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Side-by-side financial comparison of Limbach Holdings, Inc. (LMB) 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 $186.9M, roughly 1.0× Limbach Holdings, Inc.). National Storage Affiliates Trust runs the higher net margin — 12.2% vs 6.6%, a 5.7% gap on every dollar of revenue. On growth, Limbach Holdings, Inc. posted the faster year-over-year revenue change (30.1% vs -1.6%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $27.9M). Over the past eight quarters, Limbach Holdings, Inc.'s revenue compounded faster (25.3% CAGR vs -2.4%).
Limbach Flugmotoren is a Chinese-owned company based in Germany that produces aircraft engines.
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.
LMB vs NSA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $186.9M | $187.0M |
| Net Profit | $12.3M | $22.9M |
| Gross Margin | 25.7% | 72.5% |
| Operating Margin | 9.4% | 20.2% |
| Net Margin | 6.6% | 12.2% |
| Revenue YoY | 30.1% | -1.6% |
| Net Profit YoY | 25.0% | 36.8% |
| EPS (diluted) | $1.01 | $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 | $186.9M | $187.0M | ||
| Q3 25 | $184.6M | $188.7M | ||
| Q2 25 | $142.2M | $188.8M | ||
| Q1 25 | $133.1M | $188.4M | ||
| Q4 24 | $143.7M | $190.1M | ||
| Q3 24 | $133.9M | $193.6M | ||
| Q2 24 | $122.2M | $190.4M | ||
| Q1 24 | $119.0M | $196.1M |
| Q4 25 | $12.3M | $22.9M | ||
| Q3 25 | $8.8M | $18.4M | ||
| Q2 25 | $7.8M | $19.5M | ||
| Q1 25 | $10.2M | $13.0M | ||
| Q4 24 | $9.8M | $16.7M | ||
| Q3 24 | $7.5M | $18.7M | ||
| Q2 24 | $6.0M | $17.1M | ||
| Q1 24 | $7.6M | $59.0M |
| Q4 25 | 25.7% | 72.5% | ||
| Q3 25 | 24.2% | 70.7% | ||
| Q2 25 | 28.0% | 70.5% | ||
| Q1 25 | 27.6% | 70.7% | ||
| Q4 24 | 30.3% | 72.5% | ||
| Q3 24 | 27.0% | 72.8% | ||
| Q2 24 | 27.4% | 72.6% | ||
| Q1 24 | 26.1% | 72.1% |
| Q4 25 | 9.4% | 20.2% | ||
| Q3 25 | 7.2% | 15.8% | ||
| Q2 25 | 7.5% | 16.5% | ||
| Q1 25 | 5.9% | 11.0% | ||
| Q4 24 | 9.1% | 14.5% | ||
| Q3 24 | 8.1% | 15.8% | ||
| Q2 24 | 6.7% | 17.2% | ||
| Q1 24 | 5.5% | 48.9% |
| Q4 25 | 6.6% | 12.2% | ||
| Q3 25 | 4.8% | 9.8% | ||
| Q2 25 | 5.5% | 10.3% | ||
| Q1 25 | 7.7% | 6.9% | ||
| Q4 24 | 6.9% | 8.8% | ||
| Q3 24 | 5.6% | 9.7% | ||
| Q2 24 | 4.9% | 9.0% | ||
| Q1 24 | 6.4% | 30.1% |
| Q4 25 | $1.01 | $0.23 | ||
| Q3 25 | $0.73 | $0.17 | ||
| Q2 25 | $0.64 | $0.19 | ||
| Q1 25 | $0.85 | $0.10 | ||
| Q4 24 | $0.81 | $0.19 | ||
| Q3 24 | $0.62 | $0.18 | ||
| Q2 24 | $0.50 | $0.16 | ||
| Q1 24 | $0.64 | $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 | $11.3M | $23.3M |
| Total DebtLower is stronger | $30.5M | — |
| Stockholders' EquityBook value | $195.7M | $946.0M |
| Total Assets | $381.1M | $5.1B |
| Debt / EquityLower = less leverage | 0.16× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $11.3M | $23.3M | ||
| Q3 25 | $9.8M | $26.3M | ||
