Latest Ratios: P/E Ratio 29.5x · EV/EBITDA 19.4x · 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 | $10.2B | $8.3B | $9.7B | $10.5B | $9.1B | $11.7B | $6.6B | $6.0B | $5.3B | $5.2B | $4.8B |
| Enterprise Value | $13.8B | $11.8B | $12.7B | $13.5B | $12.1B | $14.9B | $9.0B | $7.9B | $7.1B | $6.9B | $6.4B |
| P/E Ratio → | 29.46 | 24.69 | 24.91 | 25.47 | 31.20 | 52.21 | 39.54 | 71.55 | 32.60 | 39.08 | 59.49 |
| P/S Ratio | 8.93 | 7.36 | 9.13 | 9.98 | 9.01 | 14.18 | 9.64 | 9.21 | 8.90 | 9.39 | 9.42 |
| P/B Ratio | 3.71 | 2.97 | 3.30 | 3.64 | 3.14 | 3.89 | 3.13 | 3.23 | 3.00 | 3.11 | 2.80 |
| P/FCF | 19.54 | 14.57 | 15.42 | 17.16 | 15.37 | 25.97 | 18.67 | 18.18 | 17.49 | 17.98 | 18.26 |
| P/OCF | 16.72 | 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 | 19.37 | 16.67 | 18.35 | 19.17 | 18.25 | 28.01 | 15.65 | 13.80 | 19.32 | 19.99 | 20.82 |
| EV / EBIT | 30.64 | 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 | 4.41 | 4.25 | 4.60 | 6.05 | 4.24 | 3.37 | 4.78 | 4.75 | 5.19 |
| 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 | 4.30 | 4.24 | 4.59 | 6.03 | 4.23 | 3.27 | 4.77 | 4.74 | 5.18 |
| 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 | 4.6% | 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 | 3.4% | 4.0% | 4.0% | 3.9% | 3.2% | 1.9% | 2.5% | 1.4% | 3.1% | 2.6% | 1.7% |
| FCF Yield | 5.1% | 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 | 5.0% | 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 29.5x. The historical average is 55.8x. This places it at the 21th percentile of its historical range.
CubeSmart's current EV/EBITDA is 19.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.5x.
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 29.5x. 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 4.62% 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
Rising leverage and rate sensitivity
Metrics are mathematically derived from official filings.
Premium Multiples Lack FFO Anchor
Based on reported figures, CUBE trades at 30.84x trailing P/E and 19.45x EV/EBITDA, yet P/FFO is unavailable in the supplied data, leaving the sector's primary valuation yardstick unverified against peers.
Using the implied P/FFO from quarterly data, the stock sits near 11x annualized FFO, which would be a discount to the 62x P/E shown, suggesting trailing GAAP earnings are depressed by depreciation rather than signaling overvaluation. The premium EV/EBITDA relative to PSA and EXR may reflect a scarcity premium for urban Northeast exposure, but investors should monitor whether that premium holds if FFO growth continues to flatten.
NOI Margins Steady Despite Growth Slowdown
As reported in financial statements, CUBE's NOI margin reached 67.4% in Q3 2026, within the 66–72% band of most recent quarters, while FFO per share growth turned negative at -0.4% year over year.
Stable NOI margins alongside declining FFO growth suggest the slowdown is driven by top-line deceleration in same-store revenue rather than expense inflation. The Q1 2026 and Q4 2025 margin readings are anomalous and should not be read as a trend break without verification against the underlying filings.
FFO Payout Ratio Near Upper Comfort Limit
According to recent SEC filings as reproduced in the data, CUBE's FFO payout ratio was 79.9% in Q3 2026, down from 83.9% in Q1 2026, while AFFO payout reached 0.80 coverage on dividends paid.
A payout ratio near 80% leaves limited retained cash flow, which may constrain the company's ability to fund development or absorb a NOI shortfall without external capital. The narrowing AFFO buffer, combined with flat guidance, suggests the dividend's margin of safety warrants close monitoring rather than being assumed secure.
Debt Growth Outpacing Equity Base
Based on EDBL's reported figures, CUBE's debt-to-equity rose from 1.02 in Q3 2024 to 1.42 in Q3 2026, and interest coverage compressed from roughly 3.9x to 3.9x amid a rising debt load.
Rising leverage alongside stable coverage suggests the company has absorbed higher debt without yet impairing debt service, but the trajectory leaves less cushion against refinancing at higher rates. The absence of maturity ladder and fixed-versus-floating disclosure in the supplied data limits confidence in how exposed the balance sheet is to rate moves.
Book Leverage Metric Misleads Investors
Based on reported figures, debt-to-equity is commonly misapplied to REITs, since book equity is depressed by cumulative depreciation, making debt-to-gross-assets a more appropriate leverage gauge for CUBE.
Using book equity inflates the apparent leverage ratio because accumulated depreciation erodes the equity base while the underlying real estate may retain or gain market value. Investors should instead evaluate debt against gross or enterprise value and cross-check with interest coverage and FFO payout, which together better describe financial flexibility than the headline D/E figure.