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Side-by-side financial comparison of National Storage Affiliates Trust (NSA) and Paymentus Holdings, Inc. (PAY). Click either name above to swap in a different company.
Paymentus Holdings, Inc. is the larger business by last-quarter revenue ($330.5M vs $187.0M, roughly 1.8× National Storage Affiliates Trust). National Storage Affiliates Trust runs the higher net margin — 12.2% vs 6.3%, a 6.0% gap on every dollar of revenue. On growth, Paymentus Holdings, Inc. posted the faster year-over-year revenue change (28.1% vs -1.6%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $45.0M). Over the past eight quarters, Paymentus Holdings, Inc.'s revenue compounded faster (33.7% 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.
Paymentus Holdings, Inc. is a leading cloud-based bill payment and customer engagement technology provider. It offers integrated digital payment solutions, billing automation tools, and self-service portals for enterprises across utilities, financial services, government, healthcare, and telecommunications segments, primarily operating in the North American market.
NSA vs PAY — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $187.0M | $330.5M |
| Net Profit | $22.9M | $20.7M |
| Gross Margin | 72.5% | 25.4% |
| Operating Margin | 20.2% | 7.3% |
| Net Margin | 12.2% | 6.3% |
| Revenue YoY | -1.6% | 28.1% |
| Net Profit YoY | 36.8% | 57.2% |
| EPS (diluted) | $0.23 | $0.16 |
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 | $330.5M | ||
| Q3 25 | $188.7M | $310.7M | ||
| Q2 25 | $188.8M | $280.1M | ||
| Q1 25 | $188.4M | $275.2M | ||
| Q4 24 | $190.1M | $257.9M | ||
| Q3 24 | $193.6M | $231.6M | ||
| Q2 24 | $190.4M | $197.4M | ||
| Q1 24 | $196.1M | $184.9M |
| Q4 25 | $22.9M | $20.7M | ||
| Q3 25 | $18.4M | $17.7M | ||
| Q2 25 | $19.5M | $14.7M | ||
| Q1 25 | $13.0M | $13.8M | ||
| Q4 24 | $16.7M | $13.1M | ||
| Q3 24 | $18.7M | $14.4M | ||
| Q2 24 | $17.1M | $9.4M | ||
| Q1 24 | $59.0M | $7.2M |
| Q4 25 | 72.5% | 25.4% | ||
| Q3 25 | 70.7% | 24.1% | ||
| Q2 25 | 70.5% | 25.5% | ||
| Q1 25 | 70.7% | 24.0% | ||
| Q4 24 | 72.5% | 25.6% | ||
| Q3 24 | 72.8% | 26.2% | ||
| Q2 24 | 72.6% | 29.8% | ||
| Q1 24 | 72.1% | 28.5% |
| Q4 25 | 20.2% | 7.3% | ||
| Q3 25 | 15.8% | 6.4% | ||
| Q2 25 | 16.5% | 5.7% | ||
| Q1 25 | 11.0% | 5.7% | ||
| Q4 24 | 14.5% | 5.5% | ||
| Q3 24 | 15.8% | 5.2% | ||
| Q2 24 | 17.2% | 5.2% | ||
| Q1 24 | 48.9% | 4.5% |
| Q4 25 | 12.2% | 6.3% | ||
| Q3 25 | 9.8% | 5.7% | ||
| Q2 25 | 10.3% | 5.3% | ||
| Q1 25 | 6.9% | 5.0% | ||
| Q4 24 | 8.8% | 5.1% | ||
| Q3 24 | 9.7% | 6.2% | ||
| Q2 24 | 9.0% | 4.7% | ||
| Q1 24 | 30.1% | 3.9% |
| Q4 25 | $0.23 | $0.16 | ||
| Q3 25 | $0.17 | $0.14 | ||
| Q2 25 | $0.19 | $0.11 | ||
| Q1 25 | $0.10 | $0.11 | ||
