National Storage Affiliates Tru (NSA) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

National Storage Affiliates Tru

NYSE•Real Estate•REIT - Industrial

$43.41-0.77(-0.02%)Pre-market

Market Cap

$3.35B

P/E

42.6x

P/S

4.5x

P/B

3.7x

National Storage Affiliates Trust is a real estate investment trust headquartered in Greenwood Village, Colorado, focused on the ownership, operation and acquisition of self storage properties predominantly located within the top 100 metropolitan statistical areas throughout the United States. As of March 31, 2026, the Company held ownership interests in and operated 1,061 self storage properties, located in 37 states and Puerto Rico with approximately 69.3 million rentable square feet, excluding three properties classified as held for sale, that were sold to a third party in April 2026. NSA is one of the largest owners and operators of self storage properties among public and private companies in the United States. National Storage Affiliates Trust was incorporated in 2013 in Maryland, USA.

How this company scores

WeakMetricSide Score: 51/100

Grade capped at D — Interest coverage below 1× (0.5x) — earnings cannot cover interest. Strongest: Cash & Earnings Quality (18/25); weakest: Balance Sheet & Red Flags (8/25).

Profitability14/25

Growth11/25

Balance Sheet & Red Flags8/25

Cash & Earnings Quality18/25

Strengths

Rising earningsCash-backed earningsConsistent free cash flowProfit converts from growth

Grade capped at D

Interest coverage below 1× (0.5x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 42.6x5y range 18.7x – 50.6x

Currently near its 20-quarter median.

P/S · 4.5x5y range 4.0x – 7.1x

Currently near its 20-quarter median.

P/B · 3.7x5y range 2.2x – 3.7x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Watch

Operating margins declined 11.1% — watch for continued compression, which may signal competitive or cost pressure.

Revenue Decline

Red Flag

Revenue declined in 7 of the last 7 quarters — persistent contraction signals a fundamental problem.

Price & Volume

Market Cap $3.35B

Metrics at a Glance

as of March 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $749.98M
Q. Revenue: $185.40M
TTM EBITDA: $254.90M
TTM Op. Income: $67.55M
Q. Op. Income: $18.86M
TTM Net Income: $78.57M
Q. Net Income: $17.78M
EPS: $0.16
Shares Out.: $77.09M

$749.98M in TTM revenue declined 1.6% YoY, reaching $185.40M last quarter. TTM EBITDA of $254.90M and TTM operating income of $67.55M show growth is flowing through to the bottom line. TTM net income of $78.57M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has fallen for 7 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 71.9%
EBITDA Margin: 35.1%
Op. Margin: 10.2%
Net Margin: 9.6%

Op. margin of 10.2% is up 3.6% YoY — cost efficiency is improving. Net margin at 9.6% and gross margin of 71.9% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 54% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 42.6x
P/S Ratio: 4.5x
P/B Ratio: 3.7x

At 42.6x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 4.5x and P/B of 3.7x provide additional context. P/E sits above typical market levels while revenue growth is below 5%. Across the last 8 quarters, P/E has fallen for 2 consecutive quarters — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $5.03B
Cash: $27.65M
Long-Term Debt: N/A
Book Value: $912.76M
D/E Ratio: N/A
Debt/EBITDA: 0.0

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $87.44M
TTM Free Cash Flow: $296.86M
FCF Margin: 39.6%
FCF / Net Income: 3.8

TTM FCF of $296.86M on $87.44M in operating cash flow. The FCF / Net Income ratio of 3.8x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has fallen for 7 consecutive quarters — a weakening trend.