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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) 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 $111.5M, roughly 1.7× AVIAT NETWORKS, INC.). National Storage Affiliates Trust runs the higher net margin — 12.2% vs 5.1%, a 7.1% gap on every dollar of revenue. On growth, National Storage Affiliates Trust posted the faster year-over-year revenue change (-1.6% vs -5.7%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $22.5M). Over the past eight quarters, AVIAT NETWORKS, INC.'s revenue compounded faster (0.3% CAGR vs -2.4%).
Aviat Networks, Inc. is a global provider of microwave transport and backhaul solutions, providing public and private operators with communications infrastructure to serve telecommunications operators and enterprise customers.
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.
AVNW vs NSA — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $187.0M |
| Net Profit | $5.7M | $22.9M |
| Gross Margin | 32.4% | 72.5% |
| Operating Margin | 6.5% | 20.2% |
| Net Margin | 5.1% | 12.2% |
| Revenue YoY | -5.7% | -1.6% |
| Net Profit YoY | 27.2% | 36.8% |
| EPS (diluted) | $0.44 | $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 | $111.5M | $187.0M | ||
| Q3 25 | $107.3M | $188.7M | ||
| Q2 25 | $115.3M | $188.8M | ||
| Q1 25 | $112.6M | $188.4M | ||
| Q4 24 | $118.2M | $190.1M | ||
| Q3 24 | $88.4M | $193.6M | ||
| Q2 24 | $116.7M | $190.4M | ||
| Q1 24 | $110.8M | $196.1M |
| Q4 25 | $5.7M | $22.9M | ||
| Q3 25 | $162.0K | $18.4M | ||
| Q2 25 | $5.2M | $19.5M | ||
| Q1 25 | $3.5M | $13.0M | ||
| Q4 24 | $4.5M | $16.7M | ||
| Q3 24 | $-11.9M | $18.7M | ||
| Q2 24 | $1.5M | $17.1M | ||
| Q1 24 | $3.9M | $59.0M |
| Q4 25 | 32.4% | 72.5% | ||
| Q3 25 | 33.2% | 70.7% | ||
| Q2 25 | 34.2% | 70.5% | ||
| Q1 25 | 34.9% | 70.7% | ||
| Q4 24 | 34.6% | 72.5% | ||
| Q3 24 | 22.4% | 72.8% | ||
| Q2 24 | 35.3% | 72.6% | ||
| Q1 24 | 32.5% | 72.1% |
| Q4 25 | 6.5% | 20.2% | ||
| Q3 25 | 4.8% | 15.8% | ||
| Q2 25 | 7.7% | 16.5% | ||
| Q1 25 | 8.3% | 11.0% | ||
| Q4 24 | 6.7% | 14.5% | ||
| Q3 24 | -17.6% | 15.8% | ||
| Q2 24 | 4.7% | 17.2% | ||
| Q1 24 | 5.1% | 48.9% |
| Q4 25 | 5.1% | 12.2% | ||
| Q3 25 | 0.2% | 9.8% | ||
| Q2 25 | 4.5% | 10.3% | ||
| Q1 25 | 3.1% | 6.9% | ||
| Q4 24 | 3.8% | 8.8% | ||
| Q3 24 | -13.4% | 9.7% | ||
| Q2 24 | 1.3% | 9.0% | ||
| Q1 24 | 3.5% | 30.1% |
| Q4 25 | $0.44 | $0.23 | ||
| Q3 25 | $0.01 | $0.17 | ||
| Q2 25 | $0.42 | $0.19 | ||
| Q1 25 | $0.27 | $0.10 | ||
| Q4 24 | $0.35 | $0.19 | ||
| Q3 24 | $-0.94 | $0.18 | ||
| Q2 24 | $0.11 | $0.16 | ||
| Q1 24 | $0.30 | $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 | $86.5M | $23.3M |
| Total DebtLower is stronger | $105.4M | — |
| Stockholders' EquityBook value | $271.6M | $946.0M |
| Total Assets | $659.4M | $5.1B |
