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Side-by-side financial comparison of Janus International Group, Inc. (JBI) and National Storage Affiliates Trust (NSA). Click either name above to swap in a different company.
Janus International Group, Inc. is the larger business by last-quarter revenue ($219.3M vs $187.0M, roughly 1.2× National Storage Affiliates Trust). National Storage Affiliates Trust runs the higher net margin — 12.2% vs 6.9%, a 5.3% gap on every dollar of revenue. On growth, National Storage Affiliates Trust posted the faster year-over-year revenue change (-1.6% vs -4.7%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $8.3M). Over the past eight quarters, National Storage Affiliates Trust's revenue compounded faster (-2.4% CAGR vs -8.8%).
Janus Henderson is a British-American global asset management group headquartered in the City of London, United Kingdom. It offers a range of financial products to individuals, intermediary advisors, and institutional investors globally under the trade name Janus Henderson Investors.
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.
JBI vs NSA — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $219.3M | $187.0M |
| Net Profit | $15.2M | $22.9M |
| Gross Margin | 39.1% | 72.5% |
| Operating Margin | 13.4% | 20.2% |
| Net Margin | 6.9% | 12.2% |
| Revenue YoY | -4.7% | -1.6% |
| Net Profit YoY | 28.8% | 36.8% |
| EPS (diluted) | $0.11 | $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 | $219.3M | $188.7M | ||
| Q2 25 | $228.1M | $188.8M | ||
| Q1 25 | $210.5M | $188.4M | ||
| Q4 24 | $230.8M | $190.1M | ||
| Q3 24 | $230.1M | $193.6M | ||
| Q2 24 | $248.4M | $190.4M | ||
| Q1 24 | $254.5M | $196.1M |
| Q4 25 | — | $22.9M | ||
| Q3 25 | $15.2M | $18.4M | ||
| Q2 25 | $20.7M | $19.5M | ||
| Q1 25 | $10.8M | $13.0M | ||
| Q4 24 | $300.0K | $16.7M | ||
| Q3 24 | $11.8M | $18.7M | ||
| Q2 24 | $27.6M | $17.1M | ||
| Q1 24 | $30.7M | $59.0M |
| Q4 25 | — | 72.5% | ||
| Q3 25 | 39.1% | 70.7% | ||
| Q2 25 | 40.9% | 70.5% | ||
| Q1 25 | 38.9% | 70.7% | ||
| Q4 24 | 37.8% | 72.5% | ||
| Q3 24 | 39.6% | 72.8% | ||
| Q2 24 | 43.9% | 72.6% | ||
| Q1 24 | 43.4% | 72.1% |
| Q4 25 | — | 20.2% | ||
| Q3 25 | 13.4% | 15.8% | ||
| Q2 25 | 15.8% | 16.5% | ||
| Q1 25 | 12.0% | 11.0% | ||
| Q4 24 | 5.5% | 14.5% | ||
| Q3 24 | 11.6% | 15.8% | ||
| Q2 24 | 20.8% | 17.2% | ||
| Q1 24 | 21.8% | 48.9% |
| Q4 25 | — | 12.2% | ||
| Q3 25 | 6.9% | 9.8% | ||
| Q2 25 | 9.1% | 10.3% | ||
| Q1 25 | 5.1% | 6.9% | ||
| Q4 24 | 0.1% | 8.8% | ||
| Q3 24 | 5.1% | 9.7% | ||
| Q2 24 | 11.1% | 9.0% | ||
| Q1 24 | 12.1% | 30.1% |
| Q4 25 | — | $0.23 | ||
| Q3 25 | $0.11 | $0.17 | ||
| Q2 25 | $0.15 | $0.19 | ||
| Q1 25 | $0.08 | $0.10 | ||
| Q4 24 | $0.01 | $0.19 | ||
