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Side-by-side financial comparison of Fastly, Inc. (FSLY) 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 $172.6M, roughly 1.1× Fastly, Inc.). National Storage Affiliates Trust runs the higher net margin — 12.2% vs -9.0%, a 21.2% gap on every dollar of revenue. On growth, Fastly, Inc. posted the faster year-over-year revenue change (22.8% vs -1.6%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $12.2M). Over the past eight quarters, Fastly, Inc.'s revenue compounded faster (13.7% CAGR vs -2.4%).
Fastly, Inc. is an American company based in San Francisco, which describes itself as a cloud computing company. Fastly provides content delivery network services, image optimization, and load balancing services. Fastly's cloud security services include denial-of-service attack protection, bot mitigation, and a web application firewall.
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.
FSLY vs NSA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $172.6M | $187.0M |
| Net Profit | $-15.5M | $22.9M |
| Gross Margin | 61.4% | 72.5% |
| Operating Margin | -8.7% | 20.2% |
| Net Margin | -9.0% | 12.2% |
| Revenue YoY | 22.8% | -1.6% |
| Net Profit YoY | 52.9% | 36.8% |
| EPS (diluted) | $-0.10 | $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 | $172.6M | $187.0M | ||
| Q3 25 | $158.2M | $188.7M | ||
| Q2 25 | $148.7M | $188.8M | ||
| Q1 25 | $144.5M | $188.4M | ||
| Q4 24 | $140.6M | $190.1M | ||
| Q3 24 | $137.2M | $193.6M | ||
| Q2 24 | $132.4M | $190.4M | ||
| Q1 24 | $133.5M | $196.1M |
| Q4 25 | $-15.5M | $22.9M | ||
| Q3 25 | $-29.5M | $18.4M | ||
| Q2 25 | $-37.5M | $19.5M | ||
| Q1 25 | $-39.1M | $13.0M | ||
| Q4 24 | $-32.9M | $16.7M | ||
| Q3 24 | $-38.0M | $18.7M | ||
| Q2 24 | $-43.7M | $17.1M | ||
| Q1 24 | $-43.4M | $59.0M |
| Q4 25 | 61.4% | 72.5% | ||
| Q3 25 | 58.4% | 70.7% | ||
| Q2 25 | 54.5% | 70.5% | ||
| Q1 25 | 53.2% | 70.7% | ||
| Q4 24 | 53.4% | 72.5% | ||
| Q3 24 | 54.5% | 72.8% | ||
| Q2 24 | 55.1% | 72.6% | ||
| Q1 24 | 54.8% | 72.1% |
| Q4 25 | -8.7% | 20.2% | ||
| Q3 25 | -18.2% | 15.8% | ||
| Q2 25 | -24.8% | 16.5% | ||
| Q1 25 | -26.4% | 11.0% | ||
| Q4 24 | -24.4% | 14.5% | ||
| Q3 24 | -29.6% | 15.8% | ||
| Q2 24 | -35.3% | 17.2% | ||
| Q1 24 | -34.6% | 48.9% |
| Q4 25 | -9.0% | 12.2% | ||
| Q3 25 | -18.6% | 9.8% | ||
| Q2 25 | -25.2% | 10.3% | ||
| Q1 25 | -27.1% | 6.9% | ||
| Q4 24 | -23.4% | 8.8% | ||
| Q3 24 | -27.7% | 9.7% | ||
| Q2 24 | -33.0% | 9.0% | ||
| Q1 24 | -32.5% | 30.1% |
| Q4 25 | $-0.10 | $0.23 | ||
| Q3 25 | $-0.20 | $0.17 | ||
| Q2 25 | $-0.26 | $0.19 | ||
| Q1 25 | $-0.27 | $0.10 | ||
| Q4 24 | $-0.23 | $0.19 | ||
| Q3 24 | $-0.27 | $0.18 | ||
| Q2 24 | $-0.32 | $0.16 | ||
| Q1 24 | $-0.32 | $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 | $361.8M | $23.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $929.6M | $946.0M |
| Total Assets | $1.5B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $361.8M | $23.3M | ||
| Q3 25 | $342.9M | $26.3M | ||
| Q2 25 | $321.2M | $26.1M | ||
| Q1 25 | $307.3M | $19.3M | ||
| Q4 24 | $295.9M | $50.4M | ||
| Q3 24 | $308.2M | $69.9M | ||
| Q2 24 | $311.8M | $59.0M | ||
| Q1 24 | $329.5M | $64.2M |
| Q4 25 | $929.6M | $946.0M | ||
| Q3 25 | $937.0M | $973.1M | ||
| Q2 25 | $942.6M | $1.0B | ||
| Q1 25 | $957.0M | $1.0B | ||
| Q4 24 | $965.3M | $1.1B | ||
| Q3 24 | $969.5M | $986.9M | ||
| Q2 24 | $981.2M | $1.2B | ||
| Q1 24 | $991.8M | $1.3B |
| Q4 25 | $1.5B | $5.1B | ||
| Q3 25 | $1.5B | $5.1B | ||
| Q2 25 | $1.5B | $5.2B | ||
| Q1 25 | $1.4B | $5.3B | ||
| Q4 24 | $1.5B | $5.4B | ||
| Q3 24 | $1.5B | $5.4B | ||
| Q2 24 | $1.5B | $5.3B | ||
| Q1 24 | $1.5B | $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 | $22.4M | $338.5M |
| Free Cash FlowOCF − Capex | $12.2M | $299.8M |
| FCF MarginFCF / Revenue | 7.1% | 160.3% |
| Capex IntensityCapex / Revenue | 5.9% | 20.7% |
| Cash ConversionOCF / Net Profit | — | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $65.8M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $22.4M | $338.5M | ||
| Q3 25 | $28.9M | $100.2M | ||
| Q2 25 | $25.8M | $79.9M | ||
| Q1 25 | $17.3M | $85.6M | ||
| Q4 24 | $5.2M | $363.1M | ||
| Q3 24 | $5.0M | $105.7M | ||
| Q2 24 | $-4.9M | $83.2M | ||
| Q1 24 | $11.1M | $94.0M |
| Q4 25 | $12.2M | $299.8M | ||
| Q3 25 | $22.9M | $88.0M | ||
| Q2 25 | $15.9M | $73.8M | ||
| Q1 25 | $14.7M | $79.9M | ||
| Q4 24 | $251.0K | $344.4M | ||
| Q3 24 | $3.0M | $101.8M | ||
| Q2 24 | $-6.7M | $79.5M | ||
| Q1 24 | $9.5M | $88.6M |
| Q4 25 | 7.1% | 160.3% | ||
| Q3 25 | 14.5% | 46.6% | ||
| Q2 25 | 10.7% | 39.1% | ||
| Q1 25 | 10.2% | 42.4% | ||
| Q4 24 | 0.2% | 181.2% | ||
| Q3 24 | 2.2% | 52.6% | ||
| Q2 24 | -5.1% | 41.7% | ||
| Q1 24 | 7.1% | 45.2% |
| Q4 25 | 5.9% | 20.7% | ||
| Q3 25 | 3.8% | 6.5% | ||
| Q2 25 | 6.6% | 3.2% | ||
| Q1 25 | 1.8% | 3.0% | ||
| Q4 24 | 3.5% | 9.8% | ||
| Q3 24 | 1.5% | 2.0% | ||
| Q2 24 | 1.3% | 1.9% | ||
| Q1 24 | 1.2% | 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
FSLY
| Network Services | $130.8M | 76% |
| Security | $35.4M | 21% |
| Other | $6.4M | 4% |
NSA
Segment breakdown not available.
