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Side-by-side financial comparison of MATRIX SERVICE CO (MTRX) and National Storage Affiliates Trust (NSA). Click either name above to swap in a different company.
MATRIX SERVICE CO is the larger business by last-quarter revenue ($210.5M vs $187.0M, roughly 1.1× National Storage Affiliates Trust). National Storage Affiliates Trust runs the higher net margin — 12.2% vs -0.4%, a 12.7% gap on every dollar of revenue. On growth, MATRIX SERVICE CO posted the faster year-over-year revenue change (12.5% vs -1.6%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $6.3M). Over the past eight quarters, MATRIX SERVICE CO's revenue compounded faster (12.6% CAGR vs -2.4%).
Matrix Telecom, Inc., operating as Matrix Business Technologies, Trinsic, Powered by Matrix, Excel Telecommunications and various other niche brands is a United States telecommunications firm that provides voice and data services to consumers and small and medium businesses as well as multi-location distributed enterprise markets. The firm also provides wholesale voice services to the telecommunications, wireless and cable industries.
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.
MTRX vs NSA — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $210.5M | $187.0M |
| Net Profit | $-894.0K | $22.9M |
| Gross Margin | 6.2% | 72.5% |
| Operating Margin | -1.0% | 20.2% |
| Net Margin | -0.4% | 12.2% |
| Revenue YoY | 12.5% | -1.6% |
| Net Profit YoY | 83.8% | 36.8% |
| EPS (diluted) | $-0.03 | $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 | $210.5M | $187.0M | ||
| Q3 25 | $211.9M | $188.7M | ||
| Q2 25 | $216.4M | $188.8M | ||
| Q1 25 | $200.2M | $188.4M | ||
| Q4 24 | $187.2M | $190.1M | ||
| Q3 24 | $165.6M | $193.6M | ||
| Q2 24 | $189.5M | $190.4M | ||
| Q1 24 | $166.0M | $196.1M |
| Q4 25 | $-894.0K | $22.9M | ||
| Q3 25 | $-3.7M | $18.4M | ||
| Q2 25 | $-11.3M | $19.5M | ||
| Q1 25 | $-3.4M | $13.0M | ||
| Q4 24 | $-5.5M | $16.7M | ||
| Q3 24 | $-9.2M | $18.7M | ||
| Q2 24 | $-4.4M | $17.1M | ||
| Q1 24 | $-14.6M | $59.0M |
| Q4 25 | 6.2% | 72.5% | ||
| Q3 25 | 6.7% | 70.7% | ||
| Q2 25 | 3.8% | 70.5% | ||
| Q1 25 | 6.4% | 70.7% | ||
| Q4 24 | 5.8% | 72.5% | ||
| Q3 24 | 4.7% | 72.8% | ||
| Q2 24 | 6.6% | 72.6% | ||
| Q1 24 | 3.4% | 72.1% |
| Q4 25 | -1.0% | 20.2% | ||
| Q3 25 | -2.6% | 15.8% | ||
| Q2 25 | -6.0% | 16.5% | ||
| Q1 25 | -2.5% | 11.0% | ||
| Q4 24 | -3.4% | 14.5% | ||
| Q3 24 | -6.5% | 15.8% | ||
| Q2 24 | -2.8% | 17.2% | ||
| Q1 24 | -8.7% | 48.9% |
| Q4 25 | -0.4% | 12.2% | ||
| Q3 25 | -1.7% | 9.8% | ||
| Q2 25 | -5.2% | 10.3% | ||
| Q1 25 | -1.7% | 6.9% | ||
| Q4 24 | -3.0% | 8.8% | ||
| Q3 24 | -5.6% | 9.7% | ||
| Q2 24 | -2.3% | 9.0% | ||
| Q1 24 | -8.8% | 30.1% |
| Q4 25 | $-0.03 | $0.23 | ||
| Q3 25 | $-0.13 | $0.17 | ||
| Q2 25 | $-0.41 | $0.19 | ||
