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Side-by-side financial comparison of Mayville Engineering Company, Inc. (MEC) 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 $134.3M, roughly 1.4× Mayville Engineering Company, Inc.). National Storage Affiliates Trust runs the higher net margin — 12.2% vs -3.2%, a 15.5% gap on every dollar of revenue. On growth, Mayville Engineering Company, Inc. posted the faster year-over-year revenue change (10.7% 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 -8.8%).
Mayville Engineering Company, Inc. is a U.S.-headquartered leading manufacturer of metal components, fabricated assemblies, and custom engineered solutions. It serves OEM clients across agriculture, construction, transportation, defense, and power sports markets, offering end-to-end services from prototyping to high-volume production for North America.
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.
MEC vs NSA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $134.3M | $187.0M |
| Net Profit | $-4.4M | $22.9M |
| Gross Margin | 6.8% | 72.5% |
| Operating Margin | -4.1% | 20.2% |
| Net Margin | -3.2% | 12.2% |
| Revenue YoY | 10.7% | -1.6% |
| Net Profit YoY | -127.3% | 36.8% |
| EPS (diluted) | $-0.22 | $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 | $134.3M | $187.0M | ||
| Q3 25 | $144.3M | $188.7M | ||
| Q2 25 | $132.3M | $188.8M | ||
| Q1 25 | $135.6M | $188.4M | ||
| Q4 24 | $121.3M | $190.1M | ||
| Q3 24 | $135.4M | $193.6M | ||
| Q2 24 | $163.6M | $190.4M | ||
| Q1 24 | $161.3M | $196.1M |
| Q4 25 | $-4.4M | $22.9M | ||
| Q3 25 | $-2.7M | $18.4M | ||
| Q2 25 | $-1.1M | $19.5M | ||
| Q1 25 | $20.0K | $13.0M | ||
| Q4 24 | $16.0M | $16.7M | ||
| Q3 24 | $3.0M | $18.7M | ||
| Q2 24 | $3.8M | $17.1M | ||
| Q1 24 | $3.2M | $59.0M |
| Q4 25 | 6.8% | 72.5% | ||
| Q3 25 | 11.0% | 70.7% | ||
| Q2 25 | 10.3% | 70.5% | ||
| Q1 25 | 11.3% | 70.7% | ||
| Q4 24 | 8.9% | 72.5% | ||
| Q3 24 | 12.6% | 72.8% | ||
| Q2 24 | 13.6% | 72.6% | ||
| Q1 24 | 13.0% | 72.1% |
| Q4 25 | -4.1% | 20.2% | ||
| Q3 25 | 0.0% | 15.8% | ||
| Q2 25 | 0.1% | 16.5% | ||
| Q1 25 | 1.2% | 11.0% | ||
| Q4 24 | 19.0% | 14.5% | ||
| Q3 24 | 4.2% | 15.8% | ||
| Q2 24 | 5.0% | 17.2% | ||
| Q1 24 | 4.7% | 48.9% |
| Q4 25 | -3.2% | 12.2% | ||
| Q3 25 | -1.9% | 9.8% | ||
| Q2 25 | -0.8% | 10.3% | ||
| Q1 25 | 0.0% | 6.9% | ||
| Q4 24 | 13.2% | 8.8% | ||
| Q3 24 | 2.2% | 9.7% | ||
| Q2 24 | 2.3% | 9.0% | ||
| Q1 24 | 2.0% | 30.1% |
| Q4 25 | $-0.22 | $0.23 | ||
| Q3 25 | $-0.13 | $0.17 | ||
| Q2 25 | $-0.05 | $0.19 | ||
| Q1 25 | $0.00 | $0.10 | ||
| Q4 24 | $0.76 | $0.19 | ||
