CubeSmart - Public Comps and Valuation Multiples

CubeSmart Overview

About CubeSmart

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. Majority of CubeSmart's facilities are located in Florida, Texas, California, New York, and Illinois. Cumulatively, these states account for both the majority of the square footage in the company's real estate portfolio and the majority of its revenue. The company derives nearly all of its revenue from rental income from tenants utilizing its storage facilities.

Founded

2004

HQ

Employees

3.1K+

Website

cubesmart.com

Sectors

Buildings & Property

Financials

LTM Revenue $1.1B

LTM EBITDA $694M

EV

$11.8B

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CubeSmart Financials

CubeSmart has a last 12-month revenue of $1.1B and a last 12-month EBITDA of $694M.

In the most recent fiscal year, CubeSmart achieved revenue of $1.1B and an EBITDA of $692M.

CubeSmart expects next 12-month revenue of XXX and NTM EBITDA of XXX

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CubeSmart P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$1.1B	$1.1B	XXX	XXX	XXX
Gross Profit	$716M	$756M	XXX	XXX	XXX
Gross Margin	68%	71%	XXX	XXX	XXX
EBITDA	$711M	$692M	XXX	XXX	XXX
EBITDA Margin	68%	65%	XXX	XXX	XXX
Net Profit	$291M	$411M	XXX	XXX	XXX
Net Margin	28%	39%	XXX	XXX	XXX
Net Debt	$3.0B	$2.9B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

CubeSmart Stock Performance

As of April 15, 2025, CubeSmart's stock price is $38.

CubeSmart has current market cap of $8.8B, and EV of $11.8B.

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CubeSmart Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$11.8B	$8.8B	XXX	XXX	XXX	XXX	$1.69

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CubeSmart Valuation Multiples

As of April 15, 2025, CubeSmart has market cap of $8.8B and EV of $11.8B.

CubeSmart's trades at 11.0x LTM EV/Revenue multiple, and 16.9x LTM EBITDA.

Analysts estimate CubeSmart's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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CubeSmart Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$11.8B	XXX	XXX	XXX
EV/Revenue	11.0x	XXX	XXX	XXX
EV/EBITDA	17.0x	XXX	XXX	XXX
P/E	22.4x	XXX	XXX	XXX
P/E/Growth	-9.6x	XXX	XXX	XXX
EV/FCF	18.6x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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CubeSmart Valuation Multiples

CubeSmart's NTM/LTM revenue growth is 2%

CubeSmart's revenue per employee for the last fiscal year averaged $0.3M, while opex per employee averaged $0.1M for the same period.

Over next 12 months, CubeSmart's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate CubeSmart's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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CubeSmart Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	2%	XXX	XXX	XXX	XXX
EBITDA Margin	65%	XXX	XXX	XXX	XXX
EBITDA Growth	-3%	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	67%	XXX	XXX	XXX	XXX
Revenue per Employee	$0.3M	XXX	XXX	XXX	XXX
Opex per Employee	$0.1M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	6%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	25%	XXX	XXX	XXX	XXX

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