NSA

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National Storage Affiliates Trust

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Key Metrics

Previous Close: $44.18
52-Week Range: $27.43 – $46.47
Market Cap: $6.39B
P/E (TTM): 57.88
EPS (TTM): 0.75
Dividend Yield: 5.25%

Advanced Metrics

Price/Book: 5.88
PEG Ratio: 1.66
Return on Equity: 7.86%
Return on Assets: 3.36%
Gross Margin: 76.78%
Operating Margin: 35.80%
Profit Margin: 10.48%
Current Ratio: 0.13
Debt/Equity: 1.27
Total Debt: $2.01B
Free Cash Flow: $241.67M
Revenue Growth: 18.00%
Earnings Growth: 236.60%
Enterprise Value: $6.06B

NSA Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$801.57M	$858.06M	$770.34M	$752.93M
Cost of Revenue	$211.03M	$228.99M	$211.85M	$217.55M
Gross Profit	$590.54M	$629.08M	$558.48M	$535.38M
Selling, General & Admin	$59.31M	$59.28M	$57.61M	$51.13M
Operating Expenses	$301.01M	$292.38M	$261.33M	$256.74M
Operating Income	$289.54M	$336.69M	$297.16M	$278.64M
EBITDA	$532.21M	$626.72M	$531.15M	$471.14M
Pretax Income	$188.45M	$238.58M	$187.04M	$119.38M
Income Tax	$4.69M	$1.59M	$3.77M	$3.10M
Net Income	$103.74M	$156.67M	$111.52M	$73.78M
Diluted EPS	0.99	1.48	1.18	0.69
Diluted Shares	91.24M	146.02M	76.84M	76.64M

NSA Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$35.31M	$64.98M	$50.41M	$23.33M
Receivables	$22.67M	$22.07M	$26.91M	$18.03M
Current Assets	$91.03M	$674.71M	$89.06M	$68.43M
Total Assets	$6.07B	$5.93B	$5.35B	$5.08B
Current Liabilities	$599.59M	$501.12M	$561.97M	$515.46M
Long-Term Debt	$3.06B	$3.28B	$3.01B	$3.00B
Total Debt	$3.58B	$3.68B	$3.47B	$3.43B
Total Liabilities	$3.68B	$3.81B	$3.59B	$3.55B
Retained Earnings	-$396.65M	-$449.91M	-$530.65M	-$652.24M
Shareholders' Equity	$1.65B	$1.42B	$1.08B	$946.04M
Working Capital	-$508.56M	$173.59M	-$472.91M	-$447.03M
Net Debt	$3.52B	$3.59B	$3.40B	$3.38B

NSA Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$443.85M	$441.58M	$363.06M	$338.50M
Capital Expenditure	-$43.73M	-$52.47M	-$53.31M	-$39.25M
Free Cash Flow	$400.12M	$389.10M	$309.75M	$299.25M
Depreciation & Amortisation	$233.16M	$221.99M	$189.85M	$189.32M
Stock-Based Compensation	$6.26M	$6.68M	$8.31M	$12.19M
Investing Cash Flow	-$584.16M	$161.10M	$425.42M	$19.86M
Financing Cash Flow	$154.64M	-$557.19M	-$825.42M	-$385.47M
Dividends Paid	-$209.12M	-$209.93M	-$192.26M	-$195.37M
Share Repurchases	-$90.11M	-$310.15M	-$284.70M	-$7.93M
Net Change in Cash	$14.32M	$45.49M	-$36.94M	-$27.11M

NSA Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$188.35M	$188.84M	$188.70M	$187.03M	$185.40M
Cost of Revenue	$55.10M	$55.63M	$55.35M	$51.47M	$52.03M
Gross Profit	$133.25M	$133.22M	$133.35M	$135.56M	$133.37M
Selling, General & Admin	$13.14M	$12.80M	$11.46M	$13.72M	$13.23M
Operating Expenses	$65.74M	$64.92M	$62.45M	$63.64M	$62.47M
Operating Income	$67.51M	$68.30M	$70.91M	$71.92M	$70.90M
EBITDA	$109.23M	$119.96M	$117.32M	$124.63M	$113.56M
Pretax Income	$20.64M	$31.08M	$29.89M	$37.77M	$28.16M
Income Tax	$1.12M	$120.00K	$871.00K	$991.00K	$479.00K
Net Income	$12.99M	$19.47M	$18.43M	$22.89M	$17.78M
Diluted EPS	0.10	0.19	0.17	0.23	0.16
Diluted Shares	76.37M	76.47M	76.75M	76.95M	77.09M

NSA Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$19.27M	$26.12M	$26.30M	$23.33M	$27.65M
Receivables	$20.25M	$21.88M	$19.01M	$18.03M	$16.36M
Current Assets	$48.29M	$66.57M	$58.32M	$68.43M	$54.13M
Total Assets	$5.26B	$5.18B	$5.14B	$5.08B	$5.03B
Current Liabilities	$533.09M	$513.12M	$529.39M	$515.46M	$530.78M
Long-Term Debt	$3.01B	$3.00B	$3.00B	$3.00B	$3.00B
Total Debt	$3.45B	$3.43B	$3.43B	$3.43B	$3.44B
Total Liabilities	$3.56B	$3.54B	$3.56B	$3.55B	$3.56B
Retained Earnings	-$566.35M	-$595.63M	-$626.12M	-$652.24M	-$683.58M
Shareholders' Equity	$1.03B	$1.00B	$973.13M	$946.04M	$912.76M
Working Capital	-$484.80M	-$446.55M	-$471.06M	-$447.03M	-$476.65M
Net Debt	$3.41B	$3.38B	$3.38B	$3.38B	$3.39B

NSA Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$85.63M	$79.88M	$100.19M	$72.81M	$87.44M
Capital Expenditure	-$5.82M	-$6.34M	-$12.33M	-$14.76M	-$10.60M
Free Cash Flow	$79.81M	$73.54M	$87.86M	$58.05M	$76.84M
Depreciation & Amortisation	$48.12M	$47.61M	$46.88M	$46.71M	$46.14M
Stock-Based Compensation	$3.08M	$3.14M	$3.11M	$2.87M	$2.42M
Investing Cash Flow	-$9.67M	$35.22M	-$14.71M	$9.02M	-$1.44M
Financing Cash Flow	-$106.53M	-$107.33M	-$85.55M	-$86.06M	-$81.27M
Dividends Paid	-$48.69M	-$48.75M	-$48.92M	-$49.01M	-$49.12M
Share Repurchases	$0.00	-$125.00K	-$3.14M	-$4.67M	-$9.76M
Net Change in Cash	-$30.58M	$7.77M	-$79.00K	-$4.23M	$4.73M

Market Snapshot

About

National Storage Affiliates Trust is a self-storage real estate investment trust owning and operating storage facilities across the United States. The company uses a unique partnership model, acquiring properties while retaining local operating partners who continue managing the facilities. NSA benefits from the fragmented self-storage industry and increasing demand for storage space.