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Side-by-side financial comparison of LIQUIDITY SERVICES INC (LQDT) 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 $120.7M, roughly 1.5× LIQUIDITY SERVICES INC). National Storage Affiliates Trust runs the higher net margin — 12.2% vs 6.2%, a 6.0% gap on every dollar of revenue. On growth, LIQUIDITY SERVICES INC posted the faster year-over-year revenue change (3.7% vs -1.6%). Over the past eight quarters, LIQUIDITY SERVICES INC's revenue compounded faster (13.6% CAGR vs -2.4%).
Liquidity Services, Inc. is an American e-commerce company providing surplus asset management services through a network of online marketplaces. It serves businesses and government agencies by facilitating the resale of surplus, returned, and end-of-life goods. Founded in 1999 and headquartered in Bethesda, Maryland, United States.
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.
LQDT vs NSA — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $120.7M | $187.0M |
| Net Profit | $7.5M | $22.9M |
| Gross Margin | — | 72.5% |
| Operating Margin | 8.0% | 20.2% |
| Net Margin | 6.2% | 12.2% |
| Revenue YoY | 3.7% | -1.6% |
| Net Profit YoY | 6.7% | 36.8% |
| EPS (diluted) | $0.23 | $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 | $120.7M | — | ||
| Q4 25 | $121.2M | $187.0M | ||
| Q3 25 | $118.1M | $188.7M | ||
| Q2 25 | $119.9M | $188.8M | ||
| Q1 25 | $116.4M | $188.4M | ||
| Q4 24 | $122.3M | $190.1M | ||
| Q3 24 | $106.9M | $193.6M | ||
| Q2 24 | $93.6M | $190.4M |
| Q1 26 | $7.5M | — | ||
| Q4 25 | $7.5M | $22.9M | ||
| Q3 25 | $7.8M | $18.4M | ||
| Q2 25 | $7.4M | $19.5M | ||
| Q1 25 | $7.1M | $13.0M | ||
| Q4 24 | $5.8M | $16.7M | ||
| Q3 24 | $6.4M | $18.7M | ||
| Q2 24 | $6.0M | $17.1M |
| Q1 26 | — | — | ||
| Q4 25 | 47.0% | 72.5% | ||
| Q3 25 | 47.8% | 70.7% | ||
| Q2 25 | 45.7% | 70.5% | ||
| Q1 25 | 40.8% | 70.7% | ||
| Q4 24 | 41.0% | 72.5% | ||
| Q3 24 | 45.6% | 72.8% | ||
| Q2 24 | 52.8% | 72.6% |
| Q1 26 | 8.0% | — | ||
| Q4 25 | 7.7% | 20.2% | ||
| Q3 25 | 9.3% | 15.8% | ||
| Q2 25 | 8.5% | 16.5% | ||
| Q1 25 | 5.8% | 11.0% | ||
| Q4 24 | 5.8% | 14.5% | ||
| Q3 24 | 6.8% | 15.8% | ||
| Q2 24 | 8.4% | 17.2% |
| Q1 26 | 6.2% | — | ||
| Q4 25 | 6.2% | 12.2% | ||
| Q3 25 | 6.6% | 9.8% | ||
| Q2 25 | 6.2% | 10.3% | ||
| Q1 25 | 6.1% | 6.9% | ||
| Q4 24 | 4.7% | 8.8% | ||
| Q3 24 | 6.0% | 9.7% | ||
| Q2 24 | 6.4% | 9.0% |
| Q1 26 | $0.23 | — | ||
| Q4 25 | $0.23 | $0.23 | ||
| Q3 25 | $0.24 | $0.17 | ||
| Q2 25 | $0.23 | $0.19 | ||
| Q1 25 | $0.22 | $0.10 | ||
| Q4 24 | $0.18 | $0.19 | ||
| Q3 24 | $0.20 | $0.18 | ||
