undamentalytics Newsletter
Sign in

Cubesmart key statistics and ratios

In fiscal 2025, Cubesmart had return on equity of 11.9%, a net margin of 29.7% and debt equal to 0.0% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Gross margin67.5%67.1%67.4%67.1%69.4%71.0%71.9%70.2%68.7%67.6%
Operating margin35.0%—————————
Net margin24.0%27.4%26.3%24.4%27.2%28.8%39.1%36.7%29.7%30.2%
Free-cash-flow margin37.8%12.8%33.2%————55.2%54.2%—
Return on equity8.2%9.8%9.6%9.1%9.5%10.2%14.6%13.8%11.9%13.3%
Return on assets3.8%4.5%4.3%3.8%3.9%4.5%6.5%6.2%5.1%5.2%
Asset turnover0.160.160.170.150.150.160.170.170.170.17
Debt to equity98.2%102.2%107.4%129.1%—0.0%0.0%0.0%0.0%0.0%
Interest cover (operating income ÷ interest)3.4x—————————
Capital spending as % of revenue14.4%38.1%18.4%————4.0%0.0%—
Free cash flow ÷ net income157.3%46.9%126.2%————150.5%182.3%—
Dividends ÷ net income145.2%135.0%144.2%154.7%122.5%132.9%107.7%118.0%142.7%139.1%
Dividends and buybacks ÷ free cash flow92.3%288.1%114.2%————78.4%83.5%—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

77 /100

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.

  • Returns on capital 5 / 20

    Net income has been a median 4.5% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 69.0%, moving by 1.7 percentage points (standard deviation) across 8 years.

  • Durability 20 / 20

    Net margin has been a median 29.2%; its worst year was 24.8%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 8 of 8 years, at a median 30.1% of revenue.

  • Discipline 12 / 20

    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.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: CUBE vs EXRCUBE vs SMACUBE vs PSACUBE vs SELF

More: Self-Storage REITs stocks compared, Real Estate sector, rankings of US companies

Figures from Cubesmart's SEC filings (10-K and 10-Q), retrieved October 31, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Cubesmart.