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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) 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 $114.9M, roughly 1.6× DULUTH HOLDINGS INC.). National Storage Affiliates Trust runs the higher net margin — 12.2% vs -8.8%, a 21.0% gap on every dollar of revenue. On growth, National Storage Affiliates Trust posted the faster year-over-year revenue change (-1.6% vs -9.6%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $-8.9M). Over the past eight quarters, National Storage Affiliates Trust's revenue compounded faster (-2.4% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
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.
DLTH vs NSA — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $187.0M |
| Net Profit | $-10.1M | $22.9M |
| Gross Margin | 53.8% | 72.5% |
| Operating Margin | -7.7% | 20.2% |
| Net Margin | -8.8% | 12.2% |
| Revenue YoY | -9.6% | -1.6% |
| Net Profit YoY | 64.6% | 36.8% |
| EPS (diluted) | $-0.29 | $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 | $114.9M | $187.0M | ||
| Q3 25 | $131.7M | $188.7M | ||
| Q2 25 | $102.7M | $188.8M | ||
| Q1 25 | $241.3M | $188.4M | ||
| Q4 24 | $127.1M | $190.1M | ||
| Q3 24 | $141.6M | $193.6M | ||
| Q2 24 | $116.7M | $190.4M | ||
| Q1 24 | $245.6M | $196.1M |
| Q4 25 | $-10.1M | $22.9M | ||
| Q3 25 | $1.3M | $18.4M | ||
| Q2 25 | $-15.3M | $19.5M | ||
| Q1 25 | $-5.6M | $13.0M | ||
| Q4 24 | $-28.2M | $16.7M | ||
| Q3 24 | $-2.0M | $18.7M | ||
| Q2 24 | $-7.9M | $17.1M | ||
| Q1 24 | $6.4M | $59.0M |
| Q4 25 | 53.8% | 72.5% | ||
| Q3 25 | 54.7% | 70.7% | ||
| Q2 25 | 52.0% | 70.5% | ||
| Q1 25 | 44.1% | 70.7% | ||
| Q4 24 | 52.3% | 72.5% | ||
| Q3 24 | 52.3% | 72.8% | ||
| Q2 24 | 52.8% | 72.6% | ||
| Q1 24 | 48.2% | 72.1% |
| Q4 25 | -7.7% | 20.2% | ||
| Q3 25 | 1.8% | 15.8% | ||
| Q2 25 | -12.0% | 16.5% | ||
| Q1 25 | -1.8% | 11.0% | ||
| Q4 24 | -17.4% | 14.5% | ||
| Q3 24 | -1.1% | 15.8% | ||
| Q2 24 | -7.7% | 17.2% | ||
| Q1 24 | 3.6% | 48.9% |
| Q4 25 | -8.8% | 12.2% | ||
| Q3 25 | 1.0% | 9.8% | ||
| Q2 25 | -14.9% | 10.3% | ||
| Q1 25 | -2.3% | 6.9% | ||
| Q4 24 | -22.2% | 8.8% | ||
| Q3 24 | -1.4% | 9.7% | ||
| Q2 24 | -6.7% | 9.0% | ||
| Q1 24 | 2.6% | 30.1% |
| Q4 25 | $-0.29 | $0.23 | ||
| Q3 25 | $0.04 | $0.17 | ||
| Q2 25 | $-0.45 | $0.19 | ||
| Q1 25 | $-0.17 | $0.10 | ||
| Q4 24 | $-0.84 | $0.19 | ||
| Q3 24 | $-0.06 | $0.18 | ||
| Q2 24 | $-0.24 | $0.16 | ||
