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Side-by-side financial comparison of BLACKBERRY Ltd (BB) 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 $141.8M, roughly 1.3× BLACKBERRY Ltd). National Storage Affiliates Trust runs the higher net margin — 12.2% vs 9.7%, a 2.6% gap on every dollar of revenue. On growth, BLACKBERRY Ltd posted the faster year-over-year revenue change (-0.8% vs -1.6%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $17.4M). Over the past eight quarters, BLACKBERRY Ltd's revenue compounded faster (17.8% CAGR vs -2.4%).
BlackBerry Limited, formerly Research In Motion (RIM), is a Canadian software company specializing in secure communications and the Internet of Things (IoT). Founded in 1984, it developed the BlackBerry brand of two-way pagers, smartphones, and tablets. The company later transitioned to providing software and services and holds critical software application patents.
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.
BB vs NSA — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $141.8M | $187.0M |
| Net Profit | $13.7M | $22.9M |
| Gross Margin | 77.5% | 72.5% |
| Operating Margin | 8.4% | 20.2% |
| Net Margin | 9.7% | 12.2% |
| Revenue YoY | -0.8% | -1.6% |
| Net Profit YoY | 224.5% | 36.8% |
| EPS (diluted) | $0.02 | $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 | $141.8M | $187.0M | ||
| Q3 25 | $129.6M | $188.7M | ||
| Q2 25 | $121.7M | $188.8M | ||
| Q1 25 | $141.7M | $188.4M | ||
| Q4 24 | $143.6M | $190.1M | ||
| Q3 24 | $126.2M | $193.6M | ||
| Q2 24 | $123.4M | $190.4M | ||
| Q1 24 | $102.1M | $196.1M |
| Q4 25 | $13.7M | $22.9M | ||
| Q3 25 | $13.3M | $18.4M | ||
| Q2 25 | $1.9M | $19.5M | ||
| Q1 25 | $-7.4M | $13.0M | ||
| Q4 24 | $-10.5M | $16.7M | ||
| Q3 24 | $-19.7M | $18.7M | ||
| Q2 24 | $-41.4M | $17.1M | ||
| Q1 24 | $-56.2M | $59.0M |
| Q4 25 | 77.5% | 72.5% | ||
| Q3 25 | 74.5% | 70.7% | ||
| Q2 25 | 74.2% | 70.5% | ||
| Q1 25 | 73.5% | 70.7% | ||
| Q4 24 | 78.1% | 72.5% | ||
| Q3 24 | 70.2% | 72.8% | ||
| Q2 24 | 72.9% | 72.6% | ||
| Q1 24 | — | 72.1% |
| Q4 25 | 8.4% | 20.2% | ||
| Q3 25 | 8.9% | 15.8% | ||
| Q2 25 | 1.6% | 16.5% | ||
| Q1 25 | -5.6% | 11.0% | ||
| Q4 24 | 13.6% | 14.5% | ||
| Q3 24 | 1.7% | 15.8% | ||
| Q2 24 | -10.5% | 17.2% | ||
| Q1 24 | 50.0% | 48.9% |
| Q4 25 | 9.7% | 12.2% | ||
| Q3 25 | 10.3% | 9.8% | ||
| Q2 25 | 1.6% | 10.3% | ||
| Q1 25 | -5.2% | 6.9% | ||
| Q4 24 | -7.3% | 8.8% | ||
| Q3 24 | -15.6% | 9.7% | ||
| Q2 24 | -33.5% | 9.0% | ||
| Q1 24 | -55.0% | 30.1% |
| Q4 25 | $0.02 | $0.23 | ||
| Q3 25 | $0.02 | $0.17 | ||
| Q2 25 | $0.00 | $0.19 | ||
| Q1 25 | $-0.01 | $0.10 | ||
| Q4 24 | $-0.02 | $0.19 | ||
| Q3 24 | $-0.03 | $0.18 | ||
| Q2 24 | $-0.07 | $0.16 | ||
| Q1 24 | $-0.08 | $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 | $304.2M | $23.3M |
