CubeSmart (CUBE) is overvalued and Public Storage (PSA) is slightly undervalued.
Against our estimates of intrinsic value, PSA trades at the wider discount: a margin of safety of +12%, 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 9.3% (average of 3 methods) values the shares at $327.73; the price of $289.71 is 12% below that value, and 75% of that value comes from beyond year five.
Leak Score 73/100 on 8 of 12 signals
| Metric | CUBE | PSA |
|---|---|---|
| Verdict | Overvalued | Slightly undervalued |
| Price | $38.56 | $289.71 |
| Intrinsic value | $23.97 | $327.73 |
| Margin of safety | -61% | +12% |
| Leak Score | 0/100 (2/12) | 73/100 (8/12) |
| Market cap | $8.7B | $54.1B |
| Revenue growth, 5 years | 10.6% | 10.6% |
| Operating margin | 39.9% | 45.8% |
| Net margin | 29.4% | 37.7% |
| Return on equity | 12.4% | 22.0% |
| Debt to equity | 1.37 | 1.11 |
| P/E | 26.4x | 27.6x |
| Forward P/E | 24.6x | 28.6x |
| P/B | 3.4x | 10.5x |
| Dividend yield | 5.5% | 4.2% |