The business behind the dividend
| Measure | CUBE | Median | Formula |
|---|---|---|---|
| Return on equity | 12.2% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $544.76m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $558.83m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | 29.5% | 10.2% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.84x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Current ratio, Debt to equity, Interest cover, Operating margin, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 12.2% | 13.6% | 14.7% | 10.3% | 8.0% | 9.1% | 9.5% | 9.6% | 8.2% | 5.3% | 9.5% |
| Operating margin | — | — | — | — | — | — | — | — | 35.0% | — | 35.0% |
| Net margin | 29.5% | 36.8% | 39.3% | 29.0% | 28.1% | 24.7% | 26.5% | 27.4% | 24.0% | — | 28.1% |
| Cash conversion | 1.84x | 1.61x | 1.48x | 2.02x | 1.95x | 2.09x | 1.94x | 1.86x | 2.17x | 2.99x | 1.94x |
How it compares in real estate
Among the 46 real estate companies here measured on funds from operations, CubeSmart pays out less than 8 of them. The median for that group is 65.5%, against this company’s 80.6%.
Closest on funds from operations
- Gaming & Leisure Properties (GLPI) 78.4%
- Healthpeak Properties (DOC) 80.1%
- Extra Space Storage (EXR) 81.3%
- Iron Mountain (IRM) 81.5%
Same sector and same denominator, so the figures are comparable. All 50 in real estate →