CUBE vs EXR: CubeSmart and Extra Space Storage compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Extra Space Storage is the larger company, worth $29.3B, about 3.5 times CubeSmart.
- Extra Space Storage grew revenue faster over the last year (+8.9% vs +3.3%).
- Extra Space Storage keeps more of each dollar of revenue as operating profit (1043.2% vs 39.5%).
- On earnings, CubeSmart is the cheaper stock (25.5x vs 29.7x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CUBE | EXR |
|---|---|---|
| Market cap | $8.3B | $29.3B |
| Share price | $37.97 | $134.65 |
| Revenue (last fiscal year) | $1.1B | $129M |
| Free cash flow (last fiscal year) | — | $1.3B |
| Revenue growth, last year | +3.3% | +8.9% |
| Revenue growth per year, last 5 fiscal years | +8.1% | +18.2% |
| Operating margin | 39.5% | 1043.2% |
| Net margin | 28.9% | 708.8% |
| Return on equity | 12.4% | 7.2% |
| P/E (trailing) | 25.5x | 29.7x |
| Price / free cash flow | 14.7x | 16.0x |
| EV / EBITDA | 17.9x | 25.6x |
| FCF growth the price implies | — | 6.7% |
| Dividend yield | 5.6% | 4.9% |
| Debt / equity | 1.47x | 1.17x |
| Fundamental grade | C | C |
| Superinvestors holding it | 4 | 6 |
| Insider purchases, last 12 months | 0 | 4 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
CubeSmart
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $823M | — | 35.3% |
| 2022 | $1.0B | — | 34.8% |
| 2023 | $1.1B | — | 47.3% |
| 2024 | $1.1B | $589M | 45.3% |
| 2025 | $1.1B | — | 40.0% |
Extra Space Storage
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $66M | — | 1472.8% |
| 2022 | $84M | $45M | 1251.9% |
| 2023 | $102M | $1.3B | 1147.4% |
| 2024 | $121M | $1.4B | 1095.0% |
| 2025 | $129M | $1.3B | 1091.1% |
Where the revenue comes from
CubeSmart
No segment breakdown reported.
Extra Space Storage · by segments, 2018
Self-Storage Operations$1.0B90%
Tenant Reinsurance$116M10%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CUBE in InvestinglyQuestions
Which is bigger, CubeSmart or Extra Space Storage?
Extra Space Storage (EXR), at $29.3B against $8.3B.
Is CUBE or EXR cheaper?
By trailing P/E, CubeSmart (25.5x) is cheaper than Extra Space Storage (29.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, CUBE or EXR?
Extra Space Storage: revenue grew +8.9% over the last year, against +3.3%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.