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Side-by-side financial comparison of National Storage Affiliates Trust (NSA) and Ranpak Holdings Corp. (PACK). 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 $93.7M, roughly 2.0× Ranpak Holdings Corp.). On growth, Ranpak Holdings Corp. posted the faster year-over-year revenue change (2.3% vs -1.6%). Over the past eight quarters, Ranpak Holdings Corp.'s revenue compounded faster (13.7% CAGR vs -2.4%).
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.
Ranpak Holdings Corp. manufactures machines and paper products used in protective paper-based packing for shipping goods and merchandise for e-commerce and industry, along with automation solutions. The company is based in Concord, Ohio, and has production facilities and offices in Reno, Nevada; Kansas City, Missouri; the Netherlands; Czech Republic; Shanghai and Singapore. The paper packaging material can be used for multiple applications like wrapping, cushioning, void fill and cold chain p...
NSA vs PACK — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $187.0M | $93.7M |
| Net Profit | $22.9M | — |
| Gross Margin | 72.5% | 39.0% |
| Operating Margin | 20.2% | -1.0% |
| Net Margin | 12.2% | — |
| Revenue YoY | -1.6% | 2.3% |
| Net Profit YoY | 36.8% | — |
| EPS (diluted) | $0.23 | $-0.11 |
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 | $187.0M | $93.7M | ||
| Q3 25 | $188.7M | $83.6M | ||
| Q2 25 | $188.8M | $77.8M | ||
| Q1 25 | $188.4M | $77.6M | ||
| Q4 24 | $190.1M | $91.6M | ||
| Q3 24 | $193.6M | $78.6M | ||
| Q2 24 | $190.4M | $72.8M | ||
| Q1 24 | $196.1M | $72.5M |
| Q4 25 | $22.9M | — | ||
| Q3 25 | $18.4M | $-10.4M | ||
| Q2 25 | $19.5M | $-7.5M | ||
| Q1 25 | $13.0M | $-10.9M | ||
| Q4 24 | $16.7M | — | ||
| Q3 24 | $18.7M | $-8.1M | ||
| Q2 24 | $17.1M | $5.5M | ||
| Q1 24 | $59.0M | $-8.1M |
| Q4 25 | 72.5% | 39.0% | ||
| Q3 25 | 70.7% | 41.1% | ||
| Q2 25 | 70.5% | 37.1% | ||
| Q1 25 | 70.7% | 39.8% | ||
| Q4 24 | 72.5% | 45.2% | ||
| Q3 24 | 72.8% | 43.8% | ||
| Q2 24 | 72.6% | 43.5% | ||
| Q1 24 | 72.1% | 44.6% |
| Q4 25 | 20.2% | -1.0% | ||
| Q3 25 | 15.8% | -6.8% | ||
| Q2 25 | 16.5% | -12.5% | ||
| Q1 25 | 11.0% | -10.3% | ||
| Q4 24 | 14.5% | 1.5% | ||
| Q3 24 | 15.8% | -5.3% | ||
| Q2 24 | 17.2% | -7.1% | ||
| Q1 24 | 48.9% | -6.6% |
| Q4 25 | 12.2% | — | ||
| Q3 25 | 9.8% | -12.4% | ||
| Q2 25 | 10.3% | -9.6% | ||
| Q1 25 | 6.9% | -14.0% | ||
| Q4 24 | 8.8% | — | ||
| Q3 24 | 9.7% | -10.3% | ||
| Q2 24 | 9.0% | 7.6% | ||
| Q1 24 | 30.1% | -11.2% |
| Q4 25 | $0.23 | $-0.11 | ||
| Q3 25 | $0.17 | $-0.12 | ||
| Q2 25 | $0.19 | $-0.09 | ||
| Q1 25 | $0.10 | $-0.13 | ||
| Q4 24 | $0.19 | $-0.13 | ||
| Q3 24 | $0.18 | $-0.10 | ||
| Q2 24 | $0.16 | $0.07 | ||
| Q1 24 | $0.65 | $-0.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $23.3M | $63.0M |
