National Storage Affiliates Tr Financials
National Storage Affiliates Tr (NSA) reported $752.9M in revenue for fiscal year 2025, down 2.3% from the prior fiscal year. 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).
Cash generation outpaces accounting profit, but a shrinking equity cushion is making leverage the louder force in earnings.
Equity eroded much faster than liabilities, with liabilities easing only from$3.81B to$3.55B across the last three filings. The balance sheet is being re-levered more by a thinner equity denominator than by new liabilities, and with interest expense above net income in FY2025, ordinary operating softness now has a larger effect on what remains for shareholders.
In the most recent year, operating cash flow ran several times higher than net income at
The business still posts a high gross margin of
Financial Health Signals
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 Tr'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.
Not available for National Storage Affiliates Tr, and counted as zero in the overall score.
Not available for National Storage Affiliates Tr, and counted as zero in the overall score.
National Storage Affiliates Tr 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.
For every $1 of reported earnings, National Storage Affiliates Tr 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
Earnings & Revenue
National Storage Affiliates Tr generated $752.9M in revenue in fiscal year 2025. This represents a decrease of 2.3% from the prior year.
National Storage Affiliates Tr reported $73.8M in net income in fiscal year 2025. This represents a decrease of 33.8% from the prior year.
National Storage Affiliates Tr earned $0.69 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 41.5% from the prior year.
Not reported for fiscal year 2025.
Cash & Balance Sheet
National Storage Affiliates Tr held $23.3M in cash as of fiscal year 2025; long-term debt is not reported for that period.
National Storage Affiliates Tr paid $2.28 per share in dividends in fiscal year 2025. This represents an increase of 1.3% from the prior year.
Not reported for fiscal year 2025.
Margins & Returns
National Storage Affiliates Tr's gross margin was 71.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.4 percentage points from the prior year.
National Storage Affiliates Tr's net profit margin was 9.8% in fiscal year 2025, showing the share of revenue converted to profit. This is down 4.7 percentage points from the prior year.
National Storage Affiliates Tr's ROE was 7.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.6 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
National Storage Affiliates Tr repurchased no shares in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
NSA Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 (Diluted) | — | $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 |
Not reported in any period shown, so not listed: R&D Expenses.
TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
NSA Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
| 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 |
Not reported in any period shown, so not listed: Current Assets, Inventory, Current Liabilities, Long-Term Debt.
NSA Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| 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 |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.
TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
NSA Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
Not reported in any period shown, so not listed: Current Ratio, FCF Margin.
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Where National Storage Affiliates Tr Ranks
Frequently Asked Questions
What is National Storage Affiliates Tr's annual revenue?
National Storage Affiliates Tr (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 Tr's revenue growing?
National Storage Affiliates Tr (NSA) revenue declined by 2.3% year-over-year, from $770.3M to $752.9M in fiscal year 2025.
Is National Storage Affiliates Tr profitable?
Yes, National Storage Affiliates Tr (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 Tr's gross margin?
National Storage Affiliates Tr (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 Tr's net profit margin?
National Storage Affiliates Tr (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 Tr pay dividends?
Yes, National Storage Affiliates Tr (NSA) paid $2.28 per share in dividends during fiscal year 2025.
What is National Storage Affiliates Tr's return on equity (ROE)?
National Storage Affiliates Tr (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 Tr's operating cash flow?
National Storage Affiliates Tr (NSA) generated $338.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are National Storage Affiliates Tr's total assets?
National Storage Affiliates Tr (NSA) had $5.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What is National Storage Affiliates Tr's debt-to-equity ratio?
National Storage Affiliates Tr (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 Tr's return on assets (ROA)?
National Storage Affiliates Tr (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 Tr's Piotroski F-Score?
National Storage Affiliates Tr (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 Tr's earnings high quality?
National Storage Affiliates Tr (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 Tr?
National Storage Affiliates Tr (NSA) scores 28 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.