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Side-by-side financial comparison of Powerfleet, Inc. (AIOT) and National Storage Affiliates Trust (NSA). Click either name above to swap in a different company.
National Storage Affiliates Trust is the larger business by last-quarter revenue ($187.0M vs $113.5M, roughly 1.6× Powerfleet, Inc.). National Storage Affiliates Trust runs the higher net margin — 12.2% vs -3.0%, a 15.2% gap on every dollar of revenue. On growth, Powerfleet, Inc. posted the faster year-over-year revenue change (6.6% vs -1.6%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $4.9M). Over the past eight quarters, Powerfleet, Inc.'s revenue compounded faster (81.2% CAGR vs -2.4%).
Powerfleet, Inc. is an American company headquartered in Woodcliff Lake, New Jersey, that operates as a global provider of IoT and M2M solutions for securing, controlling, and tracking high-value enterprise assets. The company is a provider in the international telematics industry, providing fleet management, asset tracking, freight visibility, and driver behavior monitoring for industrial trucks, vehicle fleets, and shipping containers.
National Storage Affiliates Trust is a U.S.-headquartered real estate investment trust focused on self-storage assets. It owns, operates and acquires self-storage facilities across dozens of U.S. states, offering secure storage solutions for residential and commercial customers.
AIOT vs NSA — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $113.5M | $187.0M |
| Net Profit | $-3.4M | $22.9M |
| Gross Margin | 55.2% | 72.5% |
| Operating Margin | 5.6% | 20.2% |
| Net Margin | -3.0% | 12.2% |
| Revenue YoY | 6.6% | -1.6% |
| Net Profit YoY | 76.6% | 36.8% |
| EPS (diluted) | $-0.03 | $0.23 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $113.5M | $187.0M | ||
| Q3 25 | $111.7M | $188.7M | ||
| Q2 25 | $104.1M | $188.8M | ||
| Q1 25 | $103.6M | $188.4M | ||
| Q4 24 | $106.4M | $190.1M | ||
| Q3 24 | $77.0M | $193.6M | ||
| Q2 24 | $75.4M | $190.4M | ||
| Q1 24 | — | $196.1M |
| Q4 25 | $-3.4M | $22.9M | ||
| Q3 25 | $-4.3M | $18.4M | ||
| Q2 25 | $-10.2M | $19.5M | ||
| Q1 25 | $-12.4M | $13.0M | ||
| Q4 24 | $-14.3M | $16.7M | ||
| Q3 24 | $-1.9M | $18.7M | ||
| Q2 24 | $-22.3M | $17.1M | ||
| Q1 24 | — | $59.0M |
| Q4 25 | 55.2% | 72.5% | ||
| Q3 25 | 56.0% | 70.7% | ||
| Q2 25 | 54.2% | 70.5% | ||
| Q1 25 | 52.8% | 70.7% | ||
| Q4 24 | 55.2% | 72.5% | ||
| Q3 24 | 53.7% | 72.8% | ||
| Q2 24 | 52.6% | 72.6% | ||
| Q1 24 | — | 72.1% |
| Q4 25 | 5.6% | 20.2% | ||
| Q3 25 | 3.8% | 15.8% | ||
| Q2 25 | -2.0% | 16.5% | ||
| Q1 25 | -6.7% | 11.0% | ||
| Q4 24 | -1.2% | 14.5% | ||
| Q3 24 | 0.7% | 15.8% | ||
| Q2 24 | -24.2% | 17.2% | ||
| Q1 24 | — | 48.9% |
| Q4 25 | -3.0% | 12.2% | ||
| Q3 25 | -3.8% | 9.8% | ||
| Q2 25 | -9.8% | 10.3% | ||
| Q1 25 | -12.0% | 6.9% | ||
| Q4 24 | -13.5% | 8.8% | ||
| Q3 24 | -2.5% | 9.7% | ||
| Q2 24 | -29.6% | 9.0% | ||
| Q1 24 | — | 30.1% |
| Q4 25 | $-0.03 | $0.23 | ||
| Q3 25 | $-0.03 | $0.17 | ||
| Q2 25 | $-0.08 | $0.19 | ||
| Q1 25 | $-0.09 | $0.10 | ||
