What is National Storage Affiliates Trust's earnings per share (EPS)?

National Storage Affiliates Trust (NSA) reported diluted earnings per share of $0.69 for fiscal year 2025. This represents a -41.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

National Storage Affiliates Trust (NSA) Financials

NSA

Trailing 12 months to March 31, 2026

Revenue $750.0M -1.6% YoY

Net Income $78.6M +20.0% YoY

EPS (Diluted) $0.75 +27.1% YoY

Operating Cash Flow $340.3M -4.1% YoY

Source SEC Filings (10-K/10-Q) Latest period Q1 FY2026, ended Mar 31, 2026 Reported May 5, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q1 FY2026, filed May 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NSA SEC filings page.

National Storage Affiliates Trust (NSA) reported $750.0M in revenue over the twelve months to Mar 31, 2026, down 1.6% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 12 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 NSA FY2025 2026-10-03

The numbers show a property-heavy business whose cash generation remains positive while leverage rises and earnings weaken.

From FY2023 to FY2025, revenue declined 12.2% while operating cash flow declined 23.4%, showing that cash conversion weakened faster than the top line. Net margin nearly halved to 9.8% while operating cash flow remained positive, so earnings weakened more sharply than the cash-producing operation.

Debt-to-equity rose from 2.7x to 3.7x as the asset base contracted. Gross margin also slipped from 73.3% to 71.1%, indicating pressure across both the balance sheet and property-level economics rather than only financing costs.

FY2025 operating cash flow was $339M against $175M of dividends, so distributions used roughly half of internally generated operating cash before property reinvestment. Because free cash flow and capital expenditures are absent, the statements cannot show whether the remainder covered recurring reinvestment.

Financial Health Signals

Financial Health Score 31/100

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 National Storage Affiliates Trust'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 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. National Storage Affiliates Trust scores 57/100 on it among other REITs.

FFO Growth

FFO Growth follows the three-year path of funds from operations, which is net income with property depreciation added back. National Storage Affiliates Trust scores 22/100 on it among other REITs.

Leverage

Not available for National Storage Affiliates Trust, and counted as zero in the overall score.

Interest Cov.

Not available for National Storage Affiliates Trust, and counted as zero in the overall score.

AFFO Margin

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. National Storage Affiliates Trust scores 61/100 on it among other REITs.

Dividend Cov.

Dividend coverage measures funds from operations against the dividends actually paid, and a figure above 1 means the payout came out of operations. National Storage Affiliates Trust scores 48/100 on it among other REITs.

Piotroski F-Score Partial

4/7

National Storage Affiliates Trust passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

4.59x

For every $1 of reported earnings, National Storage Affiliates Trust generates $4.59 in operating cash flow ($338.5M OCF vs $73.8M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$185.4M

YoY-1.6%

QoQ-0.9%

5Y CAGR+8.6%

National Storage Affiliates Trust generated $185.4M in revenue in Q1 2026. This represents a decrease of 1.6% from the same quarter a year earlier. Against the prior quarter it is down 0.9%.

Net Income

$17.8M

YoY+36.8%

QoQ-22.3%

5Y CAGR-3.1%

10Y CAGR+23.2%

National Storage Affiliates Trust reported $17.8M in net income in Q1 2026. This represents an increase of 36.8% from the same quarter a year earlier. Against the prior quarter it is down 22.3%.

EPS (Diluted)

$0.16

YoY+60.0%

QoQ-30.4%

5Y CAGR-3.4%

10Y CAGR+8.6%

National Storage Affiliates Trust earned $0.16 per diluted share (EPS) in Q1 2026. This represents an increase of 60.0% from the same quarter a year earlier. Against the prior quarter it is down 30.4%.

EBITDA

Not reported for Q1 2026.

Cash & Balance Sheet

Cash & Debt

$27.6M

YoY+43.5%

QoQ+18.5%

5Y CAGR+7.2%

10Y CAGR+12.5%

National Storage Affiliates Trust held $27.6M in cash as of Q1 2026; long-term debt is not reported for that period.

