Detailed financial statements for CubeSmart (CUBE): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
CubeSmart functions as an independent real estate investment trust (REIT), overseeing both its administration and management. The company's self-storage facilities deliver secure, convenient, and budget-friendly storage options for both private individuals and commercial entities. According to data from the 2020 Self-Storage Almanac, CubeSmart ranks among the top three owners and operators of self-storage properties nationwide.
Analysis Summary
CubeSmart reported revenue of $1.12B in the most recent fiscal year, growing at a 5-year CAGR of 10.6%. Net income reached $333.8M, with a 15.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 17.4%, operating margin 39.8%, net margin 29.4%. Free cash flow grew at 10.1% CAGR over 5 years.
At the current price of $37.19, CUBE trades at a P/E of 25.70 and an ROE of 12.45%. Market capitalisation stands at $8.4B.
Balance sheet quality for CUBE: current ratio of 0.1, net debt of $3.53B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $566.9M represents 170% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $510.0M | $558.9M | $597.9M | $655.0M | $679.4M | $822.6M | $1.01B | $1.05B | $1.07B | $1.12B |
| Cost of Revenue | $165.8M | $181.5M | $196.9M | $198.2M | $206.7M | $252.1M | $293.3M | $294.8M | $317.8M | $867.7M |
| Gross Profit | $344.2M | $377.4M | $401.1M | $456.8M | $472.6M | $570.5M | $716.4M | $755.6M | $748.5M | $255.4M |
| Research & Development | $0 | $0 | $0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $42.2M | $44.4M | $48.0M | $50.1M | $58.3M | $68.8M | $77.0M | $57.0M | $85.7M | $64.7M |
| Operating Expenses | $194.7M | $180.4M | $181.1M | $50.1M | $58.3M | $279.9M | $365.2M | $258.3M | $265.4M | -$193.5M |
| Operating Income | $143.0M | $195.7M | $220.0M | $406.7M | $414.3M | $290.6M | $351.1M | $497.3M | $483.1M | $448.9M |
| EBITDA | $307.0M | $339.5M | $363.5M | $406.7M | $414.3M | $462.9M | $603.1M | $710.9M | $688.8M | $703.6M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $114.1M |
| Pre-tax Income | $88.4M | $135.6M | $165.5M | $170.8M | $167.6M | $230.8M | $292.5M | $412.4M | $391.9M | $331.3M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | $87.9M | $134.3M | $163.9M | $169.1M | $165.6M | $223.5M | $291.3M | $410.8M | $391.2M | $333.8M |
| EPS | $0.45 | $0.74 | $0.89 | $0.44 | $0.85 | $1.10 | $1.29 | $1.82 | $1.73 | $1.46 |
| EPS (Diluted) | $0.45 | $0.74 | $0.88 | $0.44 | $0.85 | $1.09 | $1.29 | $1.82 | $1.72 | $1.46 |
| Shares Outstanding (Diluted) | $179.5M | $181.4M | $185.5M | $191.6M | $194.9M | $205.0M | $225.9M | $226.2M | $227.2M | $229.2M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $285.1M | $282.7M | $281.9M | $286.5M |
| Gross Profit | $194.2M | -$255.7M | $69.0M | $190.5M |
| Operating Income | $111.0M | $111.1M | $113.2M | $117.4M |
| EBITDA | $179.7M | $173.1M | $175.1M | $176.8M |
| Net Income | $82.9M | $78.7M | $82.9M | $89.6M |
| EPS | $0.36 | $0.34 | $0.36 | $0.40 |