| Q4 24 | $0.19 | $0.11 | ||
| Q3 24 | $0.18 | $0.11 | ||
| Q2 24 | $0.16 | $0.07 | ||
| Q1 24 | $0.65 | $0.06 |
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 | $320.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $946.0M | $560.4M |
| Total Assets | $5.1B | $667.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.3M | $320.9M | ||
| Q3 25 | $26.3M | $287.9M | ||
| Q2 25 | $26.1M | $266.4M | ||
| Q1 25 | $19.3M | $245.8M | ||
| Q4 24 | $50.4M | $205.9M | ||
| Q3 24 | $69.9M | $187.5M | ||
| Q2 24 | $59.0M | $188.8M | ||
| Q1 24 | $64.2M | $180.1M |
| Q4 25 | $946.0M | $560.4M | ||
| Q3 25 | $973.1M | $537.4M | ||
| Q2 25 | $1.0B | $516.7M | ||
| Q1 25 | $1.0B | $500.4M | ||
| Q4 24 | $1.1B | $485.6M | ||
| Q3 24 | $986.9M | $468.8M | ||
| Q2 24 | $1.2B | $451.6M | ||
| Q1 24 | $1.3B | $439.4M |
| Q4 25 | $5.1B | $667.9M | ||
| Q3 25 | $5.1B | $644.4M | ||
| Q2 25 | $5.2B | $609.5M | ||
| Q1 25 | $5.3B | $590.9M | ||
| Q4 24 | $5.4B | $576.2M | ||
| Q3 24 | $5.4B | $552.9M | ||
| Q2 24 | $5.3B | $527.7M | ||
| Q1 24 | $5.4B | $514.0M |
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 | $45.1M |
| Free Cash FlowOCF − Capex | $299.8M | $45.0M |
| FCF MarginFCF / Revenue | 160.3% | 13.6% |
| Capex IntensityCapex / Revenue | 20.7% | 0.0% |
| Cash ConversionOCF / Net Profit | 14.79× | 2.18× |
| TTM Free Cash FlowTrailing 4 quarters | $541.5M | $161.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $338.5M | $45.1M | ||
| Q3 25 | $100.2M | $35.1M | ||
| Q2 25 | $79.9M | $31.5M | ||
| Q1 25 | $85.6M | $50.4M | ||
| Q4 24 | $363.1M | $27.9M | ||
| Q3 24 | $105.7M | $6.7M | ||
| Q2 24 | $83.2M | $18.0M | ||
| Q1 24 | $94.0M | $11.0M |
| Q4 25 | $299.8M | $45.0M | ||
| Q3 25 | $88.0M | $35.0M | ||
| Q2 25 | $73.8M | $31.4M | ||
| Q1 25 | $79.9M | $50.4M | ||
| Q4 24 | $344.4M | $27.8M | ||
| Q3 24 | $101.8M | $6.7M | ||
| Q2 24 | $79.5M | $17.8M | ||
| Q1 24 | $88.6M | $10.8M |
| Q4 25 | 160.3% | 13.6% | ||
| Q3 25 | 46.6% | 11.3% | ||
| Q2 25 | 39.1% | 11.2% | ||
| Q1 25 | 42.4% | 18.3% | ||
| Q4 24 | 181.2% | 10.8% | ||
| Q3 24 | 52.6% | 2.9% | ||
| Q2 24 | 41.7% | 9.0% | ||
| Q1 24 | 45.2% | 5.9% |
| Q4 25 | 20.7% | 0.0% | ||
| Q3 25 | 6.5% | 0.0% | ||
| Q2 25 | 3.2% | 0.0% | ||
| Q1 25 | 3.0% | 0.0% | ||
| Q4 24 | 9.8% | 0.0% | ||
| Q3 24 | 2.0% | 0.0% | ||
| Q2 24 | 1.9% | 0.1% | ||
| Q1 24 | 2.7% | 0.1% |
| Q4 25 | 14.79× | 2.18× | ||
| Q3 25 | 5.44× | 1.98× | ||
| Q2 25 | 4.10× | 2.14× | ||
| Q1 25 | 6.59× | 3.65× | ||
| Q4 24 | 21.70× | 2.12× | ||
| Q3 24 | 5.65× | 0.47× | ||
| Q2 24 | 4.88× | 1.93× | ||
| Q1 24 | 1.59× | 1.52× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NSA
Segment breakdown not available.
PAY
| Payment Transaction Processing Revenue | $326.9M | 99% |
| Other | $3.5M | 1% |
