10-Q filed October 30: Cubesmart
Revenue for the twelve months to September 2026 was $1.15bn, up 3.3% on a year earlier, slower than the 3.9% growth a quarter earlier.
Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation
Cubesmart is a US-listed company in the self-storage REITs industry. Its financial year ends in December.
Loading chart…
Third-party market data · may be delayed
~$46
Valuation models combined (2)
Base case. Range ~$40–$49. Weighted average of 2 models (funds-from-operations model, dividend discount (growing dividend)), the funds-from-operations model counting double.
No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.
Cubesmart valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to September 2026 was $1.15bn, up 3.3% on a year earlier, slower than the 3.9% growth a quarter earlier.
Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation
Revenue for the twelve months to June 2026 was $1.14bn, up 3.9% on a year earlier, slower than 5.0% a quarter earlier. Our valuation models combined value is $41.45 a share, against a share price of $39.31.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Cubesmart's trailing-twelve-month revenue grew 3.3% year on year, with a free-cash-flow margin of 31.4%. Where it lags: change in growth rate of -0.5pp ranks 5 of 5 self-storage reits companies we cover.
Current signal Revenue growth decelerating: TTM revenue growth slowed to 3.3% (-0.5pp vs the prior quarter), the 3rd consecutive quarterly slowdown.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Loading chart…
Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
The company also guided to fully diluted ffo per share, as adjusted of $2.58 to $2.60 for the 2026.
We value Cubesmart as an equity reit, with every model that fits that kind of business. Cost of equity 8%: the 10-year Treasury yield (4.9%) plus a beta of 0.68 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. | ~$49 ~$41–$60 | Primary model, counts double |
| Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. | ~$0.9 ~$22–$46 | Left out: out of range vs price (0.02x) |
| Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. | ~$40 ~$34–$49 | Included |
| Combined value Weighted average of the models that apply: the primary model (funds-from-operations model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$46 ~$40–$49 | 2 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Cubesmart with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Strong moat
How hard Cubesmart's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median 4.5% of total assets over 10 years.
Gross margin has been a median 69.0%, moving by 1.7 percentage points (standard deviation) across 8 years.
Net margin has been a median 29.2%; its worst year was 24.8%.
Free cash flow was positive in 8 of 8 years, at a median 30.1% of revenue.
The diluted share count rose 13.3% over five years; stock-based pay has been a median 0.7% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | $1.52 | +4% | $1.1bn | +1% |
| Next | $1.59 | +5% | $1.2bn | +3% |
Next year's EPS estimate has moved +7.1% in 90 days, across 4 analysts.
The consensus EPS forecast for the current fiscal year is +4.4% on 90 days ago. In the last 30 days, 2 analysts raised Cubesmart's forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | $1.46 | $1.48 |
| 60 days ago | $1.54 | $1.54 |
| 30 days ago | $1.49 | $1.57 |
| 7 days ago | $1.52 | $1.60 |
| Now | $1.52 | $1.59 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Sept 2026 | $0.42 | $0.42 | −0.2% |
| Jun 2026 | $0.36 | $0.39 | +7.2% |
| Mar 2026 | $0.34 | $0.36 | +4.6% |
| Dec 2025 | $0.37 | $0.34 | −8.5% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months +24.4%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $1.1bn | $1.1bn | +3.9% |
| Net margin | 34.3% | 29.4% | −14.2% |
| P/E multiple | 21.7x | 30.3x | +39.5% |
| Share count | 228m | 228m | 0.0% |
Biggest factor: p/e multiple.
