SmartStop Self Storage REIT, Inc. Financials

SMA

Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows SmartStop Self Storage REIT, Inc. (SMA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI SMA FY2025 2026-05-08

Heavy depreciation and financing-driven expansion make reported earnings look weaker than the cash this asset-heavy platform actually produces.

From FY2023 to FY2025, revenue rose to $281M while operating margin fell to 21.0%, showing that recent growth carried lower incremental profitability than earlier periods. That points to cost mix and overhead moving the wrong way, while lower interest expense than FY2024 kept the weaker operating result from turning into a larger net loss.

Cash payout coverage was better than earnings suggest: FY2025 operating cash flow of $85.0M exceeded dividends paid of $74.8M, so the slight net loss did not automatically mean the core business failed to fund shareholder distributions. Depreciation-heavy accounting helps explain that gap.

Leverage reset sharply in FY2025, with debt-to-equity falling to 1.0x from 4.2x a year earlier, so the balance sheet became less dependent on creditor capital. That shift coincided with $325M of financing inflows and $381M of investing outlays, indicating expansion was paired with a recapitalization instead of being funded mainly from operations.

Financial Health Signals

Financial Health Score 29/100

Scored as: REITs peer group

Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of SmartStop Self Storage REIT, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

FFO Margin

FFO Growth

Interest Cov.

AFFO Margin

Dividend Cov.

Piotroski F-Score Partial

3/6

SmartStop Self Storage REIT, Inc. passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed

-48.92x

For every $1 of reported earnings, SmartStop Self Storage REIT, Inc. generates $-48.92 in operating cash flow ($85.0M OCF vs -$1.7M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

1.0x

SmartStop Self Storage REIT, Inc. earns $1.0 in operating income for every $1 of interest expense ($59.1M vs $59.9M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$281.1M

YoY+18.6%

5Y CAGR+17.8%

10Y CAGR+31.7%

SmartStop Self Storage REIT, Inc. generated $281.1M in revenue in fiscal year 2025. This represents an increase of 18.6% from the prior year.

EBITDA

$132.3M

YoY+5.6%

5Y CAGR+44.6%

10Y CAGR+41.8%

SmartStop Self Storage REIT, Inc.'s EBITDA was $132.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 5.6% from the prior year.

Net Income

-$1.7M

YoY+70.5%

SmartStop Self Storage REIT, Inc. reported -$1.7M in net income in fiscal year 2025. This represents an increase of 70.5% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$54.2M

YoY+134.6%

5Y CAGR-5.7%

10Y CAGR+6.8%

SmartStop Self Storage REIT, Inc. held $54.2M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

55M

SmartStop Self Storage REIT, Inc. had 55M shares outstanding in fiscal year 2025.

Margins & Returns

Gross Margin

61.4%

YoY-4.3pp

10Y CAGR-0.9pp

SmartStop Self Storage REIT, Inc.'s gross margin was 61.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 4.3 percentage points from the prior year.

Operating Margin

21.0%

YoY-8.2pp

5Y CAGR+38.1pp

10Y CAGR+49.4pp

SmartStop Self Storage REIT, Inc.'s operating margin was 21.0% in fiscal year 2025, reflecting core business profitability. This is down 8.2 percentage points from the prior year.

Net Margin

-0.6%

YoY+1.9pp

5Y CAGR+40.7pp

10Y CAGR+49.3pp

SmartStop Self Storage REIT, Inc.'s net profit margin was -0.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.9 percentage points from the prior year.

