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Side-by-side financial comparison of Confluent, Inc. (CFLT) and National Storage Affiliates Trust (NSA). Click either name above to swap in a different company.
Confluent, Inc. is the larger business by last-quarter revenue ($314.8M vs $187.0M, roughly 1.7× National Storage Affiliates Trust). National Storage Affiliates Trust runs the higher net margin — 12.2% vs -25.2%, a 37.4% gap on every dollar of revenue. On growth, Confluent, Inc. posted the faster year-over-year revenue change (20.5% vs -1.6%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $41.7M). Over the past eight quarters, Confluent, Inc.'s revenue compounded faster (20.4% CAGR vs -2.4%).
Confluent, Inc. is an American technology company headquartered in Mountain View, California. Confluent was founded by Jay Kreps, Jun Rao and Neha Narkhede on September 23, 2014, in order to commercialize an open-source streaming platform Apache Kafka, created by the same founders while working at LinkedIn in 2008 as a B2B infrastructure company. Confluent's products are the Confluent Cloud, Confluent Platform, Connectors, Apache Flink, Stream Governance and Confluent Hub.
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.
CFLT vs NSA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $314.8M | $187.0M |
| Net Profit | $-79.2M | $22.9M |
| Gross Margin | 74.7% | 72.5% |
| Operating Margin | -31.5% | 20.2% |
| Net Margin | -25.2% | 12.2% |
| Revenue YoY | 20.5% | -1.6% |
| Net Profit YoY | 10.0% | 36.8% |
| EPS (diluted) | $-0.23 | $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 | $314.8M | $187.0M | ||
| Q3 25 | $298.5M | $188.7M | ||
| Q2 25 | $282.3M | $188.8M | ||
| Q1 25 | $271.1M | $188.4M | ||
| Q4 24 | $261.2M | $190.1M | ||
| Q3 24 | $250.2M | $193.6M | ||
| Q2 24 | $235.0M | $190.4M | ||
| Q1 24 | $217.2M | $196.1M |
| Q4 25 | $-79.2M | $22.9M | ||
| Q3 25 | $-66.5M | $18.4M | ||
| Q2 25 | $-82.0M | $19.5M | ||
| Q1 25 | $-67.6M | $13.0M | ||
| Q4 24 | $-88.1M | $16.7M | ||
| Q3 24 | $-74.1M | $18.7M | ||
| Q2 24 | $-89.9M | $17.1M | ||
| Q1 24 | $-93.0M | $59.0M |
| Q4 25 | 74.7% | 72.5% | ||
| Q3 25 | 74.2% | 70.7% | ||
| Q2 25 | 73.7% | 70.5% | ||
| Q1 25 | 74.5% | 70.7% | ||
| Q4 24 | 74.1% | 72.5% | ||
| Q3 24 | 74.5% | 72.8% | ||
| Q2 24 | 72.3% | 72.6% | ||
| Q1 24 | 71.8% | 72.1% |
| Q4 25 | -31.5% | 20.2% | ||
| Q3 25 | -27.9% | 15.8% | ||
| Q2 25 | -34.2% | 16.5% | ||
| Q1 25 | -37.3% | 11.0% | ||
| Q4 24 | -40.5% | 14.5% | ||
| Q3 24 | -37.4% | 15.8% | ||
| Q2 24 | -46.1% | 17.2% | ||
| Q1 24 | -51.3% | 48.9% |
| Q4 25 | -25.2% | 12.2% | ||
| Q3 25 | -22.3% | 9.8% | ||
| Q2 25 | -29.0% | 10.3% | ||
| Q1 25 | -24.9% | 6.9% | ||
| Q4 24 | -33.7% | 8.8% | ||
| Q3 24 | -29.6% | 9.7% | ||
| Q2 24 | -38.3% | 9.0% | ||
| Q1 24 | -42.8% | 30.1% |
| Q4 25 | $-0.23 | $0.23 | ||
| Q3 25 | $-0.19 | $0.17 | ||
| Q2 25 | $-0.24 | $0.19 | ||
| Q1 25 | $-0.20 | $0.10 | ||
| Q4 24 | $-0.26 | $0.19 | ||
