NSA Stock Analysis: National Storage Affiliates | NYSE
REIT - Industrial | NYSE, USA | Market Cap: 6.692m USD | 12M Return: 45.4% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 41.8M
EPS Trend: -62.5%
Qual. Beats: 1
Rev. Trend: -94.5%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 10.5 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
National Storage Affiliates Trust (NYSE: NSA) is a Maryland-incorporated real estate investment trust (REIT) headquartered in Greenwood Village, Colorado. The company focuses on the ownership, operation, and acquisition of self-storage properties, predominantly located within the top 100 metropolitan statistical areas across the United States.
As of March 31, 2026, NSA held interests in and operated 1,061 self-storage properties across 37 states and Puerto Rico, totaling approximately 69.3 million rentable square feet (excluding three properties held for sale that were sold in April 2026). The company is one of the largest owners and operators of self-storage facilities among U.S. public and private companies.
NSA was incorporated in 2013 and completed its IPO on April 23, 2015. It operates within the Real Estate sector (GICS Sub-Industry: Self-Storage REITs). As a REIT, NSA is required to distribute the majority of its taxable income to shareholders in the form of dividends. The self-storage business model typically generates revenue through monthly rentals of storage units to residential and business customers, often featuring month-to-month lease terms.
- Same-store revenue growth slows as occupancy weakens
- Interest rate cuts lift self-storage REIT valuations
- Acquisition pipeline expands portfolio in top 100 metros
| Net Income: 78.6m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.06 > 0.02 and ΔFCF/TA 0.17 > 1.0 |
| NWC/Revenue: -63.56% < 20% (prev -63.58%; Δ 0.02% < -1%) |
| CFO/TA 0.07 > 3% & CFO 340.3m > Net Income 78.6m |
| Net Debt (3.43b) to EBITDA (474.2m): 7.24 < 3 |
| Current Ratio: 0.10 > 1.5 & < 3 |
| Outstanding Shares: last quarter (77.1m) vs 12m ago 0.94% < -2% |
| Gross Margin: 33.85% > 18% (prev 72.16%; Δ -38.31% > 0.5%) |
| Asset Turnover: 14.58% > 50% (prev 14.51%; Δ 0.07% > 0%) |
| Interest Coverage Ratio: 1.79 > 6 (EBIT TTM 286.9m / Interest Expense TTM 160.0m) |
| A: -0.09 (Total Current Assets 54.1m - Total Current Liabilities 530.8m) / Total Assets 5.03b |
| B: -0.14 (Retained Earnings -683.6m / Total Assets 5.03b) |
| C: 0.06 (EBIT TTM 286.9m / Avg Total Assets 5.14b) |
| D: 0.26 (Book Value of Equity 912.8m / Total Liabilities 3.56b) |
| Altman-Z'' = -0.42 = B |
| DSRI: 0.82 (Receivables 16.4m/20.3m, Revenue 750.0m/762.5m) |
| GMI: 2.13 (GM 72.16% / 33.85%) |
| AQI: 1.00 (AQ_t 0.98 / AQ_t-1 0.99) |
| SGI: 0.98 (Revenue 750.0m / 762.5m) |
| TATA: -0.05 (NI 78.6m - CFO 340.3m) / TA 5.03b) |
| Beneish M = -2.17 (Cap -4..+1) = BB |
As of July 23, 2026, the stock is trading at USD 43.41 with a total of 25,654,100 shares traded. Over the past week, the price has changed by -2.91%, over one month by -2.91%, over three months by +3.28% and over the past year by +45.41%.
Current recommended Stop Loss: 42.00 (which is 3.2% or 1.4 ATR below the current price).
National Storage Affiliates has received a consensus analysts rating of 2.53. Therefore, it is recommended to hold NSA.
