Latest Ratios: P/E Ratio 28.0x · EV/EBITDA 18.2x · 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 | $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 → | 28.00 | 24.69 | 24.91 | 25.47 | 31.20 | 52.21 | 39.54 | 71.55 | 32.60 | 39.08 | 59.49 |
| P/S Ratio | 8.30 | 7.36 | 9.13 | 9.98 | 9.01 | 14.18 | 9.64 | 9.21 | 8.90 | 9.39 | 9.42 |
| P/B Ratio | 3.37 | 2.97 | 3.30 | 3.64 | 3.14 | 3.89 | 3.13 | 3.23 | 3.00 | 3.11 | 2.80 |
| P/FCF | 16.44 | 14.57 | 15.42 | 17.16 | 15.37 | 25.97 | 18.67 | 18.18 | 17.49 | 17.98 | 18.26 |
| P/OCF | 15.24 | 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 | 18.17 | 16.67 | 18.46 | 19.17 | 18.36 | 28.45 | 15.73 | 13.87 | 11.77 | 12.30 | 12.54 |
| EV / EBIT | 28.62 | 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 |
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 | 4.43 | 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 | — | — | — | — | — | — | — | — | — |
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 | 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% |
| 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 |
Regional Property Tax Exposure
Based on reported figures, CubeSmart’s P/FFO multiple has remained tightly clustered between 11.69x and 12.93x over the last ten quarters, suggesting that the market assigns a consistent valuation floor despite the broader sector volatility observed in peer multiples like those of Public Storage or Extra Space.
The stability in the P/FFO multiple indicates that investors are pricing in the company's concentrated urban footprint as a defensive moat. However, the lack of significant multiple expansion suggests that the market remains cautious regarding the company's ability to drive outsized organic growth in a normalizing post-pandemic storage environment.
According to recent financial statements, CubeSmart’s NOI margins have displayed extreme, erratic behavior, swinging from a high of 100% in 2026Q1 to a negative 90.5% in 2025Q4, which complicates the assessment of true property-level profitability and suggests potential inconsistencies in how operating expenses are being recognized.
This margin volatility warrants further investigation, as it may indicate that the company is experiencing significant fluctuations in property-level costs or that accounting adjustments are distorting the underlying performance. Investors should monitor whether these swings are driven by non-recurring tax assessments or shifts in the third-party management platform's expense reimbursement structure.
As reported in quarterly filings, the FFO payout ratio has generally hovered between 70% and 82% over the observed period, providing a moderate buffer that suggests the current dividend remains supported by recurring cash flow despite the recent deceleration in FFO growth rates.
The consistency of the payout ratio implies that management is prioritizing dividend stability even as the core business faces headwinds. While the payout is well-covered, the lack of significant retained cash flow growth may limit the company's ability to fund aggressive internal development without relying on external capital markets.
Based on the provided quarterly data, CubeSmart’s debt-to-equity ratio has trended upward from 1.04 in 2023Q4 to 1.27 in 2025Q4, indicating a gradual increase in financial leverage that may heighten the company's sensitivity to interest rate volatility and refinancing risks in the coming fiscal periods.
While the current leverage profile appears manageable, the upward trend suggests a departure from the company's historically more conservative capital structure. Analysts should monitor whether this increased debt load is being deployed to capture high-quality urban assets or if it reflects a need to bridge gaps in organic cash flow generation.
As evidenced by the provided financial data, the market's reliance on standard P/E ratios for CubeSmart is fundamentally flawed, as it fails to account for the massive non-cash depreciation charges that artificially depress GAAP net income and obscure the company's true recurring cash-generating capacity.
Investors should prioritize P/FFO or P/AFFO metrics, as these adjustments provide a more accurate reflection of the REIT's economic performance by adding back non-cash items. Using P/E in this context leads to a distorted valuation that ignores the capital-intensive nature of real estate ownership and the specific accounting nuances of the storage sector.
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 28.0x. The historical average is 55.8x. This places it at the 21th percentile of its historical range.
CubeSmart's current EV/EBITDA is 18.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.4x.
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 28.0x. 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 5.08% 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.