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Side-by-side financial comparison of BRC Inc. (BRCC) 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 $112.7M, roughly 1.7× BRC Inc.). National Storage Affiliates Trust runs the higher net margin — 12.2% vs -2.8%, a 15.1% gap on every dollar of revenue. On growth, BRC Inc. posted the faster year-over-year revenue change (6.5% vs -1.6%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $-9.4M). Over the past eight quarters, BRC Inc.'s revenue compounded faster (7.0% CAGR vs -2.4%).
BRC Inc., operating under the Black Rifle Coffee brand, is a U.S.-headquartered premium coffee and lifestyle brand. It sells roasted coffee beans, ready-to-drink coffee products, branded apparel, and outdoor gear, targeting primarily veteran, first responder, and outdoor enthusiast consumer segments across North America, via both e-commerce and physical retail channels.
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.
BRCC vs NSA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $112.7M | $187.0M |
| Net Profit | $-3.2M | $22.9M |
| Gross Margin | 32.1% | 72.5% |
| Operating Margin | -6.3% | 20.2% |
| Net Margin | -2.8% | 12.2% |
| Revenue YoY | 6.5% | -1.6% |
| Net Profit YoY | -29.3% | 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 | $112.7M | $187.0M | ||
| Q3 25 | $100.7M | $188.7M | ||
| Q2 25 | $94.8M | $188.8M | ||
| Q1 25 | $90.0M | $188.4M | ||
| Q4 24 | $105.9M | $190.1M | ||
| Q3 24 | $98.2M | $193.6M | ||
| Q2 24 | $89.0M | $190.4M | ||
| Q1 24 | $98.4M | $196.1M |
| Q4 25 | $-3.2M | $22.9M | ||
| Q3 25 | $-486.0K | $18.4M | ||
| Q2 25 | $-5.3M | $19.5M | ||
| Q1 25 | $-2.9M | $13.0M | ||
| Q4 24 | $-2.5M | $16.7M | ||
| Q3 24 | $-535.0K | $18.7M | ||
| Q2 24 | $-482.0K | $17.1M | ||
| Q1 24 | $548.0K | $59.0M |
| Q4 25 | 32.1% | 72.5% | ||
| Q3 25 | 36.9% | 70.7% | ||
| Q2 25 | 33.9% | 70.5% | ||
| Q1 25 | 36.1% | 70.7% | ||
| Q4 24 | 38.1% | 72.5% | ||
| Q3 24 | 42.1% | 72.8% | ||
| Q2 24 | 41.9% | 72.6% | ||
| Q1 24 | 42.9% | 72.1% |
| Q4 25 | -6.3% | 20.2% | ||
| Q3 25 | 0.5% | 15.8% | ||
| Q2 25 | -13.3% | 16.5% | ||
| Q1 25 | -6.0% | 11.0% | ||
| Q4 24 | -2.1% | 14.5% | ||
| Q3 24 | 1.1% | 15.8% | ||
| Q2 24 | 1.1% | 17.2% | ||
| Q1 24 | 4.0% | 48.9% |
| Q4 25 | -2.8% | 12.2% | ||
| Q3 25 | -0.5% | 9.8% | ||
| Q2 25 | -5.6% | 10.3% | ||
| Q1 25 | -3.2% | 6.9% | ||
| Q4 24 | -2.3% | 8.8% | ||
| Q3 24 | -0.5% | 9.7% | ||
| Q2 24 | -0.5% | 9.0% | ||
| Q1 24 | 0.6% | 30.1% |
| Q4 25 | $-0.02 | $0.23 | ||
| Q3 25 | $0.00 | $0.17 | ||
| Q2 25 | $-0.07 | $0.19 | ||
| Q1 25 | $-0.04 | $0.10 | ||
| Q4 24 | $-0.03 | $0.19 | ||
| Q3 24 | $-0.01 | $0.18 | ||
| Q2 24 | $-0.01 | $0.16 | ||
| Q1 24 | $0.01 | $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 | $4.3M | $23.3M |
| Total DebtLower is stronger | $34.7M | — |
| Stockholders' EquityBook value | $45.7M | $946.0M |
