企業概要
CubeSmart is a self-administered and self-managed real estate investment trust that specializes in the ownership and management of self-storage facilities throughout the United States. The company operates within the Real Estate sector, specifically classified under the REIT - Industrial industry, which subjects it to unique regulatory capital requirements and tax structures typical of real estate investment trusts. CubeSmart currently holds a market capitalization of $8.90B and reported annual revenue of $1.13B TTM, employing a workforce of 3,121 individuals to manage its extensive portfolio. These financial metrics indicate that the company maintains a significant position in the U.S. storage market, evidenced by its status as one of the top three owners and operators according to the 2025 Self Storage Almanac. The scale of its operations, encompassing 1,514 self-storage properties, reflects a substantial asset base that supports its valuation and revenue generation capabilities within the specialized industrial real estate landscape.
財務健全性
CubeSmart generated revenue of $1.13B TTM with a net income of $333.78M and an EBITDA of $709.51M, highlighting a substantial gap between top-line revenue and bottom-line profit that reveals a significant cost structure comprising operating expenses, interest, and taxes. The company reported free cash flow of $492.74M, which provides critical insight into its financial flexibility and capacity to fund capital expenditures or return capital to shareholders without relying on external financing. Profitability analysis shows a gross margin of 71.5%, an operating margin of 39.5%, and a profit margin of 29.7%, indicating efficient cost control relative to sales while maintaining robust operational leverage. However, the balance sheet presents a leveraged profile with total debt of $3.52B compared to cash holdings of only $5.78M, resulting in a debt-to-equity ratio of 126.45% that suggests high financial leverage relative to equity capitalization. Liquidity constraints are further highlighted by a current ratio of 0.09, which indicates that short-term current assets are insufficient to cover current liabilities without access to debt markets or asset monetization. Return on equity stands at 11.6% while return on assets is 4.3%, metrics that reveal management's effectiveness in generating returns on shareholder capital versus the broader asset base, with the disparity reflecting the capital-intensive nature of the REIT business model.
バリュエーション評価
The trailing twelve-month P/E ratio is 26.25, while the forward P/E is projected at 26.33, implying a stable expected earnings trajectory with no significant anticipated acceleration or deceleration in profitability relative to current valuation levels. The price-to-book ratio is 3.25, suggesting that the market values CubeSmart at a premium of over three times its tangible book value, reflecting investor confidence in the quality of its real estate assets and future cash flow potential. Alternative valuation metrics such as a price-to-sales ratio of 7.91 and an EV/EBITDA of 17.47 provide context that the company is priced higher than many traditional industrial peers, consistent with its growth-oriented storage segment characteristics. In terms of price volatility, the stock has traded between a 52-week low of $34.24 and a 52-week high of $44.13, with the current market price situated within this range but requiring real-time data for exact percentage positioning relative to these bounds. The beta of 1.13 indicates that the stock's price volatility is slightly higher than the broader market, suggesting greater sensitivity to market fluctuations than a standard benchmark index.
Growth & Income
CubeSmart experienced a revenue growth rate of 5.6% year-over-year, whereas earnings growth declined by 21.7% year-over-year, implying that earnings are growing significantly slower than revenue due to factors such as margin compression or one-time charges impacting the bottom line. As a dividend payer, the company offers a dividend yield of 5.5% with a payout ratio of 143.2%, which indicates that the current dividend distribution exceeds the earnings generated in the trailing twelve months, suggesting the payout may not be fully sustainable without support from cash reserves or debt refinancing. The high payout ratio in conjunction with the negative earnings growth highlights a potential reliance on non-earnings sources to maintain the current dividend level, which warrants careful monitoring of future earnings recovery. Overall, the growth and income profile presents a mixed picture of moderate revenue expansion offset by declining earnings and a dividend yield that exceeds current profitability metrics.