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Side-by-side financial comparison of New Fortress Energy Inc. (NFE) and National Storage Affiliates Trust (NSA). Click either name above to swap in a different company.
New Fortress Energy Inc. is the larger business by last-quarter revenue ($326.2M vs $187.0M, roughly 1.7× National Storage Affiliates Trust). National Storage Affiliates Trust runs the higher net margin — 12.2% vs -259.7%, a 271.9% gap on every dollar of revenue. On growth, National Storage Affiliates Trust posted the faster year-over-year revenue change (-1.6% vs -7.0%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $-134.8M). Over the past eight quarters, National Storage Affiliates Trust's revenue compounded faster (-2.4% CAGR vs -26.8%).
New Fortress Energy Inc. is a global energy infrastructure firm developing, owning and operating LNG import/export terminals, natural gas supply networks and low-carbon projects. It serves utility, industrial and public sector clients across the Americas and Caribbean, delivering affordable, lower-emission energy resources.
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.
NFE vs NSA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $326.2M | $187.0M |
| Net Profit | $-847.1M | $22.9M |
| Gross Margin | 35.5% | 72.5% |
| Operating Margin | -193.0% | 20.2% |
| Net Margin | -259.7% | 12.2% |
| Revenue YoY | -7.0% | -1.6% |
| Net Profit YoY | -277.4% | 36.8% |
| EPS (diluted) | $-3.03 | $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 | $326.2M | $187.0M | ||
| Q3 25 | $240.3M | $188.7M | ||
| Q2 25 | $228.1M | $188.8M | ||
| Q1 25 | $384.9M | $188.4M | ||
| Q4 24 | $350.7M | $190.1M | ||
| Q3 24 | $446.0M | $193.6M | ||
| Q2 24 | $291.2M | $190.4M | ||
| Q1 24 | $609.5M | $196.1M |
| Q4 25 | $-847.1M | $22.9M | ||
| Q3 25 | $-263.0M | $18.4M | ||
| Q2 25 | $-546.5M | $19.5M | ||
| Q1 25 | $-175.4M | $13.0M | ||
| Q4 24 | $-224.4M | $16.7M | ||
| Q3 24 | $9.3M | $18.7M | ||
| Q2 24 | $-88.9M | $17.1M | ||
| Q1 24 | $54.1M | $59.0M |
| Q4 25 | 35.5% | 72.5% | ||
| Q3 25 | 18.1% | 70.7% | ||
| Q2 25 | 8.4% | 70.5% | ||
| Q1 25 | 21.4% | 70.7% | ||
| Q4 24 | 17.6% | 72.5% | ||
| Q3 24 | 27.1% | 72.8% | ||
| Q2 24 | 23.8% | 72.6% | ||
| Q1 24 | 62.4% | 72.1% |
| Q4 25 | -193.0% | 20.2% | ||
| Q3 25 | -37.4% | 15.8% | ||
| Q2 25 | -170.3% | 16.5% | ||
| Q1 25 | -3.3% | 11.0% | ||
| Q4 24 | 65.0% | 14.5% | ||
| Q3 24 | 17.8% | 15.8% | ||
| Q2 24 | 12.3% | 17.2% | ||
| Q1 24 | 30.4% | 48.9% |
| Q4 25 | -259.7% | 12.2% | ||
| Q3 25 | -109.4% | 9.8% | ||
| Q2 25 | -239.6% | 10.3% | ||
| Q1 25 | -45.6% | 6.9% | ||
| Q4 24 | -64.0% | 8.8% | ||
| Q3 24 | 2.1% | 9.7% | ||
| Q2 24 | -30.5% | 9.0% | ||
| Q1 24 | 8.9% | 30.1% |
| Q4 25 | $-3.03 | $0.23 | ||
| Q3 25 | $-0.96 | $0.17 | ||
| Q2 25 | $-1.99 | $0.19 | ||
| Q1 25 | $-0.65 | $0.10 | ||
| Q4 24 | $-1.10 | $0.19 | ||