| EPS (Diluted) | $0.36 | $0.34 | $0.36 | $0.39 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.0M | $5.3M | $3.8M | $54.9M | $3.6M | $11.1M | $6.1M | $6.5M | $71.6M | $5.8M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $7.8M | $13.0M | $16.3M | $16.8M | $19.0M | $23.6M | $30.0M | $33.2M | $40.5M | $33.9M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $30.1M | $37.6M | $38.3M | $95.5M | $51.4M | $156.8M | $108.4M | $114.5M | $197.0M | $44.1M |
| Property, Plant & Equipment | 0 | 0 | 0 | $41.7M | $55.3M | $54.7M | $49.5M | $50.5M | $49.4M | $48.4M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $8.3M | $1.7M | $8.1M | $10.3M | $57.8M | $108.8M | $1.2M | $1.8M | $10.3M | $7.8M |
| Total Assets | $3.48B | $3.55B | $3.75B | $4.03B | $4.78B | $6.55B | $6.33B | $6.23B | $6.39B | $6.64B |
| Accounts Payable | $93.8M | $143.3M | $149.9M | $137.9M | $159.1M | $200.0M | $214.4M | $201.4M | $229.6M | 0 |
| Short-term Debt | $43.3M | $81.7M | $195.5M | 0 | $117.8M | $209.9M | $60.9M | $18.1M | 0 | $345.9M |
| Total Current Liabilities | $206.5M | $301.9M | $428.7M | $227.9M | $374.3M | $546.9M | $427.0M | $373.8M | $388.1M | $345.9M |
| Long-term Debt | $1.55B | $1.55B | $1.55B | $1.93B | $2.25B | $2.94B | $2.94B | $2.90B | $2.99B | $3.00B |
| Total Liabilities | $1.76B | $1.86B | $1.98B | $2.16B | $2.69B | $3.55B | $3.43B | $3.34B | $3.44B | $3.86B |
| Retained Earnings | -$658.6M | -$729.3M | -$791.9M | -$876.6M | -$974.8M | -$1.22B | -$1.30B | -$1.35B | -$1.42B | -$1.59B |
| Total Equity | $1.66B | $1.63B | $1.71B | $1.80B | $1.83B | $2.87B | $2.83B | $2.80B | $2.87B | $2.72B |
| Total Debt | $1.60B | $1.63B | $1.75B | $1.93B | $2.43B | $3.21B | $3.06B | $2.99B | $3.05B | $3.53B |
| Net Debt | $1.59B | $1.63B | $1.74B | $1.88B | $2.43B | $3.20B | $3.06B | $2.98B | $2.98B | $3.53B |
| Working Capital | -$176.4M | -$264.3M | -$390.4M | -$132.4M | -$323.0M | -$390.2M | -$318.6M | -$259.3M | -$191.1M | -$301.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $108.4M | $5.8M | $7.3M | $14.3M |
| Total Assets | $6.76B | $6.64B | $6.60B | $6.58B |
| Total Liabilities | $3.90B | $3.86B | $3.89B | $3.95B |
| Total Equity | $2.78B | $2.72B | $2.65B | $2.58B |
| Total Debt | $3.49B | $3.53B | $3.51B | $3.54B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $87.9M | $134.3M | $163.9M | $166.3M | $165.6M | $223.5M | $291.3M | $410.8M | $391.2M | $333.8M |
| Depreciation & Amortization | $164.4M | $148.3M | $145.7M | $166.4M | $159.2M | $240.2M | $314.5M | $205.4M | $209.8M | $258.2M |
| Stock-based Compensation | $3.2M | $5.6M | $5.6M | $6.7M | $7.2M | $8.1M | $9.1M | $10.1M | $11.5M | 0 |
| Change in Working Capital | $6.0M | $3.1M | -$1.9M | $1.3M | $6.2M | $9.5M | $25.4M | -$10.4M | $16.1M | -$2.9M |
| Operating Cash Flow | $263.3M | $291.9M | $304.3M | $331.8M | $351.0M | $449.2M | $591.5M | $611.1M | $631.1M | $611.7M |
| Capital Expenditure | -$136.9M | -$68.8M | -$86.0M | -$102.8M | 0 | 0 | 0 | 0 | 0 | -$44.8M |
| Acquisitions | -$12.2M | -$301,000 | -$19.2M | -$128.2M | -$7.0M | -$1.71B | -$21,000 | -$21,000 | -$58.5M | -$450.8M |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$686,000 | 0 | 0 | -$276,000 | 0 | -$36.0M |
| Dividends Paid | -$155.8M | -$195.0M | -$221.3M | -$243.9M | -$256.3M | -$282.1M | -$387.1M | -$442.2M | -$461.8M | -$476.3M |
| Free Cash Flow | $263.3M | $291.9M | $304.3M | $331.8M | $351.0M | $449.2M | $591.5M | $611.1M | $631.1M | $566.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $168.2M | $136.5M | $148.8M | $144.3M |
