CubeSmart (CUBE) is overvalued and Extra Space Storage Inc (EXR) is slightly undervalued.
Against our estimates of intrinsic value, EXR trades at the wider discount: a margin of safety of +19%, against -61% for CUBE.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.7% (average of 3 methods) values the shares at $23.97; the price of $38.56 is 61% above that value, and 77% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
Discounting its cash flows at 9.1% (average of 3 methods) values the shares at $167.23; the price of $134.99 is 19% below that value, and 77% of that value comes from beyond year five.
Leak Score 57/100 on 8 of 12 signals
| Metric | CUBE | EXR |
|---|---|---|
| Verdict | Overvalued | Slightly undervalued |
| Price | $38.56 | $134.99 |
| Intrinsic value | $23.97 | $167.23 |
| Margin of safety | -61% | +19% |
| Leak Score | 0/100 (2/12) | 57/100 (8/12) |
| Market cap | $8.7B | $29.8B |
| Revenue growth, 5 years | 10.6% | 20.0% |
| Operating margin | 39.9% | 26.1% |
| Net margin | 29.4% | 27.7% |
| Return on equity | 12.4% | 7.1% |
| Debt to equity | 1.37 | 1.09 |
| P/E | 26.4x | 30.2x |
| Forward P/E | 24.6x | 28.0x |
| P/B | 3.4x | 2.1x |
| Dividend yield | 5.5% | 4.8% |