| Q1 25 | $-0.12 | $0.10 | ||
| Q4 24 | $-0.20 | $0.19 | ||
| Q3 24 | $-0.33 | $0.18 | ||
| Q2 24 | $-0.16 | $0.16 | ||
| Q1 24 | $-0.53 | $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 | $199.0M | $23.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $137.6M | $946.0M |
| Total Assets | $650.2M | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $199.0M | $23.3M | ||
| Q3 25 | $192.3M | $26.3M | ||
| Q2 25 | $224.6M | $26.1M | ||
| Q1 25 | $185.5M | $19.3M | ||
| Q4 24 | $156.8M | $50.4M | ||
| Q3 24 | $124.6M | $69.9M | ||
| Q2 24 | $115.6M | $59.0M | ||
| Q1 24 | $69.7M | $64.2M |
| Q4 25 | $137.6M | $946.0M | ||
| Q3 25 | $136.3M | $973.1M | ||
| Q2 25 | $142.7M | $1.0B | ||
| Q1 25 | $150.7M | $1.0B | ||
| Q4 24 | $151.9M | $1.1B | ||
| Q3 24 | $156.5M | $986.9M | ||
| Q2 24 | $164.2M | $1.2B | ||
| Q1 24 | $165.8M | $1.3B |
| Q4 25 | $650.2M | $5.1B | ||
| Q3 25 | $598.2M | $5.1B | ||
| Q2 25 | $600.3M | $5.2B | ||
| Q1 25 | $613.7M | $5.3B | ||
| Q4 24 | $513.8M | $5.4B | ||
| Q3 24 | $470.2M | $5.4B | ||
| Q2 24 | $451.4M | $5.3B | ||
| Q1 24 | $440.0M | $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 | $7.5M | $338.5M |
| Free Cash FlowOCF − Capex | $6.3M | $299.8M |
| FCF MarginFCF / Revenue | 3.0% | 160.3% |
| Capex IntensityCapex / Revenue | 0.6% | 20.7% |
| Cash ConversionOCF / Net Profit | — | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $45.5M | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $7.5M | $338.5M | ||
| Q3 25 | $-25.9M | $100.2M | ||
| Q2 25 | $40.7M | $79.9M | ||
| Q1 25 | $31.2M | $85.6M | ||
| Q4 24 | $33.6M | $363.1M | ||
| Q3 24 | $11.9M | $105.7M | ||
| Q2 24 | $47.0M | $83.2M | ||
| Q1 24 | $24.8M | $94.0M |
| Q4 25 | $6.3M | $299.8M | ||
| Q3 25 | $-27.9M | $88.0M | ||
| Q2 25 | $38.4M | $73.8M | ||
| Q1 25 | $28.7M | $79.9M | ||
| Q4 24 | $32.7M | $344.4M | ||
| Q3 24 | $10.0M | $101.8M | ||
| Q2 24 | $45.7M | $79.5M | ||
| Q1 24 | $20.0M | $88.6M |
| Q4 25 | 3.0% | 160.3% | ||
| Q3 25 | -13.2% | 46.6% | ||
| Q2 25 | 17.8% | 39.1% | ||
| Q1 25 | 14.3% | 42.4% | ||
| Q4 24 | 17.5% | 181.2% | ||
| Q3 24 | 6.0% | 52.6% | ||
| Q2 24 | 24.1% | 41.7% | ||
| Q1 24 | 12.1% | 45.2% |
| Q4 25 | 0.6% | 20.7% | ||
| Q3 25 | 0.9% | 6.5% | ||
| Q2 25 | 1.0% | 3.2% | ||
| Q1 25 | 1.3% | 3.0% | ||
| Q4 24 | 0.5% | 9.8% | ||
| Q3 24 | 1.2% | 2.0% | ||
| Q2 24 | 0.7% | 1.9% | ||
| Q1 24 | 2.9% | 2.7% |
| Q4 25 | — | 14.79× | ||
| Q3 25 | — | 5.44× | ||
| Q2 25 | — | 4.10× | ||
| Q1 25 | — | 6.59× | ||
| Q4 24 | — | 21.70× | ||
| Q3 24 | — | 5.65× | ||
| Q2 24 | — | 4.88× | ||
| Q1 24 | — | 1.59× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MTRX
| Storage And Terminal Solutions | $99.9M | 47% |
| Utility And Power Infrastructure | $75.4M | 36% |
| Process And Industrial Facilities | $35.3M | 17% |
NSA
Segment breakdown not available.