Dividends Per Share

$0.57

YoY0.0%

QoQ0.0%

5Y CAGR+10.2%

10Y CAGR+11.0%

National Storage Affiliates Trust paid $0.57 per share in dividends in Q1 2026. That is unchanged from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

77M

YoY+0.9%

QoQ+0.1%

5Y CAGR+0.2%

10Y CAGR+12.9%

National Storage Affiliates Trust had 77M shares outstanding in Q1 2026. This represents an increase of 0.9% from the same quarter a year earlier. Against the prior quarter it is up 0.1%.

Free Cash Flow

Not reported for Q1 2026.

Margins & Returns

Gross Margin

71.9%

YoY+1.2pp

QoQ-0.5pp

5Y change+0.1pp

National Storage Affiliates Trust's gross margin was 71.9% in Q1 2026, indicating the percentage of revenue retained after direct costs. This is up 1.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.5 percentage points.

Net Margin

9.6%

YoY+2.7pp

QoQ-2.6pp

5Y change-7.3pp

National Storage Affiliates Trust's net profit margin was 9.6% in Q1 2026, showing the share of revenue converted to profit. This is up 2.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.6 percentage points.

Return on Equity

1.9%

YoY+0.7pp

QoQ-0.5pp

5Y change0.0pp

10Y change+1.0pp

National Storage Affiliates Trust's ROE was 1.9% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is up 0.7 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.5 percentage points.

Operating Margin

Not reported for Q1 2026.

Capital Allocation

None of these metrics is reported for Q1 2026.

NSA 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.

NSA quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K
Revenue	$750.0M	$752.9M-2.3%	$770.3M-10.2%	$858.1M+7.0%	$801.6M+36.9%	$585.7M+35.5%	$432.2M+11.4%	$387.9M+17.2%	$330.9M+23.4%	$268.1M+34.7%	$199.0M	N/A	N/A
Cost of Revenue	$214.5M	$217.5M+2.7%	$211.9M-7.5%	$229.0M+8.5%	$211.0M+35.9%	$155.3M+25.7%	$123.5M+11.9%	$110.3M+6.2%	$103.9M+23.0%	$84.5M+30.3%	$64.8M	N/A	N/A
Gross Profit	$535.5M	$535.4M-4.1%	$558.5M-11.2%	$629.1M+6.5%	$590.5M+37.2%	$430.4M+39.4%	$308.7M+11.2%	$277.5M+22.3%	$227.0M+23.6%	$183.7M+36.8%	$134.2M	N/A	N/A
SG&A Expenses	$51.2M	$51.1M-11.2%	$57.6M-2.8%	$59.3M-0.1%	$59.3M+16.3%	$51.0M+16.9%	$43.6M-0.9%	$44.0M+22.6%	$35.9M+19.5%	$30.1M+39.6%	$21.5M+32.4%	$16.3M+98.6%	$8.2M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$101.7M+29.5%	$78.5M+36.2%	$57.7M+82.5%	$31.6M+84.9%	$17.1M
EBITDA	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$190.8M+24.2%	$153.6M+36.3%	$112.7M+56.0%	$72.2M+76.8%	$40.9M
Interest Expense	$161.2M	$162.4M+5.3%	$154.3M-7.2%	$166.1M+50.2%	$110.6M+53.5%	$72.1M+15.1%	$62.6M+10.9%	$56.5M+32.2%	$42.7M+25.4%	$34.1M+41.3%	$24.1M+16.0%	$20.8M-9.8%	$23.0M
Income Tax	$2.5M	$3.1M-17.7%	$3.8M+136.9%	$1.6M-66.1%	$4.7M+177.5%	$1.7M+1.1%	$1.7M+23.7%	$1.4M+65.2%	$818K-29.4%	$1.2M+214.9%	$368K+96.8%	$187K	N/A
Net Income	$78.6M	$73.8M-33.8%	$111.5M-28.8%	$156.7M+51.0%	$103.7M-1.4%	$105.3M+116.5%	$48.6M+1120.4%	$4.0M-71.8%	$14.1M+376.5%	$3.0M-83.5%	$18.0M+44.4%	$12.4M	$0
EPS (Basic)	N/A	$0.69-41.5%	$1.18-25.3%	$1.58+59.6%	$0.99-12.4%	$1.13+113.2%	$0.53+453.3%	-$0.15-314.3%	$0.07+600.0%	$0.01-98.3%	$0.60-25.0%	$0.80	$0.00
EPS (Diluted)	$0.75	$0.69-41.5%	$1.18-20.3%	$1.48+49.5%	$0.99+1.0%	$0.98+84.9%	$0.53+453.3%	-$0.15-314.3%	$0.07+600.0%	$0.01	$0.31	$0.17	$0.00
Diluted Shares (Avg)	N/A	77M-0.3%	77M-47.4%	146M+60.0%	91M-32.2%	135M+102.0%	67M+14.4%	58M+9.2%	53M+20.0%	44M	79M	45M	1,000