| Q2 24 | $0.19 | $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 | $204.0M | $23.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $946.0M |
| Total Assets | $400.4M | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $204.0M | — | ||
| Q4 25 | $11.6M | $23.3M | ||
| Q3 25 | $11.2M | $26.3M | ||
| Q2 25 | $11.4M | $26.1M | ||
| Q1 25 | $10.5M | $19.3M | ||
| Q4 24 | $10.4M | $50.4M | ||
| Q3 24 | $2.3M | $69.9M | ||
| Q2 24 | $6.5M | $59.0M |
| Q1 26 | — | — | ||
| Q4 25 | $215.3M | $946.0M | ||
| Q3 25 | $203.2M | $973.1M | ||
| Q2 25 | $208.7M | $1.0B | ||
| Q1 25 | $196.3M | $1.0B | ||
| Q4 24 | $189.2M | $1.1B | ||
| Q3 24 | $182.6M | $986.9M | ||
| Q2 24 | $172.0M | $1.2B |
| Q1 26 | $400.4M | — | ||
| Q4 25 | $369.1M | $5.1B | ||
| Q3 25 | $375.1M | $5.1B | ||
| Q2 25 | $372.4M | $5.2B | ||
| Q1 25 | $358.8M | $5.3B | ||
| Q4 24 | $333.2M | $5.4B | ||
| Q3 24 | $346.9M | $5.4B | ||
| Q2 24 | $325.5M | $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 | $29.0M | $338.5M |
| Free Cash FlowOCF − Capex | — | $299.8M |
| FCF MarginFCF / Revenue | — | 160.3% |
| Capex IntensityCapex / Revenue | — | 20.7% |
| Cash ConversionOCF / Net Profit | 3.86× | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | — | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $29.0M | — | ||
| Q4 25 | $-526.0K | $338.5M | ||
| Q3 25 | $38.0M | $100.2M | ||
| Q2 25 | $19.3M | $79.9M | ||
| Q1 25 | $21.6M | $85.6M | ||
| Q4 24 | $-12.1M | $363.1M | ||
| Q3 24 | $22.0M | $105.7M | ||
| Q2 24 | $22.2M | $83.2M |
| Q1 26 | — | — | ||
| Q4 25 | $-2.8M | $299.8M | ||
| Q3 25 | $36.0M | $88.0M | ||
| Q2 25 | $17.2M | $73.8M | ||
| Q1 25 | $19.8M | $79.9M | ||
| Q4 24 | $-14.0M | $344.4M | ||
| Q3 24 | $19.2M | $101.8M | ||
| Q2 24 | $20.3M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | -2.3% | 160.3% | ||
| Q3 25 | 30.5% | 46.6% | ||
| Q2 25 | 14.3% | 39.1% | ||
| Q1 25 | 17.0% | 42.4% | ||
| Q4 24 | -11.4% | 181.2% | ||
| Q3 24 | 17.9% | 52.6% | ||
| Q2 24 | 21.7% | 41.7% |
| Q1 26 | — | — | ||
| Q4 25 | 1.9% | 20.7% | ||
| Q3 25 | 1.7% | 6.5% | ||
| Q2 25 | 1.8% | 3.2% | ||
| Q1 25 | 1.6% | 3.0% | ||
| Q4 24 | 1.5% | 9.8% | ||
| Q3 24 | 2.7% | 2.0% | ||
| Q2 24 | 2.1% | 1.9% |
| Q1 26 | 3.86× | — | ||
| Q4 25 | -0.07× | 14.79× | ||
| Q3 25 | 4.86× | 5.44× | ||
| Q2 25 | 2.60× | 4.10× | ||
| Q1 25 | 3.07× | 6.59× | ||
| Q4 24 | -2.09× | 21.70× | ||
| Q3 24 | 3.45× | 5.65× | ||
| Q2 24 | 3.71× | 4.88× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LQDT
| Purchase revenues | $77.9M | 64% |
| Consignment and other fee revenues | $42.9M | 36% |
NSA
Segment breakdown not available.
