(NSA) National Storage Affiliates - Overview
Sector: Real Estate | Industry: REIT - Industrial | Exchange: NYSE (USA) | Market Cap: 6.038m USD | Total Return: 34.5% in 12m
Avg Turnover: 38.0M
EPS Trend: -65.1%
Qual. Beats: 0
Rev. Trend: -94.5%
Qual. Beats: 0
Warnings
High Debt/EBITDA (7.2) with thin interest coverage (1.8)
Altman Z'' -0.89 < 1.0 - financial distress zone
Below Avwap Earnings
Tailwinds
No distinct edge detected
National Storage Affiliates Trust (NSA) is a Maryland-incorporated Real Estate Investment Trust (REIT) focused on the self-storage sector. Headquartered in Colorado, the firm specializes in acquiring and managing properties within the top 100 U.S. metropolitan statistical areas. As of late 2025, the company’s portfolio spanned 37 states and Puerto Rico, comprising over 1,000 properties and approximately 69.4 million rentable square feet.
The self-storage business model relies on low capital expenditure requirements and high operating margins compared to other real estate asset classes. NSA utilizes a decentralized structure, often partnering with regional operators to maintain local market expertise while leveraging institutional-scale platforms. This sector typically benefits from sticky demand driven by life transitions such as moving, downsizing, or organizational changes.
Investors may find additional performance metrics and historical valuation trends for this REIT on ValueRay.
- Interest rate fluctuations impact mortgage debt servicing and acquisition financing costs
- Occupancy levels in top 100 metropolitan markets drive rental revenue growth
- Strategic property acquisitions and portfolio expansion increase total rentable square footage
- Consumer moving trends and housing market turnover dictate self-storage demand cycles
- Operating margin stability depends on property tax assessments and labor cost management
| 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 0.72%; Δ 3.31k% > 0.5%) |
| Asset Turnover: 14.58% > 50% (prev 14.51%; Δ 0.07% > 0%) |
| Interest Coverage Ratio: 1.79 > 6 (EBITDA TTM 474.2m / 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: -0.19 (Book Value of Equity -676.6m / Total Liabilities 3.56b) |
| Altman-Z'' = -0.89 = CCC |
| DSRI: 0.82 (Receivables 16.4m/20.3m, Revenue 750.0m/762.5m) |
| GMI: 2.13 (GM 33.85% / 72.16%) |
| 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 = -2.21 (Cap -4..+1) = BB |
As of May 24, 2026, the stock is trading at USD 42.78 with a total of 487,331 shares traded.
Over the past week, the price has changed by +4.12%,
over one month by -2.06%,
over three months by +24.39% and
over the past year by +34.52%.
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 | 41 | -4.2% |
P/E Forward = 74.0741
P/S = 8.0559
P/B = 5.6307
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 = 9.47b USD (6.04b + Debt 3.46b - CCE 27.6m)
Interest Coverage Ratio = 1.79 (Ebit TTM 286.9m / Interest Expense TTM 160.0m)
EV/FCF = 31.91x (Enterprise Value 9.47b / FCF TTM 296.8m)
FCF Yield = 3.13% (FCF TTM 296.8m / Enterprise Value 9.47b)
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 = 1.88 (Enterprise Value 9.47b / Total Assets 5.03b)
Interest Expense / Debt = 4.62% (Interest Expense 160.0m / Debt 3.46b)
Taxrate = 1.70% (479k / 28.2m)
NOPAT = 282.0m (EBIT 286.9m * (1 - 1.70%))
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 = 4.78% (Net Income TTM 78.6m / Total Stockholder Equity 1.64b)
RoCE = 6.17% (EBIT 286.9m / Capital Employed (Equity 1.64b + L.T.Debt 3.00b))
RoIC = 5.74% (NOPAT 282.0m / Invested Capital 4.92b)
WACC = 5.70% (E(6.04b)/V(9.50b) * Re(6.36%) + D(3.46b)/V(9.50b) * Rd(4.62%) * (1-Tc(0.02)))
Discount Rate = 6.36% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 11.11 | Cagr: -23.61%
[DCF] Terminal Value 75.24% ; FCFF base≈298.6m ; Y1≈296.2m ; Y5≈306.3m
[DCF] Fair Price = 17.39 (EV 4.78b - Net Debt 3.43b = Equity 1.34b / Shares 77.2m; r=8.35% [WACC [floored]]; 5y FCF grow -1.43% → 2.50% )
EPS Correlation: -65.08 | EPS CAGR: -23.99% | SUE: 0.44 | # QB: 0
Revenue Correlation: -94.50 | Revenue CAGR: -5.72% | SUE: -0.21 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.07 | Chg30d=-23.66% | Revisions=-20% | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.08 | Chg30d=-13.82% | Revisions=-20% | Analysts=1
EPS current Year (2026-12-31): EPS=0.33 | Chg30d=-1.55% | Revisions=-20% | GrowthEPS=-48.9% | GrowthRev=-3.0%
EPS next Year (2027-12-31): EPS=0.37 | Chg30d=-0.93% | Revisions=-20% | GrowthEPS=+13.1% | GrowthRev=+4.8%
[Analyst] Revisions Ratio: -20%