| Total DebtLower is stronger | $196.2M | — |
| Stockholders' EquityBook value | $741.1M | $946.0M |
| Total Assets | $1.2B | $5.1B |
| Debt / EquityLower = less leverage | 0.26× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $304.2M | $23.3M | ||
| Q3 25 | $290.5M | $26.3M | ||
| Q2 25 | $306.6M | $26.1M | ||
| Q1 25 | $337.8M | $19.3M | ||
| Q4 24 | $220.0M | $50.4M | ||
| Q3 24 | $211.0M | $69.9M | ||
| Q2 24 | $229.0M | $59.0M | ||
| Q1 24 | $237.1M | $64.2M |
| Q4 25 | $196.2M | — | ||
| Q3 25 | $195.9M | — | ||
| Q2 25 | $195.6M | — | ||
| Q1 25 | $195.3M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $194.1M | — |
| Q4 25 | $741.1M | $946.0M | ||
| Q3 25 | $725.1M | $973.1M | ||
| Q2 25 | $725.1M | $1.0B | ||
| Q1 25 | $719.9M | $1.0B | ||
| Q4 24 | $725.2M | $1.1B | ||
| Q3 24 | $732.1M | $986.9M | ||
| Q2 24 | $742.6M | $1.2B | ||
| Q1 24 | $775.1M | $1.3B |
| Q4 25 | $1.2B | $5.1B | ||
| Q3 25 | $1.2B | $5.1B | ||
| Q2 25 | $1.2B | $5.2B | ||
| Q1 25 | $1.3B | $5.3B | ||
| Q4 24 | $1.3B | $5.4B | ||
| Q3 24 | $1.3B | $5.4B | ||
| Q2 24 | $1.3B | $5.3B | ||
| Q1 24 | $1.4B | $5.4B |
| Q4 25 | 0.26× | — | ||
| Q3 25 | 0.27× | — | ||
| Q2 25 | 0.27× | — | ||
| Q1 25 | 0.27× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.25× | — |
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 | $18.3M | $338.5M |
| Free Cash FlowOCF − Capex | $17.4M | $299.8M |
| FCF MarginFCF / Revenue | 12.3% | 160.3% |
| Capex IntensityCapex / Revenue | 0.6% | 20.7% |
| Cash ConversionOCF / Net Profit | 1.34× | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $42.8M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $18.3M | $338.5M | ||
| Q3 25 | $3.9M | $100.2M | ||
| Q2 25 | $-18.0M | $79.9M | ||
| Q1 25 | $41.6M | $85.6M | ||
| Q4 24 | $6.0M | $363.1M | ||
| Q3 24 | $-16.0M | $105.7M | ||
| Q2 24 | $-15.1M | $83.2M | ||
| Q1 24 | $-15.5M | $94.0M |
| Q4 25 | $17.4M | $299.8M | ||
| Q3 25 | $3.1M | $88.0M | ||
| Q2 25 | $-18.9M | $73.8M | ||
| Q1 25 | $41.2M | $79.9M | ||
| Q4 24 | $5.2M | $344.4M | ||
| Q3 24 | $-16.5M | $101.8M | ||
| Q2 24 | $-16.5M | $79.5M | ||
| Q1 24 | $-17.6M | $88.6M |
| Q4 25 | 12.3% | 160.3% | ||
| Q3 25 | 2.4% | 46.6% | ||
| Q2 25 | -15.5% | 39.1% | ||
| Q1 25 | 29.1% | 42.4% | ||
| Q4 24 | 3.6% | 181.2% | ||
| Q3 24 | -13.1% | 52.6% | ||
| Q2 24 | -13.4% | 41.7% | ||
| Q1 24 | -17.2% | 45.2% |
| Q4 25 | 0.6% | 20.7% | ||
| Q3 25 | 0.6% | 6.5% | ||
| Q2 25 | 0.7% | 3.2% | ||
| Q1 25 | 0.3% | 3.0% | ||
| Q4 24 | 0.6% | 9.8% | ||
| Q3 24 | 0.4% | 2.0% | ||
| Q2 24 | 1.1% | 1.9% | ||
| Q1 24 | 2.1% | 2.7% |
| Q4 25 | 1.34× | 14.79× | ||
| Q3 25 | 0.29× | 5.44× | ||
| Q2 25 | -9.47× | 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
BB
| QNX | $68.7M | 48% |
| Secure Communication | $67.0M | 47% |
| Licensing | $6.1M | 4% |
NSA
Segment breakdown not available.