Last 3 years +42.0%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $1.0bn | $1.1bn | +9.3% |
| Net margin | 37.5% | 29.4% | −21.6% |
| P/E multiple | 18.1x | 30.3x | +67.5% |
| Share count | 226m | 228m | −1.0% |
Biggest factor: p/e multiple.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| CUBE | +75% | −26% | +21% | −5% | −12% | +30% |
| Industry peers (median) | +67% | −20% | +14% | +2% | −9% | +25% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| CUBE | 83% | 33% | 42% | 67% | 25% | 55% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| CUBE | −12% | −33% | −30% | −23% | −17% | −14% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 41% from September 4, 2019 to March 23, 2020. Getting back needed a 71% gain, reached on October 12, 2020, 203 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| October 30, 2026 | +7.8% | −2.2% | — | — |
| September 14, 2026 | +1.0% | −0.9% | +0.5% | −2.9% |
| July 31, 2026 | +1.5% | +2.2% | +1.3% | −3.7% |
| June 1, 2026 | −1.4% | +0.4% | +0.4% | +1.7% |
| May 14, 2026 | −3.8% | −0.4% | +0.6% | +3.6% |
| May 4, 2026 | −2.4% | +0.4% | +1.7% | −2.6% |
| May 1, 2026 | −3.5% | −0.1% | 0.0% | −2.6% |
| March 2, 2026 | −0.2% | −0.8% | −2.6% | −10.9% |
| February 27, 2026 | +4.1% | −0.4% | 0.0% | −10.7% |
| January 7, 2026 | +1.7% | −0.3% | +6.2% | +5.4% |
| December 2, 2025 | +0.2% | +0.5% | −3.7% | −2.7% |
| October 31, 2025 | −5.3% | +0.5% | −3.9% | −5.1% |
Source: SEC EDGAR filings. Retrieved October 31, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q4 | $1.1B |
| FY24 Q1 | $1.1B |
| FY24 Q2 | $1.1B |
| FY24 Q3 | $1.1B |
| FY24 Q4 | $1.1B |
| FY25 Q1 | $1.1B |
| FY25 Q2 | $1.1B |
| FY25 Q3 | $1.1B |
| FY25 Q4 | $1.1B |
| FY26 Q1 | $1.1B |
| FY26 Q2 | $1.1B |
| FY26 Q3 | $1.1B |
Source: SEC EDGAR filings. Retrieved October 31, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q4 | 4.0% |
| FY24 Q1 | 2.7% |
| FY24 Q2 | 2.0% |
| FY24 Q3 | 1.7% |
| FY24 Q4 | 1.5% |
| FY25 Q1 | 2.1% |
| FY25 Q2 | 3.1% |
| FY25 Q3 | 4.2% |
| FY25 Q4 | 5.3% |
| FY26 Q1 | 5.0% |
| FY26 Q2 | 3.9% |
| FY26 Q3 | 3.3% |
Source: SEC EDGAR filings. Retrieved October 31, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q4 | 38.9% |
| FY24 Q1 | 39.9% |
| FY24 Q2 | 40.4% |
| FY24 Q3 | 37.9% |
| FY24 Q4 | 39.7% |
| FY25 Q1 | 38.1% |
| FY25 Q2 | 34.9% |
| FY25 Q3 | 35.1% |
| FY25 Q4 | 31.0% |
| FY26 Q1 | 30.8% |
| FY26 Q2 | 30.4% |
| FY26 Q3 | 31.4% |
| Fiscal year | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Sept 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||
| Revenue | 559 | 598 | 644 | 679 | 823 | 1,010 | 1,050 | 1,066 | 1,123 | 1,145 |
| Gross profit | 377 | 401 | 434 | 456 | 570 | 716 | 756 | 748 | 772 | 775 |
| EBITDA | 341 | — | — | — | — | — | — | — | — | — |
| Operating income | 196 | — | — | — | — | — | — | — | — | — |
| Net income | 134 | 164 | 169 | 166 | 223 | 291 | 411 | 391 | 334 | 346 |