| Debt / EquityLower = less leverage | 0.39× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $23.3M | ||
| Q3 25 | $64.8M | $26.3M | ||
| Q2 25 | $59.7M | $26.1M | ||
| Q1 25 | $49.4M | $19.3M | ||
| Q4 24 | $52.6M | $50.4M | ||
| Q3 24 | $51.0M | $69.9M | ||
| Q2 24 | $64.6M | $59.0M | ||
| Q1 24 | $59.2M | $64.2M |
| Q4 25 | $105.4M | — | ||
| Q3 25 | $106.5M | — | ||
| Q2 25 | $87.6M | — | ||
| Q1 25 | $73.9M | — | ||
| Q4 24 | $74.9M | — | ||
| Q3 24 | $83.4M | — | ||
| Q2 24 | $48.4M | — | ||
| Q1 24 | $48.9M | — |
| Q4 25 | $271.6M | $946.0M | ||
| Q3 25 | $263.6M | $973.1M | ||
| Q2 25 | $263.2M | $1.0B | ||
| Q1 25 | $256.1M | $1.0B | ||
| Q4 24 | $249.6M | $1.1B | ||
| Q3 24 | $247.1M | $986.9M | ||
| Q2 24 | $255.9M | $1.2B | ||
| Q1 24 | $256.0M | $1.3B |
| Q4 25 | $659.4M | $5.1B | ||
| Q3 25 | $643.3M | $5.1B | ||
| Q2 25 | $633.3M | $5.2B | ||
| Q1 25 | $628.3M | $5.3B | ||
| Q4 24 | $594.1M | $5.4B | ||
| Q3 24 | $590.9M | $5.4B | ||
| Q2 24 | $535.2M | $5.3B | ||
| Q1 24 | $490.3M | $5.4B |
| Q4 25 | 0.39× | — | ||
| Q3 25 | 0.40× | — | ||
| Q2 25 | 0.33× | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | 0.30× | — | ||
| Q3 24 | 0.34× | — | ||
| Q2 24 | 0.19× | — | ||
| Q1 24 | 0.19× | — |
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 | $23.9M | $338.5M |
| Free Cash FlowOCF − Capex | $22.5M | $299.8M |
| FCF MarginFCF / Revenue | 20.2% | 160.3% |
| Capex IntensityCapex / Revenue | 1.3% | 20.7% |
| Cash ConversionOCF / Net Profit | 4.18× | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $338.5M | ||
| Q3 25 | $-11.7M | $100.2M | ||
| Q2 25 | $10.5M | $79.9M | ||
| Q1 25 | $1.6M | $85.6M | ||
| Q4 24 | $20.8M | $363.1M | ||
| Q3 24 | $-27.2M | $105.7M | ||
| Q2 24 | $8.3M | $83.2M | ||
| Q1 24 | $15.3M | $94.0M |
| Q4 25 | $22.5M | $299.8M | ||
| Q3 25 | $-13.5M | $88.0M | ||
| Q2 25 | $8.2M | $73.8M | ||
| Q1 25 | $-1.2M | $79.9M | ||
| Q4 24 | $18.3M | $344.4M | ||
| Q3 24 | $-32.6M | $101.8M | ||
| Q2 24 | $7.5M | $79.5M | ||
| Q1 24 | $14.8M | $88.6M |
| Q4 25 | 20.2% | 160.3% | ||
| Q3 25 | -12.6% | 46.6% | ||
| Q2 25 | 7.1% | 39.1% | ||
| Q1 25 | -1.0% | 42.4% | ||
| Q4 24 | 15.5% | 181.2% | ||
| Q3 24 | -36.8% | 52.6% | ||
| Q2 24 | 6.4% | 41.7% | ||
| Q1 24 | 13.4% | 45.2% |
| Q4 25 | 1.3% | 20.7% | ||
| Q3 25 | 1.6% | 6.5% | ||
| Q2 25 | 2.0% | 3.2% | ||
| Q1 25 | 2.5% | 3.0% | ||
| Q4 24 | 2.1% | 9.8% | ||
| Q3 24 | 6.1% | 2.0% | ||
| Q2 24 | 0.7% | 1.9% | ||
| Q1 24 | 0.4% | 2.7% |
| Q4 25 | 4.18× | 14.79× | ||
| Q3 25 | -72.48× | 5.44× | ||
| Q2 25 | 2.02× | 4.10× | ||
| Q1 25 | 0.46× | 6.59× | ||
| Q4 24 | 4.62× | 21.70× | ||
| Q3 24 | — | 5.65× | ||
| Q2 24 | 5.37× | 4.88× | ||
| Q1 24 | 3.96× | 1.59× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVNW
| Products | $81.2M | 73% |
| Services | $30.3M | 27% |
NSA
Segment breakdown not available.
