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Side-by-side financial comparison of Lovesac Co (LOVE) 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 $150.2M, roughly 1.2× Lovesac Co). National Storage Affiliates Trust runs the higher net margin — 12.2% vs -7.0%, a 19.3% gap on every dollar of revenue. On growth, Lovesac Co posted the faster year-over-year revenue change (0.2% vs -1.6%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $-10.2M). Over the past eight quarters, National Storage Affiliates Trust's revenue compounded faster (-2.4% CAGR vs -22.6%).
The Lovesac Company is an American furniture retailer, specializing in a patented modular furniture system called Sactionals. Sactionals consist of two combinable pieces, “Seats” and “Sides,” as well as custom-fit covers and associated accessories. Lovesac also sells Sacs, a bag seat filled with a proprietary foam mixture.
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.
LOVE vs NSA — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $150.2M | $187.0M |
| Net Profit | $-10.6M | $22.9M |
| Gross Margin | 56.1% | 72.5% |
| Operating Margin | -10.5% | 20.2% |
| Net Margin | -7.0% | 12.2% |
| Revenue YoY | 0.2% | -1.6% |
| Net Profit YoY | -114.0% | 36.8% |
| EPS (diluted) | $-0.72 | $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 | $150.2M | $187.0M | ||
| Q3 25 | $160.5M | $188.7M | ||
| Q2 25 | $138.4M | $188.8M | ||
| Q1 25 | $241.5M | $188.4M | ||
| Q4 24 | $149.9M | $190.1M | ||
| Q3 24 | $156.6M | $193.6M | ||
| Q2 24 | $132.6M | $190.4M | ||
| Q1 24 | $250.5M | $196.1M |
| Q4 25 | $-10.6M | $22.9M | ||
| Q3 25 | $-6.7M | $18.4M | ||
| Q2 25 | $-10.8M | $19.5M | ||
| Q1 25 | $35.3M | $13.0M | ||
| Q4 24 | $-4.9M | $16.7M | ||
| Q3 24 | $-5.9M | $18.7M | ||
| Q2 24 | $-13.0M | $17.1M | ||
| Q1 24 | $31.0M | $59.0M |
| Q4 25 | 56.1% | 72.5% | ||
| Q3 25 | 56.4% | 70.7% | ||
| Q2 25 | 53.7% | 70.5% | ||
| Q1 25 | 60.4% | 70.7% | ||
| Q4 24 | 58.5% | 72.5% | ||
| Q3 24 | 59.0% | 72.8% | ||
| Q2 24 | 54.3% | 72.6% | ||
| Q1 24 | 59.7% | 72.1% |
| Q4 25 | -10.5% | 20.2% | ||
| Q3 25 | -5.5% | 15.8% | ||
| Q2 25 | -10.8% | 16.5% | ||
| Q1 25 | 19.7% | 11.0% | ||
| Q4 24 | -5.2% | 14.5% | ||
| Q3 24 | -5.3% | 15.8% | ||
| Q2 24 | -13.5% | 17.2% | ||
| Q1 24 | 16.1% | 48.9% |
| Q4 25 | -7.0% | 12.2% | ||
| Q3 25 | -4.1% | 9.8% | ||
| Q2 25 | -7.8% | 10.3% | ||
| Q1 25 | 14.6% | 6.9% | ||
| Q4 24 | -3.3% | 8.8% | ||
| Q3 24 | -3.7% | 9.7% | ||
| Q2 24 | -9.8% | 9.0% | ||
| Q1 24 | 12.4% | 30.1% |
| Q4 25 | $-0.72 | $0.23 | ||
| Q3 25 | $-0.45 | $0.17 | ||
| Q2 25 | $-0.73 | $0.19 | ||
| Q1 25 | $2.22 | $0.10 | ||
| Q4 24 | $-0.32 | $0.19 | ||
| Q3 24 | $-0.38 | $0.18 | ||
