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Side-by-side financial comparison of IHS Holding Ltd (IHS) and National Storage Affiliates Trust (NSA). Click either name above to swap in a different company.
IHS Holding Ltd is the larger business by last-quarter revenue ($254.0M vs $187.0M, roughly 1.4× National Storage Affiliates Trust). On growth, IHS Holding Ltd posted the faster year-over-year revenue change (0.1% vs -1.6%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $178.6M). Over the past eight quarters, National Storage Affiliates Trust's revenue compounded faster (-2.4% CAGR vs -22.0%).
IHS Towers is one of the largest independent owners, operators and developers of shared communications infrastructure in the world, with operations across Africa and Latin America. It is the fifth-largest independent multinational tower company in the world.
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.
IHS vs NSA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $254.0M | $187.0M |
| Net Profit | — | $22.9M |
| Gross Margin | 83.6% | 72.5% |
| Operating Margin | — | 20.2% |
| Net Margin | — | 12.2% |
| Revenue YoY | 0.1% | -1.6% |
| Net Profit YoY | — | 36.8% |
| EPS (diluted) | — | $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 | $254.0M | $187.0M | ||
| Q3 25 | $455.1M | $188.7M | ||
| Q2 25 | $433.3M | $188.8M | ||
| Q1 25 | $439.6M | $188.4M | ||
| Q4 24 | $253.8M | $190.1M | ||
| Q3 24 | $420.3M | $193.6M | ||
| Q2 24 | $435.4M | $190.4M | ||
| Q1 24 | $417.7M | $196.1M |
| Q4 25 | — | $22.9M | ||
| Q3 25 | $147.4M | $18.4M | ||
| Q2 25 | $32.3M | $19.5M | ||
| Q1 25 | $30.7M | $13.0M | ||
| Q4 24 | — | $16.7M | ||
| Q3 24 | $-205.7M | $18.7M | ||
| Q2 24 | $-124.3M | $17.1M | ||
| Q1 24 | $-1.6B | $59.0M |
| Q4 25 | 83.6% | 72.5% | ||
| Q3 25 | 47.5% | 70.7% | ||
| Q2 25 | 51.3% | 70.5% | ||
| Q1 25 | 51.4% | 70.7% | ||
| Q4 24 | 72.1% | 72.5% | ||
| Q3 24 | 52.0% | 72.8% | ||
| Q2 24 | 52.5% | 72.6% | ||
| Q1 24 | 39.1% | 72.1% |
| Q4 25 | — | 20.2% | ||
| Q3 25 | 35.1% | 15.8% | ||
| Q2 25 | 33.8% | 16.5% | ||
| Q1 25 | 37.1% | 11.0% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | 29.9% | 15.8% | ||
| Q2 24 | 34.0% | 17.2% | ||
| Q1 24 | -1.7% | 48.9% |
| Q4 25 | — | 12.2% | ||
| Q3 25 | 32.4% | 9.8% | ||
| Q2 25 | 7.5% | 10.3% | ||
| Q1 25 | 7.0% | 6.9% | ||
| Q4 24 | — | 8.8% | ||
| Q3 24 | -48.9% | 9.7% | ||
| Q2 24 | -28.5% | 9.0% | ||
| Q1 24 | -372.8% | 30.1% |
| Q4 25 | — | $0.23 | ||
| Q3 25 | $0.44 | $0.17 | ||
| Q2 25 | $0.10 | $0.19 | ||
| Q1 25 | $0.10 | $0.10 | ||
| Q4 24 | — | $0.19 | ||
| Q3 24 | $-0.61 | $0.18 | ||
| Q2 24 | $-0.36 | $0.16 | ||
