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Side-by-side financial comparison of Emerald Holding, Inc. (EEX) 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 $132.7M, roughly 1.4× Emerald Holding, Inc.). National Storage Affiliates Trust runs the higher net margin — 12.2% vs -22.8%, a 35.0% gap on every dollar of revenue. On growth, Emerald Holding, Inc. posted the faster year-over-year revenue change (24.3% vs -1.6%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $11.7M). Over the past eight quarters, Emerald Holding, Inc.'s revenue compounded faster (-0.3% CAGR vs -2.4%).
TVS Emerald Haven Realty Limited is an Indian real estate development company headquartered in Chennai, Tamil Nadu. A subsidiary of TVS Holdings, it specializes in sustainable residential communities and urban development projects.
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.
EEX vs NSA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $132.7M | $187.0M |
| Net Profit | $-30.2M | $22.9M |
| Gross Margin | — | 72.5% |
| Operating Margin | -11.8% | 20.2% |
| Net Margin | -22.8% | 12.2% |
| Revenue YoY | 24.3% | -1.6% |
| Net Profit YoY | -692.2% | 36.8% |
| EPS (diluted) | $-0.15 | $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 | $132.7M | $187.0M | ||
| Q3 25 | $77.5M | $188.7M | ||
| Q2 25 | $105.5M | $188.8M | ||
| Q1 25 | $147.7M | $188.4M | ||
| Q4 24 | $106.8M | $190.1M | ||
| Q3 24 | $72.6M | $193.6M | ||
| Q2 24 | $86.0M | $190.4M | ||
| Q1 24 | $133.4M | $196.1M |
| Q4 25 | $-30.2M | $22.9M | ||
| Q3 25 | $-14.4M | $18.4M | ||
| Q2 25 | $-1.4M | $19.5M | ||
| Q1 25 | $15.3M | $13.0M | ||
| Q4 24 | $5.1M | $16.7M | ||
| Q3 24 | $-11.1M | $18.7M | ||
| Q2 24 | $-2.8M | $17.1M | ||
| Q1 24 | $11.0M | $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 | -11.8% | 20.2% | ||
| Q3 25 | -10.1% | 15.8% | ||
| Q2 25 | 9.7% | 16.5% | ||
| Q1 25 | 24.2% | 11.0% | ||
| Q4 24 | 19.5% | 14.5% | ||
| Q3 24 | -6.5% | 15.8% | ||
| Q2 24 | 7.4% | 17.2% | ||
| Q1 24 | 18.2% | 48.9% |
| Q4 25 | -22.8% | 12.2% | ||
| Q3 25 | -18.6% | 9.8% | ||
| Q2 25 | -1.3% | 10.3% | ||
| Q1 25 | 10.4% | 6.9% | ||
| Q4 24 | 4.8% | 8.8% | ||
| Q3 24 | -15.3% | 9.7% | ||
| Q2 24 | -3.3% | 9.0% | ||
| Q1 24 | 8.2% | 30.1% |
| Q4 25 | $-0.15 | $0.23 | ||
| Q3 25 | $-0.07 | $0.17 | ||
| Q2 25 | $-0.01 | $0.19 | ||
| Q1 25 | $0.08 | $0.10 | ||
| Q4 24 | $0.01 | $0.19 | ||
| Q3 24 | $-0.05 | $0.18 | ||
| Q2 24 | $-0.03 | $0.16 | ||
| Q1 24 | $0.00 | $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 | $100.9M | $23.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $338.8M | $946.0M |
| Total Assets | $1.2B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.9M | $23.3M | ||
| Q3 25 | $95.4M | $26.3M | ||
| Q2 25 | $156.4M | $26.1M | ||
| Q1 25 | $276.8M | $19.3M | ||
| Q4 24 | $194.8M | $50.4M | ||
| Q3 24 | $188.9M | $69.9M | ||
| Q2 24 | $193.2M | $59.0M | ||
| Q1 24 | $186.8M | $64.2M |
| Q4 25 | $338.8M | $946.0M | ||
| Q3 25 | $369.5M | $973.1M | ||
| Q2 25 | $389.4M | $1.0B | ||
| Q1 25 | $392.1M | $1.0B | ||
| Q4 24 | $385.9M | $1.1B | ||
| Q3 24 | $391.1M | $986.9M | ||
| Q2 24 | $407.6M | $1.2B | ||
| Q1 24 | $-90.7M | $1.3B |
| Q4 25 | $1.2B | $5.1B | ||
| Q3 25 | $1.2B | $5.1B | ||
| Q2 25 | $1.2B | $5.2B | ||
| Q1 25 | $1.2B | $5.3B | ||
| Q4 24 | $1.0B | $5.4B | ||
| Q3 24 | $1.1B | $5.4B | ||
| Q2 24 | $1.1B | $5.3B | ||
| Q1 24 | $1.1B | $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 | $12.3M | $338.5M |
| Free Cash FlowOCF − Capex | $11.7M | $299.8M |
| FCF MarginFCF / Revenue | 8.8% | 160.3% |
| Capex IntensityCapex / Revenue | 0.5% | 20.7% |
| Cash ConversionOCF / Net Profit | — | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $41.4M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $12.3M | $338.5M | ||
| Q3 25 | $1.8M | $100.2M | ||
| Q2 25 | $15.9M | $79.9M | ||
| Q1 25 | $12.6M | $85.6M | ||
| Q4 24 | $20.6M | $363.1M | ||
| Q3 24 | $9.1M | $105.7M | ||
| Q2 24 | $9.8M | $83.2M | ||
| Q1 24 | $7.3M | $94.0M |
| Q4 25 | $11.7M | $299.8M | ||
| Q3 25 | $1.5M | $88.0M | ||
| Q2 25 | $15.8M | $73.8M | ||
| Q1 25 | $12.4M | $79.9M | ||
| Q4 24 | $19.9M | $344.4M | ||
| Q3 24 | $9.0M | $101.8M | ||
| Q2 24 | $9.6M | $79.5M | ||
| Q1 24 | $7.0M | $88.6M |
| Q4 25 | 8.8% | 160.3% | ||
| Q3 25 | 1.9% | 46.6% | ||
| Q2 25 | 15.0% | 39.1% | ||
| Q1 25 | 8.4% | 42.4% | ||
| Q4 24 | 18.6% | 181.2% | ||
| Q3 24 | 12.4% | 52.6% | ||
| Q2 24 | 11.2% | 41.7% | ||
| Q1 24 | 5.2% | 45.2% |
| Q4 25 | 0.5% | 20.7% | ||
| Q3 25 | 0.4% | 6.5% | ||
| Q2 25 | 0.1% | 3.2% | ||
| Q1 25 | 0.1% | 3.0% | ||
| Q4 24 | 0.7% | 9.8% | ||
| Q3 24 | 0.1% | 2.0% | ||
| Q2 24 | 0.2% | 1.9% | ||
| Q1 24 | 0.2% | 2.7% |
| Q4 25 | — | 14.79× | ||
| Q3 25 | — | 5.44× | ||
| Q2 25 | — | 4.10× | ||
| Q1 25 | 0.82× | 6.59× | ||
| Q4 24 | 4.04× | 21.70× | ||
| Q3 24 | — | 5.65× | ||
| Q2 24 | — | 4.88× | ||
| Q1 24 | 0.66× | 1.59× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EEX
| Connections Segment | $121.9M | 92% |
| Commerce Segment | $5.5M | 4% |
| Content | $5.3M | 4% |
NSA
Segment breakdown not available.
