Loading institutional data...
Loading institutional data...
Held by 497 of 6,047 reporting institutions (97th percentile) — extremely crowded.
Data as of Q2 2026
Loading snapshot...
Loading financials...
Loading valuation...
Loading analysis...
Loading dividends & returns...
Loading capital allocation...
Loading debt & leverage...
Loading performance...
Loading peer comparison...
Loading ownership map...
Loading crowding analysis...
Loading conviction analysis...
Loading buy/sell flow...
Loading ownership trends...
Loading top holders...
Loading top holders...
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Ranked against 32 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| OHI | $13.8B | 23.5× | 21.8× | 11.6× | 13.2% | — | 49.6% | 11.4% | 6.3% | 5.1× | 736 |
| MAA | $13.5B | 30.8× | — | 6.1× | 0.8% | — | 20.2% | 7.9% | 7.9% | — | 738 |
| REG | $13.4B | — | 11.8× | 8.6× | 6.9% | — | 34.0% | 7.6% | 4.5% | 3.1× | — |
| DOC | $13.1B | 189.6× | — | 4.6× | 4.5% | — | 2.5% | 1.0% | 0.4% | — | 731 |
| ELS | $11.7B | 30.0× | — | 7.6× | 0.3% | — | 26.3% | 22.9% | 7.9% | — | 462 |
| AHR | $11.6B | 126.2× | 19.0× | 5.1× | 9.1% | 20.6% | 3.1% | 2.1% | 2.1% | -0.2× | 545 |
| GLPI | $11.4B | 13.3× | 12.5× | 7.1× | 4.1% | — | 51.7% | 17.8% | 7.0% | 4.8× | 606 |
| UDR | $11.0B | 30.3× | 13.6× | 6.4× | 2.4% | — | 22.1% | 11.5% | 4.1% | 4.7× | 510 |
| EGP | $10.5B | 39.9× | — | 14.5× | 12.7% | — | 35.7% | 7.4% | 7.4% | — | 526 |
| BXP | $9.5B | 34.3× | — | 2.7× | 2.2% | 59.1% | 7.9% | 5.4% | 5.4% | — | 538 |
| FRT | $9.2B | 22.6× | — | 7.2× | 6.4% | — | 32.1% | 12.7% | 5.0% | — | 598 |
| CUBE | $8.7B | 26.4× | — | 7.7× | 5.3% | 68.7% | 29.5% | 12.2% | 12.2% | — | 497 |
| RHP | $8.7B | 33.3× | 10.9× | 3.4× | 10.2% | 44.1% | 9.4% | 32.5% | 32.5% | -0.6× | 417 |
| CTRE | $8.6B | 23.3× | — | 18.1× | 60.8% | — | 67.3% | 7.9% | 6.5% | — | 496 |
| BRX | $8.4B | 21.9× | — | 6.1× | 6.7% | — | 28.2% | 12.8% | 4.5% | — | 461 |
| ADC | $8.3B | 37.6× | — | 11.5× | 16.4% | — | 28.4% | 3.3% | 3.3% | — | 478 |
| REXR | $8.2B | 42.9× | — | 8.2× | 7.1% | — | 21.1% | 2.5% | 1.8% | — | 409 |
| NNN | $7.8B | 19.9× | 9.1× | 8.4× | 6.6% | — | 42.1% | 8.8% | 8.8% | -0.0× | 584 |
| FR | $7.8B | 31.4× | 16.9× | 10.7× | 8.6% | — | 34.0% | 9.3% | 9.3% | -0.2× | 470 |
| LINE | $7.8B | — | 12.9× | 1.4× | 0.3% | 32.1% | -1.9% | -1.2% | -0.7% | 5.7× | 323 |
| VNO | $6.2B | 7.9× | — | 3.4× | 1.3% | — | 50.0% | 15.1% | 11.0% | — | 423 |
| RYN | $5.7B | 6.3× | — | 11.8× | -51.0% | 32.5% | 97.9% | 21.5% | 14.6% | — | 444 |
| EPRT | $5.6B | 20.3× | 15.9× | 10.0× | 24.8% | — | 45.1% | 6.0% | 3.8% | 4.9× | 365 |
| OUT | $5.3B | 36.5× | 20.2× | 2.9× | 0.0% | — | 8.0% | 20.7% | 4.5% | 6.5× | 358 |
| SBRA | $4.9B | 30.1× | 22.3× | 6.4× | 10.2% | — | 20.1% | 5.5% | 2.9% | 7.4× | 453 |
Peers = companies sharing CUBE's sector (Real Estate Investment Trusts) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
What the company returns to shareholders — and whether it's covered by cash.
The dividend takes 82% of free cash flow — sustainable but with limited headroom. Last year: $476.3M dividends + $31.9M buybacks = $508.2M returned on $580.5M FCF.
4 consecutive years of dividend increases · 8%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Insufficient data. Current ROIC on all capital: 12%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
A reverse discounted cash flow is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
Leverage ratios is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $5.8M (at 2025-12-31) covers the $0 due within a year 5782000.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2015-09-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Interest expense isn't separately reported — often netted into “other income (expense), net.” Interest last disclosed in FY2018 (no longer broken out).
