CubeSmart (CUBE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+86.4%

$82.21

vs $44.10 price

Levered DCF

$51.19

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.39

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	24.69×	24.77×	25.47×	31.2×	51.74×	39.54×	71.55×	32.24×
P/B	3.03×	3.38×	3.73×	3.2×	4.04×	3.56×	3.34×	3.1×
P/S	7.34×	9.1×	9.95×	8.97×	14.1×	9.61×	9.17×	8.86×
EV / EBITDA	16.73×	18.31×	18.89×	19.95×	31.42×	21.47×	19.25×	18.86×
Gross margin	22.7%	70.2%	71.9%	71.0%	69.4%	69.6%	69.7%	67.1%
Operating margin	40.0%	45.3%	47.3%	34.8%	35.3%	61.0%	62.1%	36.8%
Net margin	29.7%	36.7%	39.1%	28.8%	27.2%	24.4%	25.8%	27.4%
Current ratio	0.13×	0.51×	0.31×	0.25×	0.29×	0.14×	0.42×	0.09×
Debt / equity	1.3×	1.06×	1.07×	1.08×	1.12×	1.33×	1.07×	1.02×
Interest coverage	3.93×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	5.8%	4.8%	4.2%	4.3%	2.4%	3.9%	4.1%	4.2%
Payout ratio	142.7%	118.0%	107.7%	132.9%	126.2%	154.7%	144.2%	135.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.3%	13.6%	14.7%	10.3%	7.8%	9.0%	9.4%	9.6%
Return on invested capital	6.8%	8.0%	8.5%	5.9%	4.7%	9.2%	10.7%	6.3%
Return on assets	5.0%	6.1%	6.6%	4.6%	3.4%	3.5%	4.2%	4.4%
Free cash flow yield	6.9%	6.5%	5.8%	6.5%	3.9%	5.4%	5.5%	5.7%
Earnings yield	4.0%	4.0%	3.9%	3.2%	1.9%	2.5%	2.8%	3.1%
Enterprise value	$11.8B	$12.7B	$13.4B	$12.1B	$14.8B	$9B	$7.9B	$7B
Net debt / EBITDA	5.01×	4.3×	4.19×	5.03×	6.79×	5.82×	4.58×	4.67×
Cash conversion cycle (days)	11	-250	-238	-256	-279	-271	-244	-268