NSA · National Storage Affiliates Trust - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Price · NSA

1Y 3Y 5Y Max

Annual Quarterly

Income Statement

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$752.93M	$770.34M	$858.06M	$801.57M	$585.67M	$432.22M
Cost of Revenue	$217.55M	$211.85M	$228.99M	$211.03M	$155.26M	$123.49M
Gross Profit	$535.38M	$558.48M	$629.08M	$590.54M	$430.41M	$308.74M
R&D	-	-	-	-	-	-
SG&A	$51.13M	$57.61M	$59.28M	$59.31M	$51.00M	$43.64M
Total Operating Expenses	$474.29M	$473.18M	$521.37M	$512.03M	$367.43M	$285.11M
D&A	$189.32M	$189.85M	$221.99M	$233.16M	$158.31M	$117.17M
Operating Income	$119.38M	$187.04M	$238.58M	$188.45M	$148.63M	$81.15M
Interest Expense	$162.44M	$154.26M	$166.15M	$110.60M	$72.06M	$62.59M
Income Tax	$3.10M	$3.77M	$1.59M	$4.69M	$1.69M	$1.67M
Net Income	$73.78M	$111.52M	$156.67M	$103.74M	$105.25M	$48.61M
EPS - Basic	$0.69	$1.18	$1.58	$0.99	$0.53	-
EPS - Diluted	$0.69	$1.18	$1.48	$0.99	$0.53	-

Balance Sheet

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Cash & Equivalents	$23.33M	$50.41M	$64.98M	$35.31M	$25.01M	$18.72M
Accounts Receivable	-	-	-	-	-	-
Inventory	-	-	-	-	-	-
Accounts Payable	-	-	-	-	-	-
Current Assets	-	-	-	-	-	-
Total Assets	$5.08B	$5.35B	$5.93B	$6.07B	$5.56B	$3.51B
Current Liabilities	-	-	-	-	-	-
Long-term Debt	-	-	-	-	-	-
Total Liabilities	$3.55B	$3.59B	$3.81B	$3.68B	$3.08B	$2.08B
Stockholders' Equity	$946.04M	$1.08B	$1.42B	$1.65B	$1.78B	$968.96M
Retained Earnings	($652.24M)	($530.65M)	($449.91M)	($396.65M)	($291.26M)	($251.70M)

Cash Flow

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Operating Cash Flow	$338.50M	$363.06M	$441.58M	$443.85M	$331.35M	$220.65M
Investing Cash Flow	$19.86M	$425.42M	$161.10M	($584.16M)	($2.00B)	($509.68M)
Financing Cash Flow	($385.47M)	($825.42M)	($557.19M)	$154.64M	$1.67B	$286.45M
CapEx	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-

