CubeSmart (CUBE) Key Metrics
CUBE valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $8.83B
- Enterprise value
- $12.21B
- P/E (TTM)
- 26.7 10-yr median 34.1
- Forward P/E
- 24.4
- PEG ratio
- 5.33
- Price / sales
- 7.7 10-yr median 9.3
- Price / book
- 3.4 10-yr median 3.2
- EV / EBITDA
- 17.3 10-yr median 19.7
- Dividend yield
- 5.41% $2.12 a year
- Beta
- 1.04
CUBE key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsCUBE valuation Price multiples at each fiscal year-end price.
CUBE returns How much profit the business earns on the capital it uses.
CUBE per-share figures Results divided by the shares outstanding at year-end.
CUBE financial health Debt, liquidity and how easily interest is covered.
CUBE efficiency & capital use Working capital cycle and where the cash goes.
CUBE valuation history
CUBE returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
CUBE debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
CUBE cash returned to shareholders
CUBE price vs earnings per share
CUBE key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $8.26B | $9.73B | $10.49B | $9.09B | $11.67B | $6.55B | $6.03B | $5.32B | $5.25B | $4.81B |
| Enterprise value | $11.79B | $12.71B | $13.47B | $12.15B | $14.87B | $8.98B | $7.91B | $7.07B | $6.88B | $6.40B |
| P/E ratio | 24.8 | 24.9 | 25.5 | 31.2 | 52.2 | 39.6 | 35.7 | 32.5 | 39.1 | 54.7 |
| Price / sales | 7.4 | 9.1 | 10.0 | 9.0 | 14.2 | 9.6 | 9.2 | 8.9 | 9.4 | 9.4 |
| Price / book | 3.0 | 3.4 | 3.7 | 3.2 | 4.1 | 3.6 | 3.2 | 3.1 | 3.2 | 2.9 |
| Price / free cash flow | 14.6 | 15.4 | 17.2 | 15.4 | 26.0 | 18.7 | 26.3 | 17.5 | 18.0 | 18.3 |
| Price / operating cash flow | 13.5 | 15.4 | 17.2 | 15.4 | 26.0 | 18.7 | 18.2 | 17.5 | 18.0 | 18.3 |
| EV / sales | 10.5 | 11.9 | 12.8 | 12.0 | 18.1 | 13.2 | 12.1 | 11.8 | 12.3 | 12.5 |
| EV / EBITDA | 16.8 | 18.4 | 18.9 | 20.0 | 31.6 | 21.5 | 19.3 | 18.9 | 20.1 | 21.1 |
| EV / free cash flow | 20.8 | 20.1 | 22.0 | 20.5 | 33.1 | 25.6 | 34.5 | 23.2 | 23.6 | 24.3 |
| Earnings yield | 4.0% | 4.0% | 3.9% | 3.2% | 1.9% | 2.5% | 2.8% | 3.1% | 2.6% | 1.8% |
| Free cash flow yield | 6.9% | 6.5% | 5.8% | 6.5% | 3.9% | 5.4% | 3.8% | 5.7% | 5.6% | 5.5% |
| Dividend yield | 5.8% | 4.7% | 4.2% | 4.3% | 2.3% | 3.9% | 4.0% | 4.2% | 3.7% | 3.2% |
| Shareholder yield (dividends + buybacks) | 6.2% | 4.8% | 4.2% | 4.3% | 2.3% | 3.9% | 4.1% | 4.2% | 3.8% | 4.9% |
| Share price at fiscal year-end | $36.05 | $42.85 | $46.35 | $40.25 | $56.91 | $33.61 | $31.48 | $28.69 | $28.92 | $26.77 |
| Per share | ||||||||||
| Revenue per share | $4.90 | $4.69 | $4.64 | $4.47 | $4.01 | $3.48 | $3.42 | $3.22 | $3.08 | $2.84 |
| Earnings per share | $1.46 | $1.72 | $1.82 | $1.29 | $1.09 | $0.85 | $0.88 | $0.88 | $0.74 | $0.49 |
