SmartStop Self Storage REIT, Inc.

Where It Passes

Where It Falls Short

• Profitability0% pass✓ 5✗ 30▾

  No clean pass — all 16 investors flag at least one profitability criterion

  Positive EPS (10 years)1/14 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)1/14 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)-1.6%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)21.0% (latest)

  ✓BuffettStable or rising over 10 years

  Free Cash Flow Proxy

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROE2.9%

  ✗Lynch> 15%

  EBIT / Enterprise Value1.8%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=1.8%, ROC=None

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets-0.36%

  ✗PiotroskiROA > 0

  ROA Change YoY-0.90% -> -0.36% (delta: +0.54%)

  ✓PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=3.49%, ROA=-0.36%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY65.7% -> 61.3%

  ✗PiotroskiImproved YoY

  Pre-Tax Income / Revenue0.1%

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity2.9%

  ✗Dreman> 12%

  Margin of SafetyP/FFO=34.4x

  ✗PabraiP/FFO < 15

  Return on Equity-2.4% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency1/13 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue22.9%

  ✓Ackman>= 15%

  Net Income / Shareholders Equity2.9%

  ✗Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend30.3% (2023) -> 21.0% (2025)

  ✗TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendgross margin 68.0% -> 61.3%, operating margin 30.3% -> 21.0%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  Net income / market capitalization+1.42%; #2873/6340 (top 45.3%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Gross profit / total assets+7.74%; #2946/3702 (top 79.6%)

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity+2.85%; #2685/5226 (top 51.4%)

  ✗AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.0080; #685/5884 (top 11.6%)

  ✓AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years1/5 years positive

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Valuation0% pass✓ 1✗ 24▾

  No clean pass — all 13 investors flag at least one valuation criterion

  Price / FFO per Share34.4x

  ✗Graham<= 15x✗Dreman< 12x✗Ackman<= 25

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value1.8%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=1.8%, ROC=None

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / (CFO / Shares)26.0x

  ✗Dreman< 8x

  Valuation ReasonablenessOE Yield=2.9%

  ✗MungerP/E < 25 or Owner Earnings Yield > 5%

  P/FFO or FFO YieldP/FFO=34.4x, FFO Yield=2.8%

  ✗PabraiP/FFO < 15 or FFO Yield > 10%

  P/B or P/E vs. Historical AverageP/B=1.9x

  ✓MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic ValueN/A (negative normalized EPS)

  ✗Marks>= 20% below intrinsic value

  Price / EPS

  ✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price vs. Trailing Low132% of trailing low ($30.28)

  ✗Templeton<= 120% of trailing low (certified split-adjusted live window)

  Price / Book Value per Share1.9x

  ✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Net income / market capitalization+1.42%; #2873/6340 (top 45.3%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive book equity / market capitalization+0.4997; #2890/6449 (top 44.8%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per Share2.02x

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change

  ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+0.1389; #4120/5247 (top 78.5%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date+24.64%; #1178/6202 (top 19.0%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Growth0% pass✓ 3✗ 10▾

  No clean pass — all 8 investors flag at least one growth criterion

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthN/A (no inventory)

  ✓LynchInventory growth < Revenue growth

  EPS Growth Direction

  ✗DremanPositive over recent years

  EPS CAGR

  ✗Dreman> 5% annualized

  Positive Net Income Frequency1/13 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth9.6%

  ✓Ackman>= 5%

  Positive EPS Growth Frequency2/4 years with positive EPS growth

  ✗AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendgross margin 68.0% -> 61.3%, operating margin 30.3% -> 21.0%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR17.8%

  ✓SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR

  ✗Neff7%-20% annualized
• Efficiency0% pass✗ 11▾

  All 8 investors flag SMA's efficiency

  Current Ratio

  ✗Graham>= 2.0

  ROIC (3-5 yr avg)2.8%

  ✗Buffett> 10%

  ROIC - WACC-7.2%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)

  ✗Greenblatt> 25%

  Current Ratio Change YoY

  ✗PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.12x -> 0.12x

  ✗PiotroskiImproved YoY

  Current Assets / Current Liabilities

  ✗Dreman> 1.5

  Return on Invested Capital2.5%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=3.7%; FY2024: ROIC=3.3%; FY2025: ROIC=2.0%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROIC0.0% (RR=0% x ROIC=2.5%)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)0/5 years above 12% (latest 2.0%)

  ✗SleepROIC > 12% in a majority of years
• Valuation models0% pass✗ 2▾

  SMA overvalued: all 2 models price fair value below $39.86 (median $14.25)

  Greenblatt fair value$9.46

  ✗Greenblatt-321.2% margin vs $39.86

  Pabrai fair value$19.03

  ✗Pabrai-109.5% margin vs $39.86
• Verdicts13% pass✓ 2✗ 13▾

  Split decision: 13 FAIL · 2 PASS · 1 NEUTRAL

  Overall verdict

  ✗GrahamFAIL (1/7)✗BuffettFAIL (1/9)✗LynchFAIL (1/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 4)✗DremanFAIL (2/10)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (0/6)✗MarksFAIL (2/5)✓AckmanPASS (5/9)✗TempletonFAIL (3/8)✗SleepFAIL (1/6)✗AsnessFAIL (Rank #1359/2370 (Top 57.3%))✗NeffFAIL (2/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
• Cash Flow17% pass✓ 2✗ 5▾

  5 of 6 flag SMA's cash flow — Buffett, Dreman, Sleep +2 more

  Free Cash Flow Proxy

  ✗BuffettPositive and growing

  Operating Cash Flow$85.0M

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=3.49%, ROA=-0.36%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)26.0x

  ✗Dreman< 8x

  Positive Operating Cash Flow frequency9/13 years positive

  ✗SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures

  ✗Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization

  ✗OshaughnessyTop 10% of eligible cross-section
• Debt & Leverage25% pass✓ 4✗ 11▾

  9 of 12 flag SMA's debt & leverage — Graham, Buffett, Lynch +6 more

  Total Debt / Shareholders' Equity1

  ✗Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x

  LT Debt vs Net Current Assets

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 1.00, IC: 1.4x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity1

  ✗Lynch< 0.33

  Cash - Long-term Debt$-1.1B

  ✗LynchPositive preferred

  LT Debt / Total Assets Change0.00% -> 0.00%

  ✓PiotroskiDecreased YoY

  Current Assets / Current Liabilities

  ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)

  Debt Levels1

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=1.4x, D/EBITDA=7.5x

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity1

  ✓Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-0.9996; #3225/4210 (top 76.6%)

  ✗AsnessTop 30% of eligible cross-section