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Side-by-side financial comparison of National Storage Affiliates Trust (NSA) and Perion Network Ltd. (PERI). Click either name above to swap in a different company.
Perion Network Ltd. is the larger business by last-quarter revenue ($368.7M vs $187.0M, roughly 2.0× National Storage Affiliates Trust). National Storage Affiliates Trust runs the higher net margin — 12.2% vs 2.1%, a 10.2% gap on every dollar of revenue. National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $-2.9M). Over the past eight quarters, Perion Network Ltd.'s revenue compounded faster (16.4% 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.
Perion Network Ltd. is a publicly traded advertising technology company that provides digital advertising technology solutions to advertisers, agencies, retailers, and publishers. Its core offerings are delivered through Perion One, a unified omnichannel advertising platform designed to support campaign planning, activation, optimisation, and measurement across channels and verticals including connected television (CTV), digital out-of-home (DOOH), display, video advertising, as well as retai...
NSA vs PERI — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $187.0M | $368.7M |
| Net Profit | $22.9M | $7.7M |
| Gross Margin | 72.5% | — |
| Operating Margin | 20.2% | 2.0% |
| Net Margin | 12.2% | 2.1% |
| Revenue YoY | -1.6% | — |
| Net Profit YoY | 36.8% | — |
| EPS (diluted) | $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 | $187.0M | — | ||
| Q3 25 | $188.7M | $368.7M | ||
| Q2 25 | $188.8M | $266.5M | ||
| Q1 25 | $188.4M | $157.8M | ||
| Q4 24 | $190.1M | — | ||
| Q3 24 | $193.6M | $508.9M | ||
| Q2 24 | $190.4M | $323.6M | ||
| Q1 24 | $196.1M | $145.2M |
| Q4 25 | $22.9M | — | ||
| Q3 25 | $18.4M | $7.7M | ||
| Q2 25 | $19.5M | $5.6M | ||
| Q1 25 | $13.0M | $11.8M | ||
| Q4 24 | $16.7M | — | ||
| Q3 24 | $18.7M | $78.0M | ||
| Q2 24 | $17.1M | $45.2M | ||
| Q1 24 | $59.0M | $23.8M |
| Q4 25 | 72.5% | — | ||
| Q3 25 | 70.7% | — | ||
| Q2 25 | 70.5% | — | ||
| Q1 25 | 70.7% | — | ||
| Q4 24 | 72.5% | — | ||
| Q3 24 | 72.8% | — | ||
| Q2 24 | 72.6% | — | ||
| Q1 24 | 72.1% | — |
| Q4 25 | 20.2% | — | ||
| Q3 25 | 15.8% | 2.0% | ||
| Q2 25 | 16.5% | -1.7% | ||
| Q1 25 | 11.0% | 5.4% | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 15.8% | 15.1% | ||
| Q2 24 | 17.2% | 13.7% | ||
| Q1 24 | 48.9% | 16.9% |
| Q4 25 | 12.2% | — | ||
| Q3 25 | 9.8% | 2.1% | ||
| Q2 25 | 10.3% | 2.1% | ||
| Q1 25 | 6.9% | 7.5% | ||
| Q4 24 | 8.8% | — | ||
| Q3 24 | 9.7% | 15.3% | ||
| Q2 24 | 9.0% | 14.0% | ||
| Q1 24 | 30.1% | 16.4% |
| Q4 25 | $0.23 | — | ||
| Q3 25 | $0.17 | — | ||
| Q2 25 | $0.19 | — | ||
| Q1 25 | $0.10 | — | ||
| Q4 24 | $0.19 | — | ||
| Q3 24 | $0.18 | — | ||
| Q2 24 | $0.16 | — | ||
| Q1 24 | $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 | $23.3M | $156.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $946.0M | $722.9M |
| Total Assets | $5.1B | $915.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.3M | — | ||
| Q3 25 | $26.3M | $156.2M | ||
| Q2 25 | $26.1M | $156.2M | ||
| Q1 25 | $19.3M | $156.2M | ||
| Q4 24 | $50.4M | — | ||
| Q3 24 | $69.9M | $187.6M | ||
| Q2 24 | $59.0M | $187.6M | ||
| Q1 24 | $64.2M | $187.6M |
| Q4 25 | $946.0M | — | ||
| Q3 25 | $973.1M | $722.9M | ||
| Q2 25 | $1.0B | $722.9M | ||
| Q1 25 | $1.0B | $722.9M | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $986.9M | $718.1M | ||
| Q2 24 | $1.2B | $718.1M | ||
| Q1 24 | $1.3B | $718.1M |
| Q4 25 | $5.1B | — | ||
| Q3 25 | $5.1B | $915.5M | ||
| Q2 25 | $5.2B | $915.5M | ||
| Q1 25 | $5.3B | $915.5M | ||
| Q4 24 | $5.4B | — | ||
| Q3 24 | $5.4B | $1.1B | ||
| Q2 24 | $5.3B | $1.1B | ||
| Q1 24 | $5.4B | $1.1B |
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 | $2.6M |
| Free Cash FlowOCF − Capex | $299.8M | $-2.9M |
| FCF MarginFCF / Revenue | 160.3% | -0.8% |
| Capex IntensityCapex / Revenue | 20.7% | 1.5% |
| Cash ConversionOCF / Net Profit | 14.79× | 0.34× |
| TTM Free Cash FlowTrailing 4 quarters | $541.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $338.5M | — | ||
| Q3 25 | $100.2M | $2.6M | ||
| Q2 25 | $79.9M | — | ||
| Q1 25 | $85.6M | — | ||
| Q4 24 | $363.1M | — | ||
| Q3 24 | $105.7M | $105.2M | ||
| Q2 24 | $83.2M | — | ||
| Q1 24 | $94.0M | $17.8M |
| Q4 25 | $299.8M | — | ||
| Q3 25 | $88.0M | $-2.9M | ||
| Q2 25 | $73.8M | — | ||
| Q1 25 | $79.9M | — | ||
| Q4 24 | $344.4M | — | ||
| Q3 24 | $101.8M | $104.7M | ||
| Q2 24 | $79.5M | — | ||
| Q1 24 | $88.6M | $17.6M |
| Q4 25 | 160.3% | — | ||
| Q3 25 | 46.6% | -0.8% | ||
| Q2 25 | 39.1% | — | ||
| Q1 25 | 42.4% | — | ||
| Q4 24 | 181.2% | — | ||
| Q3 24 | 52.6% | 20.6% | ||
| Q2 24 | 41.7% | — | ||
| Q1 24 | 45.2% | 12.2% |
| Q4 25 | 20.7% | — | ||
| Q3 25 | 6.5% | 1.5% | ||
| Q2 25 | 3.2% | — | ||
| Q1 25 | 3.0% | — | ||
| Q4 24 | 9.8% | — | ||
| Q3 24 | 2.0% | 0.1% | ||
| Q2 24 | 1.9% | — | ||
| Q1 24 | 2.7% | 0.1% |
| Q4 25 | 14.79× | — | ||
| Q3 25 | 5.44× | 0.34× | ||
| Q2 25 | 4.10× | — | ||
| Q1 25 | 6.59× | — | ||
| Q4 24 | 21.70× | — | ||
| Q3 24 | 5.65× | 1.35× | ||
| Q2 24 | 4.88× | — | ||
| Q1 24 | 1.59× | 0.75× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NSA
Segment breakdown not available.
PERI
| Advertising Solutions | $231.4M | 63% |
| Search Advertising | $137.3M | 37% |
