# CubeSmart (CUBE)

> Source: Nexqual · https://nexqual.com/CUBE · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, CubeSmart (CUBE), nexqual.com/CUBE" · informational, not investment advice.

**Price:** USD 40.15 (+3.05% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 38.96 · day 38.98–40.24 · 52w 35.09–43.26 · market cap $9.09B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.14B, net income $332M (29.3% margin) (SEC filings).
- Valuation: P/E 27.3x (avg 25.0x at the last 3 fiscal year-ends).
- 1 of 80 tracked superinvestors hold CUBE (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $4.6M; 1 not under a Rule 10b5-1 plan ($4.6M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.33 on a 1–5 scale) (18 analysts), mean target USD 43.06 (range 38–48).
- Total return with dividends: 1Y +1.4% vs S&P 500 +14.9%; 5Y -4.7% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.42, revenue estimate $290M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $823M | $1.01B | $1.05B | $1.07B | $1.12B | $1.14B |
| Gross profit | $570M | $716M | $756M | $748M | $772M | — |
| Net income | $231M | $292M | $412M | $392M | $331M | $332M |
| EPS (diluted) | $1.09 | $1.29 | $1.82 | $1.72 | $1.46 | — |
| Gross margin | 69.4% | 71.0% | 71.9% | 70.2% | 68.7% | — |
| Net margin | 28.1% | 29.0% | 39.3% | 36.8% | 29.5% | 29.3% |
| Revenue growth | +21.1% | +22.7% | +4.0% | +1.5% | +5.3% | — |
| Cash + short-term investments | $11.1M | $6.1M | $6.5M | $71.6M | $5.8M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 27.3x · P/S 8.0x · P/B 3.5x · Earnings yield 3.66% · Dividend yield (paid, TTM) 5.28%
P/E at fiscal year-ends: Dec 2025 24.9x, Dec 2024 24.8x, Dec 2023 25.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold CUBE. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Christopher Davis | Davis Advisors | 0.02% | $3.6M | Reduced -2.2% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-10 | Marr Christopher P | CEO | 108,932 | $4.6M | 10.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.33 on a 1–5 scale), 18 analysts; mean target USD 43.06 (low 38, high 48).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | UBS | Target lowered | Neutral | $43 → $38 |
| 2026-09-21 | Evercore ISI Group | Target lowered | Outperform | $48 → $46 |
| 2026-09-02 | Mizuho | Target lowered | Neutral | $42 → $41 |
| 2026-07-24 | Wells Fargo | Target raised | Equal-Weight | $40 → $42 |
| 2026-07-10 | UBS | Target raised | Neutral | $41 → $43 |
| 2026-07-10 | Barclays | Upgrade | Equal-Weight → Overweight | $45 → $46 |
| 2026-07-06 | Evercore ISI Group | Target lowered | Outperform | $48 → $47 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +1.4% | -4.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +1.4% | -0.9% |
| Volatility (annualized) | 22.1% | 25.4% |
| Max drawdown | -15.9% (Oct 2025→Dec 2025) | -35.6% (Dec 2021→Oct 2023) |

## Peers (REIT - Industrial)
LINE (Lineage, Inc.) USD 35.09 +2.42% · REXR (Rexford Industrial Realty, Inc.) USD 36.28 -1.41% · EGP (EastGroup Properties, Inc.) USD 202.7 -0.30% · FR (First Industrial Realty Trust, ) USD 55.29 -6.92% · STAG (Stag Industrial, Inc.) USD 36.51 +0.14% · TRNO (Terreno Realty Corporation) USD 65.64 +0.12%

## More
Full page: https://nexqual.com/CUBE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Real Estate Other | $34.2M | 12.0% | +5.0% |
| Management Service | $10.0M | 3.5% | -1.2% |
| Total revenue | $286.5M | 100% | — |
The lines above cover 15.5% of total revenue.

## Company outlook (8-K filed 2026-09-14)

- "The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.42 | $0.37 | +14.1% | $290.4M | 5 |
| Next quarter (ends 2026-12-31) | $0.40 | $0.37 | +9.4% | $287.7M | 5 |
| Current fiscal year (ends 2026-12-31) | $1.52 | $1.46 | +4.4% | $1.14B | 4 |
| Next fiscal year (ends 2027-12-31) | $1.59 | $1.48 | +7.1% | $1.18B | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±8.0%; last 8 reports averaged ±2.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 35.8% | ±8.0% |
| 2026-12-18 | 56 | 23.6% | ±7.4% |
| 2027-02-19 | 119 | 29.8% | ±13.6% |
| 2027-05-21 | 210 | 29.3% | ±17.5% |