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Revenue	$185.4M-1.6%	$187.0M-1.6%	$188.7M-2.5%	$188.8M-0.8%	$188.4M-4.0%	$190.1M-11.7%	$193.6M-11.6%	$190.4M-11.6%
Cost of Revenue	$52.0M-5.6%	$51.5M-1.5%	$55.3M+5.0%	$55.6M+6.6%	$55.1M+0.7%	$52.2M-8.1%	$52.7M-10.0%	$52.2M-8.6%
Gross Profit	$133.4M+0.1%	$135.6M-1.7%	$133.4M-5.4%	$133.2M-3.6%	$133.3M-5.8%	$137.9M-13.1%	$140.9M-12.2%	$138.2M-12.7%
SG&A Expenses	$13.2M+0.7%	$13.7M+8.6%	$11.5M-12.6%	$12.8M-20.9%	$13.1M-16.1%	$12.6M-15.6%	$13.1M-13.2%	$16.2M+12.4%
Interest Expense	$39.3M-3.0%	$40.2M+2.1%	$40.5M+2.5%	$41.3M+10.9%	$40.5M+6.2%	$39.3M-13.4%	$39.6M-8.1%	$37.2M-6.2%
Income Tax	$479K-57.2%	$991K-32.9%	$871K+0.9%	$120K-77.8%	$1.1M+26.4%	$1.5M+216.8%	$863K-6.4%	$541K-26.6%
Net Income	$17.8M+36.8%	$22.9M+36.8%	$18.4M-1.5%	$19.5M+14.1%	$13.0M-78.0%	$16.7M-75.8%	$18.7M-36.0%	$17.1M-42.1%
EPS (Basic)	$0.16+60.0%	$0.23+53.3%	$0.17-5.6%	$0.19+18.8%	$0.10-85.1%	$0.15-80.0%	$0.18-35.7%	$0.16-42.9%
EPS (Diluted)	$0.16+60.0%	$0.23+53.3%	$0.17-5.6%	$0.19+18.8%	$0.10-84.6%	$0.15-78.9%	$0.18-30.8%	$0.16-42.9%
Diluted Shares (Avg)	77M+0.9%	N/A	77M+1.3%	76M+1.7%	76M-44.7%	N/A	76M-48.2%	75M-14.9%

Not reported in any period shown, so not listed: R&D Expenses, Operating Income, EBITDA.

NSA Balance Sheet

NSA quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K
Total Assets	$5.1B-5.1%	$5.4B-9.7%	$5.9B-2.3%	$6.1B+9.1%	$5.6B+58.3%	$3.5B+13.9%	$3.1B+13.0%	$2.7B+20.4%	$2.3B+19.8%	$1.9B+72.2%	$1.1B+32.0%	$832.7M
Cash & Equivalents	$23.3M-53.7%	$50.4M-22.4%	$65.0M+84.0%	$35.3M+41.2%	$25.0M+33.6%	$18.7M-8.9%	$20.6M+56.0%	$13.2M-1.4%	$13.4M+6.3%	$12.6M+88.6%	$6.7M-26.0%	$9.0M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$6.3M-27.0%	$8.7M-11.7%	$9.8M-25.0%	$13.1M+110.7%	$6.2M+127.8%	$2.7M-2.7%	$2.8M-17.4%	$3.4M+49.6%	$2.3M+19.8%	$1.9M+73.7%	$1.1M+11.6%	$979K
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$8.2M0.0%	$8.2M0.0%	$8.2M0.0%	$8.2M0.0%	$8.2M0.0%	$8.2M+42.3%	$5.8M0.0%	$5.8M0.0%	$5.8M0.0%	$5.8M	$0	N/A
Total Liabilities	$3.5B-1.2%	$3.6B-5.6%	$3.8B+3.4%	$3.7B+19.5%	$3.1B+47.9%	$2.1B+27.6%	$1.6B+23.0%	$1.3B+33.3%	$995.2M-24.3%	$1.3B+52.5%	$862.4M+3.6%	$832.7M
Total Equity	$946.0M-12.1%	$1.1B-24.3%	$1.4B-13.7%	$1.6B-7.2%	$1.8B+83.2%	$969.0M+5.4%	$919.6M+0.3%	$916.8M+9.0%	$841.0M+45.7%	$577.1M+143.9%	$236.6M	$0
Retained Earnings	-$652.2M-22.9%	-$530.7M-17.9%	-$449.9M-13.4%	-$396.6M-36.2%	-$291.3M-15.7%	-$251.7M-27.7%	-$197.1M-72.7%	-$114.1M-104.8%	-$55.7M-539.2%	-$8.7M-79363.6%	$11K	$0

