# CubeSmart (CUBE) — Stock CV

CubeSmart is a $8.55B real estate company. Revenue grew 4.0% over the last year, it keeps 29¢ of every dollar of sales as profit, and its net debt equals ~5.9 years of free cash flow. It trades at 25.6× earnings — around the middle of its own history.

> CubeSmart is a real estate investment trust that acquires, owns, and manages self-storage facilities throughout the United States. The company's real estate portfolio is composed of buildings with numerous enclosed storage areas for both residential and commercial customers to rent mainly on a month-by-month basis.

## Identity

- **Ticker**: CUBE
- **Sector**: Real Estate
- **Industry**: Real Estate Investment Trusts
- **Headquarters**: MALVERN, PA
- **Employees**: 3 121
- **Website**: https://www.cubesmart.com
- **Market cap**: $8.55B
- **Last price**: $37.97
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $1.14B
- **Net income**: $334M
- **Free cash flow**: $598M
- **Net debt**: $3.51B
- **P/E**: 25.6
- **Revenue growth (YoY)**: 4.0%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 64 |
| Growth | 57 |
| Profitability | 67 |
| Health | 10 |
| Quality | 60 |
| Moat | 50 |

## Qualifications (beginner checklist) — 8 of 11 passed

- [x] Revenue growing — +4.0% YoY
- [x] Profitable — $334M TTM
- [x] Profit growing — +4.1% YoY
- [x] Generates cash — $598M TTM
- [ ] Debt under control — ~5.9y of cash flow to repay
- [x] Established company — $8.55B market cap
- [ ] Not printing shares — +17.6% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 10/100
- [x] Pays a dividend — yield 5.61%
- [x] Valuation not extreme — P/E 25.6

## Experience (career milestones)

- **FY2023** — Best year on record: $411M net income
- **FY2022** — Revenue crossed $1B: $1.01B for the year
- **2021** — The company acquired Storage West for $1.7 billion
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **Sep 14, 2011** — The company changed its name to CubeSmart
- **2004** — The company was founded in July 2004 as U-Store-It Trust
- **2004** — The company became a public company via an initial public offering

## Strengths

- High gross margin (67.8%)
- Strongly profitable — 29.4% net margin
- Strong cash conversion — FCF is 52.6% of revenue

## Watch-outs

- Net debt equals ~5.9 years of free cash flow

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $823M | $223M | $449M |
| FY2022 | $1.01B | $291M | $591M |
| FY2023 | $1.05B | $411M | $611M |
| FY2024 | $1.07B | $391M | $631M |
| FY2025 | $1.12B | $334M | $609M |

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Source: https://stockcv.com/CUBE — derived from company filings; may be delayed or incomplete. Information, not investment advice.