NSA (National Storage Affiliates Trust) Stock Financials & Earnings | Market Cap Arena

NSA (National Storage Affiliates Trust) Stock Financials & Earnings | Market Cap Arena

NSANational Storage Affiliates Trust

Mkt Cap$3B

Real Estate·REIT - Industrial·🇺🇸 United States·NYSE

Revenue (TTM)$753M

Net Income (TTM)$74M

EPS (TTM)$0.70

Free Cash Flow (TTM)$300M

Gross Margin46.0%

Op. Margin37.0%

Net Margin9.8%

FCF Margin39.8%

P/S Ratio (TTM)3.5x

P/E Ratio (TTM)35.3x

YoY Rev Growth-2.3%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$210M	$152M	$138M
Q2 23	$217M	$160M	$146M
Q3 23	$219M	$161M	$0
Q4 23	$215M	$159M	$87M
Q1 24	$196M	$141M	$75M
Q2 24	$190M	$138M	$72M
Q3 24	$194M	$141M	$76M
Q4 24	$190M	$138M	$74M
Q1 25	$188M	$133M	$68M
Q2 25	$189M	$133M	$68M
Q3 25	$189M	$133M	$71M
Q4 25	$187M	-$54M	$72M

Valuation

Quarter	P/S	P/E
Q1 23	3.1x	24.3x
Q2 23	3.1x	23.3x
Q3 23	3.0x	21.9x
Q4 23	3.0x	16.6x
Q1 24	3.1x	14.0x
Q2 24	3.2x	15.0x
Q3 24	3.3x	15.9x
Q4 24	3.4x	23.4x
Q1 25	3.4x	39.8x
Q2 25	3.4x	38.4x
Q3 25	3.4x	38.6x
Q4 25	3.5x	35.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$110M	$101M
Q2 23	$108M	$99M
Q3 23	$129M	$104M
Q4 23	$94M	$85M
Q1 24	$94M	$88M
Q2 24	$83M	$79M
Q3 24	$106M	$68M
Q4 24	$80M	$74M
Q1 25	$86M	$80M
Q2 25	$80M	$74M
Q3 25	$100M	$88M
Q4 25	$73M	$59M

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$9M
Q2 23	$9M
Q3 23	$25M
Q4 23	$9M
Q1 24	$6M
Q2 24	$4M
Q3 24	$38M
Q4 24	$6M
Q1 25	$6M
Q2 25	$6M
Q3 25	$12M
Q4 25	$14M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+11.1%	+12.9%
Q2 23	+8.2%	+4.6%
Q3 23	+4.9%	+206.2%
Q4 23	+2.2%	+85.9%
Q1 24	-6.4%	+68.0%
Q2 24	-12.4%	+65.2%
Q3 24	-11.6%	-46.6%
Q4 24	-11.7%	-9.3%
Q1 25	-4.0%	-0.3%
Q2 25	-0.8%	+1.7%
Q3 25	-2.5%	+0.6%
Q4 25	-1.6%	-1.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$2M	0.8%
Q2 23	$2M	0.8%
Q3 23	$2M	0.8%
Q4 23	$2M	0.8%
Q1 24	$2M	0.9%
Q2 24	$2M	1.2%
Q3 24	$2M	1.0%
Q4 24	$2M	1.2%
Q1 25	$3M	1.6%
Q2 25	$3M	1.7%
Q3 25	$3M	1.6%
Q4 25	$3M	1.5%

OpEx Breakdown

Quarter	G&A
Q1 23	$15M
Q2 23	$14M
Q3 23	$15M
Q4 23	$15M
Q1 24	$16M
Q2 24	$16M
Q3 24	$13M
Q4 24	$13M
Q1 25	$13M
Q2 25	$13M
Q3 25	$11M
Q4 25	$14M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$44M	$0	$44M
Q2 23	$44M	$0	$44M
Q3 23	$59M	$0	$59M
Q4 23	$65M	$0	$65M
Q1 24	$64M	$0	$64M
Q2 24	$59M	$0	$59M
Q3 24	$70M	$0	$70M
Q4 24	$50M	$0	$50M
Q1 25	$19M	$0	$19M
Q2 25	$26M	$0	$26M
Q3 25	$26M	$0	$26M
Q4 25	$23M	$0	$23M

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	90M	-0.9%
Q2 23	88M	-1.6%
Q3 23	146M	+65.5%
Q4 23	141M	-3.3%
Q1 24	138M	-2.2%
Q2 24	75M	-45.6%
Q3 24	76M	+0.8%
Q4 24	77M	+1.4%
Q1 25	76M	-0.6%
Q2 25	76M	+0.1%
Q3 25	77M	+0.4%
Q4 25	77M	+0.3%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	—	—
FY 15	$7M	18
FY 16	$1M	195
FY 17	$1M	211
FY 18	$718K	461
FY 19	$834K	459
FY 20	$468K	924
FY 21	$498K	1K
FY 22	$694K	1K
FY 23	$774K	1K
FY 24	$525K	1K
FY 25	$516K	1K