| Q3 24 | $-0.23 | $0.18 | ||
| Q2 24 | $-0.28 | $0.16 | ||
| Q1 24 | $-0.30 | $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 | $347.2M | $23.3M |
| Total DebtLower is stronger | $1.1B | — |
| Stockholders' EquityBook value | $1.2B | $946.0M |
| Total Assets | $3.0B | $5.1B |
| Debt / EquityLower = less leverage | 0.94× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $347.2M | $23.3M | ||
| Q3 25 | $298.5M | $26.3M | ||
| Q2 25 | $295.6M | $26.1M | ||
| Q1 25 | $278.6M | $19.3M | ||
| Q4 24 | $386.0M | $50.4M | ||
| Q3 24 | $322.6M | $69.9M | ||
| Q2 24 | $311.3M | $59.0M | ||
| Q1 24 | $336.4M | $64.2M |
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | — |
| Q4 25 | $1.2B | $946.0M | ||
| Q3 25 | $1.1B | $973.1M | ||
| Q2 25 | $1.1B | $1.0B | ||
| Q1 25 | $1.0B | $1.0B | ||
| Q4 24 | $961.2M | $1.1B | ||
| Q3 24 | $934.3M | $986.9M | ||
| Q2 24 | $873.9M | $1.2B | ||
| Q1 24 | $845.2M | $1.3B |
| Q4 25 | $3.0B | $5.1B | ||
| Q3 25 | $2.9B | $5.1B | ||
| Q2 25 | $2.8B | $5.2B | ||
| Q1 25 | $2.7B | $5.3B | ||
| Q4 24 | $2.7B | $5.4B | ||
| Q3 24 | $2.6B | $5.4B | ||
| Q2 24 | $2.5B | $5.3B | ||
| Q1 24 | $2.4B | $5.4B |
| Q4 25 | 0.94× | — | ||
| Q3 25 | 0.98× | — | ||
| Q2 25 | 1.03× | — | ||
| Q1 25 | 1.07× | — | ||
| Q4 24 | 1.14× | — | ||
| Q3 24 | 1.17× | — | ||
| Q2 24 | 1.25× | — | ||
| Q1 24 | 1.29× | — |
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 | $42.1M | $338.5M |
| Free Cash FlowOCF − Capex | $41.7M | $299.8M |
| FCF MarginFCF / Revenue | 13.2% | 160.3% |
| Capex IntensityCapex / Revenue | 0.1% | 20.7% |
| Cash ConversionOCF / Net Profit | — | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $60.7M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $42.1M | $338.5M | ||
| Q3 25 | $30.8M | $100.2M | ||
| Q2 25 | $18.1M | $79.9M | ||
| Q1 25 | $-26.8M | $85.6M | ||
| Q4 24 | $35.2M | $363.1M | ||
| Q3 24 | $15.6M | $105.7M | ||
| Q2 24 | $8.6M | $83.2M | ||
| Q1 24 | $-26.0M | $94.0M |
| Q4 25 | $41.7M | $299.8M | ||
| Q3 25 | $30.0M | $88.0M | ||
| Q2 25 | $17.2M | $73.8M | ||
| Q1 25 | $-28.2M | $79.9M | ||
| Q4 24 | $34.5M | $344.4M | ||
| Q3 24 | $15.0M | $101.8M | ||
| Q2 24 | $7.5M | $79.5M | ||
| Q1 24 | $-26.1M | $88.6M |
| Q4 25 | 13.2% | 160.3% | ||
| Q3 25 | 10.0% | 46.6% | ||
| Q2 25 | 6.1% | 39.1% | ||
| Q1 25 | -10.4% | 42.4% | ||
| Q4 24 | 13.2% | 181.2% | ||
| Q3 24 | 6.0% | 52.6% | ||
| Q2 24 | 3.2% | 41.7% | ||
| Q1 24 | -12.0% | 45.2% |
| Q4 25 | 0.1% | 20.7% | ||
| Q3 25 | 0.3% | 6.5% | ||
| Q2 25 | 0.3% | 3.2% | ||
| Q1 25 | 0.5% | 3.0% | ||
| Q4 24 | 0.3% | 9.8% | ||
| Q3 24 | 0.2% | 2.0% | ||
| Q2 24 | 0.5% | 1.9% | ||
| Q1 24 | 0.1% | 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 | — | 1.59× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CFLT
| Confluent Cloud | $169.4M | 54% |
| Post Contract Customer Support | $93.8M | 30% |
| License | $38.4M | 12% |
| Services | $13.2M | 4% |
NSA
Segment breakdown not available.