Return on Equity

-0.1%

YoY+1.7pp

5Y CAGR+27.8pp

10Y CAGR+5.2pp

SmartStop Self Storage REIT, Inc.'s ROE was -0.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.7 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

SMA Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$281.1M+18.6%	$237.0M+1.7%	$233.0M+9.6%	$212.6M+26.0%	$168.8M+36.1%	$124.0M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	$172.5M+10.8%	$155.7M-1.8%	$158.5M+7.8%	$147.1M	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$38.2M+27.6%	$29.9M+9.1%	$27.5M-2.8%	$28.3M+21.4%	$23.3M+41.2%	$16.5M
Operating Income	$59.1M-14.6%	$69.2M-2.0%	$70.6M+7.2%	$65.9M+299.0%	$16.5M+178.1%	-$21.1M
Interest Expense	$59.9M-17.2%	$72.3M+17.0%	$61.8M+48.9%	$41.5M+24.3%	$33.4M-7.4%	$36.1M
Income Tax	$1.9M+28.1%	$1.5M+157.2%	-$2.6M-367.7%	-$555K+69.4%	-$1.8M+68.9%	-$5.8M
Net Income	-$1.7M+70.5%	-$5.9M-150.5%	$11.6M-46.3%	$21.7M+210.8%	-$19.6M+61.8%	-$51.2M
EPS (Diluted)	N/A	$-0.78-500.0%	$-0.13-150.0%	$0.26+170.3%	$-0.37+59.3%	$-0.91

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$78.3M-0.2%	$78.4M+11.4%	$70.4M+5.4%	$66.8M+2.1%	$65.4M+7.9%	$60.6M+0.8%	$60.2M+1.7%	$59.2M
Cost of Revenue	$22.2M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	$44.9M-6.5%	$48.0M+12.0%	$42.9M+8.2%	$39.6M-5.6%	$42.0M+4.4%	$40.2M+3.2%	$39.0M-0.8%	$39.3M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$9.1M+11.0%	$8.2M-21.1%	$10.4M-10.8%	$11.7M+49.0%	$7.8M+4.7%	$7.5M+4.0%	$7.2M-7.7%	$7.8M
Operating Income	$16.2M-13.8%	$18.8M+47.3%	$12.8M+24.5%	$10.3M-40.5%	$17.2M-3.4%	$17.8M+0.8%	$17.7M+0.1%	$17.7M
Interest Expense	$13.1M-1.4%	$13.3M+6.4%	$12.5M+4.1%	$12.0M-45.4%	$22.0M+13.7%	$19.4M+1.4%	$19.1M+10.5%	$17.3M
Income Tax	$331K-8.6%	$362K-41.1%	$615K+93.4%	$318K-47.5%	$606K+55.0%	$391K-3.2%	$404K+16.4%	$347K
Net Income	$9.6M+53.5%	$6.2M+19.4%	$5.2M+208.9%	-$4.8M+42.9%	-$8.4M-413.9%	$2.7M+143.1%	-$6.2M-782.3%	-$705K
EPS (Diluted)	$0.17	N/A	$0.09+156.3%	$-0.16+54.3%	$-0.35	N/A	$-0.26-62.5%	$-0.16

SMA Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$2.4B+19.1%	$2.0B+7.7%	$1.9B-2.6%	$1.9B+20.3%	$1.6B+26.2%	$1.3B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$54.2M+134.6%	$23.1M-48.7%	$45.1M+14.2%	$39.5M+6.0%	$37.3M-48.8%	$72.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$70.0M+30.4%	$53.6M0.0%	$53.6M0.0%	$53.6M0.0%	$53.6M0.0%	$53.6M
Total Liabilities	$1.2B-16.0%	$1.4B+21.1%	$1.1B+1.8%	$1.1B-12.8%	$1.3B+16.1%	$1.1B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.2B+262.4%	$325.7M-19.4%	$404.3M-13.5%	$467.4M+36.4%	$342.7M+87.0%	$183.2M
Retained Earnings	-$194.4M-4.7%	-$185.6M-11.0%	-$167.3M-1.7%	-$164.5M+3.7%	-$170.8M-20.8%	-$141.4M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$2.4B-0.4%	$2.4B+1.7%	$2.4B+3.8%	$2.3B+8.9%	$2.1B+3.5%	$2.0B+5.4%	$1.9B+3.2%	$1.9B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$38.2M-29.5%	$54.2M+13.4%	$47.8M+26.7%	$37.7M+7.2%	$35.2M+52.2%	$23.1M-37.0%	$36.7M+5.8%	$34.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$33.1M	N/A	$400K+100.0%	$200K0.0%	$200K	N/A	N/A	N/A
Goodwill	$70.0M0.0%	$70.0M+30.4%	$53.6M0.0%	$53.6M0.0%	$53.6M0.0%	$53.6M0.0%	$53.6M0.0%	$53.6M
Total Liabilities	$1.2B0.0%	$1.2B+4.6%	$1.1B+10.2%	$1.0B-31.7%	$1.5B+6.8%	$1.4B+9.6%	$1.3B+7.7%	$1.2B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$1.1B	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.2B-1.1%	$1.2B-1.8%	$1.2B-1.2%	$1.2B+301.6%	$303.0M-7.0%	$325.7M-5.3%	$343.9M-6.0%	$365.8M
Retained Earnings	-$184.8M+4.9%	-$194.4M+1.4%	-$197.2M+2.6%	-$202.4M-4.3%	-$194.1M-4.5%	-$185.6M-2.0%	-$182.0M-3.5%	-$175.7M

