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Side-by-side financial comparison of FORUM ENERGY TECHNOLOGIES, INC. (FET) and National Storage Affiliates Trust (NSA). Click either name above to swap in a different company.
FORUM ENERGY TECHNOLOGIES, INC. is the larger business by last-quarter revenue ($208.7M vs $187.0M, roughly 1.1× National Storage Affiliates Trust). National Storage Affiliates Trust runs the higher net margin — 12.2% vs 2.2%, a 10.1% gap on every dollar of revenue. On growth, FORUM ENERGY TECHNOLOGIES, INC. posted the faster year-over-year revenue change (3.2% vs -1.6%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $1.4M). Over the past eight quarters, FORUM ENERGY TECHNOLOGIES, INC.'s revenue compounded faster (0.8% CAGR vs -2.4%).
Forum Energy Technologies is an American oilfield products company that provides products and services to the oil and gas, and renewable industries worldwide.
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.
FET vs NSA — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $208.7M | $187.0M |
| Net Profit | $4.5M | $22.9M |
| Gross Margin | 29.2% | 72.5% |
| Operating Margin | 5.3% | 20.2% |
| Net Margin | 2.2% | 12.2% |
| Revenue YoY | 3.2% | -1.6% |
| Net Profit YoY | 300.4% | 36.8% |
| EPS (diluted) | $0.39 | $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.
| Q1 26 | $208.7M | — | ||
| Q4 25 | $202.2M | $187.0M | ||
| Q3 25 | $196.2M | $188.7M | ||
| Q2 25 | $199.8M | $188.8M | ||
| Q1 25 | $193.3M | $188.4M | ||
| Q4 24 | $201.0M | $190.1M | ||
| Q3 24 | $207.8M | $193.6M | ||
| Q2 24 | $205.2M | $190.4M |
| Q1 26 | $4.5M | — | ||
| Q4 25 | $2.1M | $22.9M | ||
| Q3 25 | $-20.6M | $18.4M | ||
| Q2 25 | $7.7M | $19.5M | ||
| Q1 25 | $1.1M | $13.0M | ||
| Q4 24 | $-103.5M | $16.7M | ||
| Q3 24 | $-14.8M | $18.7M | ||
| Q2 24 | $-6.7M | $17.1M |
| Q1 26 | 29.2% | — | ||
| Q4 25 | 30.2% | 72.5% | ||
| Q3 25 | 20.5% | 70.7% | ||
| Q2 25 | 29.7% | 70.5% | ||
| Q1 25 | 30.2% | 70.7% | ||
| Q4 24 | 31.1% | 72.5% | ||
| Q3 24 | 31.6% | 72.8% | ||
| Q2 24 | 30.7% | 72.6% |
| Q1 26 | 5.3% | — | ||
| Q4 25 | 6.3% | 20.2% | ||
| Q3 25 | -3.1% | 15.8% | ||
| Q2 25 | 7.4% | 16.5% | ||
| Q1 25 | 4.6% | 11.0% | ||
| Q4 24 | -53.1% | 14.5% | ||
| Q3 24 | 4.3% | 15.8% | ||
| Q2 24 | 3.9% | 17.2% |
| Q1 26 | 2.2% | — | ||
| Q4 25 | 1.0% | 12.2% | ||
| Q3 25 | -10.5% | 9.8% | ||
| Q2 25 | 3.9% | 10.3% | ||
| Q1 25 | 0.6% | 6.9% | ||
| Q4 24 | -51.5% | 8.8% | ||
| Q3 24 | -7.1% | 9.7% | ||
| Q2 24 | -3.3% | 9.0% |
| Q1 26 | $0.39 | — | ||
| Q4 25 | $0.25 | $0.23 | ||
| Q3 25 | $-1.76 | $0.17 | ||
| Q2 25 | $0.61 | $0.19 | ||
| Q1 25 | $0.09 | $0.10 | ||
| Q4 24 | $-8.41 | $0.19 | ||
| Q3 24 | $-1.20 | $0.18 | ||
| Q2 24 | $-0.54 | $0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $37.5M | $23.3M |
| Total DebtLower is stronger | $153.7M | — |
| Stockholders' EquityBook value | $280.7M | $946.0M |
| Total Assets | $763.1M | $5.1B |