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Total Assets	$5.0B-4.2%	$5.1B-5.1%	$5.1B-4.6%	$5.2B-2.6%	$5.3B-2.1%	$5.4B-9.7%	$5.4B-12.6%	$5.3B-13.6%
Cash & Equivalents	$27.6M+43.5%	$23.3M-53.7%	$26.3M-62.4%	$26.1M-55.7%	$19.3M-70.0%	$50.4M-22.4%	$69.9M+18.8%	$59.0M+34.0%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$6.0M-12.1%	$6.3M-27.0%	$6.7M-30.1%	$8.2M-12.8%	$6.8M-21.8%	$8.7M-11.7%	$9.6M-28.2%	$9.4M-28.9%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$8.2M0.0%	$8.2M0.0%	$8.2M0.0%	$8.2M0.0%	$8.2M0.0%	$8.2M0.0%	$8.2M0.0%	$8.2M0.0%
Total Liabilities	$3.6B-0.1%	$3.5B-1.2%	$3.6B-0.8%	$3.5B+1.1%	$3.6B+4.2%	$3.6B-5.6%	$3.6B-10.5%	$3.5B-7.2%
Total Equity	$912.8M-11.7%	$946.0M-12.1%	$973.1M-1.4%	$1.0B-15.9%	$1.0B-19.0%	$1.1B-24.3%	$986.9M-32.2%	$1.2B-26.7%
Retained Earnings	-$683.6M-20.7%	-$652.2M-22.9%	-$626.1M-25.5%	-$595.6M-26.8%	-$566.3M-28.8%	-$530.7M-17.9%	-$498.8M-6.4%	-$469.8M-5.4%

Not reported in any period shown, so not listed: Current Assets, Inventory, Current Liabilities, Non-Current Liabilities, Long-Term Debt.

