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Side-by-side financial comparison of BLACKLINE, INC. (BL) 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 $183.2M, roughly 1.0× BLACKLINE, INC.). National Storage Affiliates Trust runs the higher net margin — 12.2% vs 2.7%, a 9.6% gap on every dollar of revenue. On growth, BLACKLINE, INC. posted the faster year-over-year revenue change (8.1% vs -1.6%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $26.1M). Over the past eight quarters, BLACKLINE, INC.'s revenue compounded faster (7.9% CAGR vs -2.4%).
BlackLine Systems, Inc., is an American enterprise software company that develops cloud-based services designed to automate and manage the entire financial close process as well as consolidation, invoice-to-cash, and intercompany accounting. The Los Angeles–based company has 17 offices worldwide.
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.
BL vs NSA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $183.2M | $187.0M |
| Net Profit | $4.9M | $22.9M |
| Gross Margin | 75.2% | 72.5% |
| Operating Margin | 3.7% | 20.2% |
| Net Margin | 2.7% | 12.2% |
| Revenue YoY | 8.1% | -1.6% |
| Net Profit YoY | -91.3% | 36.8% |
| EPS (diluted) | $0.07 | $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 | $183.2M | $187.0M | ||
| Q3 25 | $178.3M | $188.7M | ||
| Q2 25 | $172.0M | $188.8M | ||
| Q1 25 | $166.9M | $188.4M | ||
| Q4 24 | $169.5M | $190.1M | ||
| Q3 24 | $165.9M | $193.6M | ||
| Q2 24 | $160.5M | $190.4M | ||
| Q1 24 | $157.5M | $196.1M |
| Q4 25 | $4.9M | $22.9M | ||
| Q3 25 | $5.3M | $18.4M | ||
| Q2 25 | $8.3M | $19.5M | ||
| Q1 25 | $6.1M | $13.0M | ||
| Q4 24 | $56.4M | $16.7M | ||
| Q3 24 | $17.2M | $18.7M | ||
| Q2 24 | $76.7M | $17.1M | ||
| Q1 24 | $10.8M | $59.0M |
| Q4 25 | 75.2% | 72.5% | ||
| Q3 25 | 75.1% | 70.7% | ||
| Q2 25 | 75.2% | 70.5% | ||
| Q1 25 | 75.5% | 70.7% | ||
| Q4 24 | 75.6% | 72.5% | ||
| Q3 24 | 75.2% | 72.8% | ||
| Q2 24 | 74.9% | 72.6% | ||
| Q1 24 | 75.2% | 72.1% |
| Q4 25 | 3.7% | 20.2% | ||
| Q3 25 | 4.3% | 15.8% | ||
| Q2 25 | 4.4% | 16.5% | ||
| Q1 25 | 2.1% | 11.0% | ||
| Q4 24 | 3.7% | 14.5% | ||
| Q3 24 | 5.0% | 15.8% | ||
| Q2 24 | 1.4% | 17.2% | ||
| Q1 24 | 1.1% | 48.9% |
| Q4 25 | 2.7% | 12.2% | ||
| Q3 25 | 3.0% | 9.8% | ||
| Q2 25 | 4.8% | 10.3% | ||
| Q1 25 | 3.6% | 6.9% | ||
| Q4 24 | 33.3% | 8.8% | ||
| Q3 24 | 10.4% | 9.7% | ||
| Q2 24 | 47.8% | 9.0% | ||
| Q1 24 | 6.9% | 30.1% |
| Q4 25 | $0.07 | $0.23 | ||
| Q3 25 | $0.09 | $0.17 | ||
| Q2 25 | $0.13 | $0.19 | ||
| Q1 25 | $0.10 | $0.10 | ||
| Q4 24 | $0.79 | $0.19 | ||
| Q3 24 | $0.27 | $0.18 | ||
| Q2 24 | $0.22 | $0.16 | ||
