CubeSmart (CUBE) intrinsic value & 10-year financials
CubeSmart (CUBE) has a Graham intrinsic value of $45.90 per share. At $38.99 on Oct 17, 2026, the stock trades 15% below that value. Over the last 10 fiscal years revenue grew 8.9% a year to $1.1B, with an average return on invested capital of 7.7%.
- Graham intrinsic value
- $45.90
- Share price (Oct 17, 2026)
- $38.99
- Price vs Graham value
- 15% below
- Market cap
- $8.9B
- Revenue (FY2025)
- $1.1B
- Revenue growth (10-yr CAGR)
- 8.9%
- ROIC (10-yr avg)
- 7.7%
- Free cash flow (FY2025)
- —
CUBE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.1B | $331.3M | $1.46 | — | — | 11.9% |
| FY2024 | $1.1B | $391.9M | $1.72 | — | — | 13.8% |
| FY2023 | $1.1B | $412.4M | $1.82 | — | — | 14.7% |
| FY2022 | $1.0B | $292.5M | $1.29 | — | — | 10.3% |
| FY2021 | $822.6M | $230.8M | $1.09 | — | — | 5.5% |
| FY2020 | $679.2M | $167.6M | $0.85 | — | — | 4.3% |
| FY2019 | $643.9M | $170.8M | $0.88 | $213.5M | — | 4.8% |
| FY2018 | $597.9M | $163.9M | $0.88 | $76.8M | — | 4.9% |
| FY2017 | $558.9M | $134.3M | $0.74 | $212.8M | 35.0% | 4.1% |
| FY2016 | $520.3M | $87.9M | $0.45 | — | 27.5% | 2.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
CubeSmart is a consistent compounder, expanding top-line revenue at 8.9% annually over the past decade.
CubeSmart has historically struggled to out-earn its cost of capital, averaging just 4.4% ROIC.
CubeSmart has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, CubeSmart is modeled at 14.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $45.90 per share.