| Q3 24 | $0.08 | $0.18 | ||
| Q2 24 | $0.19 | $0.16 | ||
| Q1 24 | $0.21 | $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 | — | $23.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $560.8M | $946.0M |
| Total Assets | $1.3B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $23.3M | ||
| Q3 25 | — | $26.3M | ||
| Q2 25 | — | $26.1M | ||
| Q1 25 | — | $19.3M | ||
| Q4 24 | — | $50.4M | ||
| Q3 24 | $102.1M | $69.9M | ||
| Q2 24 | $110.1M | $59.0M | ||
| Q1 24 | — | $64.2M |
| Q4 25 | — | $946.0M | ||
| Q3 25 | $560.8M | $973.1M | ||
| Q2 25 | $543.8M | $1.0B | ||
| Q1 25 | $526.8M | $1.0B | ||
| Q4 24 | $518.8M | $1.1B | ||
| Q3 24 | $526.6M | $986.9M | ||
| Q2 24 | $556.3M | $1.2B | ||
| Q1 24 | $535.4M | $1.3B |
| Q4 25 | — | $5.1B | ||
| Q3 25 | $1.3B | $5.1B | ||
| Q2 25 | $1.3B | $5.2B | ||
| Q1 25 | $1.3B | $5.3B | ||
| Q4 24 | $1.3B | $5.4B | ||
| Q3 24 | $1.3B | $5.4B | ||
| Q2 24 | $1.3B | $5.3B | ||
| Q1 24 | $1.4B | $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 | $15.0M | $338.5M |
| Free Cash FlowOCF − Capex | $8.3M | $299.8M |
| FCF MarginFCF / Revenue | 3.8% | 160.3% |
| Capex IntensityCapex / Revenue | 3.1% | 20.7% |
| Cash ConversionOCF / Net Profit | 0.99× | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $140.1M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $338.5M | ||
| Q3 25 | $15.0M | $100.2M | ||
| Q2 25 | $51.4M | $79.9M | ||
| Q1 25 | $48.3M | $85.6M | ||
| Q4 24 | $51.4M | $363.1M | ||
| Q3 24 | $43.0M | $105.7M | ||
| Q2 24 | $31.0M | $83.2M | ||
| Q1 24 | $28.6M | $94.0M |
| Q4 25 | — | $299.8M | ||
| Q3 25 | $8.3M | $88.0M | ||
| Q2 25 | $44.6M | $73.8M | ||
| Q1 25 | $41.9M | $79.9M | ||
| Q4 24 | $45.3M | $344.4M | ||
| Q3 24 | $39.3M | $101.8M | ||
| Q2 24 | $25.3M | $79.5M | ||
| Q1 24 | $24.0M | $88.6M |
| Q4 25 | — | 160.3% | ||
| Q3 25 | 3.8% | 46.6% | ||
| Q2 25 | 19.6% | 39.1% | ||
| Q1 25 | 19.9% | 42.4% | ||
| Q4 24 | 19.6% | 181.2% | ||
| Q3 24 | 17.1% | 52.6% | ||
| Q2 24 | 10.2% | 41.7% | ||
| Q1 24 | 9.4% | 45.2% |
| Q4 25 | — | 20.7% | ||
| Q3 25 | 3.1% | 6.5% | ||
| Q2 25 | 3.0% | 3.2% | ||
| Q1 25 | 3.0% | 3.0% | ||
| Q4 24 | 2.6% | 9.8% | ||
| Q3 24 | 1.6% | 2.0% | ||
| Q2 24 | 2.3% | 1.9% | ||
| Q1 24 | 1.8% | 2.7% |
| Q4 25 | — | 14.79× | ||
| Q3 25 | 0.99× | 5.44× | ||
| Q2 25 | 2.48× | 4.10× | ||
| Q1 25 | 4.47× | 6.59× | ||
| Q4 24 | 171.33× | 21.70× | ||
| Q3 24 | 3.64× | 5.65× | ||
| Q2 24 | 1.12× | 4.88× | ||
| Q1 24 | 0.93× | 1.59× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
JBI
| Self Storage New Construction | $72.3M | 33% |
| Commercial And Others | $65.5M | 30% |
| Self Storage R3 | $54.0M | 25% |
| Transferred At Point In Time | $15.5M | 7% |
| Transferred Over Time | $12.8M | 6% |
NSA
Segment breakdown not available.
