Agree Realty Corporation (ADC) vs CubeSmart (CUBE)
A side-by-side comparison of Agree Realty Corporation and CubeSmart across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 13, 2026. Differences are shown without an overall score or investment verdict.
Total return — ADC vs CUBE
growth of $100 · dividends reinvested · last 10yADC vs CUBE: by the numbers
- •CUBE is the larger company ($8.73B vs $8.09B market cap).
- •CUBE converts more revenue to profit (29.41% vs 28.87% net margin).
- •ADC grew revenue faster over the past five years (21.41% vs 8.94% CAGR).
- •CUBE pays the higher dividend yield (5.34% vs 4.44%).
Metrics side by side
Valuation
| Metric | ADC | CUBE |
|---|---|---|
| P/E ratio | 36.19 | 26.59 |
| Forward P/E | 35.45 | 25.02 |
| P/S ratio | 10.37 | 7.68 |
| P/B ratio | 1.24 | 3.38 |
| EV / EBITDA | 18.24 | 17.42 |
| FCF yield | N/A | 6.10% |
For REITs like Agree Realty Corporation, GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
For REITs like CubeSmart, GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
Profitability
| Metric | ADC | CUBE |
|---|---|---|
| Gross margin | 87.73% | 17.42% |
| Operating margin | 48.35% | 39.85% |
| Net margin | 28.87% | 29.41% |
| ROE | 3.45% | 12.95% |
| ROIC | 3.56% | 6.88% |
Dividends
| Metric | ADC | CUBE |
|---|---|---|
| Dividend yield | 4.44% | 5.34% |
| Payout ratio | 170.05% | 145.52% |
Agree Realty Corporation's payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
CubeSmart's payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Growth (annualized)
| Metric | ADC | CUBE |
|---|---|---|
| Revenue CAGR (5Y) | 21.41% | 8.94% |
| EPS CAGR (5Y) | 0.11% | 11.43% |
| FCF CAGR (5Y) | 22.56% | 8.16% |
| Total return CAGR (5Y) | 4.69% | -1.49% |
Frequently asked
- Which has grown faster, ADC or CUBE?
- Over the past five years, ADC grew revenue faster — ADC at a 21.41% CAGR versus CUBE at 8.94%.
- Does ADC or CUBE pay a bigger dividend?
- ADC yields 4.44% and CUBE yields 5.34% based on trailing dividends and the latest price.
- Is ADC or CUBE more profitable?
- CUBE runs the higher net margin — ADC at 28.87% versus CUBE at 29.41%.
- How have ADC and CUBE total returns compared?
- Over the past 10 years, ADC delivered 8.61% and CUBE delivered 8.35% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Agree Realty & CubeSmart appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified September 13, 2026.