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Side-by-side financial comparison of Leslie's, Inc. (LESL) 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 $147.1M, roughly 1.3× Leslie's, Inc.). National Storage Affiliates Trust runs the higher net margin — 12.2% vs -56.4%, a 68.6% gap on every dollar of revenue. On growth, National Storage Affiliates Trust posted the faster year-over-year revenue change (-1.6% vs -16.0%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $-85.5M). Over the past eight quarters, National Storage Affiliates Trust's revenue compounded faster (-2.4% CAGR vs -11.7%).
Leslie's, Inc., operating as Leslie's Swimming Pool Supplies, is the largest retailer of swimming pool supplies and related products. The company is headquartered in Phoenix, Arizona, and has a particularly strong retail presence in Arizona, California, Florida, Georgia and Texas.
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.
LESL vs NSA — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $147.1M | $187.0M |
| Net Profit | $-83.0M | $22.9M |
| Gross Margin | 18.4% | 72.5% |
| Operating Margin | -46.7% | 20.2% |
| Net Margin | -56.4% | 12.2% |
| Revenue YoY | -16.0% | -1.6% |
| Net Profit YoY | -86.2% | 36.8% |
| EPS (diluted) | $-8.92 | $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 | $147.1M | — | ||
| Q4 25 | $389.2M | $187.0M | ||
| Q3 25 | — | $188.7M | ||
| Q2 25 | $500.3M | $188.8M | ||
| Q1 25 | $177.1M | $188.4M | ||
| Q4 24 | $175.2M | $190.1M | ||
| Q3 24 | $397.9M | $193.6M | ||
| Q2 24 | $569.6M | $190.4M |
| Q1 26 | $-83.0M | — | ||
| Q4 25 | $-162.8M | $22.9M | ||
| Q3 25 | — | $18.4M | ||
| Q2 25 | $21.7M | $19.5M | ||
| Q1 25 | $-51.3M | $13.0M | ||
| Q4 24 | $-44.6M | $16.7M | ||
| Q3 24 | $-9.9M | $18.7M | ||
| Q2 24 | $60.6M | $17.1M |
| Q1 26 | 18.4% | — | ||
| Q4 25 | 38.6% | 72.5% | ||
| Q3 25 | — | 70.7% | ||
| Q2 25 | 39.6% | 70.5% | ||
| Q1 25 | 24.8% | 70.7% | ||
| Q4 24 | 27.2% | 72.5% | ||
| Q3 24 | 36.0% | 72.8% | ||
| Q2 24 | 40.2% | 72.6% |
| Q1 26 | -46.7% | — | ||
| Q4 25 | -38.6% | 20.2% | ||
| Q3 25 | — | 15.8% | ||
| Q2 25 | 13.7% | 16.5% | ||
| Q1 25 | -27.3% | 11.0% | ||
| Q4 24 | -22.7% | 14.5% | ||
| Q3 24 | 6.6% | 15.8% | ||
| Q2 24 | 17.2% | 17.2% |
| Q1 26 | -56.4% | — | ||
| Q4 25 | -41.8% | 12.2% | ||
| Q3 25 | — | 9.8% | ||
| Q2 25 | 4.3% | 10.3% | ||
| Q1 25 | -29.0% | 6.9% | ||
| Q4 24 | -25.4% | 8.8% | ||
| Q3 24 | -2.5% | 9.7% | ||
| Q2 24 | 10.6% | 9.0% |
| Q1 26 | $-8.92 | — | ||
| Q4 25 | $-20.59 | $0.23 | ||
| Q3 25 | — | $0.17 | ||
| Q2 25 | $0.12 | $0.19 | ||
| Q1 25 | $-0.28 | $0.10 | ||
| Q4 24 | $-4.82 | $0.19 | ||
| Q3 24 | $-2.46 | $0.18 | ||