| Q1 24 | $0.17 | $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 | $390.0M | $23.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $332.3M | $946.0M |
| Total Assets | $1.8B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $390.0M | $23.3M | ||
| Q3 25 | $419.9M | $26.3M | ||
| Q2 25 | $459.1M | $26.1M | ||
| Q1 25 | $479.5M | $19.3M | ||
| Q4 24 | $885.9M | $50.4M | ||
| Q3 24 | $725.3M | $69.9M | ||
| Q2 24 | $616.6M | $59.0M | ||
| Q1 24 | $331.4M | $64.2M |
| Q4 25 | $332.3M | $946.0M | ||
| Q3 25 | $328.3M | $973.1M | ||
| Q2 25 | $414.0M | $1.0B | ||
| Q1 25 | $417.9M | $1.0B | ||
| Q4 24 | $446.7M | $1.1B | ||
| Q3 24 | $367.9M | $986.9M | ||
| Q2 24 | $325.8M | $1.2B | ||
| Q1 24 | $279.8M | $1.3B |
| Q4 25 | $1.8B | $5.1B | ||
| Q3 25 | $1.7B | $5.1B | ||
| Q2 25 | $1.8B | $5.2B | ||
| Q1 25 | $1.8B | $5.3B | ||
| Q4 24 | $1.8B | $5.4B | ||
| Q3 24 | $1.7B | $5.4B | ||
| Q2 24 | $1.9B | $5.3B | ||
| Q1 24 | $2.1B | $5.4B |
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 | $26.7M | $338.5M |
| Free Cash FlowOCF − Capex | $26.1M | $299.8M |
| FCF MarginFCF / Revenue | 14.2% | 160.3% |
| Capex IntensityCapex / Revenue | 0.3% | 20.7% |
| Cash ConversionOCF / Net Profit | 5.46× | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $161.5M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.7M | $338.5M | ||
| Q3 25 | $63.8M | $100.2M | ||
| Q2 25 | $32.3M | $79.9M | ||
| Q1 25 | $46.7M | $85.6M | ||
| Q4 24 | $43.8M | $363.1M | ||
| Q3 24 | $55.9M | $105.7M | ||
| Q2 24 | $40.7M | $83.2M | ||
| Q1 24 | $50.4M | $94.0M |
| Q4 25 | $26.1M | $299.8M | ||
| Q3 25 | $63.3M | $88.0M | ||
| Q2 25 | $31.4M | $73.8M | ||
| Q1 25 | $40.8M | $79.9M | ||
| Q4 24 | $43.0M | $344.4M | ||
| Q3 24 | $55.5M | $101.8M | ||
| Q2 24 | $40.0M | $79.5M | ||
| Q1 24 | $50.1M | $88.6M |
| Q4 25 | 14.2% | 160.3% | ||
| Q3 25 | 35.5% | 46.6% | ||
| Q2 25 | 18.2% | 39.1% | ||
| Q1 25 | 24.4% | 42.4% | ||
| Q4 24 | 25.4% | 181.2% | ||
| Q3 24 | 33.5% | 52.6% | ||
| Q2 24 | 24.9% | 41.7% | ||
| Q1 24 | 31.8% | 45.2% |
| Q4 25 | 0.3% | 20.7% | ||
| Q3 25 | 0.3% | 6.5% | ||
| Q2 25 | 0.6% | 3.2% | ||
| Q1 25 | 3.6% | 3.0% | ||
| Q4 24 | 0.4% | 9.8% | ||
| Q3 24 | 0.2% | 2.0% | ||
| Q2 24 | 0.4% | 1.9% | ||
| Q1 24 | 0.2% | 2.7% |
| Q4 25 | 5.46× | 14.79× | ||
| Q3 25 | 12.07× | 5.44× | ||
| Q2 25 | 3.90× | 4.10× | ||
| Q1 25 | 7.72× | 6.59× | ||
| Q4 24 | 0.78× | 21.70× | ||
| Q3 24 | 3.24× | 5.65× | ||
| Q2 24 | 0.53× | 4.88× | ||
| Q1 24 | 4.66× | 1.59× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BL
| Subscription And Circulation | $173.2M | 95% |
| Technology Service | $10.0M | 5% |
NSA
Segment breakdown not available.