| Debt / EquityLower = less leverage | 0.55× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $37.5M | — | ||
| Q4 25 | $34.7M | $23.3M | ||
| Q3 25 | $31.7M | $26.3M | ||
| Q2 25 | $39.0M | $26.1M | ||
| Q1 25 | $31.1M | $19.3M | ||
| Q4 24 | $44.7M | $50.4M | ||
| Q3 24 | $33.3M | $69.9M | ||
| Q2 24 | $31.8M | $59.0M |
| Q1 26 | $153.7M | — | ||
| Q4 25 | $135.9M | — | ||
| Q3 25 | $140.0M | — | ||
| Q2 25 | $159.3M | — | ||
| Q1 25 | $171.4M | — | ||
| Q4 24 | $188.4M | — | ||
| Q3 24 | $231.5M | — | ||
| Q2 24 | $252.9M | — |
| Q1 26 | $280.7M | — | ||
| Q4 25 | $291.1M | $946.0M | ||
| Q3 25 | $297.3M | $973.1M | ||
| Q2 25 | $334.2M | $1.0B | ||
| Q1 25 | $320.0M | $1.0B | ||
| Q4 24 | $319.9M | $1.1B | ||
| Q3 24 | $443.5M | $986.9M | ||
| Q2 24 | $442.0M | $1.2B |
| Q1 26 | $763.1M | — | ||
| Q4 25 | $752.5M | $5.1B | ||
| Q3 25 | $770.1M | $5.1B | ||
| Q2 25 | $810.1M | $5.2B | ||
| Q1 25 | $790.1M | $5.3B | ||
| Q4 24 | $816.0M | $5.4B | ||
| Q3 24 | $973.7M | $5.4B | ||
| Q2 24 | $976.8M | $5.3B |
| Q1 26 | 0.55× | — | ||
| Q4 25 | 0.47× | — | ||
| Q3 25 | 0.47× | — | ||
| Q2 25 | 0.48× | — | ||
| Q1 25 | 0.54× | — | ||
| Q4 24 | 0.59× | — | ||
| Q3 24 | 0.52× | — | ||
| Q2 24 | 0.57× | — |
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 | $1.6M | $338.5M |
| Free Cash FlowOCF − Capex | $1.4M | $299.8M |
| FCF MarginFCF / Revenue | 0.7% | 160.3% |
| Capex IntensityCapex / Revenue | 0.1% | 20.7% |
| Cash ConversionOCF / Net Profit | 0.36× | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $58.5M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.6M | — | ||
| Q4 25 | $22.4M | $338.5M | ||
| Q3 25 | $22.9M | $100.2M | ||
| Q2 25 | $15.8M | $79.9M | ||
| Q1 25 | $9.3M | $85.6M | ||
| Q4 24 | $38.5M | $363.1M | ||
| Q3 24 | $25.6M | $105.7M | ||
| Q2 24 | $23.1M | $83.2M |
| Q1 26 | $1.4M | — | ||
| Q4 25 | $20.9M | $299.8M | ||
| Q3 25 | $21.5M | $88.0M | ||
| Q2 25 | $14.8M | $73.8M | ||
| Q1 25 | $7.2M | $79.9M | ||
| Q4 24 | $36.1M | $344.4M | ||
| Q3 24 | $24.3M | $101.8M | ||
| Q2 24 | $21.6M | $79.5M |
| Q1 26 | 0.7% | — | ||
| Q4 25 | 10.3% | 160.3% | ||
| Q3 25 | 10.9% | 46.6% | ||
| Q2 25 | 7.4% | 39.1% | ||
| Q1 25 | 3.7% | 42.4% | ||
| Q4 24 | 18.0% | 181.2% | ||
| Q3 24 | 11.7% | 52.6% | ||
| Q2 24 | 10.5% | 41.7% |
| Q1 26 | 0.1% | — | ||
| Q4 25 | 0.8% | 20.7% | ||
| Q3 25 | 0.7% | 6.5% | ||
| Q2 25 | 0.5% | 3.2% | ||
| Q1 25 | 1.1% | 3.0% | ||
| Q4 24 | 1.2% | 9.8% | ||
| Q3 24 | 0.6% | 2.0% | ||
| Q2 24 | 0.7% | 1.9% |
| Q1 26 | 0.36× | — | ||
| Q4 25 | 10.83× | 14.79× | ||
| Q3 25 | — | 5.44× | ||
| Q2 25 | 2.05× | 4.10× | ||
| Q1 25 | 8.31× | 6.59× | ||
| Q4 24 | — | 21.70× | ||
| Q3 24 | — | 5.65× | ||
| Q2 24 | — | 4.88× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FET
| Drilling and Completions | $126.7M | 61% |
| Downhole | $50.6M | 24% |
| Production Equipment | $18.8M | 9% |
| Valve Solutions | $12.8M | 6% |
NSA
Segment breakdown not available.
