CubeSmart (CUBE) is overvalued and First Industrial Realty Trust Inc (FR) is overvalued.
Both trade above our estimate of their intrinsic value. CUBE is the closer of the two: -61%, against -85% for FR.
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 9.0% (average of 3 methods) values the shares at $33.50; the price of $61.89 is 85% above that value, and 76% of that value comes from beyond year five.
Leak Score 14/100 on 3 of 12 signals
| Metric | CUBE | FR |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $38.56 | $61.89 |
| Intrinsic value | $23.97 | $33.50 |
| Margin of safety | -61% | -85% |
| Leak Score | 0/100 (2/12) | 14/100 (3/12) |
| Market cap | $8.7B | $8.5B |
| Revenue growth, 5 years | 10.6% | 10.1% |
| Operating margin | 39.9% | 41.6% |
| Net margin | 29.4% | 47.9% |
| Return on equity | 12.4% | 13.4% |
| Debt to equity | 1.37 | 0.93 |
| P/E | 26.4x | 22.5x |
| Forward P/E | 24.6x | 31.7x |
| P/B | 3.4x | 3.0x |
| Dividend yield | 5.5% | 3.2% |