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Side-by-side financial comparison of Bandwidth Inc. (BAND) and National Storage Affiliates Trust (NSA). Click either name above to swap in a different company.
Bandwidth Inc. is the larger business by last-quarter revenue ($208.8M vs $187.0M, roughly 1.1× National Storage Affiliates Trust). National Storage Affiliates Trust runs the higher net margin — 12.2% vs 1.9%, a 10.3% gap on every dollar of revenue. On growth, Bandwidth Inc. posted the faster year-over-year revenue change (20.1% vs -1.6%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $-1.0M). Over the past eight quarters, Bandwidth Inc.'s revenue compounded faster (9.7% CAGR vs -2.4%).
Bandwidth Inc. is a communications platform as a service company. It sells software application programming interfaces for voice, text messaging and emergency services, using its own global IP voice network.
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.
BAND vs NSA — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $208.8M | $187.0M |
| Net Profit | $4.0M | $22.9M |
| Gross Margin | 37.3% | 72.5% |
| Operating Margin | 60.5% | 20.2% |
| Net Margin | 1.9% | 12.2% |
| Revenue YoY | 20.1% | -1.6% |
| Net Profit YoY | 200.0% | 36.8% |
| EPS (diluted) | $-0.08 | $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.
| Q1 26 | $208.8M | — | ||
| Q4 25 | $207.7M | $187.0M | ||
| Q3 25 | $191.9M | $188.7M | ||
| Q2 25 | $180.0M | $188.8M | ||
| Q1 25 | $174.2M | $188.4M | ||
| Q4 24 | $210.0M | $190.1M | ||
| Q3 24 | $193.9M | $193.6M | ||
| Q2 24 | $173.6M | $190.4M |
| Q1 26 | $4.0M | — | ||
| Q4 25 | — | $22.9M | ||
| Q3 25 | $-1.2M | $18.4M | ||
| Q2 25 | $-4.9M | $19.5M | ||
| Q1 25 | $-3.7M | $13.0M | ||
| Q4 24 | — | $16.7M | ||
| Q3 24 | $413.0K | $18.7M | ||
| Q2 24 | $4.1M | $17.1M |
| Q1 26 | 37.3% | — | ||
| Q4 25 | 37.6% | 72.5% | ||
| Q3 25 | 38.5% | 70.7% | ||
| Q2 25 | 39.8% | 70.5% | ||
| Q1 25 | 41.0% | 70.7% | ||
| Q4 24 | 36.4% | 72.5% | ||
| Q3 24 | 37.7% | 72.8% | ||
| Q2 24 | 37.3% | 72.6% |
| Q1 26 | 60.5% | — | ||
| Q4 25 | -1.9% | 20.2% | ||
| Q3 25 | -1.0% | 15.8% | ||
| Q2 25 | -2.1% | 16.5% | ||
| Q1 25 | -2.7% | 11.0% | ||
| Q4 24 | -1.3% | 14.5% | ||
| Q3 24 | -0.5% | 15.8% | ||
| Q2 24 | -3.5% | 17.2% |
| Q1 26 | 1.9% | — | ||
| Q4 25 | — | 12.2% | ||
| Q3 25 | -0.6% | 9.8% | ||
| Q2 25 | -2.7% | 10.3% | ||
| Q1 25 | -2.1% | 6.9% | ||
| Q4 24 | — | 8.8% | ||
| Q3 24 | 0.2% | 9.7% | ||
| Q2 24 | 2.3% | 9.0% |
| Q1 26 | $-0.08 | — | ||
| Q4 25 | $-0.10 | $0.23 | ||
| Q3 25 | $-0.04 | $0.17 | ||
| Q2 25 | $-0.16 | $0.19 | ||
| Q1 25 | $-0.13 | $0.10 | ||
| Q4 24 | $0.27 | $0.19 | ||
| Q3 24 | $0.01 | $0.18 | ||
| Q2 24 | $-0.17 | $0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $47.3M | $23.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $405.7M | $946.0M |
| Total Assets | $984.2M | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $47.3M | — | ||
| Q4 25 | $111.3M | $23.3M | ||
| Q3 25 | $80.4M | $26.3M | ||
| Q2 25 | $68.1M | $26.1M | ||
| Q1 25 | $41.7M | $19.3M | ||
| Q4 24 | $83.8M | $50.4M | ||
| Q3 24 | $79.9M | $69.9M | ||
| Q2 24 | $76.4M | $59.0M |
| Q1 26 | $405.7M | — | ||
| Q4 25 | $400.0M | $946.0M | ||
| Q3 25 | $392.7M | $973.1M | ||
| Q2 25 | $384.5M | $1.0B | ||
| Q1 25 | $345.4M | $1.0B | ||
| Q4 24 | $312.5M | $1.1B | ||
| Q3 24 | $336.6M | $986.9M | ||
| Q2 24 | $307.4M | $1.2B |
| Q1 26 | $984.2M | — | ||
| Q4 25 | $1.1B | $5.1B | ||
| Q3 25 | $1.0B | $5.1B | ||
| Q2 25 | $1.0B | $5.2B | ||
| Q1 25 | $964.4M | $5.3B | ||
| Q4 24 | $989.2M | $5.4B | ||
| Q3 24 | $1.0B | $5.4B | ||
| Q2 24 | $1.0B | $5.3B |
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 | — | $338.5M |
| Free Cash FlowOCF − Capex | $-1.0M | $299.8M |
| FCF MarginFCF / Revenue | -0.5% | 160.3% |
| Capex IntensityCapex / Revenue | — | 20.7% |
| Cash ConversionOCF / Net Profit | — | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | — | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $38.6M | $338.5M | ||
| Q3 25 | $22.2M | $100.2M | ||
| Q2 25 | $31.7M | $79.9M | ||
| Q1 25 | $-3.1M | $85.6M | ||
| Q4 24 | $36.5M | $363.1M | ||
| Q3 24 | $20.5M | $105.7M | ||
| Q2 24 | $24.4M | $83.2M |
| Q1 26 | $-1.0M | — | ||
| Q4 25 | — | $299.8M | ||
| Q3 25 | — | $88.0M | ||
| Q2 25 | — | $73.8M | ||
| Q1 25 | — | $79.9M | ||
| Q4 24 | — | $344.4M | ||
| Q3 24 | — | $101.8M | ||
| Q2 24 | — | $79.5M |
| Q1 26 | -0.5% | — | ||
| Q4 25 | — | 160.3% | ||
| Q3 25 | — | 46.6% | ||
| Q2 25 | — | 39.1% | ||
| Q1 25 | — | 42.4% | ||
| Q4 24 | — | 181.2% | ||
| Q3 24 | — | 52.6% | ||
| Q2 24 | — | 41.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 20.7% | ||
| Q3 25 | — | 6.5% | ||
| Q2 25 | — | 3.2% | ||
| Q1 25 | — | 3.0% | ||
| Q4 24 | — | 9.8% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 1.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | 14.79× | ||
| Q3 25 | — | 5.44× | ||
| Q2 25 | — | 4.10× | ||
| Q1 25 | — | 6.59× | ||
| Q4 24 | — | 21.70× | ||
| Q3 24 | 49.55× | 5.65× | ||
| Q2 24 | 6.03× | 4.88× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
