CubeSmartCUBE
NYSE•Real Estate•REIT - Industrial
CubeSmart is a self-administered and self-managed real estate investment trust. CubeSmart owns or manages 1,514 self-storage properties across the United States. According to the 2025 Self Storage Almanac, CubeSmart is one of the top three owners and operators of self-storage properties in the U.S. Its mission is to simplify the organizational and logistical challenges created by the many life events and business needs of its customers through innovative solutions, unparalleled service, and genuine care. Its self-storage properties are designed to offer affordable, easily accessible, and, in most locations, climate-controlled storage space for residential and commercial customers. CubeSmart was incorporated in 2004 in Maryland and is based in Malvern, Pennsylvania.
CubeSmart (CUBE) reported trailing twelve months revenue of $1.13B as of March 2026, a 5.0% increase year-over-year. Quarterly revenue reached $281.93M, reflecting continued top-line momentum.
CubeSmart generated $325.32M in TTM net income, with quarterly EBITDA of $174.67M. The operating margin contracted from 42.1% to 40.2%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (40.2%) and net margin (29.4%) indicates moderate non-operating costs. Net margin has narrowed from 32.5% a year ago, reflecting increased costs or interest expense.
CUBE trades at a P/E of 25.1x (in line with broad market averages) and a P/S of 7.2x. The price-to-book ratio of 3.1x reflects a moderate premium to book value.
The company generated $138.44M in free cash flow over the trailing twelve months, a 1.1% increase year-over-year, indicating cash generation ability. The balance sheet shows $6.60B in total assets with no in long-term debt against $2.65B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~42.0% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~13.4% on average, adequate but below the threshold typically associated with wide moats.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~6.7% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 11.3% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 1.6x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.