Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.00, read 2026-10-24
Ethical does not pass the values gate
Price35.64 USD
Fair value23.44
Ethical score70.0/100
Our investment reviews on this name
2026-10-28Read Markup34.44+3.5% to today ✓Accumulation gives way to Markup first Markup read since August
2026-10-11Read Accumulation33.13+7.6% to today ✓Markdown gives way to Accumulation while volume is distributing
2026-09-13Read Markdown33.39+6.7% to today Markup gives way to Markdown
2026-08-13Read Markup33.71+5.7% to today ✓Distribution gives way to Markup with results news in the headlines
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
SmartStop Self Storage REIT, Inc. holds its Markup at $35.64. The statistical read favours the buyers, held for 9 days.
As held on the ledger · 2026-10-23
Phase
Markup
Quantitative state
The statistical read favours the buyers, held for 9 days
Price at the screen
$35.64
Valuation
64.98 trailing · 55.82 forward price to earnings
Values screen
FAIL· score 70.0
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
45.16%
Below 33%
Interest-bearing debt is 45.2% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.00%
Below 33%
Cash held in interest-bearing accounts and securities is 0.0% of assets, under the one-third limit.
Pass
Receivables
2.23%
Below 49%
Money owed to the company is 2.2% of assets, under the 49% limit.
Pass
Revenue purity
1.55%
Below 5%
Only 1.6% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
SmartStop Self Storage REIT,'s business is in a permissible area, but its interest-bearing debt is about 45% of the company, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-10-27. It updates when the underlying figures move, and past reads are kept below.
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Today SMA does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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Fair value range in USD, drawn from the 2026-10-23 screen. The gold marker is the market price at the same screen. The price runs 32.0% above the base estimate.
Third-party analyst targets: 11 covering, consensus Buy. The average target sits +4% from the screen price.
Reading the gap · Both our model and the Street see limited upside at this price.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-23 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Storage units look busy but command too much
Picture families in every suburb paying to keep old furniture and boxes out of sight. That steady demand has lifted SmartStop's revenue 13 percent, yet the business still clears just 5 percent profit margins and delivers only 2 percent return on equity. At 63.5 times forward earnings the shares trade well above our fair value of 22.32 dollars while the current price sits at 34.29 dollars, giving a negative margin of safety.
We pass because nothing in the numbers suggests the market is mispricing a durable advantage. Revenue growth is respectable for a REIT, but thin margins and low returns on capital leave little room for error once interest rates or local supply shift. The ethical screen is cleared, yet that alone does not turn an expensive valuation into an attractive one.
Eleven analysts still carry a buy rating and a 36 dollar median target. That optimism sits on top of already stretched multiples, which is the classic warning sign that sentiment has run ahead of the cash the assets can actually produce. Analysis, not advice.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
SMA trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-28Markup · changed$34.44+0.0%Entry 10
The framework has shifted from accumulation to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 11% above its long-term trend line with momentum reading overbought. Over the past year the shares are down 7%. Our forward projection puts the odds of a 10% gain over the next month near 14%. The street (10 analysts) rates it none, with a mean price target of $36. Insiders have been net sellers over the past quarter. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-25Accumulation$34.44+5.7%Entry 9
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 5.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 2% above its long-term trend line with momentum reading bullish. Over the past year the shares are down 7%. Our forward projection puts the odds of a 10% gain over the next month near 14%. The street (10 analysts) rates it none, with a mean price target of $36. Insiders have been net sellers over the past quarter.
2026-10-18Accumulation$32.59-1.6%Entry 8
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 1.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are down 7%. Our forward projection puts the odds of a 10% gain over the next month near 14%. The street (10 analysts) rates it none, with a mean price target of $36.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 1.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are down 7%. Our forward projection puts the odds of a 10% gain over the next month near 14%. The street (10 analysts) rates it none, with a mean price target of $36.
2026-10-02Markdown$32.57-2.5%Entry 6
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 2.5% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are down 7%. Our forward projection puts the odds of a 10% gain over the next month near 14%. The street (10 analysts) rates it none, with a mean price target of $36.
2026-09-13Markdown · changed$33.39-0.9%Entry 5
The framework has shifted from markup to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are down 7%. Our forward projection puts the odds of a 10% gain over the next month near 14%. The street (10 analysts) rates it none, with a mean price target of $36.
2026-08-13Markup · changed$33.71+4.6%Entry 4
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 4.6% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are down 7%. Our forward projection puts the odds of a 10% gain over the next month near 14%. The street (10 analysts) rates it none, with a mean price target of $36.
2026-07-18Distribution$32.24+0.0%Entry 3
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bearish. Over the past year the shares are down 7%. Our forward projection puts the odds of a 10% gain over the next month near 14%. The street (10 analysts) rates it none, with a mean price target of $36.
2026-07-03Distribution$32.24+0.0%Entry 2
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows modest positive risk-adjusted returns.
2026-07-02Distribution$32.24Entry 1
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows modest positive risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.