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CubeSmart Piotroski F-Score

: 6 (As of Today)
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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

CubeSmart has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for CubeSmart's Piotroski F-Score or its related term are showing as below:

CUBE' s Piotroski F-Score Range Over the Past 10 Years
Min: 2   Med: 6   Max: 8
Current: 6

During the past 13 years, the highest Piotroski F-Score of CubeSmart was 8. The lowest was 2. And the median was 6.


CubeSmart Piotroski F-Score Historical Data

The historical data trend for CubeSmart's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

CubeSmart Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 6.00 6.00 3.00 7.00

CubeSmart Quarterly Data
Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 7.00 7.00 7.00 6.00

Competitive Comparison

For the REIT - Industrial subindustry, CubeSmart's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

CubeSmart Piotroski F-Score Distribution

For the REITs industry and Real Estate sector, CubeSmart's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where CubeSmart's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar22) TTM:Last Year (Mar21) TTM:
Net Income was 48.752 + 87.65 + 45.348 + 38.155 = $219.9 Mil.
Cash Flow from Operations was 119.176 + 125.582 + 106.245 + 130.735 = $481.7 Mil.
Revenue was 199.247 + 212.564 + 221.912 + 238.565 = $872.3 Mil.
Gross Profit was 135.496 + 148.499 + 158.852 + 167.998 = $610.8 Mil.
Average Total Assets from the begining of this year (Mar21)
to the end of this year (Mar22) was
(4754.478 + 4771.232 + 4836.054 + 6548.079 + 6461.541) / 5 = $5474.2768 Mil.
Total Assets at the begining of this year (Mar21) was $4,754.5 Mil.
Long-Term Debt & Capital Lease Obligation was $3,001.5 Mil.
Total Current Assets was $43.6 Mil.
Total Current Liabilities was $481.0 Mil.
Net Income was 38.505 + 46.891 + 42.329 + 41.732 = $169.5 Mil.

Revenue was 163.798 + 172.511 + 178.787 + 188.841 = $703.9 Mil.
Gross Profit was 108.453 + 115.41 + 123.339 + 127.613 = $474.8 Mil.
Average Total Assets from the begining of last year (Mar20)
to the end of last year (Mar21) was
(4002.762 + 4024.34 + 4028.57 + 4778.142 + 4754.478) / 5 = $4317.6584 Mil.
Total Assets at the begining of last year (Mar20) was $4,002.8 Mil.
Long-Term Debt & Capital Lease Obligation was $2,267.9 Mil.
Total Current Assets was $33.3 Mil.
Total Current Liabilities was $289.7 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

CubeSmart's current Net Income (TTM) was 219.9. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

CubeSmart's current Cash Flow from Operations (TTM) was 481.7. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Mar21)
=219.905/4754.478
=0.04625219

ROA (Last Year)=Net Income/Total Assets (Mar20)
=169.457/4002.762
=0.04233502

CubeSmart's return on assets of this year was 0.04625219. CubeSmart's return on assets of last year was 0.04233502. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

CubeSmart's current Net Income (TTM) was 219.9. CubeSmart's current Cash Flow from Operations (TTM) was 481.7. ==> 481.7 > 219.9 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Mar22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar21 to Mar22
=3001.517/5474.2768
=0.54829471

Gearing (Last Year: Mar21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar20 to Mar21
=2267.898/4317.6584
=0.5252611

CubeSmart's gearing of this year was 0.54829471. CubeSmart's gearing of last year was 0.5252611. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Mar22)=Total Current Assets/Total Current Liabilities
=43.648/480.999
=0.09074447

Current Ratio (Last Year: Mar21)=Total Current Assets/Total Current Liabilities
=33.296/289.679
=0.11494102

CubeSmart's current ratio of this year was 0.09074447. CubeSmart's current ratio of last year was 0.11494102. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

CubeSmart's number of shares in issue this year was 225.737. CubeSmart's number of shares in issue last year was 200.233. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=610.845/872.288
=0.70027904

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=474.815/703.937
=0.67451349

CubeSmart's gross margin of this year was 0.70027904. CubeSmart's gross margin of last year was 0.67451349. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Mar21)
=872.288/4754.478
=0.18346662

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar20)
=703.937/4002.762
=0.17586282

CubeSmart's asset turnover of this year was 0.18346662. CubeSmart's asset turnover of last year was 0.17586282. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+1+0+0+0+1+1
=6

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

CubeSmart has an F-score of 6 indicating the company's financial situation is typical for a stable company.

CubeSmart  (NYSE:CUBE) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


CubeSmart Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of CubeSmart's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


CubeSmart Business Description

CubeSmart logo
Traded in Other Exchanges
Address
5 Old Lancaster Road, Malvern, PA, USA, 19355
CubeSmart is a real estate investment trust that acquires, owns, and manages self-storage facilities throughout the United States. The company's real estate portfolio is composed of buildings with numerous enclosed storage areas for both residential and commercial customers to rent mainly on a month-by-month basis. Most of CubeSmart's facilities are located in Florida, Texas, California, New York, and Illinois. Cumulatively, these states account for both the majority of the square footage in the company's real estate portfolio and the majority of its revenue. CubeSmart derives nearly all of its revenue from rental income from tenants utilizing its storage facilities.
Executives
Lynch Jair K director 5 OLD LANCASTER RD MALVERN PA 19355
Keaton Joel D officer: Sr VP of Operations 5 OLD LANCASTER ROAD MALVERN PA 19355
Dowling Dororthy director 5 OLD LANCASTER ROAD MALVERN PA 19355
Perry Jonathan L officer: SVP and CIO 5 OLD LANCASTER ROAD MALVERN PA 19355
Ratnersalzberg Deborah director 301 WATER ST SE SUITE 201 WASHINGTON DC 20003
Fain John W director 1000 SEMMES AVE RICHMOND VA 23224
Rogatz Jeffrey F director
Blatz Robert G officer: SR VP of Operations 29399 US HWY STE 320 CLEARWATER FL 33761
Bussani Piero director 460 EAST SWEDESFORD ROAD SUITE 3000 WAYNE PA 19087
Remondi John F director 300 CONTINENTAL DRIVE NEWARK DE 19713
Foster Jeffrey P officer: Sr. VP - Chief Legal Officer 460 EAST SWEDESFORD ROAD SUITE 3000 WAYNE PA 19087
Amsdell & Amsdell other: Member of 13d group owning 10% 20445 EMERALD PARKWAY DRIVE SW SUITE 220 CLEVELAND OH 44135
Amsdell Holdings I Inc. other: Member of 13d group owning 10% 20445 EMERALD PARKWAY DRIVE SW SUITE 220 CLEVELAND OH 44135
Amsdell Real Estate Trust Dated 10/3/89 other: Member of 13d group owning 10% 20445 EMERALD PARKWAY DRIVE SW SUITE 220 CLEVELAND OH 44135
Andrews Charles Elliott director C/O H&R BLOCK ONE H&R BLOCK WAY KANSAS CITY MO 64105

CubeSmart Headlines

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