SmartStop Self Storage REIT (SMA) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Nov 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SMA SEC filings page.
SmartStop Self Storage REIT, Inc. (SMA) reported $306.5M in revenue over the twelve months to Jun 30, 2026, up 21.1% from the prior twelve months. This page shows its 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).
The business expands its asset base through financing, while rising depreciation and overhead keep reported earnings below operating cash generation.
Revenue rose18.6% in FY2025 while operating income fell14.6% , so added scale did not translate into operating profit. That squeeze coincided with SG&A rising27.6% and depreciation and amortization rising30.5% , pointing to a heavier cost structure rather than simple volume-led leverage.
Liabilities fell
Operating cash flow reached
Financial Health Signals
Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed: here 5 of 6, with the others left out rather than counted as zero. 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 measures funds from operations against revenue, and funds from operations is net income with property depreciation added back, since a building written down a little further every year on paper is often worth more rather than less. SmartStop Self Storage REIT, Inc. scores 36/100 on it among other REITs.
FFO Growth follows the three-year path of funds from operations, which is net income with property depreciation added back. SmartStop Self Storage REIT, Inc. scores 49/100 on it among other REITs.
Not available for SmartStop Self Storage REIT, Inc., so it is left out of the overall score, which averages the 5 of 6 dimensions that can be computed.
SmartStop Self Storage REIT, Inc.'s operating income of $59.1M covered its interest expense of $59.9M 0.99 times over in fiscal year 2025. The interest coverage axis ranks REITs on operating income against interest owed, and SmartStop Self Storage REIT, Inc. scores 40/100 among other REITs.
AFFO Margin takes funds from operations, subtracts the spending a REIT needs just to keep its properties in working order, and measures what is left against revenue. SmartStop Self Storage REIT, Inc. scores 42/100 on it among other REITs.
Dividend coverage measures funds from operations against the dividends actually paid, and a figure above 1 means the payout came out of operations. SmartStop Self Storage REIT, Inc. scores 19/100 on it among other REITs.
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.
SmartStop Self Storage REIT, Inc. reported a net loss of $8.8M while generating $85.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
SmartStop Self Storage REIT, Inc. earns $0.99 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
Earnings & Revenue
SmartStop Self Storage REIT, Inc. generated $79.3M in revenue in Q2 2026. This represents an increase of 18.6% from the same quarter a year earlier. Against the prior quarter it is up 1.2%.
SmartStop Self Storage REIT, Inc.'s EBITDA was $37.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 36.5% from the same quarter a year earlier. Against the prior quarter it is up 3.8%.
SmartStop Self Storage REIT, Inc. reported $11.2M in net income in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. Against the prior quarter it is up 17.4%.
Not reported for Q2 2026.
Cash & Balance Sheet
SmartStop Self Storage REIT, Inc. held $38.2M in cash against $1.1B in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Margins & Returns
SmartStop Self Storage REIT, Inc.'s gross margin was 60.1% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 0.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.8 percentage points.
SmartStop Self Storage REIT, Inc.'s operating margin was 22.6% in Q2 2026, reflecting core business profitability. This is up 7.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.8 percentage points.
SmartStop Self Storage REIT, Inc.'s net profit margin was 14.2% in Q2 2026, showing the share of revenue converted to profit. This is up 26.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.0 percentage points.
SmartStop Self Storage REIT, Inc.'s quarterly ROE was 1.0% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is up 1.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.1 percentage points.
Capital Allocation
None of these metrics is reported for Q2 2026.
