SmartStop Self Storage REIT, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SmartStop Self Storage REIT, Inc. 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	45.4	76.1	80.4	110	124	169	213	233	237	281
Cost of revenue	16	24.5	25.2
Gross profit	29.5	51.6	55.2				147	159	156	172
General and administrative	2.86	3.46	4.85	10.5	16.5	23.3	28.3	27.5	29.9	38.2
Operating income	-14.9	3.58	16.2	11.6	-21.1	16.5	65.9	70.6	69.2	59.1
Interest expense	7.45	16.4	18	37.6	36.1	33.4	41.5	61.8	72.3	59.9
Other non-operating income	-0.29	-0.37	-0.7	-0.62	0.16	-0.94	-1	-0.23	-1.28	-0.02
Pre-tax income						-21.4	21.1	9.05	-4.4	0.16
Income tax					-5.83	-1.81	-0.56	-2.6	1.48	1.9
Net income to minority interests	-0.01	-0.12	-0.02	-2.01	-6.9	-2.66	2.85	1.89	-0.27	-0.19
Net income	-26.1	-14.9	-3.7	-24.8	-54.4	-29.4	6.32	-2.75	-18.4	-8.76
EBITDA	7.17	37	39	52.7	20.9	69.9	130	131	125	132
EPS, basic					-0.91	-0.37	0.07	-0.03	-0.20
EPS, diluted					-0.91	-0.37	0.07	-0.03	-0.20
Shares, basic (weighted)					59.6	79.4	91.9
Shares, diluted (weighted)					59.6	79.4	92.1
Dividend per share	0.60

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	15	7.36	10.3	62.3	72.7	37.3	39.5	45.1	23.1	54.2
Goodwill				78.4	53.6	53.6	53.6	53.6	53.6	70
Intangible assets	13.1	4.14	1.56	30	12.4	14.3	15.6	1.17	6.77	18.4
Total assets	753	817	796	1,311	1,282	1,618	1,947	1,896	2,042	2,432
Total liabilities	331	410	419	776	785	943	1,112	1,132	1,371	1,152
Total debt	321	397	406	713	718	874	1,068	1,087	1,317	1,098
Paid-in capital	481	496	500	491	492	725	894	895	895	1,837
Retained earnings	-43.8	-58.6	-62.3	-87.1	-141	-171	-165	-167	-186	-194
Other comprehensive income	1.38	1.37	1.39	-1.96	-3.83	-0.28	3.65	0.85	-1.71	0.73
Shareholders' equity	411	379	345	274	183	343	467	404	326	1,180
Minority interests			-0.08	72	60	64.6	94.5	91.5	86.9	99.5
Total equity	411	383	345	346	243	407	562	496	413	1,280
Total liabilities and equity	753	817	796	1,311	1,282	1,618	1,947	1,896	2,042	2,432
Shares outstanding									0	55.4

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-26.1	-15	-3.72	-25.1	-51.2	-19.6	21.7	11.6	-5.89	-1.74
Depreciation and amortization	22.1	33.5	22.8	41.1	42.1	53.4	64.6	60.2	56.1	73.2
Stock-based compensation		0.03	0.08	0.4	1.74	2.91	3.97	5.26	5.26	16.6
Deferred income tax				-0.8	-5.93	-2.03	-1.07	-3.3	0.85	1.05
Change in payables	2.67	1.72	-0.79	1.58	0.3	0.1	3.29	-3.25	7.86	-5.64
Cash from operations	-0.87	19.9	18.4	9.77	26.8	58.8	87.9	73.2	64	85
Capital expenditures	-8.26	-4.17	-1.95
Acquisitions		0	0	-346	0			-0.75	-3.82	-0.54
Cash from investing	-508	-57.5	-3.18	-348	-29	-120	-205	0.26	-181	-381
Debt issued	367	166	91.2	536	0.34	272	150	80.1	175	74.8
Debt repaid	-147	-131	-72.5	-252	0	-422	-86.2	-12	-20	-279
Stock issued	327	18.9	0	0
Dividends paid	-11.4	-16.7	-17.6	-18.2	-19.2	-26.2	-49.4	-40.6	-37.4	-74.8
Cash from financing	499	31.3	-12.5	392	13.7	25.7	120	-66.1	94.8	325
Exchange rate effect	-0.17	0.17	-0.49	0.35	0.54	-0.2	-1.47	0.04	-2.03	0.63
Net change in cash	-10.5	-6.17	2.14	54.6	12.1	-36	1.35	7.39	-24.1	30.1
Free cash flow	-9.14	15.8	16.4
Interest paid	6.6	16	18	35.9	32.8	27.2	36.5	55.6	66	56.5
Income taxes paid						0	0.27	0.41	0.3	0.47

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $31.73 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	59.8%	Gross profit / revenue.
Operating margin	21.4%	Operating income / revenue.
EBITDA margin	45.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	9.4%	Net income / revenue.
Operating cash flow margin	36.0%	Cash from operations / revenue.
Return on equity (ROE)	2.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.2%	Net income / average total assets.
Return on invested capital (ROIC)	2.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	4.8%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	23.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	18.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	17.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	10.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	5.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y	-14.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-3.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	5.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	0.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	44.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	32.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-1.1%	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	26.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	262.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	36.2%	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	45.1%	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	19.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.7%	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	13.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.97x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	46.1%	Total debt / total assets.
Liabilities / assets	48.4%	Total liabilities / total assets.
Net debt	$1.09B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	7.84x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.26x	Operating income / interest expense.
Goodwill and intangibles / assets	3.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.07B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.13x	Revenue / average total assets.

Per share

Metric	Value	How it is calculated
Book value per share	$20.89	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$19.39	Tangible book value / shares outstanding.
Cash per share	$0.69	(Cash + short-term investments) / shares outstanding.
Payout ratio	307.2%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.76B	Share price x shares outstanding.
Enterprise value	$2.84B	Market cap + total debt - cash - short-term investments.
P/E	60.9x	Market cap / net income. Only when net income is positive.
P/S	5.73x	Market cap / revenue.
P/B	1.52x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.64x	Market cap / tangible book value, when positive.
P/OCF	15.9x	Market cap / cash from operations, when positive.
EV/Sales	9.28x	Enterprise value / revenue.
EV/EBIT	43.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	20.5x	Enterprise value / EBITDA, when both are positive.
Earnings yield	1.6%	Net income / market cap (the inverse of P/E).
Dividend yield	5.0%	Dividends paid over the period / market cap.
Shareholder yield	5.0%	(Dividends paid + share buybacks) / market cap.

What was SmartStop Self Storage REIT, Inc.'s revenue in fiscal 2025?

SmartStop Self Storage REIT, Inc. reported revenue of $281.1M for fiscal 2025, 18.6% higher than the year before.

Was SmartStop Self Storage REIT, Inc. profitable in fiscal 2025?

No. It reported a net loss of $8.8M.

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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