| Q2 24 | $-0.83 | $0.16 | ||
| Q1 24 | $1.91 | $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 | $23.7M | $23.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $189.3M | $946.0M |
| Total Assets | $495.5M | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.7M | $23.3M | ||
| Q3 25 | $34.2M | $26.3M | ||
| Q2 25 | $26.9M | $26.1M | ||
| Q1 25 | $83.7M | $19.3M | ||
| Q4 24 | $61.7M | $50.4M | ||
| Q3 24 | $72.1M | $69.9M | ||
| Q2 24 | $72.4M | $59.0M | ||
| Q1 24 | $87.0M | $64.2M |
| Q4 25 | $189.3M | $946.0M | ||
| Q3 25 | $197.5M | $973.1M | ||
| Q2 25 | $201.2M | $1.0B | ||
| Q1 25 | $216.4M | $1.0B | ||
| Q4 24 | $196.5M | $1.1B | ||
| Q3 24 | $202.1M | $986.9M | ||
| Q2 24 | $205.3M | $1.2B | ||
| Q1 24 | $217.5M | $1.3B |
| Q4 25 | $495.5M | $5.1B | ||
| Q3 25 | $493.7M | $5.1B | ||
| Q2 25 | $483.7M | $5.2B | ||
| Q1 25 | $532.3M | $5.3B | ||
| Q4 24 | $499.7M | $5.4B | ||
| Q3 24 | $481.1M | $5.4B | ||
| Q2 24 | $477.2M | $5.3B | ||
| Q1 24 | $482.2M | $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 | $-4.9M | $338.5M |
| Free Cash FlowOCF − Capex | $-10.2M | $299.8M |
| FCF MarginFCF / Revenue | -6.8% | 160.3% |
| Capex IntensityCapex / Revenue | 3.5% | 20.7% |
| Cash ConversionOCF / Net Profit | — | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $-13.6M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-4.9M | $338.5M | ||
| Q3 25 | $12.2M | $100.2M | ||
| Q2 25 | $-41.4M | $79.9M | ||
| Q1 25 | $44.0M | $85.6M | ||
| Q4 24 | $-4.2M | $363.1M | ||
| Q3 24 | $6.2M | $105.7M | ||
| Q2 24 | $-7.0M | $83.2M | ||
| Q1 24 | $56.3M | $94.0M |
| Q4 25 | $-10.2M | $299.8M | ||
| Q3 25 | $7.8M | $88.0M | ||
| Q2 25 | $-50.0M | $73.8M | ||
| Q1 25 | $38.7M | $79.9M | ||
| Q4 24 | $-6.6M | $344.4M | ||
| Q3 24 | $119.0K | $101.8M | ||
| Q2 24 | $-14.3M | $79.5M | ||
| Q1 24 | $49.5M | $88.6M |
| Q4 25 | -6.8% | 160.3% | ||
| Q3 25 | 4.9% | 46.6% | ||
| Q2 25 | -36.1% | 39.1% | ||
| Q1 25 | 16.0% | 42.4% | ||
| Q4 24 | -4.4% | 181.2% | ||
| Q3 24 | 0.1% | 52.6% | ||
| Q2 24 | -10.8% | 41.7% | ||
| Q1 24 | 19.8% | 45.2% |
| Q4 25 | 3.5% | 20.7% | ||
| Q3 25 | 2.7% | 6.5% | ||
| Q2 25 | 6.2% | 3.2% | ||
| Q1 25 | 2.2% | 3.0% | ||
| Q4 24 | 1.6% | 9.8% | ||
| Q3 24 | 3.9% | 2.0% | ||
| Q2 24 | 5.5% | 1.9% | ||
| Q1 24 | 2.7% | 2.7% |
| Q4 25 | — | 14.79× | ||
| Q3 25 | — | 5.44× | ||
| Q2 25 | — | 4.10× | ||
| Q1 25 | 1.25× | 6.59× | ||
| Q4 24 | — | 21.70× | ||
| Q3 24 | — | 5.65× | ||
| Q2 24 | — | 4.88× | ||
| Q1 24 | 1.82× | 1.59× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LOVE
| Showrooms | $102.7M | 68% |
| Internet | $37.3M | 25% |
| Other | $10.2M | 7% |
NSA
Segment breakdown not available.
