CUBE vs FR: CubeSmart and First Industrial Realty Trust compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- CubeSmart is the larger company, worth $8.3B, close to First Industrial Realty Trust's $8.0B.
- First Industrial Realty Trust grew revenue faster over the last year (+8.2% vs +3.3%).
- First Industrial Realty Trust keeps more of each dollar of revenue as operating profit (41.6% vs 39.5%).
- On earnings, First Industrial Realty Trust is the cheaper stock (22.6x vs 25.5x).
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 | FR |
|---|---|---|
| Market cap | $8.3B | $8.0B |
| Share price | $37.97 | $59.43 |
| Revenue (last fiscal year) | $1.1B | $727M |
| Free cash flow (last fiscal year) | — | — |
| Revenue growth, last year | +3.3% | +8.2% |
| Revenue growth per year, last 5 fiscal years | +8.1% | +11.2% |
| Operating margin | 39.5% | 41.6% |
| Net margin | 28.9% | 48.0% |
| Return on equity | 12.4% | 13.1% |
| P/E (trailing) | 25.5x | 22.6x |
| Price / free cash flow | 14.7x | 69.7x |
| EV / EBITDA | 17.9x | 18.9x |
| FCF growth the price implies | — | — |
| Dividend yield | 5.6% | 3.1% |
| Debt / equity | 1.47x | 1.05x |
| Fundamental grade | C | C |
| Superinvestors holding it | 4 | 3 |
| Insider purchases, last 12 months | 0 | 0 |
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% |
First Industrial Realty Trust
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $476M | — | 37.7% |
| 2022 | $540M | — | 39.6% |
| 2023 | $614M | — | 39.8% |
| 2024 | $670M | — | 40.7% |
| 2025 | $727M | — | 42.3% |
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 First Industrial Realty Trust?
CubeSmart (CUBE), at $8.3B against $8.0B.
Is CUBE or FR cheaper?
By trailing P/E, First Industrial Realty Trust (22.6x) is cheaper than CubeSmart (25.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, CUBE or FR?
First Industrial Realty Trust: revenue grew +8.2% 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.