| Total Assets | $209.2M | $5.1B |
| Debt / EquityLower = less leverage | 0.76× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.3M | $23.3M | ||
| Q3 25 | $9.5M | $26.3M | ||
| Q2 25 | $4.3M | $26.1M | ||
| Q1 25 | $3.9M | $19.3M | ||
| Q4 24 | $6.8M | $50.4M | ||
| Q3 24 | $7.3M | $69.9M | ||
| Q2 24 | $9.6M | $59.0M | ||
| Q1 24 | $4.0M | $64.2M |
| Q4 25 | $34.7M | — | ||
| Q3 25 | $35.0M | — | ||
| Q2 25 | $72.7M | — | ||
| Q1 25 | $68.8M | — | ||
| Q4 24 | $65.1M | — | ||
| Q3 24 | $64.9M | — | ||
| Q2 24 | $66.5M | — | ||
| Q1 24 | $61.5M | — |
| Q4 25 | $45.7M | $946.0M | ||
| Q3 25 | $48.0M | $973.1M | ||
| Q2 25 | $10.1M | $1.0B | ||
| Q1 25 | $11.2M | $1.0B | ||
| Q4 24 | $13.2M | $1.1B | ||
| Q3 24 | $14.5M | $986.9M | ||
| Q2 24 | $14.9M | $1.2B | ||
| Q1 24 | $14.6M | $1.3B |
| Q4 25 | $209.2M | $5.1B | ||
| Q3 25 | $222.4M | $5.1B | ||
| Q2 25 | $225.3M | $5.2B | ||
| Q1 25 | $222.9M | $5.3B | ||
| Q4 24 | $227.4M | $5.4B | ||
| Q3 24 | $233.7M | $5.4B | ||
| Q2 24 | $229.9M | $5.3B | ||
| Q1 24 | $227.2M | $5.4B |
| Q4 25 | 0.76× | — | ||
| Q3 25 | 0.73× | — | ||
| Q2 25 | 7.19× | — | ||
| Q1 25 | 6.15× | — | ||
| Q4 24 | 4.94× | — | ||
| Q3 24 | 4.47× | — | ||
| Q2 24 | 4.46× | — | ||
| Q1 24 | 4.21× | — |
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 | $-8.7M | $338.5M |
| Free Cash FlowOCF − Capex | $-9.4M | $299.8M |
| FCF MarginFCF / Revenue | -8.3% | 160.3% |
| Capex IntensityCapex / Revenue | 0.6% | 20.7% |
| Cash ConversionOCF / Net Profit | — | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $-13.5M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.7M | $338.5M | ||
| Q3 25 | $6.4M | $100.2M | ||
| Q2 25 | $-3.3M | $79.9M | ||
| Q1 25 | $-4.1M | $85.6M | ||
| Q4 24 | $2.2M | $363.1M | ||
| Q3 24 | $1.9M | $105.7M | ||
| Q2 24 | $2.3M | $83.2M | ||
| Q1 24 | $4.9M | $94.0M |
| Q4 25 | $-9.4M | $299.8M | ||
| Q3 25 | $5.6M | $88.0M | ||
| Q2 25 | $-4.3M | $73.8M | ||
| Q1 25 | $-5.3M | $79.9M | ||
| Q4 24 | $504.0K | $344.4M | ||
| Q3 24 | $-205.0K | $101.8M | ||
| Q2 24 | $147.0K | $79.5M | ||
| Q1 24 | $2.2M | $88.6M |
| Q4 25 | -8.3% | 160.3% | ||
| Q3 25 | 5.5% | 46.6% | ||
| Q2 25 | -4.5% | 39.1% | ||
| Q1 25 | -5.9% | 42.4% | ||
| Q4 24 | 0.5% | 181.2% | ||
| Q3 24 | -0.2% | 52.6% | ||
| Q2 24 | 0.2% | 41.7% | ||
| Q1 24 | 2.2% | 45.2% |
| Q4 25 | 0.6% | 20.7% | ||
| Q3 25 | 0.8% | 6.5% | ||
| Q2 25 | 1.0% | 3.2% | ||
| Q1 25 | 1.3% | 3.0% | ||
| Q4 24 | 1.6% | 9.8% | ||
| Q3 24 | 2.2% | 2.0% | ||
| Q2 24 | 2.4% | 1.9% | ||
| Q1 24 | 2.8% | 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 | 8.97× | 1.59× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BRCC
| Sales Channel Through Intermediary | $72.9M | 65% |
| Sales Channel Directly To Consumer | $34.4M | 31% |
| Outpost | $5.4M | 5% |
NSA
Segment breakdown not available.
