National Storage Affiliates Tr Financials
This page shows National Storage Affiliates Tr (NSA) financial statements, including the 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
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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.
National Storage Affiliates Tr's revenue declined 2.3% year-over-year, from $770.3M to $752.9M. This contraction results in a growth score of 23/100.
National Storage Affiliates Tr has elevated debt relative to equity (D/E of 3.75), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 26/100, reflecting increased financial risk.
National Storage Affiliates Tr's ROE of 7.8% shows moderate profitability relative to equity, earning a score of 32/100. This is down from 10.4% the prior year.
National Storage Affiliates Tr passes 4 of 9 financial strength tests. 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.
Cash & Balance Sheet
National Storage Affiliates Tr held $23.3M in cash against $0 in long-term debt as of fiscal year 2025.
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.
National Storage Affiliates Tr had 77M shares outstanding in fiscal year 2025. This represents an increase of 1.0% from the prior year.
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.
Capital Allocation
National Storage Affiliates Tr spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.
NSA Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $185.4M-0.9% | $187.0M-0.9% | $188.7M-0.1% | $188.8M+0.3% | $188.4M-0.9% | $190.1M-1.8% | $193.6M+1.7% | $190.4M |
| Cost of Revenue | $52.0M+1.1% | $51.5M-7.0% | $55.3M-0.5% | $55.6M+0.9% | $55.1M+5.5% | $52.2M-0.9% | $52.7M+1.0% | $52.2M |
| Gross Profit | $133.4M-1.6% | $135.6M+1.7% | $133.4M+0.1% | $133.2M0.0% | $133.3M-3.4% | $137.9M-2.2% | $140.9M+1.9% | $138.2M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $13.2M-3.6% | $13.7M+19.7% | $11.5M-10.5% | $12.8M-2.6% | $13.1M+4.1% | $12.6M-3.7% | $13.1M-19.0% | $16.2M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $39.3M-2.2% | $40.2M-1.0% | $40.5M-1.7% | $41.3M+2.0% | $40.5M+2.9% | $39.3M-0.6% | $39.6M+6.3% | $37.2M |
| Income Tax | $479K-51.7% | $991K+13.8% | $871K+625.8% | $120K-89.3% | $1.1M-24.2% | $1.5M+71.1% | $863K+59.5% | $541K |
| Net Income | $17.8M-22.3% | $22.9M+24.2% | $18.4M-5.4% | $19.5M+49.8% | $13.0M-22.3% | $16.7M-10.6% | $18.7M+9.6% | $17.1M |
| EPS (Diluted) | $0.16 | N/A | $0.17-10.5% | $0.19+90.0% | $0.10 | N/A | $0.18+12.5% | $0.16 |
NSA Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.0B-0.9% | $5.1B-1.2% | $5.1B-0.8% | $5.2B-1.4% | $5.3B-1.9% | $5.4B-0.7% | $5.4B+1.3% | $5.3B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $27.6M+18.5% | $23.3M-11.3% | $26.3M+0.7% | $26.1M+35.6% | $19.3M-61.8% | $50.4M-27.9% | $69.9M+18.5% | $59.0M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $6.0M-5.4% | $6.3M-5.5% | $6.7M-18.5% | $8.2M+20.6% | $6.8M-21.3% | $8.7M-9.5% | $9.6M+1.6% | $9.4M |
| Goodwill | $8.2M0.0% | $8.2M0.0% | $8.2M0.0% | $8.2M0.0% | $8.2M0.0% | $8.2M0.0% | $8.2M0.0% | $8.2M |
| Total Liabilities | $3.6B+0.3% | $3.5B-0.4% | $3.6B+0.5% | $3.5B-0.5% | $3.6B-0.8% | $3.6B+0.1% | $3.6B+2.4% | $3.5B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $912.8M-3.5% | $946.0M-2.8% | $973.1M-2.9% | $1.0B-3.1% | $1.0B-3.9% | $1.1B+9.0% | $986.9M-17.2% | $1.2B |
| Retained Earnings | -$683.6M-4.8% | -$652.2M-4.2% | -$626.1M-5.1% | -$595.6M-5.2% | -$566.3M-6.7% | -$530.7M-6.4% | -$498.8M-6.2% | -$469.8M |
NSA Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $87.4M+20.1% | $72.8M-27.3% | $100.2M+25.4% | $79.9M-6.7% | $85.6M+6.8% | $80.1M-24.2% | $105.7M+27.0% | $83.2M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$1.4M-115.9% | $9.0M+161.3% | -$14.7M-141.8% | $35.2M+464.1% | -$9.7M+78.7% | -$45.5M+38.3% | -$73.7M-224.2% | -$22.7M |
| Financing Cash Flow | -$81.3M+5.6% | -$86.1M-0.6% | -$85.6M+20.3% | -$107.3M-0.7% | -$106.5M-70.9% | -$62.3M-203.0% | -$20.6M+75.1% | -$82.5M |
| Dividends Paid | $44.0M+0.2% | $43.9M+0.2% | $43.8M+0.4% | $43.6M+0.1% | $43.6M+0.2% | $43.5M+2.0% | $42.6M+1.5% | $42.0M |
| Share Buybacks | N/A | $0 | $0 | $0 | $0 | $0 | $0-100.0% | $71.7M |
NSA Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 71.9%-0.5pp | 72.5%+1.8pp | 70.7%+0.1pp | 70.5%-0.2pp | 70.7%-1.8pp | 72.5%-0.3pp | 72.8%+0.2pp | 72.6% |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 9.6%-2.6pp | 12.2%+2.5pp | 9.8%-0.5pp | 10.3%+3.4pp | 6.9%-1.9pp | 8.8%-0.9pp | 9.7%+0.7pp | 9.0% |
| Return on Equity | 1.9%-0.5pp | 2.4%+0.5pp | 1.9%-0.1pp | 1.9%+0.7pp | 1.3%-0.3pp | 1.6%-0.3pp | 1.9%+0.5pp | 1.4% |
| Return on Assets | 0.4%-0.1pp | 0.4%+0.1pp | 0.4%-0.0pp | 0.4%+0.1pp | 0.3%-0.1pp | 0.3%-0.0pp | 0.4%+0.0pp | 0.3% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 3.90+0.2 | 3.75+0.1 | 3.66+0.1 | 3.54+0.1 | 3.45+0.1 | 3.34-0.3 | 3.64+0.7 | 2.94 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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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 9, indicating neutral financial health. 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 13 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.