- StrongBuy: 1
- Buy: 0
- Hold: 9
- Sell: 1
- StrongSell: 4
| Analysts Target Price | 44.3 | 2% |
P/E Trailing = 60.6
P/E Forward = 74.0741
P/S = 8.9278
P/B = 6.1981
P/EG = 1.6648
Revenue TTM = 750.0m USD
EBIT TTM = 286.9m USD
EBITDA TTM = 474.2m USD
Long Term Debt = 3.00b USD (from longTermDebt, last quarter)
Short Term Debt = 412.4m USD (from shortTermDebt, last quarter)
Debt = 3.46b USD (from shortLongTermDebtTotal, last quarter) + Leases 22.3m
Net Debt = 3.43b USD (calculated: Debt 3.46b - CCE 27.6m)
Enterprise Value = 10.1b USD (6.69b + Debt 3.46b - CCE 27.6m)
Interest Coverage Ratio = 1.79 (Ebit TTM 286.9m / Interest Expense TTM 160.0m)
EV/FCF = 34.11x (Enterprise Value 10.1b / FCF TTM 296.8m)
FCF Yield = 2.93% (FCF TTM 296.8m / Enterprise Value 10.1b)
FCF Margin = 39.58% (FCF TTM 296.8m / Revenue TTM 750.0m)
Net Margin = 10.48% (Net Income TTM 78.6m / Revenue TTM 750.0m)
Gross Margin = 33.85% ((Revenue TTM 750.0m - Cost of Revenue TTM 496.1m) / Revenue TTM)
Gross Margin QoQ = 22.16% (prev -28.74%)
Tobins Q-Ratio = 2.01 (Enterprise Value 10.1b / Total Assets 5.03b)
Interest Expense / Debt = 4.62% (Interest Expense 160.0m / Debt 3.46b)
Taxrate = 1.94% (2.46m / 126.9m)
NOPAT = 281.3m (EBIT 286.9m * (1 - 1.94%))
Current Ratio = 0.10 (Total Current Assets 54.1m / Total Current Liabilities 530.8m)
Debt / Equity = 3.79 (Debt 3.46b / totalStockholderEquity, last quarter 912.8m)
Debt / EBITDA = 7.24 (Net Debt 3.43b / EBITDA 474.2m)
Debt / FCF = 11.57 (Net Debt 3.43b / FCF TTM 296.8m)
Total Stockholder Equity = 958.5m (last 4 quarters mean from totalStockholderEquity)
RoA = 1.53% (Net Income 78.6m / Total Assets 5.03b)
RoE = 8.20% (Net Income TTM 78.6m / Total Stockholder Equity 958.5m)
RoCE = 7.24% (EBIT 286.9m / Capital Employed (Equity 958.5m + L.T.Debt 3.00b))
RoIC = 5.76% (NOPAT 281.3m / Invested Capital 4.89b)
WACC = 5.37% (E(6.69b)/V(10.2b) * Re(5.81%) + D(3.46b)/V(10.2b) * Rd(4.62%) * (1-Tc(0.02)))
Discount Rate = 5.81% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -68.48 | Cagr: -23.61%
[DCF] Terminal Value 75.24% ; FCFF base≈298.6m ; Y1≈296.2m ; Y5≈306.3m
[DCF] Fair Price = 17.30 (EV 4.78b - Net Debt 3.43b = Equity 1.34b / Shares 77.6m; r=8.35% [WACC [floored]]; 5y FCF grow -1.43% → 2.50% )
EPS Correlation: -62.54 | EPS CAGR: -20.46% | SUE: 1.37 | # QB: 1
Revenue Correlation: -94.50 | Revenue CAGR: -5.72% | SUE: -0.21 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.07 | Chg30d=+0.00% | Revisions=-25% | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.08 | Chg30d=+0.00% | Revisions=-25% | Analysts=1
EPS current Year (2026-12-31): EPS=0.33 | Chg30d=+0.00% | Revisions=-25% | GrowthEPS=-48.9% | GrowthRev=+0.5%
EPS next Year (2027-12-31): EPS=0.37 | Chg30d=+0.00% | Revisions=-25% | GrowthEPS=+13.1% | GrowthRev=+2.1%
[Analyst] Revisions Ratio: -57% (up=0, down=4)