📊 NSA-PB Key Takeaways
Is NSA-PB a Good Investment? Thesis Analysis
National Storage Affiliates demonstrates solid operational efficiency with a strong 45% FCF margin and respectable 15.9% operating margin, supported by healthy interest coverage of 3.1x. However, revenue contraction of 2.3% YoY and declining diluted EPS despite net income growth suggest underlying operational challenges that warrant cautious positioning until stabilization is evident.
Why Buy NSA-PB? Key Strengths
- Exceptional free cash flow margin of 45.0% demonstrates strong cash generation relative to revenue
- Solid operating margin of 15.9% reflects efficient cost management in the REIT business model
- Healthy interest coverage ratio of 3.1x indicates adequate capacity to service debt obligations
- Moderate leverage at 0.92x debt-to-equity provides reasonable financial flexibility
NSA-PB Investment Risks to Consider
- Revenue declined 2.3% year-over-year, signaling potential market headwinds or operational challenges in the self-storage sector
- Diluted EPS fell 41.5% YoY despite 38.4% net income growth, indicating significant share dilution that negatively impacts per-share returns
- Low ROA of 1.5% and ROE of 7.8% suggest below-average returns on deployed capital for a capital-intensive REIT
- Limited cash position of $23.3M relative to $3.5B in liabilities constrains financial flexibility for unexpected challenges
Key Metrics to Watch
- Year-over-year revenue growth trajectory to confirm stabilization or recovery
- Operating margin sustainability and trends in occupancy rates within the self-storage portfolio
- Free cash flow generation and distribution capacity to unitholders
- Debt service coverage and refinancing requirements given $873.2M in long-term debt
NSA-PB Financial Metrics
💡 AI Analyst Insight
The 45.0% free cash flow margin provides substantial flexibility for dividends, buybacks, and strategic investments. The current ratio below 1.0x warrants monitoring of short-term liquidity.
NSA-PB Profitability Ratios
NSA-PB vs Default Sector
How National Storage Affiliates Trust compares to Default sector averages
Sector benchmarks are approximate industry averages. Actual sector performance may vary.
Is NSA-PB Overvalued or Undervalued?
Based on fundamental analysis, National Storage Affiliates Trust has mixed fundamental signals relative to the Default sector in 2026.
Note: This is a fundamental analysis based on SEC filings. For P/E ratio, price targets, and market-based valuation, consult financial data providers. This is not investment advice.
NSA-PB Balance Sheet & Liquidity
NSA-PB 5-Year Financial Trend & Growth Analysis
5-Year Trend Summary: National Storage Affiliates Trust's revenue has grown significantly by 47% over the 5-year period, indicating strong business expansion. The most recent EPS of $1.48 reflects profitable operations.
NSA-PB Growth Metrics (YoY)
NSA-PB Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $188.7M | $18.4M | $0.17 |
| Q2 2025 | $188.8M | $17.1M | $0.16 |
| Q1 2025 | $188.4M | $13.0M | $0.10 |
| Q3 2024 | $193.6M | $18.7M | $0.18 |
| Q2 2024 | $190.4M | $17.1M | $0.16 |
| Q1 2024 | $196.1M | $29.0M | $0.24 |
| Q3 2023 | $206.8M | $22.2M | $0.21 |
| Q2 2023 | $198.9M | $25.0M | $0.24 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
NSA-PB Capital Allocation
NSA-PB SEC 10-K & 10-Q Filing Analysis
Access official SEC EDGAR filings for National Storage Affiliates Trust (CIK: 0001618563)
📋 Recent SEC Filings
❓ Frequently Asked Questions about NSA-PB
What is the AI rating for NSA-PB?
National Storage Affiliates Trust (NSA-PB) has an AI rating of HOLD with 62% confidence, based on fundamental analysis of SEC EDGAR filings.
What are NSA-PB's key strengths?
Claude: Exceptional free cash flow margin of 45.0% demonstrates strong cash generation relative to revenue. Solid operating margin of 15.9% reflects efficient cost management in the REIT business model.
What are the risks of investing in NSA-PB?
Claude: Revenue declined 2.3% year-over-year, signaling potential market headwinds or operational challenges in the self-storage sector. Diluted EPS fell 41.5% YoY despite 38.4% net income growth, indicating significant share dilution that negatively impacts per-share returns.
What is NSA-PB's revenue and growth?
National Storage Affiliates Trust reported revenue of $752.9M.
Does NSA-PB pay dividends?
National Storage Affiliates Trust pays dividends, with $174.9M distributed to shareholders in the trailing twelve months.
Where can I find NSA-PB SEC filings?
Official SEC filings for National Storage Affiliates Trust (CIK: 0001618563) including 10-K, 10-Q, and 8-K reports are available on SEC EDGAR.
What is NSA-PB's EPS?
National Storage Affiliates Trust has a diluted EPS of $0.69.
How is the AI analysis conducted?
Two independent AI systems — Claude (Anthropic) and ChatGPT (OpenAI) — analyze SEC EDGAR filings including 10-K annual reports and 10-Q quarterly reports. Each AI evaluates financial health, profitability ratios, balance sheet strength, and growth metrics. The combined rating reflects both perspectives for balanced insights.
Is NSA-PB a good stock to buy right now?
Based on our AI fundamental analysis in April 2026, National Storage Affiliates Trust has a HOLD rating with 62% confidence. Review the strengths and risks sections above before making a decision. This is not investment advice.
Is NSA-PB stock overvalued or undervalued?
Valuation metrics for NSA-PB: ROE of 7.8% (sector avg: 15%), net margin of 9.8% (sector avg: 12%). Compare these metrics with sector averages to assess valuation.
Should I buy NSA-PB stock in 2026?
Our dual AI analysis gives National Storage Affiliates Trust a combined HOLD rating for 2026. Revenue is data pending, with profitability at or below sector average. Always conduct your own research.
What is NSA-PB's free cash flow?
National Storage Affiliates Trust's operating cash flow is $338.5M, with capital expenditures of N/A. FCF margin is 45.0%.
How does NSA-PB compare to other Default stocks?
Vs Default sector averages: Net margin 9.8% (avg: 12%), ROE 7.8% (avg: 15%), current ratio N/A (avg: 1.8).