NSA Cash Flow Statement

NSA quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K
Operating Cash Flow	$340.3M	$338.5M-6.8%	$363.1M-17.8%	$441.6M-0.5%	$443.8M+34.0%	$331.3M+50.2%	$220.7M+12.2%	$196.7M+21.5%	$161.8M+30.2%	$124.3M+31.3%	$94.6M+88.0%	$50.3M+206.5%	$16.4M
Depreciation & Amortization	N/A	$189.3M-0.3%	$189.9M-14.5%	$222.0M-4.8%	$233.2M+47.3%	$158.3M+35.1%	$117.2M+11.5%	$105.1M+17.9%	$89.1M+18.7%	$75.1M+36.4%	$55.1M+35.5%	$40.7M+70.9%	$23.8M
Stock-Based Compensation	N/A	$12.2M+46.7%	$8.3M+24.4%	$6.7M+6.7%	$6.3M+14.6%	$5.5M+27.7%	$4.3M-5.5%	$4.5M+18.0%	$3.8M+1.9%	$3.8M+44.9%	$2.6M-14.2%	$3.0M+106.2%	$1.5M
Investing Cash Flow	$28.1M	$19.9M-95.3%	$425.4M+164.1%	$161.1M+127.6%	-$584.2M+70.8%	-$2.0B-292.0%	-$509.7M-29.7%	-$393.0M+23.6%	-$514.5M-25.7%	-$409.3M+36.3%	-$642.4M-266.2%	-$175.4M+24.4%	-$232.0M
Financing Cash Flow	-$360.2M	-$385.5M+53.3%	-$825.4M-48.1%	-$557.2M-460.3%	$154.6M-90.8%	$1.7B+484.0%	$286.5M+40.2%	$204.3M-42.1%	$352.6M+23.3%	$286.1M-48.3%	$553.7M+349.0%	$123.3M-42.2%	$213.4M
Dividends Paid	$175.3M	$174.9M+1.8%	$171.8M-10.0%	$190.9M-2.4%	$195.7M+48.6%	$131.7M+46.1%	$90.1M+20.9%	$74.5M+19.9%	$62.2M+30.4%	$47.7M+78.6%	$26.7M+114.8%	$12.4M	$0
Share Buybacks	N/A	$0-100.0%	$275.2M-11.3%	$310.2M+244.2%	$90.1M	$0	$0	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Operating Cash Flow	$87.4M+2.1%	$72.8M-9.1%	$100.2M-5.2%	$79.9M-4.0%	$85.6M-8.9%	$80.1M-14.7%	$105.7M-18.3%	$83.2M-23.3%
Depreciation & Amortization	$46.1M-4.1%	$46.7M-3.0%	$46.9M-1.6%	$47.6M+1.9%	$48.1M+1.7%	$48.2M-10.8%	$47.7M-14.7%	$46.7M-17.6%
Stock-Based Compensation	$2.4M-21.4%	N/A	N/A	N/A	$3.1M+66.0%	N/A	N/A	N/A
Investing Cash Flow	-$1.4M+85.1%	$9.0M+119.8%	-$14.7M+80.0%	$35.2M+254.9%	-$9.7M-101.7%	-$45.5M-119.2%	-$73.7M-230.5%	-$22.7M-30.3%
Financing Cash Flow	-$81.3M+23.7%	-$86.1M-38.1%	-$85.6M-315.9%	-$107.3M-30.1%	-$106.5M+83.9%	-$62.3M+79.5%	-$20.6M+78.1%	-$82.5M+13.6%
Dividends Paid	$44.0M+0.9%	$43.9M+0.9%	$43.8M+2.8%	$43.6M+4.0%	$43.6M-0.4%	$43.5M-5.6%	$42.6M-8.6%	$42.0M-15.1%
Share Buybacks	N/A	$0	$0	$0-100.0%	$0-100.0%	$0-100.0%	$0-100.0%	$71.7M

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.

NSA 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.

NSA quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K
Gross Margin	71.1%-1.4pp	72.5%-0.8pp	73.3%-0.4pp	73.7%+0.2pp	73.5%+2.1pp	71.4%-0.1pp	71.5%+2.9pp	68.6%+0.1pp	68.5%+1.1pp	67.5%	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	30.7%+1.4pp	29.3%+0.3pp	29.0%	N/A	N/A
Net Margin	9.8%-4.7pp	14.5%-3.8pp	18.3%+5.3pp	12.9%-5.0pp	18.0%+6.7pp	11.3%+10.2pp	1.0%-3.2pp	4.3%+3.2pp	1.1%-7.9pp	9.0%	N/A	N/A
Return on Equity	7.8%-2.6pp	10.4%-0.7pp	11.0%+4.7pp	6.3%+0.4pp	5.9%+0.9pp	5.0%+4.6pp	0.4%-1.1pp	1.5%+1.2pp	0.4%-2.8pp	3.1%-2.2pp	5.3%	N/A
Return on Assets	1.5%-0.6pp	2.1%-0.6pp	2.6%+0.9pp	1.7%-0.2pp	1.9%+0.5pp	1.4%+1.3pp	0.1%-0.4pp	0.5%+0.4pp	0.1%-0.8pp	0.9%-0.2pp	1.1%+1.1pp	0.0%
Debt-to-Equity	3.75+0.4x	3.34+0.7x	2.68+0.4x	2.23+0.5x	1.74-0.4x	2.15+0.4x	1.77+0.3x	1.45+0.3x	1.18-1.1x	2.28-1.4x	3.64	N/A
Asset Turnover	0.150.0x	0.140.0x	0.140.0x	0.130.0x	0.110.0x	0.120.0x	0.130.0x	0.120.0x	0.120.0x	0.11	N/A	N/A

