Smartstop Self Storage REIT Inc (SMA) 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

+147.0%

$92.42

vs $37.42 price

Levered DCF

$50.59

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.79

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
P/E	-154.7×	-172.37×	-1,017.08×	467.86×	-88.51×	-35.99×
P/B	1.24×	5.41×	4.72×	4.07×	4.26×	4.47×
P/S	5.21×	13.34×	13.61×	14.59×	15.42×	15.74×
EV / EBITDA	18.82×	35.93×	32.14×	31.75×	52.59×	123.46×
Gross margin	9.3%	18.4%	68.0%	72.2%	68.1%	62.2%
Operating margin	21.0%	29.2%	30.3%	31.9%	9.8%	-17.0%
Net margin	-0.6%	-2.4%	4.2%	9.1%	-10.0%	-35.7%
Current ratio	1.25×	0.61×	1.39×	1.22×	1.41×	2.66×
Debt / equity	0.93×	2.26×	1.62×	1.44×	1.43×	1.66×
Interest coverage	0.99×	0.96×	1.14×	1.59×	0.49×	-0.59×
Dividend yield	5.6%	1.6%	1.7%	2.1%	1.5%	1.4%
Payout ratio	-5287.6%	-887.5%	544.4%	328.8%	-227.4%	-63.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	-0.1%	-1.0%	1.5%	2.5%	-2.8%	-10.1%
Return on invested capital	-26.2%	3.3%	3.2%	3.4%	1.0%	-1.5%
Return on assets	-0.1%	-0.3%	0.5%	1.0%	-1.0%	-3.5%
Free cash flow yield	5.8%	2.0%	2.3%	2.9%	2.3%	1.4%
Earnings yield	-0.1%	-0.2%	0.3%	0.6%	-0.6%	-2.3%
Enterprise value	$2.5B	$4.5B	$4.2B	$4B	$3.4B	$2.6B
Net debt / EBITDA	7.83×	10.44×	7.95×	8.09×	12.8×	30.9×
Cash conversion cycle (days)	-55	-72	-142	-179	-154	-114