| Total DebtLower is stronger | — | $401.9M |
| Stockholders' EquityBook value | $946.0M | $534.9M |
| Total Assets | $5.1B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.75× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.3M | $63.0M | ||
| Q3 25 | $26.3M | $49.9M | ||
| Q2 25 | $26.1M | $49.2M | ||
| Q1 25 | $19.3M | $65.5M | ||
| Q4 24 | $50.4M | $76.1M | ||
| Q3 24 | $69.9M | $69.5M | ||
| Q2 24 | $59.0M | $65.1M | ||
| Q1 24 | $64.2M | $55.1M |
| Q4 25 | — | $401.9M | ||
| Q3 25 | — | $403.1M | ||
| Q2 25 | — | $403.1M | ||
| Q1 25 | — | $405.2M | ||
| Q4 24 | — | $406.4M | ||
| Q3 24 | — | $403.2M | ||
| Q2 24 | — | $396.1M | ||
| Q1 24 | — | $396.7M |
| Q4 25 | $946.0M | $534.9M | ||
| Q3 25 | $973.1M | $537.8M | ||
| Q2 25 | $1.0B | $539.0M | ||
| Q1 25 | $1.0B | $544.1M | ||
| Q4 24 | $1.1B | $548.1M | ||
| Q3 24 | $986.9M | $564.3M | ||
| Q2 24 | $1.2B | $566.2M | ||
| Q1 24 | $1.3B | $560.0M |
| Q4 25 | $5.1B | $1.1B | ||
| Q3 25 | $5.1B | $1.1B | ||
| Q2 25 | $5.2B | $1.1B | ||
| Q1 25 | $5.3B | $1.1B | ||
| Q4 24 | $5.4B | $1.1B | ||
| Q3 24 | $5.4B | $1.1B | ||
| Q2 24 | $5.3B | $1.1B | ||
| Q1 24 | $5.4B | $1.1B |
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.75× | ||
| Q2 25 | — | 0.75× | ||
| Q1 25 | — | 0.74× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.71× | ||
| Q2 24 | — | 0.70× | ||
| Q1 24 | — | 0.71× |
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 | $338.5M | $19.5M |
| Free Cash FlowOCF − Capex | $299.8M | — |
| FCF MarginFCF / Revenue | 160.3% | — |
| Capex IntensityCapex / Revenue | 20.7% | — |
| Cash ConversionOCF / Net Profit | 14.79× | — |
| TTM Free Cash FlowTrailing 4 quarters | $541.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $338.5M | $19.5M | ||
| Q3 25 | $100.2M | $8.5M | ||
| Q2 25 | $79.9M | $-3.6M | ||
| Q1 25 | $85.6M | $-1.3M | ||
| Q4 24 | $363.1M | $6.5M | ||
| Q3 24 | $105.7M | $10.1M | ||
| Q2 24 | $83.2M | $19.6M | ||
| Q1 24 | $94.0M | $5.2M |
| Q4 25 | $299.8M | — | ||
| Q3 25 | $88.0M | — | ||
| Q2 25 | $73.8M | — | ||
| Q1 25 | $79.9M | — | ||
| Q4 24 | $344.4M | — | ||
| Q3 24 | $101.8M | — | ||
| Q2 24 | $79.5M | — | ||
| Q1 24 | $88.6M | — |
| Q4 25 | 160.3% | — | ||
| Q3 25 | 46.6% | — | ||
| Q2 25 | 39.1% | — | ||
| Q1 25 | 42.4% | — | ||
| Q4 24 | 181.2% | — | ||
| Q3 24 | 52.6% | — | ||
| Q2 24 | 41.7% | — | ||
| Q1 24 | 45.2% | — |
| Q4 25 | 20.7% | — | ||
| Q3 25 | 6.5% | — | ||
| Q2 25 | 3.2% | — | ||
| Q1 25 | 3.0% | — | ||
| Q4 24 | 9.8% | — | ||
| Q3 24 | 2.0% | — | ||
| Q2 24 | 1.9% | — | ||
| Q1 24 | 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× | 3.56× | ||
| Q1 24 | 1.59× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NSA
Segment breakdown not available.
PACK
| Other | $47.9M | 51% |
| Europe And Asia Segment | $45.8M | 49% |