| Capital Expenditure | $14.8M | -$14.8M | 0 | -$35.5M |
| Free Cash Flow | $183.0M | $121.7M | $148.8M | $108.8M |
| Dividends Paid | -$119.1M | -$119.1M | -$121.1M | -$120.6M |
| Stock-based Compensation | $2.9M | $2.9M | $3.3M | $3.3M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +9.6% | +7.0% | +9.5% | +3.7% | +21.1% | +22.7% | +4.0% | +1.5% | +5.3% | |
| Net Income Growth (YoY) | +52.8% | +22.0% | +3.2% | -2.1% | +34.9% | +30.3% | +41.0% | -4.8% | -14.7% | |
| EPS Growth (YoY) | +64.4% | +20.3% | -50.6% | +93.2% | +29.4% | +17.3% | +41.1% | -4.9% | -15.6% | |
| Shares Change (YoY) | +1.1% | +2.2% | +3.3% | +1.8% | +5.2% | +10.2% | +0.2% | +0.4% | +0.9% | |
| FCF Growth (YoY) | +10.9% | +4.3% | +9.0% | +5.8% | +28.0% | +31.7% | +3.3% | +3.3% | -10.2% | |
| Gross Margin | 67.5% | 67.5% | 67.1% | 69.7% | 69.6% | 69.4% | 71.0% | 71.9% | 70.2% | 22.7% |
| Operating Margin | 28.0% | 35.0% | 36.8% | 62.1% | 61.0% | 35.3% | 34.8% | 47.3% | 45.3% | 40.0% |
| EBITDA Margin | 60.2% | 60.7% | 60.8% | 62.1% | 61.0% | 56.3% | 59.7% | 67.7% | 64.6% | 62.6% |
| Net Margin | 17.2% | 24.0% | 27.4% | 25.8% | 24.4% | 27.2% | 28.8% | 39.1% | 36.7% | 29.7% |
| FCF Margin | 51.6% | 52.2% | 50.9% | 50.6% | 51.7% | 54.6% | 58.6% | 58.2% | 59.2% | 50.5% |
| Effective Tax Rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.47 | $1.61 | $1.64 | $1.73 | $1.80 | $2.19 | $2.62 | $2.70 | $2.78 | $2.47 |
| Dividends Per Share | $0.87 | $1.07 | $1.19 | $1.27 | $1.31 | $1.38 | $1.71 | $1.95 | $2.03 | $2.08 |
| Shares Outstanding (Basic) | $178.2M | $180.5M | $184.7M | $190.9M | $194.1M | $203.8M | $224.9M | $225.4M | $226.4M | $228.7M |
What to look at in Reit companies
- FFO / Share (Positive growth) — REIT 'true EPS' — net income + depreciation.
- Dividend coverage (FFO/div) (>=1.1x) — FFO must cover the dividend with margin.
- Net Debt / EBITDA (<=6x) — NAREIT benchmark. Normalises leverage by cash generation.
- Debt / Assets (40-60%) — REITs use a lot of debt by design. >65% fragile when rates rise.
- FFO Payout (proxy) (<80%) — Dividends / Operating CF. Quality REITs retain >20% to grow.
- P/FFO (15-20x) — REIT P/E equivalent. Healthy typical range.
Profitability
| Return on Equity | 12.45% |
| Return on Invested Capital | 6.88% |
| Return on Assets | 5.07% |
| Gross Margin | 17.42% |
| Operating Margin | 39.85% |
| Net Margin | 29.41% |
Financial Health
| Debt / Equity | 1.37 |
| Current Ratio | 0.15 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.28 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 59.49 | 39.08 | 32.24 | 71.55 | 39.54 | 51.74 | 31.20 | 25.47 | 24.77 | 24.69 |
| P/B | 2.88 | 3.20 | 3.10 | 3.34 | 3.56 | 4.04 | 3.20 | 3.73 | 3.38 | 3.03 |
| P/S | 9.36 | 9.34 | 8.86 | 9.17 | 9.61 | 14.10 | 8.97 | 9.95 | 9.10 | 7.34 |
| Gross Margin | 67.5% | 67.5% | 67.1% | 69.7% | 69.6% | 69.4% | 71.0% | 71.9% | 70.2% | 22.7% |
| Operating Margin | 28.0% | 35.0% | 36.8% | 62.1% | 61.0% | 35.3% | 34.8% | 47.3% | 45.3% | 40.0% |
| Net Margin | 17.2% | 24.0% | 27.4% | 25.8% | 24.4% | 27.2% | 28.8% | 39.1% | 36.7% | 29.7% |
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Explore sector: Real Estate · REIT - Industrial
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