| Operating cash flow per share | $2.67 | $2.78 | $2.70 | $2.62 | $2.19 | $1.80 | $1.73 | $1.64 | $1.61 | $1.47 |
| Free cash flow per share | $2.47 | $2.78 | $2.70 | $2.62 | $2.19 | $1.80 | $1.20 | $1.64 | $1.61 | $1.47 |
| Cash per share | $0.03 | $0.32 | $0.03 | $0.03 | $0.05 | $0.02 | $0.29 | $0.02 | $0.03 | $0.02 |
| Book value per share | $11.87 | $12.64 | $12.37 | $12.51 | $14.01 | $9.40 | $9.76 | $9.22 | $8.98 | $9.22 |
| Tangible book value per share | $11.83 | $12.60 | $12.36 | $12.51 | $13.48 | $9.10 | $9.70 | $9.17 | $8.97 | $9.17 |
| Dividends per share | $2.08 | $2.03 | $1.95 | $1.71 | $1.34 | $1.31 | $1.27 | $1.19 | $1.07 | $0.87 |
| Capex per share | $0.20 | $0.19 | $0.18 | $0.50 | $1.08 | $2.43 | $0.54 | $0.46 | $0.38 | $0.76 |
| Debt per share | $15.42 | $13.44 | $13.21 | $13.56 | $15.67 | $12.47 | $10.08 | $9.42 | $9.01 | $8.89 |
| Shares outstanding | 229.2M | 227.2M | 226.2M | 225.9M | 205.0M | 194.9M | 191.6M | 185.5M | 181.4M | 179.5M |
| Change in shares outstanding | +0.9% | +0.4% | +0.2% | +10.2% | +5.2% | +1.8% | +3.3% | +2.2% | +1.1% | +5.5% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 11.9% | 13.8% | 14.6% | 10.2% | 9.5% | 8.9% | 9.5% | 9.8% | 8.2% | 5.2% |
| Return on invested capital (ROIC) | 5.9% | 4.2% | 8.5% | 4.0% | 3.2% | 5.5% | 5.6% | 6.3% | 3.5% | 2.3% |
| Return on assets (ROA) | 5.1% | 6.2% | 6.5% | 4.5% | 3.9% | 3.8% | 4.3% | 4.5% | 3.8% | 2.7% |
| Return on tangible assets | 5.0% | 6.1% | 6.6% | 4.6% | 3.5% | 3.5% | 4.2% | 4.4% | 3.8% | 2.5% |
| Free cash flow margin | 50.5% | 59.2% | 58.2% | 58.6% | 54.6% | 51.7% | 35.0% | 50.9% | 52.2% | 51.6% |
| Income quality (OCF / net income) | 1.83 | 1.61 | 1.49 | 2.03 | 2.01 | 2.12 | 1.96 | 1.86 | 2.17 | 2.99 |
| Financial health | ||||||||||
| Total debt | $3.53B | $3.05B | $2.99B | $3.06B | $3.21B | $2.43B | $1.93B | $1.75B | $1.63B | $1.60B |
| Cash & short-term investments | $5.8M | $71.6M | $6.5M | $6.1M | $11.1M | $3.6M | $54.9M | $3.8M | $5.3M | $3.0M |
| Net debt | $3.53B | $2.98B | $2.98B | $3.06B | $3.20B | $2.43B | $1.88B | $1.74B | $1.63B | $1.59B |
| Debt / equity | 1.30 | 1.06 | 1.07 | 1.08 | 1.12 | 1.33 | 1.03 | 1.02 | 1.00 | 0.96 |
| Debt / assets | 0.53 | 0.48 | 0.48 | 0.48 | 0.49 | 0.51 | 0.48 | 0.47 | 0.46 | 0.46 |
| Net debt / EBITDA | 5.01 | 4.30 | 4.19 | 5.03 | 6.79 | 5.82 | 4.58 | 4.67 | 4.76 | 5.25 |
| Current ratio | 0.13 | 0.51 | 0.31 | 0.25 | 0.29 | 0.14 | 0.26 | 0.09 | 0.12 | 0.15 |
| Quick ratio | 0.13 | 0.51 | 0.47 | 0.48 | 0.18 | 0.11 | −0.02 | 0.14 | 0.08 | 0.15 |
| Interest coverage | 3.9 | 5.3 | 5.1 | 3.8 | 3.7 | 5.5 | 5.6 | 3.5 | 3.4 | 2.8 |
