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Side-by-side financial comparison of Black Stone Minerals, L.P. (BSM) 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 $95.2M, roughly 2.0× Black Stone Minerals, L.P.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs 12.2%, a 63.6% gap on every dollar of revenue. On growth, National Storage Affiliates Trust posted the faster year-over-year revenue change (-1.6% vs -8.7%). Over the past eight quarters, National Storage Affiliates Trust's revenue compounded faster (-2.4% CAGR vs -9.7%).
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
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.
BSM vs NSA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $95.2M | $187.0M |
| Net Profit | $72.2M | $22.9M |
| Gross Margin | — | 72.5% |
| Operating Margin | 78.6% | 20.2% |
| Net Margin | 75.9% | 12.2% |
| Revenue YoY | -8.7% | -1.6% |
| Net Profit YoY | 55.8% | 36.8% |
| EPS (diluted) | — | $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 | $95.2M | $187.0M | ||
| Q3 25 | $105.2M | $188.7M | ||
| Q2 25 | $106.7M | $188.8M | ||
| Q1 25 | $115.3M | $188.4M | ||
| Q4 24 | $104.3M | $190.1M | ||
| Q3 24 | $103.2M | $193.6M | ||
| Q2 24 | $115.2M | $190.4M | ||
| Q1 24 | $116.8M | $196.1M |
| Q4 25 | $72.2M | $22.9M | ||
| Q3 25 | $91.7M | $18.4M | ||
| Q2 25 | $120.0M | $19.5M | ||
| Q1 25 | $15.9M | $13.0M | ||
| Q4 24 | $46.3M | $16.7M | ||
| Q3 24 | $92.7M | $18.7M | ||
| Q2 24 | $68.3M | $17.1M | ||
| Q1 24 | $63.9M | $59.0M |
| Q4 25 | — | 72.5% | ||
| Q3 25 | — | 70.7% | ||
| Q2 25 | — | 70.5% | ||
| Q1 25 | — | 70.7% | ||
| Q4 24 | — | 72.5% | ||
| Q3 24 | — | 72.8% | ||
| Q2 24 | — | 72.6% | ||
| Q1 24 | — | 72.1% |
| Q4 25 | 78.6% | 20.2% | ||
| Q3 25 | 89.5% | 15.8% | ||
| Q2 25 | — | 16.5% | ||
| Q1 25 | 14.9% | 11.0% | ||
| Q4 24 | 45.6% | 14.5% | ||
| Q3 24 | 90.2% | 15.8% | ||
| Q2 24 | 59.5% | 17.2% | ||
| Q1 24 | 54.8% | 48.9% |
| Q4 25 | 75.9% | 12.2% | ||
| Q3 25 | 87.2% | 9.8% | ||
| Q2 25 | 112.5% | 10.3% | ||
| Q1 25 | 13.8% | 6.9% | ||
| Q4 24 | 44.4% | 8.8% | ||
| Q3 24 | 89.9% | 9.7% | ||
| Q2 24 | 59.3% | 9.0% | ||
| Q1 24 | 54.7% | 30.1% |
| Q4 25 | — | $0.23 | ||
| Q3 25 | — | $0.17 | ||
| Q2 25 | — | $0.19 | ||
| Q1 25 | — | $0.10 | ||
| Q4 24 | — | $0.19 | ||
| Q3 24 | — | $0.18 | ||
| Q2 24 | — | $0.16 | ||
| Q1 24 | — | $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 | $1.5M | $23.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $946.0M |
| Total Assets | $1.3B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $23.3M | ||
| Q3 25 | $2.9M | $26.3M | ||
| Q2 25 | $2.5M | $26.1M | ||
| Q1 25 | $2.4M | $19.3M | ||
| Q4 24 | $2.5M | $50.4M | ||
| Q3 24 | $21.0M | $69.9M | ||
| Q2 24 | $26.7M | $59.0M | ||
| Q1 24 | $40.5M | $64.2M |
| Q4 25 | — | $946.0M | ||
| Q3 25 | — | $973.1M | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $986.9M | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.3B |
| Q4 25 | $1.3B | $5.1B | ||
| Q3 25 | $1.3B | $5.1B | ||
| Q2 25 | $1.3B | $5.2B | ||
| Q1 25 | $1.2B | $5.3B | ||
| Q4 24 | $1.2B | $5.4B | ||
| Q3 24 | $1.2B | $5.4B | ||
| Q2 24 | $1.2B | $5.3B | ||
| Q1 24 | $1.2B | $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 | $65.1M | $338.5M |
| Free Cash FlowOCF − Capex | — | $299.8M |
| FCF MarginFCF / Revenue | — | 160.3% |
| Capex IntensityCapex / Revenue | — | 20.7% |
| Cash ConversionOCF / Net Profit | 0.90× | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | — | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $65.1M | $338.5M | ||
| Q3 25 | $99.8M | $100.2M | ||
| Q2 25 | $80.5M | $79.9M | ||
| Q1 25 | $64.8M | $85.6M | ||
| Q4 24 | $91.0M | $363.1M | ||
| Q3 24 | $93.2M | $105.7M | ||
| Q2 24 | $100.4M | $83.2M | ||
| Q1 24 | $104.5M | $94.0M |
| 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 24 | — | $88.6M |
| 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 24 | — | 45.2% |
| 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 24 | — | 2.7% |
| Q4 25 | 0.90× | 14.79× | ||
| Q3 25 | 1.09× | 5.44× | ||
| Q2 25 | 0.67× | 4.10× | ||
| Q1 25 | 4.07× | 6.59× | ||
| Q4 24 | 1.96× | 21.70× | ||
| Q3 24 | 1.01× | 5.65× | ||
| Q2 24 | 1.47× | 4.88× | ||
| Q1 24 | 1.63× | 1.59× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BSM
| Oil Reserves | $46.4M | 49% |
| Natural Gas Reserves | $44.1M | 46% |
| Real Estate | $4.7M | 5% |
NSA
Segment breakdown not available.
