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CubeSmart

CUBE NYSE Industrial REITs Financials FY2016–FY2025

CubeSmart's revenue rose 5.3% to $1.1 billion in fiscal 2025. Its net margin was 29.5%, down from 36.8% a year earlier. It paid out $508 million in dividends and buybacks. The diluted share count rose 0.9%.

Last close · Oct 23, 2026

$40.16

0.0%
Value it Compare
Revenue Total sales reported in the income statement.
$1.1B
5.3% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$331M
15.5%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$9.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
28.1x
On $1.43 EPS (TTM)

What CubeSmart does

No business description yet.

Legal name
CUBESMART
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001298675-26-000010
0001298675

Revenue and margins

CubeSmart had $1.1B of revenue in fiscal 2025, up 5.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 14.0% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

CubeSmart returned $508M to shareholders in fiscal 2025. The diluted share count rose 0.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value CubeSmart yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 229.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 28.1x · peers 28.2x · sector 27.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably CubeSmart can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $11.1M$6.1M$6.5M$71.6M$5.8M
Total assets $6.5B$6.3B$6.2B$6.4B$6.6B
Total liabilities $3.5B$3.4B$3.3B$3.4B$3.9B
Shareholders' equity $2.9B$2.8B$2.8B$2.9B$2.7B
Net debt (− = net cash) —————

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$7.3M

2 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Jun 10, 2026 Christopher P MarrCEO, Director Sold 108,932 $42.24 $4.6M Form 4
Mar 3, 2026 Jeffrey P FosterCLO & Secretary Sold 23,148 $41.02 $0.9M Form 4
Dec 15, 2025 Christopher P MarrCEO, Director Sold 679 $36.55 $0.0M Form 4
Dec 12, 2025 Christopher P MarrCEO, Director Sold 46,925 $36.55 $1.7M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets — — —
Current ratio rose — — —
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✕ ✕
Revenue rose relative to assets ✓ ✓ ✓
F-score — / 9— / 9— / 9
Accruals ratio −3.2%−3.8%−4.3%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
CubeSmart CUBE $9.2B 5.3% — — — 28.1x —
Rexford Industrial Realty REXR $8.7B 7.1% — 20.8% — — — Compare →
STAG Industrial STAG $7.0B 10.1% — 30.6% — 28.2x — Compare →
First Industrial Realty Trust FR $7.2B 8.6% — — — 19.8x — Compare →
EastGroup Properties EGP $10.7B 12.7% — 56.1% — 33.7x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue — $559M $598M $644M $679M $823M $1.0B $1.1B $1.1B $1.1B
Gross profit — $377M $401M $434M $456M $571M $716M $756M $749M $772M
Operating income $143M $196M — — — — — — — —
Interest expense $50.4M $57.0M $62.1M $69.3M $80.8M $79.1M $92.3M $95.5M $92.6M $107M
Net income $87.9M $134M $164M $171M $168M $231M $293M $412M $392M $331M
Diluted EPS $0.45 $0.74 $0.88 $0.88 $0.85 $1.09 $1.29 $1.82 $1.72 $1.46
Diluted shares 0.18B 0.18B 0.19B 0.19B 0.19B 0.21B 0.23B 0.23B 0.23B 0.23B
Cash flow
Cash from operations $263M $292M $304M $332M $351M $449M $592M $611M $631M $609M
Capital expenditure — $80.6M $228M $118M — — — — — —
Free cash flow — $211M $76.8M $213M — — — — — —
Depreciation and amortization $162M $146M $143M $164M $157M $232M $315M $205M $210M $263M
Stock-based compensation $4.8M $5.6M $5.6M $6.7M $7.1M $8.1M $9.1M $10.1M $11.5M $11.5M
Acquisitions $0.0M $0.0M $0.0M $118M $0.0M $1.7B $0.0M $0.0M $57.2M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $31.9M
Dividends paid $149M $195M $221M $244M $256M $274M $387M $442M $462M $476M
Dividends and buybacks $149M $195M $221M $244M $256M $274M $387M $442M $462M $508M
Balance sheet
Cash and short-term investments $3.0M $5.3M $3.8M $54.9M $3.6M $11.1M $6.1M $6.5M $71.6M $5.8M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $65.6M $65.8M $65.8M $65.7M $65.7M $65.6M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Total assets $3.5B $3.5B $3.8B $4.0B $4.8B $6.5B $6.3B $6.2B $6.4B $6.6B
Total liabilities $1.8B $1.9B $2.0B $2.2B $2.7B $3.5B $3.4B $3.3B $3.4B $3.9B
Shareholders' equity $1.7B $1.6B $1.7B $1.8B $1.8B $2.9B $2.8B $2.8B $2.9B $2.7B
Margins
Gross margin — 67.5% 67.1% 67.4% 67.1% 69.4% 71.0% 71.9% 70.2% 68.7%
Operating margin — 35.0% — — — — — — — —
EBITDA margin — 61.1% — — — — — — — —
Net margin — 24.0% 27.4% 26.5% 24.7% 28.1% 29.0% 39.3% 36.8% 29.5%
FCF margin — 37.8% 12.9% 33.2% — — — — — —
Returns
Return on equity 5.3% 8.2% 9.8% 9.7% 9.2% 9.8% 10.3% 14.7% 13.8% 11.9%
Return on assets 2.7% 3.8% 4.5% 4.4% 3.8% 4.1% 4.5% 6.6% 6.2% 5.1%
Growth
Revenue growth — — 7.0% 7.7% 5.5% 21.1% 22.7% 4.0% 1.5% 5.3%
Net income growth 13.1% 52.8% 22.0% 4.2% −1.9% 37.7% 26.7% 41.0% −5.0% −15.5%
EPS growth 7.1% 64.4% 18.9% 0.0% −3.4% 28.2% 18.4% 41.1% −5.5% −15.1%
FCF growth — — −63.6% 177.9% — — — — — —
Share count change 5.5% 1.1% 2.2% 3.3% 1.8% 5.2% 10.2% 0.2% 0.4% 0.9%
Financial health
Interest coverage 2.8x 3.4x — — — — — — — —
Capital allocation
Capex / revenue — 14.4% 38.1% 18.4% — — — — — —
Stock comp / revenue — 1.0% 0.9% 1.0% 1.1% 1.0% 0.9% 1.0% 1.1% 1.0%
Payouts / FCF — 92.3% 288.1% 114.2% — — — — — —
Quality scores
Accruals ratio −5.3% −4.5% −3.9% −4.1% −4.2% −3.9% −4.6% −3.2% −3.8% −4.3%

Source: SEC EDGAR XBRL filings (CIK 0001298675). Data updated October 17, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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