| Working capital | −$301.8M | −$191.1M | −$259.3M | −$318.6M | −$390.2M | −$323.0M | −$169.4M | −$390.4M | −$264.3M | −$176.4M |
| Invested capital | $6.25B | $5.85B | $5.78B | $5.88B | $6.07B | $4.26B | $3.75B | $3.45B | $3.26B | $3.25B |
| Tangible asset value | $2.77B | $2.94B | $2.88B | $2.90B | $2.89B | $2.03B | $1.86B | $1.76B | $1.69B | $1.71B |
| Net current asset value | −$3.82B | −$3.24B | −$3.23B | −$3.32B | −$3.39B | −$2.64B | −$2.10B | −$1.94B | −$1.82B | −$1.73B |
| Graham number | $19.72 | $22.13 | $22.48 | $19.05 | $18.54 | $13.40 | $13.92 | $13.54 | $12.23 | $10.08 |
| Graham net-net per share | −$16.71 | −$14.70 | −$14.78 | −$15.26 | −$17.03 | −$13.67 | −$10.76 | −$10.65 | −$10.11 | −$9.75 |
| Capital allocation | ||||||||||
| Dividends paid | $476.3M | $461.8M | $442.2M | $387.1M | $273.8M | $256.3M | $243.9M | $221.3M | $195.0M | $155.8M |
| Share buybacks (net) | $36.0M | $1.0M | $276,000 | $1.4M | $0 | $686,000 | $421,000 | $1.5M | $2.0M | $77.6M |
| Dividend payout ratio | 142.7% | 118.0% | 107.7% | 132.9% | 122.5% | 154.7% | 144.2% | 135.0% | 145.2% | 177.3% |
| Dividends + buybacks / free cash flow | 90.4% | 73.3% | 72.4% | 65.7% | 61.0% | 73.2% | 106.7% | 73.2% | 67.5% | 88.7% |
| Capex / revenue | 4.0% | 4.1% | 3.8% | 11.2% | 26.9% | 69.7% | 15.7% | 14.4% | 12.3% | 26.8% |
| Capex / operating cash flow | 7.3% | 6.9% | 6.5% | 19.2% | 49.3% | 134.8% | 31.0% | 28.3% | 23.6% | 52.0% |
| Capex / depreciation | 0.17 | 0.21 | 0.19 | 0.36 | 0.92 | 2.97 | 0.62 | 0.59 | 0.46 | 0.83 |
| Stock-based compensation / revenue | 1.0% | 1.1% | 1.0% | 0.9% | 1.0% | 1.1% | 1.0% | 0.9% | 1.0% | 0.6% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 5.8% | 8.0% | 7.8% | 7.6% | 8.4% | 8.6% | 7.6% | 8.0% | 8.0% | 8.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 12.1 | 12.6 | 11.0 | 9.7 | 9.4 | 9.6 | 9.2 | 8.9 | 6.8 | 4.6 |
| Days of inventory on hand | — | — | -96.4 | -22.1 | 50.1 | 62.6 | 36.7 | -8.4 | 13.1 | 131.1 |
| Days payables outstanding | 96.6 | 247.5 | 257.4 | 257.9 | 260.0 | 262.2 | 264.9 | 271.9 | 238.4 | 196.8 |
| Cash conversion cycle (days) | -84.5 | -234.9 | -342.9 | -270.2 | -200.5 | -190.0 | -219.0 | -271.4 | -218.5 | -61.1 |
| Receivables turnover | 30.22 | 28.95 | 33.24 | 37.69 | 38.69 | 37.96 | 39.59 | 40.91 | 53.85 | 79.49 |
| Payables turnover | 3.78 | 1.47 | 1.42 | 1.42 | 1.40 | 1.39 | 1.38 | 1.34 | 1.53 | 1.86 |
| Inventory turnover | — | — | — | — | 7.29 | 5.83 | 9.94 | — | 27.82 | 2.78 |
| Asset turnover | 0.17 | 0.17 | 0.17 | 0.16 | 0.15 | 0.15 | 0.17 | 0.16 | 0.16 | 0.15 |
| Average receivables | $37.2M | $36.8M | $31.6M | $26.8M | $21.3M | $17.9M | $16.5M | $14.6M | $10.4M | $6.4M |
| Average payables | $229.6M | $215.5M | $207.9M | $207.2M | $179.6M | $148.5M | $143.9M | $146.6M | $118.6M | $89.4M |