| Q3 24 | $0.03 | $0.18 | ||
| Q2 24 | $-0.42 | $0.16 | ||
| Q1 24 | $0.23 | $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 | $226.5M | $23.3M |
| Total DebtLower is stronger | $8.2B | — |
| Stockholders' EquityBook value | $182.6M | $946.0M |
| Total Assets | $10.6B | $5.1B |
| Debt / EquityLower = less leverage | 44.78× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $226.5M | $23.3M | ||
| Q3 25 | $145.2M | $26.3M | ||
| Q2 25 | $551.1M | $26.1M | ||
| Q1 25 | $447.9M | $19.3M | ||
| Q4 24 | $492.9M | $50.4M | ||
| Q3 24 | $90.8M | $69.9M | ||
| Q2 24 | $133.0M | $59.0M | ||
| Q1 24 | $143.5M | $64.2M |
| Q4 25 | $8.2B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $8.9B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $182.6M | $946.0M | ||
| Q3 25 | $1.1B | $973.1M | ||
| Q2 25 | $1.3B | $1.0B | ||
| Q1 25 | $1.8B | $1.0B | ||
| Q4 24 | $1.9B | $1.1B | ||
| Q3 24 | $1.6B | $986.9M | ||
| Q2 24 | $1.6B | $1.2B | ||
| Q1 24 | $1.7B | $1.3B |
| Q4 25 | $10.6B | $5.1B | ||
| Q3 25 | $12.0B | $5.1B | ||
| Q2 25 | $12.0B | $5.2B | ||
| Q1 25 | $13.1B | $5.3B | ||
| Q4 24 | $12.9B | $5.4B | ||
| Q3 24 | $12.0B | $5.4B | ||
| Q2 24 | $11.4B | $5.3B | ||
| Q1 24 | $10.9B | $5.4B |
| Q4 25 | 44.78× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.74× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-76.2M | $338.5M |
| Free Cash FlowOCF − Capex | $-134.8M | $299.8M |
| FCF MarginFCF / Revenue | -41.3% | 160.3% |
| Capex IntensityCapex / Revenue | 18.0% | 20.7% |
| Cash ConversionOCF / Net Profit | — | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.4B | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-76.2M | $338.5M | ||
| Q3 25 | $-171.0M | $100.2M | ||
| Q2 25 | $-329.0M | $79.9M | ||
| Q1 25 | $-7.2M | $85.6M | ||
| Q4 24 | $445.3M | $363.1M | ||
| Q3 24 | $-20.0M | $105.7M | ||
| Q2 24 | $113.9M | $83.2M | ||
| Q1 24 | $63.0M | $94.0M |
| Q4 25 | $-134.8M | $299.8M | ||
| Q3 25 | $-231.6M | $88.0M | ||
| Q2 25 | $-726.7M | $73.8M | ||
| Q1 25 | $-262.3M | $79.9M | ||
| Q4 24 | $-210.3M | $344.4M | ||
| Q3 24 | $-367.0M | $101.8M | ||
| Q2 24 | $-493.2M | $79.5M | ||
| Q1 24 | $-457.9M | $88.6M |
| Q4 25 | -41.3% | 160.3% | ||
| Q3 25 | -96.4% | 46.6% | ||
| Q2 25 | -318.6% | 39.1% | ||
| Q1 25 | -68.2% | 42.4% | ||
| Q4 24 | -60.0% | 181.2% | ||
| Q3 24 | -82.3% | 52.6% | ||
| Q2 24 | -169.3% | 41.7% | ||
| Q1 24 | -75.1% | 45.2% |
| Q4 25 | 18.0% | 20.7% | ||
| Q3 25 | 25.2% | 6.5% | ||
| Q2 25 | 174.4% | 3.2% | ||
| Q1 25 | 66.3% | 3.0% | ||
| Q4 24 | 187.0% | 9.8% | ||
| Q3 24 | 77.8% | 2.0% | ||
| Q2 24 | 208.4% | 1.9% | ||
| Q1 24 | 85.5% | 2.7% |
| Q4 25 | — | 14.79× | ||
| Q3 25 | — | 5.44× | ||
| Q2 25 | — | 4.10× | ||
| Q1 25 | — | 6.59× | ||
| Q4 24 | — | 21.70× | ||
| Q3 24 | -2.15× | 5.65× | ||
| Q2 24 | — | 4.88× | ||
| Q1 24 | 1.16× | 1.59× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