Ratios

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Profitability
Gross margin	71.1%	72.5%	73.3%	73.7%	73.5%	71.4%
Operating margin	15.9%	24.3%	27.8%	23.5%	25.4%	18.8%
EBITDA margin	41.0%	48.9%	53.7%	52.6%	52.4%	45.9%
Net margin	9.8%	14.5%	18.3%	12.9%	18.0%	11.2%
Free cash flow margin	-	-	-	-	-	-
FCF / Net income	-	-	-	-	-	-
R&D / Revenue	-	-	-	-	-	-
SG&A / Revenue	6.8%	7.5%	6.9%	7.4%	8.7%	10.1%
Effective tax rate	4.0%	3.3%	1.0%	4.3%	1.6%	3.3%
Return on assets	1.5%	2.1%	2.6%	1.7%	1.9%	1.4%
Return on equity	7.8%	10.4%	11.0%	6.3%	5.9%	5.0%
Return on invested capital	-	-	-	-	-	-
Liquidity
Current ratio	-	-	-	-	-	-
Quick ratio	-	-	-	-	-	-
Cash ratio	-	-	-	-	-	-
Leverage
Debt / Equity	-	-	-	-	-	-
Debt / Assets	-	-	-	-	-	-
Debt / EBITDA	-	-	-	-	-	-
Interest coverage	0.7x	1.2x	1.4x	1.7x	2.1x	1.3x
Equity multiplier	5.37	4.98	4.17	3.68	3.13	3.63
Liabilities / Assets	0.70	0.67	0.64	0.61	0.55	0.59
Efficiency
Asset turnover	0.15	0.14	0.14	0.13	0.11	0.12
Inventory turnover	-	-	-	-	-	-
Days sales outstanding	-	-	-	-	-	-
Days inventory outstanding	-	-	-	-	-	-
Days payable outstanding	-	-	-	-	-	-
Cash conversion cycle	-	-	-	-	-	-
Valuation
P / E	40.9x	32.1x	28.0x	36.5x	130.6x	-
P / B	2.3x	2.7x	4.3x	2.0x	5.2x	2.5x
P / S	2.9x	3.8x	7.1x	4.1x	15.9x	5.6x
EV / EBITDA	6.9x	7.6x	13.0x	7.7x	30.3x	12.0x
Growth
Revenue growth (YoY)	-2.3%	-10.2%	7.0%	36.9%	35.5%	11.4%
Revenue CAGR (3y)	-2.1%	9.6%	25.7%	27.4%	43.3%	-
Revenue CAGR (5y)	11.7%	14.7%	33.9%	-	-	-
Gross profit growth (YoY)	-4.1%	-11.2%	6.5%	37.2%	39.4%	11.2%
Operating income growth (YoY)	-36.2%	-21.6%	26.6%	26.8%	83.2%	20.5%
Net income growth (YoY)	-33.8%	-28.8%	51.0%	-1.4%	116.5%	1120.4%
EPS growth (YoY)	-41.5%	-20.3%	49.5%	86.8%	-	-
EPS CAGR (3y)	-11.3%	30.6%	-	-	96.4%	-
EPS CAGR (5y)	-	-	84.1%	150.7%	11.3%	-
FCF growth (YoY)	-	-	-	-	-	-
FCF CAGR (5y)	-	-	-	-	-	-
Book value growth (YoY)	-12.1%	-24.3%	-13.7%	-7.2%	83.2%	5.4%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$752.93M total

Reportable Segment$752.93M · 100.0%

Product / service

$145.74M total

Management Fees And Other$48.53M · 33.3%

Tenant Warranty Protection$28.00M · 19.2%

Property Related Other$25.91M · 17.8%

Tenant Insurance And Protection Plan Fees And Commissions$22.70M · 15.6%

Property Management Call Center And Platform Fees$18.80M · 12.9%

Retail Products And Supplies$1.50M · 1.0%

Acquisition Fees$300.0K · 0.2%

Stability scores

Piotroski F-score

FY 2025 · 9-point quality

5/9

Neutral

✓Net income positive
✓Operating cash flow positive
✗ROA improved YoY
✓Cash flow > net income
-Long-term debt decreased
-Current ratio improved
✓No share dilution
✗Gross margin improved
✓Asset turnover improved

Peer comparison

Same SIC group: Real Estate Investment Trusts

Company	Revenue (last FY)	Net margin	ROE
UMH	$261.75M	2.3%	0.7%
ARE	-	-	-9.2%
VTR	$5.83B	4.3%	2.0%
SPG	$6.36B	72.7%	88.8%
NYSE: KRC	$1.11B	0.0%	0.0%

Comparing National Storage Affiliates Trust against the 5 most active filers in the same SIC group.

Dividends

$2.28/share trailing 12 months · +0.9% YoY

Ex-date	Per share
Mar 13, 2026	$0.5700
Dec 15, 2025	$0.5700
Sep 15, 2025	$0.5700
Jun 13, 2025	$0.5700
Mar 14, 2025	$0.5700
Dec 13, 2024	$0.5700
Sep 13, 2024	$0.5600
Jun 14, 2024	$0.5600
Mar 14, 2024	$0.5600
Dec 14, 2023	$0.5600
Sep 14, 2023	$0.5600
Jun 14, 2023	$0.5600
Mar 14, 2023	$0.5500
Dec 14, 2022	$0.5500
Sep 14, 2022	$0.5500
Jun 14, 2022	$0.5500
Mar 14, 2022	$0.5000
Dec 14, 2021	$0.4500
Sep 14, 2021	$0.4100
Jun 14, 2021	$0.3800
Mar 12, 2021	$0.3500
Dec 14, 2020	$0.3500
Sep 14, 2020	$0.3400
Jun 12, 2020	$0.3300