SMA Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$85.0M+32.7%	$64.0M-12.5%	$73.2M-16.7%	$87.9M+49.6%	$58.8M+119.5%	$26.8M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$380.8M-110.4%	-$180.9M-69160.3%	$262K+100.1%	-$205.2M-70.7%	-$120.2M-315.1%	-$29.0M
Financing Cash Flow	$325.2M+243.0%	$94.8M+243.4%	-$66.1M-155.1%	$120.1M+367.6%	$25.7M+86.9%	$13.7M
Dividends Paid	$74.8M+100.2%	$37.4M-7.9%	$40.6M-17.8%	$49.4M+88.8%	$26.2M+36.5%	$19.2M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$24.2M+68.8%	$14.4M-72.4%	$52.1M+550.3%	$8.0M-24.1%	$10.6M-0.5%	$10.6M-51.2%	$21.7M+26.0%	$17.3M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$16.0M+46.1%	-$29.7M+74.3%	-$115.6M+30.0%	-$165.1M-134.9%	-$70.3M+30.1%	-$100.6M-49.9%	-$67.1M-434.0%	-$12.6M
Financing Cash Flow	-$23.2M-214.2%	$20.3M-72.8%	$74.8M-53.2%	$159.7M+127.0%	$70.4M-7.0%	$75.7M+56.9%	$48.2M+673.2%	-$8.4M
Dividends Paid	$21.8M-1.6%	$22.2M-0.2%	$22.2M+13.2%	$19.6M+82.1%	$10.8M+0.9%	$10.7M+19.5%	$9.0M+0.3%	$8.9M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SMA Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	61.4%-4.3pp	65.7%-2.3pp	68.0%-1.1pp	69.2%	N/A	N/A
Operating Margin	21.0%-8.2pp	29.2%-1.1pp	30.3%-0.7pp	31.0%+21.2pp	9.8%+26.8pp	-17.1%
Net Margin	-0.6%+1.9pp	-2.5%-7.5pp	5.0%-5.2pp	10.2%+21.8pp	-11.6%+29.7pp	-41.3%
Return on Equity	-0.1%+1.7pp	-1.8%-4.7pp	2.9%-1.8pp	4.6%+10.3pp	-5.7%+22.2pp	-28.0%
Return on Assets	-0.1%+0.2pp	-0.3%-0.9pp	0.6%-0.5pp	1.1%+2.3pp	-1.2%+2.8pp	-4.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.98-3.2	4.21+1.4	2.80+0.4	2.38-1.3	3.72-2.3	6.00
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	57.3%-3.9pp	61.2%+0.3pp	60.9%+1.6pp	59.3%-4.8pp	64.1%-2.2pp	66.3%+1.5pp	64.8%-1.6pp	66.5%
Operating Margin	20.7%-3.3pp	24.0%+5.8pp	18.1%+2.8pp	15.4%-11.0pp	26.3%-3.1pp	29.4%0.0pp	29.4%-0.5pp	29.9%
Net Margin	12.2%+4.3pp	8.0%+0.5pp	7.4%+14.6pp	-7.2%+5.7pp	-12.8%-17.3pp	4.4%+14.8pp	-10.3%-9.2pp	-1.2%
Return on Equity	0.8%+0.3pp	0.5%+0.1pp	0.4%+0.8pp	-0.4%+2.4pp	-2.8%-3.6pp	0.8%+2.6pp	-1.8%-1.6pp	-0.2%
Return on Assets	0.4%+0.1pp	0.3%+0.0pp	0.2%+0.4pp	-0.2%+0.2pp	-0.4%-0.5pp	0.1%+0.5pp	-0.3%-0.3pp	-0.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.94-0.0	0.98+0.1	0.92+0.1	0.82-4.0	4.83+0.6	4.21+0.6	3.64+0.5	3.17
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is SmartStop Self Storage REIT, Inc.'s annual revenue?

