18.26 |
| P/OCF | 15.14 | 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
CUBE EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
CubeSmart's enterprise value stands at 18.1x EBITDA, 11% below its 5-year average of 20.2x. The Real Estate sector median is 17.0x, placing the stock at a 7% premium on an enterprise-value basis.
| 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 | 18.09 | 16.67 | 18.46 | 19.17 | 18.36 | 28.45 | 15.73 | 13.87 | 11.77 | 12.30 | 12.54 |
| EV / EBIT | 28.49 | 26.47 | 26.34 | 26.64 | 34.60 | 51.16 | 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 |
CUBE Profitability
Margins and return-on-capital ratios measuring operating efficiency
CubeSmart earns an operating margin of 40.0%, significantly above the Real Estate sector average of 24.8%. Operating margins have compressed from 47.3% to 40.0% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 11.6% is modest. ROIC of 5.5% represents adequate returns on invested capital.
Margins
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% |
Return on Capital
| 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% |
CUBE Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
CubeSmart carries a Debt/EBITDA ratio of 5.0x, which is highly leveraged (37% below the sector average of 7.9x). Net debt stands at $3.5B ($3.5B total debt minus $6M cash). Interest coverage of 3.9x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| 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 | — | — | — | — | — | — | — | — | — |
CUBE Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.13x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 0.31x to 0.13x over the past 3 years.
| 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 | — | — | — | — | — | — | — | — | — | — | — |
CUBE Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
CubeSmart returns 5.5% to shareholders annually — split between a 5.1% dividend yield and 0.4% buyback yield. The payout ratio exceeds 100% at 142.7%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 3.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 5.1% | 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% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.6% | 4.0% | 4.0% | 3.9% | 3.2% | 1.9% | 2.5% | 1.4% | 3.1% | 2.6% | 1.7% |
| FCF Yield | 6.1% | 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 | 5.5% | 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 |
Peer Comparison
Compare CUBE with 10 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 | 27.8 | 18.1 | 16.3 | 22.7% | 40.0% | 11.6% | 5.5% | 5.0 |
 PSA | $56B | 35.3 | 19.3 | 19.3 | 25.0% | 46.7% | 18.6% | 8.9% | 3.0 |
 EXR | $31B | 31.7 | 20.7 | 16.8 | 28.4% | 44.1% | 6.7% | 3.9% | 6.8 |
 NSA | $3B | 63.5 | 14.6 | 11.4 | 46.0% | 37.0% | 4.5% | 4.1% | 7.3 |
 NNN | $9B | 21.7 | 16.0 | 12.8 | 38.0% | 61.5% | 8.9% | 4.8% | 5.8 |
 SELF | $58M | 28.2 | 15.7 | 14.0 | 36.0% | 20.5% | 4.3% | 3.5% | 3.7 |
 SST | $28M | -0.3 | -2.3 | — | 37.7% | -23.3% | -127.6% | -39.3% | 0.5 |
 URI | $67B | 27.9 | 11.8 | 101.9 | 35.4% | 24.7% | 28.4% | 12.4% | 2.3 |
 UHAL | $12B | 259.3 | 10.8 | — | 85.8% | 7.6% | 1.1% | 2.4% | 4.6 |
 CBRE | $39B | 34.2 | 22.7 | 32.3 | 15.0% | 3.2% | 12.3% | 6.2% | 4.8 |
 JLL | $14B | 18.1 | 11.6 | 14.1 | 99.0% | 4.5% | 10.9% | 8.9% | 2.4 |
| Real Estate Median | — | 24.1 | 17.0 | 15.4 | 49.3% | 24.8% | 3.7% | 2.7% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 23 years · Updated daily
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CUBE — Frequently Asked Questions
Quick answers to the most common questions about buying CUBE stock.
What is CubeSmart's P/E ratio?
CubeSmart's current P/E ratio is 27.8x. The historical average is 55.8x. This places it at the 21th percentile of its historical range.
What is CubeSmart's EV/EBITDA?
CubeSmart's current EV/EBITDA is 18.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.4x.
What is CubeSmart's ROE?
CubeSmart's return on equity (ROE) is 11.6%. The historical average is 4.6%.
Is CUBE stock overvalued?
Based on historical data, CubeSmart is trading at a P/E of 27.8x. This is at the 21th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is CubeSmart's dividend yield?
CubeSmart's current dividend yield is 5.12% with a payout ratio of 142.7%.
What are CubeSmart's profit margins?
CubeSmart has 22.7% gross margin and 40.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does CubeSmart have?
CubeSmart's Debt/EBITDA ratio is 5.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.