| Q1 24 | $0.20 | $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 | $8.2M | $23.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $160.6M | $946.0M |
| Total Assets | $468.0M | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $23.3M | ||
| Q3 25 | $5.7M | $26.3M | ||
| Q2 25 | $8.6M | $26.1M | ||
| Q1 25 | $3.3M | $19.3M | ||
| Q4 24 | $9.3M | $50.4M | ||
| Q3 24 | $9.8M | $69.9M | ||
| Q2 24 | $6.8M | $59.0M | ||
| Q1 24 | $32.2M | $64.2M |
| Q4 25 | $160.6M | $946.0M | ||
| Q3 25 | $170.0M | $973.1M | ||
| Q2 25 | $167.9M | $1.0B | ||
| Q1 25 | $182.7M | $1.0B | ||
| Q4 24 | $188.1M | $1.1B | ||
| Q3 24 | $215.7M | $986.9M | ||
| Q2 24 | $218.4M | $1.2B | ||
| Q1 24 | $222.8M | $1.3B |
| Q4 25 | $468.0M | $5.1B | ||
| Q3 25 | $433.8M | $5.1B | ||
| Q2 25 | $463.7M | $5.2B | ||
| Q1 25 | $452.4M | $5.3B | ||
| Q4 24 | $533.1M | $5.4B | ||
| Q3 24 | $488.6M | $5.4B | ||
| Q2 24 | $471.4M | $5.3B | ||
| Q1 24 | $491.2M | $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 | $-6.7M | $338.5M |
| Free Cash FlowOCF − Capex | $-8.9M | $299.8M |
| FCF MarginFCF / Revenue | -7.8% | 160.3% |
| Capex IntensityCapex / Revenue | 2.0% | 20.7% |
| Cash ConversionOCF / Net Profit | — | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $338.5M | ||
| Q3 25 | $32.0M | $100.2M | ||
| Q2 25 | $-56.5M | $79.9M | ||
| Q1 25 | $41.2M | $85.6M | ||
| Q4 24 | $-41.1M | $363.1M | ||
| Q3 24 | $16.6M | $105.7M | ||
| Q2 24 | $-33.7M | $83.2M | ||
| Q1 24 | $69.7M | $94.0M |
| Q4 25 | $-8.9M | $299.8M | ||
| Q3 25 | $29.8M | $88.0M | ||
| Q2 25 | $-57.8M | $73.8M | ||
| Q1 25 | $38.7M | $79.9M | ||
| Q4 24 | $-43.7M | $344.4M | ||
| Q3 24 | $15.0M | $101.8M | ||
| Q2 24 | $-35.2M | $79.5M | ||
| Q1 24 | $60.6M | $88.6M |
| Q4 25 | -7.8% | 160.3% | ||
| Q3 25 | 22.6% | 46.6% | ||
| Q2 25 | -56.3% | 39.1% | ||
| Q1 25 | 16.0% | 42.4% | ||
| Q4 24 | -34.4% | 181.2% | ||
| Q3 24 | 10.6% | 52.6% | ||
| Q2 24 | -30.2% | 41.7% | ||
| Q1 24 | 24.7% | 45.2% |
| Q4 25 | 2.0% | 20.7% | ||
| Q3 25 | 1.7% | 6.5% | ||
| Q2 25 | 1.3% | 3.2% | ||
| Q1 25 | 1.0% | 3.0% | ||
| Q4 24 | 2.1% | 9.8% | ||
| Q3 24 | 1.2% | 2.0% | ||
| Q2 24 | 1.3% | 1.9% | ||
| Q1 24 | 3.7% | 2.7% |
| Q4 25 | — | 14.79× | ||
| Q3 25 | 25.40× | 5.44× | ||
| Q2 25 | — | 4.10× | ||
| Q1 25 | — | 6.59× | ||
| Q4 24 | — | 21.70× | ||
| Q3 24 | — | 5.65× | ||
| Q2 24 | — | 4.88× | ||
| Q1 24 | 10.86× | 1.59× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLTH
| Sales Channel Directly To Consumer | $67.4M | 59% |
| Sales Channel Through Intermediary | $47.4M | 41% |
NSA
Segment breakdown not available.