SmartStop Self Storage REIT, Inc. (SMA) reported $281.1M in total revenue for fiscal year 2025. This represents a 18.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is SmartStop Self Storage REIT, Inc.'s revenue growing?

SmartStop Self Storage REIT, Inc. (SMA) revenue grew by 18.6% year-over-year, from $237.0M to $281.1M in fiscal year 2025.

Is SmartStop Self Storage REIT, Inc. profitable?

No, SmartStop Self Storage REIT, Inc. (SMA) reported a net income of -$1.7M in fiscal year 2025, with a net profit margin of -0.6%.

What is SmartStop Self Storage REIT, Inc.'s EBITDA?

SmartStop Self Storage REIT, Inc. (SMA) had EBITDA of $132.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is SmartStop Self Storage REIT, Inc.'s gross margin?

SmartStop Self Storage REIT, Inc. (SMA) had a gross margin of 61.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is SmartStop Self Storage REIT, Inc.'s operating margin?

SmartStop Self Storage REIT, Inc. (SMA) had an operating margin of 21.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is SmartStop Self Storage REIT, Inc.'s net profit margin?

SmartStop Self Storage REIT, Inc. (SMA) had a net profit margin of -0.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is SmartStop Self Storage REIT, Inc.'s return on equity (ROE)?

SmartStop Self Storage REIT, Inc. (SMA) has a return on equity of -0.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is SmartStop Self Storage REIT, Inc.'s operating cash flow?

SmartStop Self Storage REIT, Inc. (SMA) generated $85.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are SmartStop Self Storage REIT, Inc.'s total assets?

SmartStop Self Storage REIT, Inc. (SMA) had $2.4B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does SmartStop Self Storage REIT, Inc. have outstanding?

SmartStop Self Storage REIT, Inc. (SMA) had 55M shares outstanding as of fiscal year 2025.

What is SmartStop Self Storage REIT, Inc.'s debt-to-equity ratio?

SmartStop Self Storage REIT, Inc. (SMA) had a debt-to-equity ratio of 0.98 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is SmartStop Self Storage REIT, Inc.'s return on assets (ROA)?

SmartStop Self Storage REIT, Inc. (SMA) had a return on assets of -0.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is SmartStop Self Storage REIT, Inc.'s Piotroski F-Score?

SmartStop Self Storage REIT, Inc. (SMA) has a Piotroski F-Score of 3 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are SmartStop Self Storage REIT, Inc.'s earnings high quality?

SmartStop Self Storage REIT, Inc. (SMA) has an earnings quality ratio of -48.92x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can SmartStop Self Storage REIT, Inc. cover its interest payments?

SmartStop Self Storage REIT, Inc. (SMA) has an interest coverage ratio of 1.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is SmartStop Self Storage REIT, Inc.?

SmartStop Self Storage REIT, Inc. (SMA) scores 29 out of 100 on our Financial Health Score, indicating weak standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.