CUBE (CubeSmart) Beneish M-Score: -2.70 (As of Jun. 24, 2026)

What is CubeSmart Beneish M-Score?

CubeSmart CUBE -0.64% 88 Beneish M-Score is -2.70 as of Jun. 24, 2026. GuruFocus rates CUBE with a GF Score™ of 88/100 and a GF Value™ of $44.36 (Fairly Valued). The stock has 5 warning signs investors should review. Among 765 REITs companies, CubeSmart ranks better than 73.2% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.7 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

CUBE' s Beneish M-Score Range Over the Past 10 Years
Min: -2.84 Med: -2.58 Max: -2.13
Current: -2.7

During the past 13 years, the highest Beneish M-Score of CubeSmart was -2.13. The lowest was -2.84. And the median was -2.58.

CubeSmart Beneish M-Score Related Terms

CubeSmart Beneish M-Score Historical Data

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The historical data trend for CubeSmart's Beneish M-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.

CubeSmart Beneish M-Score Chart

CubeSmart Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.46

-2.50

-2.54

-2.46

-2.84

CubeSmart Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
Beneish M-Score	Get a 7-Day Free Trial															-2.67	-2.68	-2.76	-2.84	-2.70

CUBE vs FR, REXR, LINE: Beneish M-Score Comparison

For the REIT - Industrial subindustry, CubeSmart's Beneish M-Score, along with its competitors' market caps and Beneish M-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 Beneish M-Score vs REITs Industry

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

* The bar in red indicates where CubeSmart's Beneish M-Score falls into.

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88GF Score

CubeSmart CUBE

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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CubeSmart Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of CubeSmart for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.9452

0.528 * 1.0241

0.404 * 0.9997

0.892 * 1.0502

0.115 * 0.9644

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.042

4.679 * -0.043083

0.327 * 1.0419

-2.70

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $34 Mil.
Revenue was 281.929 + 282.691 + 285.08 + 282.303 = $1,132 Mil.
Gross Profit was 191.861 + 194.096 + 194.232 + 193.275 = $773 Mil.
Total Current Assets was $123 Mil.
Total Assets was $6,598 Mil.
Property, Plant and Equipment(Net PPE) was $48 Mil.
Depreciation, Depletion and Amortization(DDA) was $265 Mil.
Selling, General, & Admin. Expense(SGA) was $66 Mil.
Total Current Liabilities was $803 Mil.
Long-Term Debt & Capital Lease Obligation was $3,090 Mil.
Net Income was 82.887 + 78.695 + 82.93 + 82.96 = $327 Mil.
Non Operating Income was 0.412 + -2.568 + 2.016 + 0.853 = $1 Mil.
Cash Flow from Operations was 148.836 + 136.491 + 168.221 + 157.479 = $611 Mil.

Total Receivables was $34 Mil.
Revenue was 273.036 + 267.726 + 270.89 + 266.209 = $1,078 Mil.
Gross Profit was 190.102 + 191.978 + 189.022 + 183.112 = $754 Mil.
Total Current Assets was $124 Mil.
Total Assets was $6,740 Mil.
Property, Plant and Equipment(Net PPE) was $49 Mil.
Depreciation, Depletion and Amortization(DDA) was $218 Mil.
Selling, General, & Admin. Expense(SGA) was $60 Mil.
Total Current Liabilities was $765 Mil.
Long-Term Debt & Capital Lease Obligation was $3,053 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(33.524 / 1132.003)	/	(33.773 / 1077.861)
	=	0.029615	/	0.031333
	=	0.9452

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(754.214 / 1077.861)	/	(773.464 / 1132.003)
	=	0.699732	/	0.68327
	=	1.0241

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (122.813 + 48.156) / 6598.136)	/	(1 - (123.514 + 49.175) / 6740.28)
	=	0.974088	/	0.97438
	=	0.9997

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	1132.003	/	1077.861
	=	1.0502

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(218.4 / (218.4 + 49.175))	/	(265.249 / (265.249 + 48.156))
	=	0.81622	/	0.846346
	=	0.9644

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(65.776 / 1132.003)	/	(60.106 / 1077.861)
	=	0.058106	/	0.055764
	=	1.042

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((3090.101 + 803.376) / 6598.136)	/	((3052.815 + 764.658) / 6740.28)
	=	0.590087	/	0.566367
	=	1.0419

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(327.472 - 0.713	-	611.027)	/	6598.136
	=	-0.043083

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

CubeSmart has a M-score of -2.70 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.70 mean?

CubeSmart (CUBE) has a Beneish M-Score of -2.70 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CubeSmart and its competitors. According to the industry distribution chart, CubeSmart ranks #205 out of 765 companies in the REITs industry, placing it in the top 26.8%.

Is CubeSmart's Beneish M-Score too high?

CubeSmart's current Beneish M-Score is -2.70. Based on the distribution chart, CubeSmart ranks #205 out of 765 companies in the REITs industry, which is above the industry midpoint. Overall, CubeSmart has a GF Score™ of 88/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.

How does CubeSmart's Beneish M-Score compare to FR and REXR?

According to the REITs industry distribution chart, CubeSmart ranks #205 out of 765 companies for Beneish M-Score. This puts CubeSmart in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a REITs company?

A good Beneish M-Score depends on the REITs industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on CubeSmart and its competitors. CubeSmart's current Beneish M-Score is -2.70. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is CubeSmart stock overvalued right now?

Based on GuruFocus' analysis, CubeSmart (CUBE) is currently considered Fairly Valued. The stock's GF Value™ is $44.36, compared to a current price of $40.59 — trading 8.5% below its estimated fair value. The current Beneish M-Score is -2.70. CubeSmart's overall GF Score™ is 88/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For CubeSmart (CUBE), the current Beneish M-Score is -2.70 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is CubeSmart (CUBE) Overvalued in 2026?

Based on GuruFocus' analysis, CubeSmart stock appears to be undervalued. The current stock price of $40.59 is trading 8.5% below its estimated GF Value™ of $44.36. GuruFocus considers CubeSmart to be Fairly Valued.

Key valuation signals for CUBE:

Beneish M-Score: -2.70
GF Value™: $44.36 vs. price of $40.59 (8.5% below fair value)
GF Score™: 88/100 with 5 warning signs

No single metric tells the full story. See the CUBE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

CubeSmart Business Description

Industry Real Estate REITs

Comparable Companies FR REXR LINE EGP STAG TRNO COLD NSA LXP SMA PLD PSA EXR LSE:SGRO SGX:A17U MEX:FIBRAPL14 XBRU:WDP LSE:LMP LSE:BBOX SGX:M44U

Other Exchanges UK8:Germany

Address 5 Old Lancaster Road, Malvern, PA, USA, 19355

Website https://www.cubesmart.com

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. Majority 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. The company derives nearly all of its revenue from rental income from tenants utilizing its storage facilities.

88GF Score

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Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$40.59

Price

$44.36

GF Value

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