CubeSmart

CUBE
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2

Financial Snapshot

ticker: CUBE step: 04 generated: 2026-05-13 source: quick-research

CubeSmart (CUBE) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue ~$1.01B $1.05B $1.07B +1.5%
Gross Margin ~63% ~64% ~63%
Operating Margin ~35% ~40% ~36%
Net Income $291M $411M ~$330M
FFO/Share (adj.) $2.53 $2.68 ~$2.64 -1.5%

FY2023 net income spike reflects asset dispositions and one-time gains. Core operations measured by FFO/share grew 5.9% in 2023 then modestly declined in 2024 as same-store revenue growth decelerated amid new supply competition.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$650M
Free Cash Flow ~$550M
Cash & Equivalents ~$60M
Total Debt ~$3.0B
Net Debt / EBITDA ~5.5x (below long-term target)

Key Ratios (approximate)

  • P/FFO: ~14x | EV/EBITDA: ~18x | Dividend Yield: ~4.5%
  • Revenue Growth (FY2024): +1.5% | FFO Margin: ~60%
  • Same-Store NOI Growth (FY2024): ~0%–1% (flat due to new supply headwinds)

Growth Profile

CubeSmart delivered strong growth through 2022 (same-store NOI +12.1%) as post-COVID demand surge drove pricing power. FY2023–FY2024 saw growth decelerate sharply as new storage supply entered the Sunbelt markets and move-in rates fell across the industry. FY2025 showed early signs of stabilization: move-in rates rose 2.5% in Q3 2025 — the first increase since Q1 2022. The company has delivered 56% five-year Adj. FFO/share growth and 59% dividend growth over the same period. $2.8B in acquisitions over five years have expanded the owned portfolio significantly.

Forward Estimates

  • FY2025 FFO/share guidance (raised): $2.56–$2.60
  • FY2026 EPS guidance (reaffirmed): $1.55–$1.63
  • FY2026 same-store revenue growth guidance: -0.25% to +1.25%
  • Consensus: 11 analysts covering; Buy consensus; 12-month target ~$44 (~23% upside from early 2026 levels)

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $CUBE.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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Markdown: /stocks/cube/financials/md · → thesis · → memo