| Q3 24 | $0.14 | $0.18 | ||
| Q2 24 | $0.18 | $0.16 | ||
| Q1 24 | $0.16 | $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 | $1.5M | $23.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $240.7M | $946.0M |
| Total Assets | $563.6M | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5M | $23.3M | ||
| Q3 25 | $1.2M | $26.3M | ||
| Q2 25 | $206.0K | $26.1M | ||
| Q1 25 | $183.0K | $19.3M | ||
| Q4 24 | $206.0K | $50.4M | ||
| Q3 24 | $178.0K | $69.9M | ||
| Q2 24 | $314.0K | $59.0M | ||
| Q1 24 | $314.0K | $64.2M |
| Q4 25 | $240.7M | $946.0M | ||
| Q3 25 | $244.8M | $973.1M | ||
| Q2 25 | $246.8M | $1.0B | ||
| Q1 25 | $250.0M | $1.0B | ||
| Q4 24 | $251.8M | $1.1B | ||
| Q3 24 | $238.4M | $986.9M | ||
| Q2 24 | $238.1M | $1.2B | ||
| Q1 24 | $234.0M | $1.3B |
| Q4 25 | $563.6M | $5.1B | ||
| Q3 25 | $585.6M | $5.1B | ||
| Q2 25 | $433.7M | $5.2B | ||
| Q1 25 | $447.7M | $5.3B | ||
| Q4 24 | $445.6M | $5.4B | ||
| Q3 24 | $466.0M | $5.4B | ||
| Q2 24 | $488.2M | $5.3B | ||
| Q1 24 | $499.9M | $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 | $13.4M | $338.5M |
| Free Cash FlowOCF − Capex | $10.2M | $299.8M |
| FCF MarginFCF / Revenue | 7.6% | 160.3% |
| Capex IntensityCapex / Revenue | 2.4% | 20.7% |
| Cash ConversionOCF / Net Profit | — | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $26.9M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.4M | $338.5M | ||
| Q3 25 | $1.9M | $100.2M | ||
| Q2 25 | $15.0M | $79.9M | ||
| Q1 25 | $8.3M | $85.6M | ||
| Q4 24 | $38.0M | $363.1M | ||
| Q3 24 | $17.9M | $105.7M | ||
| Q2 24 | $23.3M | $83.2M | ||
| Q1 24 | $10.6M | $94.0M |
| Q4 25 | $10.2M | $299.8M | ||
| Q3 25 | $-1.1M | $88.0M | ||
| Q2 25 | $12.5M | $73.8M | ||
| Q1 25 | $5.4M | $79.9M | ||
| Q4 24 | $35.6M | $344.4M | ||
| Q3 24 | $15.1M | $101.8M | ||
| Q2 24 | $19.2M | $79.5M | ||
| Q1 24 | $7.8M | $88.6M |
| Q4 25 | 7.6% | 160.3% | ||
| Q3 25 | -0.8% | 46.6% | ||
| Q2 25 | 9.5% | 39.1% | ||
| Q1 25 | 4.0% | 42.4% | ||
| Q4 24 | 29.4% | 181.2% | ||
| Q3 24 | 11.1% | 52.6% | ||
| Q2 24 | 11.7% | 41.7% | ||
| Q1 24 | 4.9% | 45.2% |
| Q4 25 | 2.4% | 20.7% | ||
| Q3 25 | 2.1% | 6.5% | ||
| Q2 25 | 1.8% | 3.2% | ||
| Q1 25 | 2.2% | 3.0% | ||
| Q4 24 | 1.9% | 9.8% | ||
| Q3 24 | 2.1% | 2.0% | ||
| Q2 24 | 2.5% | 1.9% | ||
| Q1 24 | 1.7% | 2.7% |
| Q4 25 | — | 14.79× | ||
| Q3 25 | — | 5.44× | ||
| Q2 25 | — | 4.10× | ||
| Q1 25 | 416.65× | 6.59× | ||
| Q4 24 | 2.38× | 21.70× | ||
| Q3 24 | 6.03× | 5.65× | ||
| Q2 24 | 6.15× | 4.88× | ||
| Q1 24 | 3.28× | 1.59× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
NSA
Segment breakdown not available.