SMA Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $79.3M+18.6% | $78.3M+19.7% | $78.4M+29.4% | $70.4M+17.1% | $66.8M+12.9% | $65.4M+14.7% | $60.6M+5.4% | $60.2M+2.5% |
| Gross Profit | $47.6M+20.3% | $44.9M+6.9% | $48.0M+19.3% | $42.9M+9.9% | $39.6M+0.8% | $42.0M+13.0% | $40.2M | $39.0M |
| SG&A Expenses | $9.9M-15.4% | $9.1M+16.4% | $8.2M+9.8% | $10.4M+44.7% | $11.7M+49.7% | $7.8M+5.7% | $7.5M+0.6% | $7.2M+14.9% |
| Operating Income | $17.9M+74.2% | $16.2M-5.9% | $18.8M+5.5% | $12.8M-27.8% | $10.3M-41.9% | $17.2M+7.7% | $17.8M+5.1% | $17.7M-2.4% |
| EBITDA | $37.6M+36.5% | $36.3M+6.8% | $38.8M+19.7% | $32.0M+0.6% | $27.6M-12.4% | $33.9M+14.4% | $32.4M+2.5% | $31.8M-4.6% |
| Interest Expense | $13.3M+10.9% | $13.1M-40.3% | $13.3M-31.2% | $12.5M-34.5% | $12.0M-30.4% | $22.0M+33.0% | $19.4M+19.1% | $19.1M+19.9% |
| Income Tax | $379K+19.2% | $331K-45.4% | $362K-7.4% | $615K+52.2% | $318K-8.4% | $606K+77.2% | $391Kn/m | $404Kn/m |
| Net Income | $11.2Mn/m | $9.6Mn/m | $2.8Mn/m | $5.2Mn/m | -$8.4Mn/m | -$8.4Mn/m | -$3.7Mn/m | -$6.2M-347.3% |
| EPS (Basic) | N/A | N/A | N/A | $0.09 | -$0.16 | -$0.35 | -$0.04 | -$0.26 |
| EPS (Diluted) | N/A | N/A | N/A | $0.09 | -$0.16 | -$0.35 | -$0.04 | -$0.26 |
| Diluted Shares (Avg) | N/A | N/A | N/A | 55M | 54M | 24M | N/A | 24M |
Not reported in any period shown, so not listed: Cost of Revenue, R&D Expenses.
SMA Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.4B+5.9% | $2.4B+14.5% | $2.4B+19.1% | $2.4B+23.4% | $2.3B+22.6% | $2.1B+12.1% | $2.0B+7.7% | $1.9B+2.4% |
| Cash & Equivalents | $38.2M+1.2% | $38.2M+8.6% | $54.2M+134.6% | $47.8M+30.3% | $37.7M+8.8% | $35.2M-10.2% | $23.1M-48.7% | $36.7M+7.2% |
| Accounts Receivable | N/A | N/A | N/A | $400K | $200K | $200K | N/A | N/A |
| Goodwill | $70.0M+30.4% | $70.0M+30.4% | $70.0M+30.4% | $53.6M0.0% | $53.6M0.0% | $53.6M0.0% | $53.6M0.0% | $53.6M0.0% |
| Total Liabilities | $1.2B+17.9% | $1.2B-21.3% | $1.2B-16.0% | $1.1B-11.9% | $1.0B-13.9% | $1.5B+27.7% | $1.4B+21.1% | $1.3B+12.6% |
| Long-Term Debt | $1.1B | $1.1B | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $1.2B-4.9% | $1.2B+285.5% | $1.2B+262.4% | $1.2B+249.6% | $1.2B+232.6% | $303.0M-21.3% | $325.7M-19.4% | $343.9M-18.4% |
| Retained Earnings | -$173.6Mn/m | -$184.8Mn/m | -$194.4Mn/m | -$197.2Mn/m | -$202.4Mn/m | -$194.1Mn/m | -$185.6Mn/m | -$182.0Mn/m |
Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Long-Term Investments, Current Liabilities, Non-Current Liabilities.
SMA Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $19.7M+145.8% | $24.2M+129.7% | $14.4M+35.4% | $52.1M+139.4% | $8.0M-53.6% | $10.6M-26.8% | $10.6M+136.8% | $21.7M-7.1% |
| Depreciation & Amortization | $19.8M+14.1% | $20.0M+20.0% | $20.0M+37.3% | $19.2M+36.5% | $17.3M+25.3% | $16.7M+22.2% | $14.6M-0.5% | $14.1M-7.3% |
| Stock-Based Compensation | N/A | $2.8M+123.2% | N/A | N/A | N/A | $1.2M+9.8% | N/A | N/A |
| Investing Cash Flow | -$32.3Mn/m | -$16.0Mn/m | -$29.7Mn/m | -$115.6Mn/m | -$165.1Mn/m | -$70.3Mn/m | -$100.6Mn/m | -$67.1Mn/m |
| Financing Cash Flow | $13.4M-91.6% | -$23.2M-133.0% | $20.3M-73.1% | $74.8M+55.0% | $159.7Mn/m | $70.4Mn/m | $75.7M+833.1% | $48.2Mn/m |
| Dividends Paid | $22.3M+13.7% | $21.8M+102.4% | $22.2M+107.5% | $22.2M+148.3% | $19.6M+120.0% | $10.8M+22.5% | $10.7M+22.9% | $9.0M+6.1% |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Share Buybacks.