| Q2 24 | $0.33 | $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 | $3.6M | $23.3M |
| Total DebtLower is stronger | $781.6M | — |
| Stockholders' EquityBook value | $-489.9M | $946.0M |
| Total Assets | $649.4M | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.6M | — | ||
| Q4 25 | $64.3M | $23.3M | ||
| Q3 25 | — | $26.3M | ||
| Q2 25 | $42.7M | $26.1M | ||
| Q1 25 | $17.3M | $19.3M | ||
| Q4 24 | $11.6M | $50.4M | ||
| Q3 24 | $108.5M | $69.9M | ||
| Q2 24 | $74.4M | $59.0M |
| Q1 26 | $781.6M | — | ||
| Q4 25 | $756.6M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $776.6M | — | ||
| Q1 25 | $858.1M | — | ||
| Q4 24 | $796.6M | — | ||
| Q3 24 | $783.7M | — | ||
| Q2 24 | $783.7M | — |
| Q1 26 | $-489.9M | — | ||
| Q4 25 | $-408.0M | $946.0M | ||
| Q3 25 | — | $973.1M | ||
| Q2 25 | $-246.2M | $1.0B | ||
| Q1 25 | $-269.5M | $1.0B | ||
| Q4 24 | $-220.0M | $1.1B | ||
| Q3 24 | $-177.1M | $986.9M | ||
| Q2 24 | $-168.2M | $1.2B |
| Q1 26 | $649.4M | — | ||
| Q4 25 | $741.5M | $5.1B | ||
| Q3 25 | — | $5.1B | ||
| Q2 25 | $989.5M | $5.2B | ||
| Q1 25 | $1.0B | $5.3B | ||
| Q4 24 | $967.0M | $5.4B | ||
| Q3 24 | $1.1B | $5.4B | ||
| Q2 24 | $1.1B | $5.3B |
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 | $-81.1M | $338.5M |
| Free Cash FlowOCF − Capex | $-85.5M | $299.8M |
| FCF MarginFCF / Revenue | -58.1% | 160.3% |
| Capex IntensityCapex / Revenue | 2.9% | 20.7% |
| Cash ConversionOCF / Net Profit | — | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $7.6M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $-81.1M | — | ||
| Q4 25 | $48.2M | $338.5M | ||
| Q3 25 | — | $100.2M | ||
| Q2 25 | $114.9M | $79.9M | ||
| Q1 25 | $-49.2M | $85.6M | ||
| Q4 24 | $-105.1M | $363.1M | ||
| Q3 24 | $47.1M | $105.7M | ||
| Q2 24 | $175.5M | $83.2M |
| Q1 26 | $-85.5M | — | ||
| Q4 25 | $41.8M | $299.8M | ||
| Q3 25 | — | $88.0M | ||
| Q2 25 | $107.1M | $73.8M | ||
| Q1 25 | $-55.8M | $79.9M | ||
| Q4 24 | $-109.8M | $344.4M | ||
| Q3 24 | $34.1M | $101.8M | ||
| Q2 24 | $165.2M | $79.5M |
| Q1 26 | -58.1% | — | ||
| Q4 25 | 10.7% | 160.3% | ||
| Q3 25 | — | 46.6% | ||
| Q2 25 | 21.4% | 39.1% | ||
| Q1 25 | -31.5% | 42.4% | ||
| Q4 24 | -62.6% | 181.2% | ||
| Q3 24 | 8.6% | 52.6% | ||
| Q2 24 | 29.0% | 41.7% |
| Q1 26 | 2.9% | — | ||
| Q4 25 | 1.7% | 20.7% | ||
| Q3 25 | — | 6.5% | ||
| Q2 25 | 1.6% | 3.2% | ||
| Q1 25 | 3.7% | 3.0% | ||
| Q4 24 | 2.7% | 9.8% | ||
| Q3 24 | 3.2% | 2.0% | ||
| Q2 24 | 1.8% | 1.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | 14.79× | ||
| Q3 25 | — | 5.44× | ||
| Q2 25 | 5.29× | 4.10× | ||
| Q1 25 | — | 6.59× | ||
| Q4 24 | — | 21.70× | ||
| Q3 24 | — | 5.65× | ||
| Q2 24 | 2.89× | 4.88× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
