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Side-by-side financial comparison of National Storage Affiliates Trust (NSA) and Protagonist Therapeutics, Inc (PTGX). 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 $170.6M, roughly 1.1× Protagonist Therapeutics, Inc). Protagonist Therapeutics, Inc runs the higher net margin — 77.2% vs 12.2%, a 64.9% gap on every dollar of revenue. On growth, Protagonist Therapeutics, Inc posted the faster year-over-year revenue change (184.4% vs -1.6%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $182.8M).
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.
Protagonist Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on discovering and developing novel peptide-based targeted therapies for unmet medical needs, primarily covering gastrointestinal disorders, inflammatory diseases and rare disease indications. Its lead product candidates target inflammatory bowel disease and other chronic immune-related conditions, with operations spanning global R&D and partnership collaborations.
NSA vs PTGX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2024
| Metric | | |
|---|---|---|
| Revenue | $187.0M | $170.6M |
| Net Profit | $22.9M | $131.7M |
| Gross Margin | 72.5% | — |
| Operating Margin | 20.2% | 74.3% |
| Net Margin | 12.2% | 77.2% |
| Revenue YoY | -1.6% | 184.4% |
| Net Profit YoY | 36.8% | 381.7% |
| EPS (diluted) | $0.23 | $2.01 |
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 | — | ||
| Q2 25 | $188.8M | — | ||
| Q1 25 | $188.4M | — | ||
| Q4 24 | $190.1M | $170.6M | ||
| Q3 24 | $193.6M | — | ||
| Q2 24 | $190.4M | — | ||
| Q1 24 | $196.1M | $255.0M |
| Q4 25 | $22.9M | — | ||
| Q3 25 | $18.4M | — | ||
| Q2 25 | $19.5M | — | ||
| Q1 25 | $13.0M | — | ||
| Q4 24 | $16.7M | $131.7M | ||
| Q3 24 | $18.7M | — | ||
| Q2 24 | $17.1M | — | ||
| Q1 24 | $59.0M | $207.3M |
| 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% | — | ||
| Q2 25 | 16.5% | — | ||
| Q1 25 | 11.0% | — | ||
| Q4 24 | 14.5% | 74.3% | ||
| Q3 24 | 15.8% | — | ||
| Q2 24 | 17.2% | — | ||
| Q1 24 | 48.9% | 80.9% |
| Q4 25 | 12.2% | — | ||
| Q3 25 | 9.8% | — | ||
| Q2 25 | 10.3% | — | ||
| Q1 25 | 6.9% | — | ||
| Q4 24 | 8.8% | 77.2% | ||
| Q3 24 | 9.7% | — | ||
| Q2 24 | 9.0% | — | ||
| Q1 24 | 30.1% | 81.3% |
| Q4 25 | $0.23 | — | ||
| Q3 25 | $0.17 | — | ||
| Q2 25 | $0.19 | — | ||
| Q1 25 | $0.10 | — | ||
| Q4 24 | $0.19 | $2.01 | ||
| Q3 24 | $0.18 | — | ||
| Q2 24 | $0.16 | — | ||
| Q1 24 | $0.65 | $3.26 |
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 | $418.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $946.0M | $675.3M |
| Total Assets | $5.1B | $744.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.3M | — | ||
| Q3 25 | $26.3M | — | ||
| Q2 25 | $26.1M | — | ||
| Q1 25 | $19.3M | — | ||
| Q4 24 | $50.4M | $418.9M | ||
| Q3 24 | $69.9M | — | ||
| Q2 24 | $59.0M | — | ||
| Q1 24 | $64.2M | $322.6M |
| Q4 25 | $946.0M | — | ||
| Q3 25 | $973.1M | — | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $1.0B | — | ||
| Q4 24 | $1.1B | $675.3M | ||
| Q3 24 | $986.9M | — | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.3B | $560.4M |
| Q4 25 | $5.1B | — | ||
| Q3 25 | $5.1B | — | ||
| Q2 25 | $5.2B | — | ||
| Q1 25 | $5.3B | — | ||
| Q4 24 | $5.4B | $744.7M | ||
| Q3 24 | $5.4B | — | ||
| Q2 24 | $5.3B | — | ||
| Q1 24 | $5.4B | $629.3M |
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 | $184.2M |
| Free Cash FlowOCF − Capex | $299.8M | $182.8M |
| FCF MarginFCF / Revenue | 160.3% | 107.1% |
| Capex IntensityCapex / Revenue | 20.7% | 0.8% |
| Cash ConversionOCF / Net Profit | 14.79× | 1.40× |
| TTM Free Cash FlowTrailing 4 quarters | $541.5M | $101.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $338.5M | — | ||
| Q3 25 | $100.2M | — | ||
| Q2 25 | $79.9M | — | ||
| Q1 25 | $85.6M | — | ||
| Q4 24 | $363.1M | $184.2M | ||
| Q3 24 | $105.7M | — | ||
| Q2 24 | $83.2M | — | ||
| Q1 24 | $94.0M | $-27.4M |
| Q4 25 | $299.8M | — | ||
| Q3 25 | $88.0M | — | ||
| Q2 25 | $73.8M | — | ||
| Q1 25 | $79.9M | — | ||
| Q4 24 | $344.4M | $182.8M | ||
| Q3 24 | $101.8M | — | ||
| Q2 24 | $79.5M | — | ||
| Q1 24 | $88.6M | $-27.7M |
| Q4 25 | 160.3% | — | ||
| Q3 25 | 46.6% | — | ||
| Q2 25 | 39.1% | — | ||
| Q1 25 | 42.4% | — | ||
| Q4 24 | 181.2% | 107.1% | ||
| Q3 24 | 52.6% | — | ||
| Q2 24 | 41.7% | — | ||
| Q1 24 | 45.2% | -10.9% |
| Q4 25 | 20.7% | — | ||
| Q3 25 | 6.5% | — | ||
| Q2 25 | 3.2% | — | ||
| Q1 25 | 3.0% | — | ||
| Q4 24 | 9.8% | 0.8% | ||
| Q3 24 | 2.0% | — | ||
| Q2 24 | 1.9% | — | ||
| Q1 24 | 2.7% | 0.1% |
| Q4 25 | 14.79× | — | ||
| Q3 25 | 5.44× | — | ||
| Q2 25 | 4.10× | — | ||
| Q1 25 | 6.59× | — | ||
| Q4 24 | 21.70× | 1.40× | ||
| Q3 24 | 5.65× | — | ||
| Q2 24 | 4.88× | — | ||
| Q1 24 | 1.59× | -0.13× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