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-16
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.12B 100.0% | $1.07B 100.0% | $1.05B 100.0% | $1.01B 100.0% | $822.6M 100.0% | $679.2M 100.0% | — | $643.9M 100.0% | $597.9M 100.0% | $558.9M 100.0% |
| Cost of Revenue | $351.4M 31.3% | $317.8M 29.8% | $294.8M 28.1% | $293.3M 29.0% | $252.1M 30.6% | $223.6M 32.9% | $136.5M | $209.7M 32.6% | $196.9M 32.9% | $181.5M 32.5% |
| Selling, General & Admin | $64.7M 5.8% | $59.7M 5.6% | $57.0M 5.4% | $54.6M 5.4% | $47.8M 5.8% | $41.4M 6.1% | — | $38.6M 6.0% | $37.7M 6.3% | $34.7M 6.2% |
| Total Operating Expenses | $674.2M 60.0% | $583.1M 54.7% | $553.1M 52.7% | $658.5M 65.2% | $532.0M 64.7% | $421.6M 62.1% | — | $411.8M 64.0% | $377.9M 63.2% | $363.2M 65.0% |
| Operating Income | — | — | — | — | — | — | — | — | — | $195.7M 35.0% |
| Interest Expense | — | — | — | — | — | — | — | — | $62.1M 10.4% | $57.0M 10.2% |
| Other Income (Expense), net | $2.7M 0.2% | $1.2M 0.1% | $6.3M 0.6% | -$10.4M -1.0% | -$10.8M -1.3% | -$240K -0.0% | — | $1.4M 0.2% | $206K 0.0% | $872K 0.2% |
| Net Income | $331.3M 29.5% | $391.9M 36.8% | $412.4M 39.3% | $292.5M 29.0% | $230.8M 28.1% | $167.6M 24.7% | — | $170.8M 26.5% | $163.9M 27.4% | $134.3M 24.0% |
| Per Share | ||||||||||
| EPS (Basic) | $1.46 | $1.73 | $1.82 | $1.29 | $1.10 | $0.85 | — | $0.89 | $0.89 | $0.74 |
| EPS (Diluted) | $1.46 | $1.72 | $1.82 | $1.29 | $1.09 | $0.85 | — | $0.88 | $0.88 | $0.74 |
| Weighted Avg Shares (Basic) | 228.7M | 226.4M | 225.4M | 224.9M | 203.8M | 194.1M | — | 190.9M | 184.7M | 180.5M |
| Weighted Avg Shares (Diluted) | 229.2M | 227.2M | 226.2M | 225.9M | 205.0M | 194.9M | — | 191.6M | 185.5M | 181.4M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-16
Where each multiple sits in its own 15-yr range · 71th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 15-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 12% against ROIC 12% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2019 | FY2020 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 32.6 | — | 32.9 | 30.6 | 29.0 | 28.1 | 29.8 | 31.3 |
| SG&A | 6.0 | — | 6.1 | 5.8 | 5.4 | 5.4 | 5.6 | 5.8 |
| Net Income | 26.5 | — | 24.7 | 28.1 | 29.0 | 39.3 | 36.8 | 29.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on CUBE: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2017 | 67.5% | 35.0% | 24.0% |
| FY2018 | 67.1% | not reported | 27.4% |
| FY2019 | 67.4% | not reported | 26.5% |
| FY2020 | 67.1% | not reported | 24.7% |
| FY2021 | 69.4% | not reported | 28.1% |
| FY2022 | 71.0% | not reported | 29.0% |
| FY2023 | 71.9% | not reported | 39.3% |
| FY2024 | 70.2% | not reported | 36.8% |
| FY2025 | 68.7% | not reported | 29.5% |
Return on equity (12%) and return on invested capital (12%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: tax_rate.
Converts 1.64x of reported profit into cash — adequate, without much margin.
The cash conversion cycle has lengthened +29 days over 3 years to -235 — that many more days of the company's own cash funding the same volume of business.
Leverage is not measurable this way for a reit.
This schedule comes from a filing dated 2015-09-30, 4034 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2015-09-30 (10-Q); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
At $38.56, free cash flow must compound 3.82%/yr for 10 years. It has done 14.44%/yr over 5 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 28.3% | 3.8% |
| FY2022 | 49.5% | 3.8% |
| FY2023 | −0.6% | 3.8% |
| FY2024 | 4.5% | 3.8% |
| FY2025 | −1.4% | 3.8% |
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | $331M | $331M |
| Share-based comp | $12M | $343M |
| Other non-cash & working capital | $266M | $609M |
| Operating cash flow | $609M | $609M |
| Capex | −$28M | $580M |
| Free cash flow | $580M | $580M |
| FCF after SBC | $569M | $569M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2021 | 21.1% | 39.7% | 18.6 points |
| FY2022 | 22.7% | -2.6% | -25.4 points |
| FY2023 | 4.0% | 12.8% | 8.7 points |
| FY2024 | 1.5% | 16.0% | 14.5 points |
| FY2025 | 5.3% | -6.5% | -11.8 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2020 | not reported | not reported | 364.5 days | not reported |
| FY2020 | 3.1 days | not reported | 259.7 days | -256.6 days |
| FY2021 | 3.6 days | not reported | 289.5 days | -285.9 days |
| FY2022 | 2.9 days | not reported | 266.8 days | -264 days |
| FY2023 | 3.1 days | not reported | 249.4 days | -246.3 days |
| FY2024 | 3.6 days | not reported | 263.7 days | -260.2 days |
| FY2025 | 3.2 days | not reported | 238.6 days | -235.4 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2020 | not reported |
| FY2020 | -3.8 percent |
| FY2021 | -3.3 percent |
| FY2022 | -4.7 percent |
| FY2023 | -3.2 percent |
| FY2024 | -3.7 percent |
| FY2025 | -4.2 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.