| Diluted EPS | $0.74 | $0.88 | $0.88 | $0.85 | $1.09 | $1.29 | $1.82 | $1.72 | $1.46 | $1.52 |
| Growth (year on year) | ||||||||||
| Revenue | — | +7.0% | +7.7% | +5.5% | +21.1% | +22.7% | +4.0% | +1.5% | +5.3% | +3.3% |
| Net income | — | +22.0% | +3.2% | −2.1% | +34.9% | +30.3% | +41.0% | −4.8% | −14.7% | −3.2% |
| Diluted EPS | — | +18.9% | 0.0% | −3.4% | +28.2% | +18.3% | +41.1% | −5.5% | −15.1% | −2.6% |
| Margins | ||||||||||
| Gross margin | 67.5% | 67.1% | 67.4% | 67.1% | 69.4% | 71.0% | 71.9% | 70.2% | 68.7% | 67.6% |
| EBITDA margin | 61.1% | — | — | — | — | — | — | — | — | — |
| Operating margin | 35.0% | — | — | — | — | — | — | — | — | — |
| Net margin | 24.0% | 27.4% | 26.3% | 24.4% | 27.2% | 28.8% | 39.1% | 36.7% | 29.7% | 30.2% |
| Free-cash-flow margin | 37.8% | 12.8% | 33.2% | — | — | — | — | 55.2% | 54.2% | — |
| Cash flow | ||||||||||
| Cash from operations | 292 | 304 | 332 | 351 | 449 | 591 | 611 | 631 | 609 | 601 |
| Capital spending | 81 | 228 | 118 | — | — | — | — | 42 | 0 | — |
| Free cash flow | 211 | 77 | 213 | — | — | — | — | 589 | 609 | — |
| Stock-based pay | 6 | 6 | 7 | 7 | 8 | 9 | 10 | 11 | 12 | 13 |
| Free cash flow after stock pay | 206 | 71 | 207 | — | — | — | — | 577 | 597 | — |
| Balance sheet | ||||||||||
| Cash | 5 | 4 | 55 | 4 | 11 | 6 | 7 | 72 | 6 | 14 |
| Total debt | 1,600 | 1,747 | 1,932 | 2,365 | — | 0 | 0 | 0 | 0 | 0 |
| Net debt (negative = net cash) | 1,595 | 1,743 | 1,877 | 2,361 | −11 | −6 | −7 | −72 | −6 | −14 |
| Diluted shares | 181m | 185m | 192m | 195m | 205m | 226m | 226m | 227m | 229m | 228m |
| Returned to shareholders | ||||||||||
| Dividends | 195 | 221 | 244 | 256 | 274 | 387 | 442 | 462 | 476 | 481 |
| Buybacks | — | — | — | — | — | — | — | — | 32 | — |
| Total returned | 195 | 221 | 244 | 256 | 274 | 387 | 442 | 462 | 508 | 481 |
| Quarter | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 | 2026 Q3 Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 268 | 273 | 282 | 285 | 283 | 282 | 286 | 294 |
| Gross profit | 192 | 190 | 193 | 194 | 194 | 192 | 190 | 198 |
| Net income | 102 | 89 | 83 | 83 | 79 | 83 | 90 | 94 |
| Diluted EPS | $0.44 | $0.39 | $0.36 | $0.36 | $0.35 | $0.36 | $0.39 | $0.42 |
| Growth (year on year) | ||||||||
| Revenue | +1.0% | +4.4% | +6.0% | +5.2% | +5.6% | +3.3% | +1.5% | +3.1% |
| Net income | −9.6% | −5.6% | −11.7% | −17.7% | −22.8% | −7.1% | +8.0% | +13.8% |
| Diluted EPS | −12.0% | −7.1% | −12.2% | −18.2% | −20.5% | −7.7% | +8.3% | +16.7% |
| Margins | ||||||||
| Gross margin | 71.7% | 69.6% | 68.5% | 68.1% | 68.7% | 68.1% | 66.5% | 67.4% |
| Net margin | 38.1% | 32.7% | 29.4% | 29.1% | 27.8% | 29.4% | 31.3% | 32.1% |
| Cash flow | ||||||||
| Cash from operations | 165 | 146 | 157 | 168 | 136 | 149 | 144 | 171 |
| Stock-based pay | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Last 12 months unless stated | CUBE | EXR | SMA | PSA | SELF | Median |
|---|---|---|---|---|---|---|
