CUBE (CubeSmart) Stock Financials & Earnings | Market Cap Arena

CUBE (CubeSmart) Stock Financials & Earnings | Market Cap Arena

CUBECubeSmart

Mkt Cap$9B

Real Estate·REIT - Industrial·🇺🇸 United States·NYSE

Revenue (TTM)$1.1B

Net Income (TTM)$334M

EPS (TTM)$1.45

Free Cash Flow (TTM)$609M

Gross Margin22.7%

Op. Margin40.0%

Net Margin29.7%

FCF Margin54.2%

P/S Ratio (TTM)8.2x

P/E Ratio (TTM)27.6x

YoY Rev Growth+5.3%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$257M	$186M	$172M
Q2 23	$262M	$187M	$172M
Q3 23	$268M	$190M	$126M
Q4 23	$267M	$220M	$181M
Q1 24	$261M	$134M	$118M
Q2 24	$266M	$183M	$117M
Q3 24	$271M	$189M	$124M
Q4 24	$268M	$192M	$124M
Q1 25	$273M	$190M	$115M
Q2 25	$282M	$127M	$112M
Q3 25	$285M	$194M	$111M
Q4 25	$283M	-$256M	$111M

Valuation

Quarter	P/S	P/E
Q1 23	8.9x	26.3x
Q2 23	8.8x	23.6x
Q3 23	8.8x	24.3x
Q4 23	8.8x	22.5x
Q1 24	8.7x	22.6x
Q2 24	8.7x	22.8x
Q3 24	8.7x	23.0x
Q4 24	8.7x	23.6x
Q1 25	8.6x	23.9x
Q2 25	8.4x	24.6x
Q3 25	8.3x	25.8x
Q4 25	8.2x	27.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$137M	$137M
Q2 23	$162M	$162M
Q3 23	$170M	$170M
Q4 23	$146M	$146M
Q1 24	$150M	$150M
Q2 24	$171M	$171M
Q3 24	$145M	$145M
Q4 24	$165M	$165M
Q1 25	$146M	$146M
Q2 25	$157M	$157M
Q3 25	$168M	$183M
Q4 25	$136M	$122M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$15M
Q4 25	$15M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+7.7%	+0.8%
Q2 23	+4.9%	+2.2%
Q3 23	+2.1%	+57.1%
Q4 23	+1.7%	-0.2%
Q1 24	+1.6%	+67.1%
Q2 24	+1.8%	+66.9%
Q3 24	+1.1%	+4.1%
Q4 24	+0.4%	+68.5%
Q1 25	+4.4%	+10.3%
Q2 25	+6.0%	+14.6%
Q3 25	+5.2%	+18.1%
Q4 25	+5.6%	+19.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$3M	1.0%
Q2 23	$2M	0.9%
Q3 23	$3M	1.0%
Q4 23	$3M	1.0%
Q1 24	$3M	1.1%
Q2 24	$3M	1.1%
Q3 24	$3M	1.1%
Q4 24	$3M	1.1%
Q1 25	$3M	1.2%
Q2 25	$3M	0.9%
Q3 25	$3M	1.0%
Q4 25	$3M	1.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 23	$15M	—
Q2 23	$14M	—
Q3 23	$14M	—
Q4 23	$14M	$25M
Q1 24	$16M	—
Q2 24	$15M	—
Q3 24	$14M	—
Q4 24	$15M	—
Q1 25	$16M	—
Q2 25	$15M	—
Q3 25	$17M	—
Q4 25	$17M	$5M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$6M	$0	$6M
Q2 23	$9M	$0	$9M
Q3 23	$8M	$0	$8M
Q4 23	$7M	$0	$7M
Q1 24	$6M	$0	$6M
Q2 24	$6M	$0	$6M
Q3 24	$44M	$0	$44M
Q4 24	$72M	$0	$72M
Q1 25	$11M	$0	$11M
Q2 25	$9M	$0	$9M
Q3 25	$108M	$0	$108M
Q4 25	$6M	$0	$6M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	226M	+0.1%
Q2 23	226M	+0.0%
Q3 23	226M	-0.0%
Q4 23	226M	+0.0%
Q1 24	227M	+0.1%
Q2 24	227M	+0.0%
Q3 24	227M	+0.2%
Q4 24	228M	+0.6%
Q1 25	229M	+0.3%
Q2 25	229M	+0.0%
Q3 25	229M	-0.0%
Q4 25	229M	-0.0%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$230K	2K
FY 15	$242K	2K
FY 16	$239K	2K
FY 17	$223K	3K
FY 18	$212K	3K
FY 19	$218K	3K
FY 20	$218K	3K
FY 21	$284K	3K
FY 22	$349K	3K
FY 23	$363K	3K
FY 24	$369K	3K
FY 25	$429K	3K