SMA Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 60.1%+0.8pp | 57.3%-6.8pp | 61.2%-5.1pp | 60.9%-4.0pp | 59.3%-7.2pp | 64.1%-1.0pp | 66.3% | 64.8% |
| Operating Margin | 22.6%+7.2pp | 20.7%-5.6pp | 24.0%-5.4pp | 18.1%-11.3pp | 15.4%-14.5pp | 26.3%-1.7pp | 29.4%-0.1pp | 29.4%-1.5pp |
| Net Margin | 14.2%+26.7pp | 12.2%+25.1pp | 3.5%+9.6pp | 7.4%+17.8pp | -12.5%-11.3pp | -12.8%-10.1pp | -6.1%+12.1pp | -10.3%-14.6pp |
| Return on Equity | 1.0%+1.7pp | 0.8%+3.6pp | 0.2%+1.4pp | 0.4%+2.2pp | -0.7%-0.5pp | -2.8%-2.4pp | -1.1%+1.5pp | -1.8%-2.4pp |
| Return on Assets | 0.5%+0.8pp | 0.4%+0.8pp | 0.1%+0.3pp | 0.2%+0.5pp | -0.4%-0.3pp | -0.4%-0.3pp | -0.2%+0.4pp | -0.3%-0.5pp |
| Debt-to-Equity | 0.97 | 0.94 | N/A | N/A | N/A | N/A | N/A | N/A |
| Liabilities-to-Equity | 1.02+0.2x | 0.99-3.8x | 0.98-3.2x | 0.92-2.7x | 0.82-2.4x | 4.83+1.9x | 4.21+1.4x | 3.64+1.0x |
| Asset Turnover | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x |
Not reported in any period shown, so not listed: Current Ratio, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it. Market cap is stated at each company's latest close.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| SmartStop Self Storage REIT, Inc. SMA | FY2025 | $281.1M | -$8.8M | -3.1% | $2.1B | 37/100 |
| LXP Industrial Trust LXP | FY2025 | $350.2M | $113.2M | 32.3% | $3.6B | 51/100 |
| Americold Realty Trust, Inc. COLD | FY2025 | $2.6B | -$114.5M | -4.4% | $4.2B | 33/100 |
| First Industrial Realty Trust, Inc. FR | FY2025 | $727.1M | $247.4M | 34.0% | $7.3B | 70/100 |
| STAG Industrial, Inc. STAG | FY2025 | $845.2M | $273.5M | 32.4% | $7.2B | 77/100 |
| CubeSmart CUBE | FY2025 | $1.1B | $333.8M | 29.7% | $9.9B | 57/100 |
Where SmartStop Self Storage REIT, Inc. Ranks
Frequently Asked Questions
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.
SmartStop Self Storage REIT, Inc. (SMA) revenue grew by 18.6% year-over-year, from $237.0M to $281.1M in fiscal year 2025.
Yes, SmartStop Self Storage REIT, Inc. (SMA) reported a net income of $28.8M over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net loss of $8.8M, with a net profit margin of -3.1%.
SmartStop Self Storage REIT, Inc. (SMA) had EBITDA of $132.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
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.
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.
SmartStop Self Storage REIT, Inc. (SMA) had a net profit margin of -3.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
SmartStop Self Storage REIT, Inc. (SMA) has a return on equity of -0.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
SmartStop Self Storage REIT, Inc. (SMA) generated $85.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
SmartStop Self Storage REIT, Inc. (SMA) had $2.4B in total assets as of fiscal year 2025, including both current and long-term assets.
SmartStop Self Storage REIT, Inc. (SMA) had a liabilities-to-equity ratio of 0.98 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
SmartStop Self Storage REIT, Inc. (SMA) had a return on assets of -0.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
SmartStop Self Storage REIT, Inc. (SMA) trades at 74.2x earnings, its market capitalization divided by $28.8M net income, trailing 12 months to June 30, 2026. The market capitalization is $2.1B as of Nov 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
SmartStop Self Storage REIT, Inc. (SMA) trades at 7.0x sales, its market capitalization divided by $306.5M revenue, trailing 12 months to June 30, 2026. The market capitalization is $2.1B as of Nov 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
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.
SmartStop Self Storage REIT, Inc. (SMA) reported a net loss of $8.8M while generating $85.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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.
SmartStop Self Storage REIT, Inc. (SMA) has an interest coverage ratio of 0.99x, 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.
SmartStop Self Storage REIT, Inc. (SMA) scores 37 out of 100 on our Financial Health Score, indicating weak standing within its REITs peer group. The score is the average 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. For SmartStop Self Storage REIT, Inc. it averages the 5 of 6 dimensions that can be computed; the others are left out rather than counted as zero. 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.