| Revenue, last 12 months | $1.1bn | $3.5bn | $306m | $5.0bn | $13m | $1.1bn |
| Revenue growth, last 12 months | 3.3% | 4.1% | 21.1% | 5.2% | 0.5% | 4.1% |
| Revenue growth, 3-year average | 3.1% | 15.3% | 10.1% | 4.2% | 1.4% | 4.2% |
| Revenue growth, latest quarter | 3.1% | 3.6% | 18.6% | 11.6% | 0.6% | 3.6% |
| Gross margin | 67.6% | 73.0% | 59.8% | 72.0% | — | 69.8% |
| Operating margin | — | 43.8% | 21.4% | 51.6% | 20.9% | 32.6% |
| Operating margin, 3-year average | — | 41.9% | 25.3% | 52.9% | 22.9% | 33.6% |
| Net margin | 30.2% | 29.9% | 9.4% | 37.8% | 16.6% | 29.9% |
| Cash from operations / revenue | 52.5% | 55.0% | 36.0% | 59.7% | 33.3% | 52.5% |
| Free-cash-flow margin | 31.4% | 44.7% | 10.4% | 34.2% | 20.4% | 31.4% |
| Free-cash-flow margin, 3-year average | 34.8% | 44.4% | 0.7% | 40.3% | 22.0% | 34.8% |
| Stock pay / revenue | 1.1% | 1.1% | 4.8% | 0.9% | 2.9% | 1.1% |
| Change in share count | −0.6% | 2.8% | — | 1.4% | 0.5% | 0.9% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 3.3% | 4.1% | 4 of 5 |
| Change in growth rate Growth | -0.5pp | -0.1pp | 5 of 5 |
| Net margin Profitability | 30.2% | 29.9% | 2 of 5 |
| Stock pay as % of revenue Cash generation | 1.1% | 1.1% | 2 of 5 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | YoY |
|---|---|---|
| Real Estate Other | $126M | ▲ 11.1% |
| Management Service | $40.2M | ▼ 2.8% |
These categories overlap or exclude eliminations, so shares aren't shown.
From Cubesmart's 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $1.3B | 33.9M | 14.7% | ▲ 2.1% |
| Vanguard Portfolio Management LLC | $775M | 19.5M | 8.5% | ▲ 0.3% |
| Norges Bank | $487M | 12.2M | 5.3% | — |
| State Street Corp | $439M | 11.0M | 4.8% | ▼ 1.4% |
| Vanguard Capital Management LLC | $407M | 10.2M | 4.4% | 0.0% |
| FMR LLC | $299M | 7.5M | 3.3% | ▲ 1.5% |
| AQR Capital Management LLC | $290M | 7.3M | 3.2% | ▲ 239.5% |
| Canada Pension Plan Investment Board | $289M | 7.3M | 3.1% | ▼ 0.2% |
| Cohen & Steers, Inc. | $287M | 7.2M | 3.1% | New |
| Price T Rowe Associates Inc | $280M | 7.0M | 3.0% | ▼ 7.4% |
| Geode Capital Management, LLC | $190M | 4.8M | 2.1% | ▲ 0.3% |
| Charles Schwab Investment Management Inc | $150M | 3.8M | 1.6% | ▲ 4.8% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Cubesmart's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Marr Christopher P CEO | June 10, 2026 | Sell | 108,932 | $42.24 | $4.6M |
| Foster Jeffrey P CLO & Secretary | March 3, 2026 | Sell | 23,148 | $41.02 | $949,531 |
| Marr Christopher P CEO | December 15, 2025 | Sell | 679 | $36.55 | $24,817 |
| Marr Christopher P CEO | December 12, 2025 | Sell | 46,925 | $36.55 | $1.7M |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
No trades in Cubesmart disclosed in the last 12 months; 3 earlier trades on record.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
New research on the companies we cover arrives in the weekly email. Free, one email a week.