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Side-by-side financial comparison of DESCARTES SYSTEMS GROUP INC (DSGX) 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 $179.8M, roughly 1.0× DESCARTES SYSTEMS GROUP INC). DESCARTES SYSTEMS GROUP INC runs the higher net margin — 21.1% vs 12.2%, a 8.9% gap on every dollar of revenue. National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $62.1M).
The Descartes Systems Group Inc. is a Canadian multinational technology company specializing in logistics software, supply chain management software, and cloud-based services for logistics businesses.
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.
DSGX vs NSA — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $179.8M | $187.0M |
| Net Profit | $38.0M | $22.9M |
| Gross Margin | 76.9% | 72.5% |
| Operating Margin | 26.8% | 20.2% |
| Net Margin | 21.1% | 12.2% |
| Revenue YoY | — | -1.6% |
| Net Profit YoY | — | 36.8% |
| EPS (diluted) | $0.43 | $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 | — | $187.0M | ||
| Q3 25 | $179.8M | $188.7M | ||
| Q2 25 | — | $188.8M | ||
| Q1 25 | — | $188.4M | ||
| Q4 24 | — | $190.1M | ||
| Q3 24 | $163.4M | $193.6M | ||
| Q2 24 | — | $190.4M | ||
| Q1 24 | — | $196.1M |
| Q4 25 | — | $22.9M | ||
| Q3 25 | $38.0M | $18.4M | ||
| Q2 25 | — | $19.5M | ||
| Q1 25 | — | $13.0M | ||
| Q4 24 | — | $16.7M | ||
| Q3 24 | $34.7M | $18.7M | ||
| Q2 24 | — | $17.1M | ||
| Q1 24 | — | $59.0M |
| Q4 25 | — | 72.5% | ||
| Q3 25 | 76.9% | 70.7% | ||
| Q2 25 | — | 70.5% | ||
| Q1 25 | — | 70.7% | ||
| Q4 24 | — | 72.5% | ||
| Q3 24 | 75.2% | 72.8% | ||
| Q2 24 | — | 72.6% | ||
| Q1 24 | — | 72.1% |
| Q4 25 | — | 20.2% | ||
| Q3 25 | 26.8% | 15.8% | ||
| Q2 25 | — | 16.5% | ||
| Q1 25 | — | 11.0% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | 28.1% | 15.8% | ||
| Q2 24 | — | 17.2% | ||
| Q1 24 | — | 48.9% |
| Q4 25 | — | 12.2% | ||
| Q3 25 | 21.1% | 9.8% | ||
| Q2 25 | — | 10.3% | ||
| Q1 25 | — | 6.9% | ||
| Q4 24 | — | 8.8% | ||
| Q3 24 | 21.2% | 9.7% | ||
| Q2 24 | — | 9.0% | ||
| Q1 24 | — | 30.1% |
| Q4 25 | — | $0.23 | ||
| Q3 25 | $0.43 | $0.17 | ||
| Q2 25 | — | $0.19 | ||
| Q1 25 | — | $0.10 | ||
| Q4 24 | — | $0.19 | ||
| Q3 24 | $0.40 | $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 | $240.6M | $23.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $946.0M |
| Total Assets | $1.8B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $23.3M | ||
| Q3 25 | $240.6M | $26.3M | ||
| Q2 25 | — | $26.1M | ||
| Q1 25 | — | $19.3M | ||
| Q4 24 | — | $50.4M | ||
| Q3 24 | $252.7M | $69.9M | ||
| Q2 24 | — | $59.0M | ||
| Q1 24 | — | $64.2M |
| Q4 25 | — | $946.0M | ||
| Q3 25 | $1.5B | $973.1M | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | $1.3B | $986.9M | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.3B |
| Q4 25 | — | $5.1B | ||
| Q3 25 | $1.8B | $5.1B | ||
| Q2 25 | — | $5.2B | ||
| Q1 25 | — | $5.3B | ||
| Q4 24 | — | $5.4B | ||
| Q3 24 | $1.6B | $5.4B | ||
| Q2 24 | — | $5.3B | ||
| Q1 24 | — | $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 | $63.3M | $338.5M |
| Free Cash FlowOCF − Capex | $62.1M | $299.8M |
| FCF MarginFCF / Revenue | 34.5% | 160.3% |
| Capex IntensityCapex / Revenue | 0.7% | 20.7% |
| Cash ConversionOCF / Net Profit | 1.67× | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $189.6M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $338.5M | ||
| Q3 25 | $63.3M | $100.2M | ||
| Q2 25 | — | $79.9M | ||
| Q1 25 | — | $85.6M | ||
| Q4 24 | — | $363.1M | ||
| Q3 24 | $34.7M | $105.7M | ||
| Q2 24 | — | $83.2M | ||
| Q1 24 | — | $94.0M |
| Q4 25 | — | $299.8M | ||
| Q3 25 | $62.1M | $88.0M | ||
| Q2 25 | — | $73.8M | ||
| Q1 25 | — | $79.9M | ||
| Q4 24 | — | $344.4M | ||
| Q3 24 | $33.1M | $101.8M | ||
| Q2 24 | — | $79.5M | ||
| Q1 24 | — | $88.6M |
| Q4 25 | — | 160.3% | ||
| Q3 25 | 34.5% | 46.6% | ||
| Q2 25 | — | 39.1% | ||
| Q1 25 | — | 42.4% | ||
| Q4 24 | — | 181.2% | ||
| Q3 24 | 20.2% | 52.6% | ||
| Q2 24 | — | 41.7% | ||
| Q1 24 | — | 45.2% |
| Q4 25 | — | 20.7% | ||
| Q3 25 | 0.7% | 6.5% | ||
| Q2 25 | — | 3.2% | ||
| Q1 25 | — | 3.0% | ||
| Q4 24 | — | 9.8% | ||
| Q3 24 | 1.0% | 2.0% | ||
| Q2 24 | — | 1.9% | ||
| Q1 24 | — | 2.7% |
| Q4 25 | — | 14.79× | ||
| Q3 25 | 1.67× | 5.44× | ||
| Q2 25 | — | 4.10× | ||
| Q1 25 | — | 6.59× | ||
| Q4 24 | — | 21.70× | ||
| Q3 24 | 1.00× | 5.65× | ||
| Q2 24 | — | 4.88× | ||
| Q1 24 | — | 1.59× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