| Q2 25 | $38.9M | $26.1M | ||
| Q1 25 | $38.1M | $19.3M | ||
| Q4 24 | $44.9M | $50.4M | ||
| Q3 24 | $51.2M | $69.9M | ||
| Q2 24 | $59.5M | $59.0M | ||
| Q1 24 | $48.2M | $64.2M |
| Q4 25 | $30.5M | — | ||
| Q3 25 | $56.3M | — | ||
| Q2 25 | $28.4M | — | ||
| Q1 25 | $23.7M | — | ||
| Q4 24 | $23.6M | — | ||
| Q3 24 | $20.5M | — | ||
| Q2 24 | $19.7M | — | ||
| Q1 24 | $19.4M | — |
| Q4 25 | $195.7M | $946.0M | ||
| Q3 25 | $181.6M | $973.1M | ||
| Q2 25 | $170.5M | $1.0B | ||
| Q1 25 | $161.1M | $1.0B | ||
| Q4 24 | $153.5M | $1.1B | ||
| Q3 24 | $142.2M | $986.9M | ||
| Q2 24 | $133.0M | $1.2B | ||
| Q1 24 | $125.5M | $1.3B |
| Q4 25 | $381.1M | $5.1B | ||
| Q3 25 | $409.1M | $5.1B | ||
| Q2 25 | $343.0M | $5.2B | ||
| Q1 25 | $336.4M | $5.3B | ||
| Q4 24 | $352.1M | $5.4B | ||
| Q3 24 | $324.4M | $5.4B | ||
| Q2 24 | $303.9M | $5.3B | ||
| Q1 24 | $289.2M | $5.4B |
| Q4 25 | 0.16× | — | ||
| Q3 25 | 0.31× | — | ||
| Q2 25 | 0.17× | — | ||
| Q1 25 | 0.15× | — | ||
| Q4 24 | 0.15× | — | ||
| Q3 24 | 0.14× | — | ||
| Q2 24 | 0.15× | — | ||
| Q1 24 | 0.15× | — |
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 | $28.1M | $338.5M |
| Free Cash FlowOCF − Capex | $27.9M | $299.8M |
| FCF MarginFCF / Revenue | 14.9% | 160.3% |
| Capex IntensityCapex / Revenue | 0.1% | 20.7% |
| Cash ConversionOCF / Net Profit | 2.29× | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $41.9M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.1M | $338.5M | ||
| Q3 25 | $13.3M | $100.2M | ||
| Q2 25 | $2.0M | $79.9M | ||
| Q1 25 | $2.2M | $85.6M | ||
| Q4 24 | $19.3M | $363.1M | ||
| Q3 24 | $4.9M | $105.7M | ||
| Q2 24 | $16.5M | $83.2M | ||
| Q1 24 | $-3.9M | $94.0M |
| Q4 25 | $27.9M | $299.8M | ||
| Q3 25 | $12.8M | $88.0M | ||
| Q2 25 | $1.2M | $73.8M | ||
| Q1 25 | $11.0K | $79.9M | ||
| Q4 24 | $18.0M | $344.4M | ||
| Q3 24 | $4.6M | $101.8M | ||
| Q2 24 | $13.2M | $79.5M | ||
| Q1 24 | $-6.5M | $88.6M |
| Q4 25 | 14.9% | 160.3% | ||
| Q3 25 | 7.0% | 46.6% | ||
| Q2 25 | 0.8% | 39.1% | ||
| Q1 25 | 0.0% | 42.4% | ||
| Q4 24 | 12.5% | 181.2% | ||
| Q3 24 | 3.4% | 52.6% | ||
| Q2 24 | 10.8% | 41.7% | ||
| Q1 24 | -5.5% | 45.2% |
| Q4 25 | 0.1% | 20.7% | ||
| Q3 25 | 0.3% | 6.5% | ||
| Q2 25 | 0.6% | 3.2% | ||
| Q1 25 | 1.7% | 3.0% | ||
| Q4 24 | 0.9% | 9.8% | ||
| Q3 24 | 0.3% | 2.0% | ||
| Q2 24 | 2.7% | 1.9% | ||
| Q1 24 | 2.1% | 2.7% |
| Q4 25 | 2.29× | 14.79× | ||
| Q3 25 | 1.52× | 5.44× | ||
| Q2 25 | 0.26× | 4.10× | ||
| Q1 25 | 0.22× | 6.59× | ||
| Q4 24 | 1.96× | 21.70× | ||
| Q3 24 | 0.66× | 5.65× | ||
| Q2 24 | 2.77× | 4.88× | ||
| Q1 24 | -0.52× | 1.59× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LMB
| Owner Direct Relationships Segment | $145.0M | 78% |
| General Contractor Construction Manager Relationships Segment | $41.9M | 22% |
NSA
Segment breakdown not available.
