CubeSmart financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CubeSmart files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	510	559	598	644	679	823	1,010	1,050	1,066	1,123
Cost of revenue	166	182	197	210	224	252	293	295	318	351
Gross profit	344	377	401	434	456	570	716	756	748	772
Selling and marketing	9.4	9.7	10.3	11.5	16.9	21	22.4	24.5	26	30.3
General and administrative	32.8	34.7	37.7	38.6	41.4	47.8	54.6	57	59.7	64.7
Operating income	143	196
Interest expense	50.4	57	62.1
Other non-operating income	1.06	0.87	0.21	1.42	-0.24	-10.8	-10.4	6.28	1.16	2.72
Income from continuing operations	79.9
Net income	87.9	134	164	169	166	223	291	411	391	334
EBITDA	305	341
EPS, basic	0.45	0.74	0.89	0.89	0.85	1.10	1.29	1.82	1.73	1.46
EPS, diluted	0.45	0.74	0.88	0.88	0.85	1.09	1.29	1.82	1.72	1.46
Shares, basic (weighted)	178	181	185	191	194	204	225	225	226	229
Shares, diluted (weighted)	180	181	185	192	195	205	226	226	227	229
Dividend per share	0.90	1.11	1.22	1.29	1.33	1.45	1.78	1.98	2.05	2.09

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2.97	5.27	3.76	54.9	3.59	11.1	6.06	6.53	71.6	5.78
Lease right-of-use assets				41.7	55.3	54.7	49.5	50.5	49.4	48.4
Intangible assets	8.28	1.72	8.15	10.3	57.8	109	1.18	1.81	10.3	7.79
Total assets	3,475	3,545	3,753	4,030	4,778	6,548	6,326	6,225	6,394	6,643
Total liabilities	1,759	1,856	1,981	2,160	2,688	3,550	3,428	3,344	3,440	3,861
Total debt	1,600	1,600	1,747	1,932	2,365
Paid-in capital	2,314	2,357	2,501	2,675	2,806	4,088	4,125	4,142	4,286	4,303
Retained earnings	-659	-729	-792	-877	-975	-1,218	-1,301	-1,345	-1,416	-1,585
Other comprehensive income	-1.85	0	-1.03	-0.73	-0.63	-0.57	-0.49	-0.41	-0.33	-0.25
Shareholders' equity	1,655	1,629	1,710	1,799	1,832	2,872	2,826	2,799	2,872	2,719
Minority interests	5.86	6.24	6.77	7.99	8.63	18.6	14.2	21.7	30.8	26.5
Total equity	1,661	1,635	1,716	1,807	1,841	2,890	2,840	2,821	2,903	2,746
Total liabilities and equity	3,475	3,545	3,753	4,030	4,778	6,548	6,326	6,225	6,394	6,643
Shares outstanding	180	182	187	194	197	224	225	225	228	227

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	88.4	136	165	171	168	231	292	412	392	331
Depreciation and amortization	162	146	143	164	157	232	315	205	210	263
Stock-based compensation	4.85	5.59	5.57	6.69	7.14	8.09	9.08	10.1	11.5	11.5
Change in payables	7.86	10.8	2.65	6.04	13.9	14.9	20.4	0.1	24	2.48
Cash from operations	263	292	304	332	351	449	591	611	631	609
Capital expenditures		-80.7	-228	-118
Acquisitions				-118		-1,679			-57.2
Cash from investing	-559	-150	-322	-376	-511	-1,853	-48.8	-93.8	-174	-571
Debt issued	299	103		696	446	1,043				444
Stock issued	136	29.6	132	196	121	966	4.88	-0.28	118	-0.45
Share buybacks										-31.9
Dividends paid	-149	-195	-221	-244	-256	-274	-387	-442	-462	-476
Cash from financing	219	-143	15.2	95.9	108	1,411	-547	-518	-388	-105
Net change in cash	-76.6	-1.71	-2.68	52	-52.2	7.09	-4.39	-0.71	69.4	-67.4
Free cash flow		211	76.8	213
Interest paid	53.1	63.4	66.8	69.3	80.8	79.1	92.3	95.5	92.6	107

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $37.82 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	68.3%	Gross profit / revenue.
Net margin	28.9%	Net income / revenue.
Operating cash flow margin	54.0%	Cash from operations / revenue.
Return on equity (ROE)	12.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.0%	Net income / average total assets.
Stock-based pay / revenue	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	23.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	3.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	2.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	11.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-14.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	4.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	15.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-15.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	4.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	11.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-3.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	1.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	11.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	2.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	5.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	9.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-5.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	8.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	59.0%	Total liabilities / total assets.
Goodwill and intangibles / assets	0.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.65B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.17x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.44	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$4.96	Revenue / diluted weighted shares.
Operating cash flow per share	$2.68	Cash from operations / diluted weighted shares.
Book value per share	$11.70	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$11.69	Tangible book value / shares outstanding.
Cash per share	$0.03	(Cash + short-term investments) / shares outstanding.
Payout ratio	146.1%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$8.52B	Share price x shares outstanding.
Enterprise value	$8.51B	Market cap + total debt - cash - short-term investments.
P/E	26.0x	Market cap / net income. Only when net income is positive.
P/S	7.52x	Market cap / revenue.
P/B	3.21x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.22x	Market cap / tangible book value, when positive.
P/OCF	13.9x	Market cap / cash from operations, when positive.
EV/Sales	7.52x	Enterprise value / revenue.
Earnings yield	3.8%	Net income / market cap (the inverse of P/E).
Dividend yield	5.6%	Dividends paid over the period / market cap.
Shareholder yield	5.6%	(Dividends paid + share buybacks) / market cap.
PEG	6.17x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was CubeSmart's revenue in fiscal 2025?

CubeSmart reported revenue of $1.12B for fiscal 2025, 5.3% higher than the year before.

Was CubeSmart profitable in fiscal 2025?

Yes. Net income was $333.8M, a net margin of 29.7%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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