| Q1 24 | $-4.67 | $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 | $825.7M | $23.3M |
| Total DebtLower is stronger | $3.1B | — |
| Stockholders' EquityBook value | $-89.8M | $946.0M |
| Total Assets | $4.5B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $825.7M | $23.3M | ||
| Q3 25 | $647.6M | $26.3M | ||
| Q2 25 | $531.8M | $26.1M | ||
| Q1 25 | $629.0M | $19.3M | ||
| Q4 24 | $578.0M | $50.4M | ||
| Q3 24 | $397.5M | $69.9M | ||
| Q2 24 | $445.7M | $59.0M | ||
| Q1 24 | $333.2M | $64.2M |
| Q4 25 | $3.1B | — | ||
| Q3 25 | $3.3B | — | ||
| Q2 25 | $3.2B | — | ||
| Q1 25 | $3.4B | — | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $3.5B | — | ||
| Q2 24 | $3.6B | — | ||
| Q1 24 | $3.5B | — |
| Q4 25 | $-89.8M | $946.0M | ||
| Q3 25 | $38.1M | $973.1M | ||
| Q2 25 | $-98.4M | $1.0B | ||
| Q1 25 | $-184.4M | $1.0B | ||
| Q4 24 | $-314.4M | $1.1B | ||
| Q3 24 | $-284.7M | $986.9M | ||
| Q2 24 | $-308.3M | $1.2B | ||
| Q1 24 | $-163.2M | $1.3B |
| Q4 25 | $4.5B | $5.1B | ||
| Q3 25 | $4.7B | $5.1B | ||
| Q2 25 | $4.5B | $5.2B | ||
| Q1 25 | $4.4B | $5.3B | ||
| Q4 24 | $4.2B | $5.4B | ||
| Q3 24 | $4.6B | $5.4B | ||
| Q2 24 | $4.5B | $5.3B | ||
| Q1 24 | $4.6B | $5.4B |
| Q4 25 | — | — | ||
| Q3 25 | 85.85× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $246.9M | $338.5M |
| Free Cash FlowOCF − Capex | $178.6M | $299.8M |
| FCF MarginFCF / Revenue | 70.3% | 160.3% |
| Capex IntensityCapex / Revenue | 26.9% | 20.7% |
| Cash ConversionOCF / Net Profit | — | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $718.7M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $246.9M | $338.5M | ||
| Q3 25 | $251.3M | $100.2M | ||
| Q2 25 | $237.7M | $79.9M | ||
| Q1 25 | $200.3M | $85.6M | ||
| Q4 24 | $344.4M | $363.1M | ||
| Q3 24 | $174.5M | $105.7M | ||
| Q2 24 | $134.7M | $83.2M | ||
| Q1 24 | $75.8M | $94.0M |
| Q4 25 | $178.6M | $299.8M | ||
| Q3 25 | $189.2M | $88.0M | ||
| Q2 25 | $197.7M | $73.8M | ||
| Q1 25 | $153.2M | $79.9M | ||
| Q4 24 | $282.9M | $344.4M | ||
| Q3 24 | $122.3M | $101.8M | ||
| Q2 24 | $74.2M | $79.5M | ||
| Q1 24 | $14.8M | $88.6M |
| Q4 25 | 70.3% | 160.3% | ||
| Q3 25 | 41.6% | 46.6% | ||
| Q2 25 | 45.6% | 39.1% | ||
| Q1 25 | 34.8% | 42.4% | ||
| Q4 24 | 111.5% | 181.2% | ||
| Q3 24 | 29.1% | 52.6% | ||
| Q2 24 | 17.0% | 41.7% | ||
| Q1 24 | 3.5% | 45.2% |
| Q4 25 | 26.9% | 20.7% | ||
| Q3 25 | 13.6% | 6.5% | ||
| Q2 25 | 9.2% | 3.2% | ||
| Q1 25 | 10.7% | 3.0% | ||
| Q4 24 | 24.2% | 9.8% | ||
| Q3 24 | 12.4% | 2.0% | ||
| Q2 24 | 13.9% | 1.9% | ||
| Q1 24 | 14.6% | 2.7% |
| Q4 25 | — | 14.79× | ||
| Q3 25 | 1.70× | 5.44× | ||
| Q2 25 | 7.36× | 4.10× | ||
| Q1 25 | 6.52× | 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.