| Average inventory | — | — | −$77.9M | −$17.7M | $34.6M | $35.4M | $19.9M | −$4.5M | $6.5M | $59.6M |
| Intangibles / total assets | 0.1% | 0.2% | 0.0% | 0.0% | 1.7% | 1.2% | 0.3% | 0.2% | 0.0% | 0.2% |
Computed from CUBE's annual financial statements (latest annual report filed February 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
CUBE valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), CubeSmart traded at 24.8 times earnings, against a 10-year median of 34.1. Based on the latest twelve months, the trailing P/E is 26.7 and the forward P/E is 24.4. CubeSmart earned a return on equity of 11.9% and a return on invested capital of 5.9% in fiscal 2025. It ended the year with $3.5 billion of debt and $5.8 million in cash and short-term investments, net debt of $3.5 billion. It returned $512.3 million to shareholders: $476.3 million in dividends and $36.0 million in share buybacks, 90% of free cash flow. The share count rose 27.6% from 179.5M to 229.2M over 9 years.
See the CUBE income statement, the CUBE chart for price history, or the CUBE stock overview for the latest quote and news.
CUBE key metrics FAQ
What is CubeSmart's P/E ratio?
CubeSmart's trailing P/E ratio is 26.7 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 24.4. At the end of fiscal 2025 it was 24.8, compared with a 10-year median of 34.1.
What is CubeSmart's EV/EBITDA?
CubeSmart's enterprise value was 16.8 times EBITDA at the end of fiscal 2025 (enterprise value $11.8 billion, EBITDA $703.6 million); the current EV/EBITDA is 17.3.
What is CubeSmart's return on equity?
CubeSmart's return on equity (ROE) was 11.9% in fiscal 2025: net income of $333.8 million on average shareholders' equity of $2.8 billion.
What is CubeSmart's ROIC?
CubeSmart's return on invested capital was 5.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does CubeSmart have?
CubeSmart had total debt of $3.5 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.30 and $3.5 billion of net debt (5.01 times EBITDA).
What is CubeSmart's dividend yield?
CubeSmart's forward dividend yield is 5.41%. CubeSmart paid $476.3 million in dividends in fiscal 2025 ($2.08 per share), a payout ratio of 142.7%.
Does CubeSmart buy back its shares?
Yes. CubeSmart spent $36.0 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.9% over the year, to 229.2M..
What is CubeSmart's free cash flow yield?
CubeSmart generated $566.9 million of free cash flow in fiscal 2025, a free cash flow yield of 6.9% on its market value at year-end ($8.3 billion).
What is CubeSmart's current ratio?
CubeSmart's current ratio was 0.13 at the end of fiscal 2025: current assets were 0.13 times current liabilities.