| Q4 24 | $-0.11 | $0.19 | ||
| Q3 24 | $-0.02 | $0.18 | ||
| Q2 24 | $-0.21 | $0.16 | ||
| Q1 24 | — | $0.65 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $31.2M | $23.3M |
| Total DebtLower is stronger | $237.8M | — |
| Stockholders' EquityBook value | $485.0M | $946.0M |
| Total Assets | $959.5M | $5.1B |
| Debt / EquityLower = less leverage | 0.49× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $31.2M | $23.3M | ||
| Q3 25 | $27.9M | $26.3M | ||
| Q2 25 | $31.2M | $26.1M | ||
| Q1 25 | $44.4M | $19.3M | ||
| Q4 24 | $33.6M | $50.4M | ||
| Q3 24 | $26.0M | $69.9M | ||
| Q2 24 | $30.2M | $59.0M | ||
| Q1 24 | — | $64.2M |
| Q4 25 | $237.8M | — | ||
| Q3 25 | $238.2M | — | ||
| Q2 25 | $239.0M | — | ||
| Q1 25 | $237.5M | — | ||
| Q4 24 | $238.5M | — | ||
| Q3 24 | $113.6M | — | ||
| Q2 24 | $113.7M | — | ||
| Q1 24 | — | — |
| Q4 25 | $485.0M | $946.0M | ||
| Q3 25 | $468.8M | $973.1M | ||
| Q2 25 | $460.7M | $1.0B | ||
| Q1 25 | $446.6M | $1.0B | ||
| Q4 24 | $458.4M | $1.1B | ||
| Q3 24 | $451.0M | $986.9M | ||
| Q2 24 | $390.4M | $1.2B | ||
| Q1 24 | — | $1.3B |
| Q4 25 | $959.5M | $5.1B | ||
| Q3 25 | $936.9M | $5.1B | ||
| Q2 25 | $930.8M | $5.2B | ||
| Q1 25 | $910.1M | $5.3B | ||
| Q4 24 | $908.7M | $5.4B | ||
| Q3 24 | $748.3M | $5.4B | ||
| Q2 24 | $684.9M | $5.3B | ||
| Q1 24 | — | $5.4B |
| Q4 25 | 0.49× | — | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.53× | — | ||
| Q4 24 | 0.52× | — | ||
| Q3 24 | 0.25× | — | ||
| Q2 24 | 0.29× | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $10.2M | $338.5M |
| Free Cash FlowOCF − Capex | $4.9M | $299.8M |
| FCF MarginFCF / Revenue | 4.4% | 160.3% |
| Capex IntensityCapex / Revenue | 4.6% | 20.7% |
| Cash ConversionOCF / Net Profit | — | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $12.9M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $10.2M | $338.5M | ||
| Q3 25 | $5.5M | $100.2M | ||
| Q2 25 | $4.7M | $79.9M | ||
| Q1 25 | $13.5M | $85.6M | ||
| Q4 24 | $-6.1M | $363.1M | ||
| Q3 24 | $-3.2M | $105.7M | ||
| Q2 24 | $-7.6M | $83.2M | ||
| Q1 24 | — | $94.0M |
| Q4 25 | $4.9M | $299.8M | ||
| Q3 25 | $1.2M | $88.0M | ||
| Q2 25 | $-3.4M | $73.8M | ||
| Q1 25 | $10.1M | $79.9M | ||
| Q4 24 | $-12.2M | $344.4M | ||
| Q3 24 | $-8.0M | $101.8M | ||
| Q2 24 | $-13.2M | $79.5M | ||
| Q1 24 | — | $88.6M |
| Q4 25 | 4.4% | 160.3% | ||
| Q3 25 | 1.1% | 46.6% | ||
| Q2 25 | -3.3% | 39.1% | ||
| Q1 25 | 9.8% | 42.4% | ||
| Q4 24 | -11.5% | 181.2% | ||
| Q3 24 | -10.4% | 52.6% | ||
| Q2 24 | -17.5% | 41.7% | ||
| Q1 24 | — | 45.2% |
| Q4 25 | 4.6% | 20.7% | ||
| Q3 25 | 3.9% | 6.5% | ||
| Q2 25 | 7.8% | 3.2% | ||
| Q1 25 | 3.3% | 3.0% | ||
| Q4 24 | 5.8% | 9.8% | ||
| Q3 24 | 6.3% | 2.0% | ||
| Q2 24 | 7.4% | 1.9% | ||
| Q1 24 | — | 2.7% |
| Q4 25 | — | 14.79× | ||
| Q3 25 | — | 5.44× | ||
| Q2 25 | — | 4.10× | ||
| Q1 25 | — | 6.59× | ||
| Q4 24 | — | 21.70× | ||
| Q3 24 | — | 5.65× | ||
| Q2 24 | — | 4.88× | ||
| Q1 24 | — | 1.59× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AIOT
| Services | $91.1M | 80% |
| Products | $22.4M | 20% |
NSA
Segment breakdown not available.
