MeritValue

CubeSmart

CUBEdata completeness 75%17 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

CubeSmart earns about 12% on equity, but has diluted owners by 12% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $14.98 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$822.6M1$1.01B2$1.05B3$1.07B3$1.12B3
Net income$230.8M4$292.5M5$412.4M6$391.9M6$331.3M6
Operating cash flow$449.2M7$591.5M8$611.1M9$631.1M9$608.5M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$11.1M10$6.06M11$6.53M12$71.6M13$5.78M13
Diluted shares205.0M225.9M226.2M227.2M229.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$118.67
your share of equity
Profit it earned you last year
$14.46
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $118.67 of net worth that earned you $14.46 last year.

iii. Is this a good business?
Moat signal · return on equity
12% avg · 5y
FY21 8%FY22 10%FY23 15%FY24 14%FY25 12%

It earned an average 12% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+12% shares · 5y

Share count is up 12% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$14.98
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$331.3M
  • growthAssumed0.0%
Graham Number
$19.74
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001298675-24-000011 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001298675-25-000011 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001298675-26-000010 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0001298675-24-000011 (ProfitLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001298675-25-000011 (ProfitLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001298675-26-000010 (ProfitLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001298675-24-000011 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001298675-25-000011 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001298675-26-000010 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001298675-23-000009 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2022-12-31 · accession 0001298675-24-000011 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-12-31 · accession 0001298675-25-000011 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-12-31 · accession 0001298675-26-000010 (CashAndCashEquivalentsAtCarryingValue)