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Gross Margin	71.9%+1.2pp	72.5%0.0pp	70.7%-2.1pp	70.5%-2.0pp	70.7%-1.4pp	72.5%-1.1pp	72.8%-0.5pp	72.6%-0.9pp
Net Margin	9.6%+2.7pp	12.2%+3.4pp	9.8%+0.1pp	10.3%+1.3pp	6.9%-23.2pp	8.8%-23.2pp	9.7%-3.7pp	9.0%-4.7pp
Return on Equity	1.9%+0.7pp	2.4%+0.9pp	1.9%0.0pp	1.9%+0.5pp	1.3%-3.4pp	1.6%-3.3pp	1.9%-0.1pp	1.4%-0.4pp
Return on Assets	0.4%+0.1pp	0.4%+0.1pp	0.4%0.0pp	0.4%+0.1pp	0.3%-0.8pp	0.3%-0.8pp	0.4%-0.1pp	0.3%-0.2pp
Debt-to-Equity	3.90+0.5x	3.75+0.4x	3.660.0x	3.54+0.6x	3.45+0.8x	3.34+0.7x	3.64+0.9x	2.94+0.6x
Asset Turnover	0.040.0x	0.040.0x	0.040.0x	0.040.0x	0.040.0x	0.040.0x	0.040.0x	0.040.0x

Not reported in any period shown, so not listed: Operating Margin, 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.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
National Storage Affiliates Trust NSA	FY2025	$752.9M	$73.8M	9.8%	$6.4B	31/100
Terreno Realty Corporation TRNO	FY2025	$476.4M	$403.0M	84.6%	$7.0B	51/100
First Industrial Realty Trust, Inc. FR	FY2025	$727.1M	$247.4M	34.0%	$7.9B	48/100
Americold Realty Trust, Inc. COLD	FY2025	$2.6B	-$115.3M	-4.4%	$4.0B	32/100
STAG INDUSTRIAL, INC. STAG	FY2025	$845.2M	$273.5M	32.4%	$7.0B	54/100
LXP Industrial Trust LXP	FY2025	$350.2M	$113.2M	32.3%	$3.6B	37/100

Where National Storage Affiliates Trust Ranks

Frequently Asked Questions

What is National Storage Affiliates Trust's annual revenue?

National Storage Affiliates Trust (NSA) reported $752.9M in total revenue for fiscal year 2025. This represents a -2.3% 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 National Storage Affiliates Trust's revenue growing?

National Storage Affiliates Trust (NSA) revenue declined by 2.3% year-over-year, from $770.3M to $752.9M in fiscal year 2025.

Is National Storage Affiliates Trust profitable?

Yes, National Storage Affiliates Trust (NSA) reported a net income of $73.8M in fiscal year 2025, with a net profit margin of 9.8%.

What is National Storage Affiliates Trust's gross margin?

National Storage Affiliates Trust (NSA) had a gross margin of 71.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is National Storage Affiliates Trust's net profit margin?

National Storage Affiliates Trust (NSA) had a net profit margin of 9.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does National Storage Affiliates Trust pay dividends?

Yes, National Storage Affiliates Trust (NSA) paid $2.28 per share in dividends during fiscal year 2025.

What is National Storage Affiliates Trust's return on equity (ROE)?

National Storage Affiliates Trust (NSA) has a return on equity of 7.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is National Storage Affiliates Trust's operating cash flow?

National Storage Affiliates Trust (NSA) generated $338.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are National Storage Affiliates Trust's total assets?

National Storage Affiliates Trust (NSA) had $5.1B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does National Storage Affiliates Trust have outstanding?

National Storage Affiliates Trust (NSA) had 77M shares outstanding as of fiscal year 2025.

What is National Storage Affiliates Trust's debt-to-equity ratio?

National Storage Affiliates Trust (NSA) had a debt-to-equity ratio of 3.75 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is National Storage Affiliates Trust's return on assets (ROA)?

National Storage Affiliates Trust (NSA) had a return on assets of 1.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is National Storage Affiliates Trust's Piotroski F-Score?

National Storage Affiliates Trust (NSA) has a Piotroski F-Score of 4 out of 7 computable signals; 2 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 National Storage Affiliates Trust's earnings high quality?

National Storage Affiliates Trust (NSA) has an earnings quality ratio of 4.59x, considered cash-backed (high 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.

How financially healthy is National Storage Affiliates Trust?

National Storage Affiliates Trust (NSA) scores 31 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.