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Side-by-side financial comparison of National Storage Affiliates Trust (NSA) and Shoals Technologies Group, Inc. (SHLS). 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 $148.3M, roughly 1.3× Shoals Technologies Group, Inc.). National Storage Affiliates Trust runs the higher net margin — 12.2% vs 5.5%, a 6.8% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs -1.6%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $-11.3M). Over the past eight quarters, Shoals Technologies Group, Inc.'s revenue compounded faster (27.8% 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.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
NSA vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $187.0M | $148.3M |
| Net Profit | $22.9M | $8.1M |
| Gross Margin | 72.5% | 31.6% |
| Operating Margin | 20.2% | 11.7% |
| Net Margin | 12.2% | 5.5% |
| Revenue YoY | -1.6% | 38.6% |
| Net Profit YoY | 36.8% | 3.9% |
| EPS (diluted) | $0.23 | $0.05 |
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 | $148.3M | ||
| Q3 25 | $188.7M | $135.8M | ||
| Q2 25 | $188.8M | $110.8M | ||
| Q1 25 | $188.4M | $80.4M | ||
| Q4 24 | $190.1M | $107.0M | ||
| Q3 24 | $193.6M | $102.2M | ||
| Q2 24 | $190.4M | $99.2M | ||
| Q1 24 | $196.1M | $90.8M |
| Q4 25 | $22.9M | $8.1M | ||
| Q3 25 | $18.4M | $11.9M | ||
| Q2 25 | $19.5M | $13.9M | ||
| Q1 25 | $13.0M | $-282.0K | ||
| Q4 24 | $16.7M | $7.8M | ||
| Q3 24 | $18.7M | $-267.0K | ||
| Q2 24 | $17.1M | $11.8M | ||
| Q1 24 | $59.0M | $4.8M |
| Q4 25 | 72.5% | 31.6% | ||
| Q3 25 | 70.7% | 37.0% | ||
| Q2 25 | 70.5% | 37.2% | ||
| Q1 25 | 70.7% | 35.0% | ||
| Q4 24 | 72.5% | 37.6% | ||
| Q3 24 | 72.8% | 24.8% | ||
| Q2 24 | 72.6% | 40.3% | ||
| Q1 24 | 72.1% | 40.2% |
| Q4 25 | 20.2% | 11.7% | ||
| Q3 25 | 15.8% | 13.7% | ||
| Q2 25 | 16.5% | 14.4% | ||
| Q1 25 | 11.0% | 5.4% | ||
| Q4 24 | 14.5% | 15.4% | ||
| Q3 24 | 15.8% | 4.4% | ||
| Q2 24 | 17.2% | 18.7% | ||
| Q1 24 | 48.9% | 12.8% |
| Q4 25 | 12.2% | 5.5% | ||
| Q3 25 | 9.8% | 8.7% | ||
| Q2 25 | 10.3% | 12.5% | ||
| Q1 25 | 6.9% | -0.4% | ||
| Q4 24 | 8.8% | 7.3% | ||
| Q3 24 | 9.7% | -0.3% | ||
| Q2 24 | 9.0% | 11.9% | ||
| Q1 24 | 30.1% | 5.3% |
| Q4 25 | $0.23 | $0.05 | ||
| Q3 25 | $0.17 | $0.07 | ||
| Q2 25 | $0.19 | $0.08 | ||
| Q1 25 | $0.10 | $0.00 | ||
| Q4 24 | $0.19 | $0.04 | ||
| Q3 24 | $0.18 | $0.00 | ||
| Q2 24 | $0.16 | $0.07 | ||
| Q1 24 | $0.65 | $0.03 |
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 | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $946.0M | $600.0M |
| Total Assets | $5.1B | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.3M | $7.3M | ||
| Q3 25 | $26.3M | $8.6M | ||
| Q2 25 | $26.1M | $4.7M | ||
| Q1 25 | $19.3M | $35.6M | ||
| Q4 24 | $50.4M | $23.5M | ||
| Q3 24 | $69.9M | $11.1M | ||
| Q2 24 | $59.0M | $3.2M | ||
| Q1 24 | $64.2M | $15.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $946.0M | $600.0M | ||
| Q3 25 | $973.1M | $589.6M | ||
| Q2 25 | $1.0B | $575.4M | ||
| Q1 25 | $1.0B | $558.9M | ||
| Q4 24 | $1.1B | $556.8M | ||
| Q3 24 | $986.9M | $545.2M | ||
| Q2 24 | $1.2B | $544.6M | ||
| Q1 24 | $1.3B | $554.0M |
| Q4 25 | $5.1B | $904.1M | ||
| Q3 25 | $5.1B | $851.8M | ||
| Q2 25 | $5.2B | $795.0M | ||
| Q1 25 | $5.3B | $788.4M | ||
| Q4 24 | $5.4B | $793.1M | ||
| Q3 24 | $5.4B | $801.3M | ||
| Q2 24 | $5.3B | $788.4M | ||
| Q1 24 | $5.4B | $825.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.30× |
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 | $-4.1M |
| Free Cash FlowOCF − Capex | $299.8M | $-11.3M |
| FCF MarginFCF / Revenue | 160.3% | -7.6% |
| Capex IntensityCapex / Revenue | 20.7% | 4.8% |
| Cash ConversionOCF / Net Profit | 14.79× | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $541.5M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $338.5M | $-4.1M | ||
| Q3 25 | $100.2M | $19.4M | ||
| Q2 25 | $79.9M | $-13.8M | ||
| Q1 25 | $85.6M | $15.6M | ||
| Q4 24 | $363.1M | $14.0M | ||
| Q3 24 | $105.7M | $15.7M | ||
| Q2 24 | $83.2M | $37.8M | ||
| Q1 24 | $94.0M | $12.9M |
| Q4 25 | $299.8M | $-11.3M | ||
| Q3 25 | $88.0M | $9.0M | ||
| Q2 25 | $73.8M | $-26.0M | ||
| Q1 25 | $79.9M | $12.3M | ||
| Q4 24 | $344.4M | $12.5M | ||
| Q3 24 | $101.8M | $13.3M | ||
| Q2 24 | $79.5M | $35.8M | ||
| Q1 24 | $88.6M | $10.4M |
| Q4 25 | 160.3% | -7.6% | ||
| Q3 25 | 46.6% | 6.6% | ||
| Q2 25 | 39.1% | -23.5% | ||
| Q1 25 | 42.4% | 15.4% | ||
| Q4 24 | 181.2% | 11.6% | ||
| Q3 24 | 52.6% | 13.0% | ||
| Q2 24 | 41.7% | 36.1% | ||
| Q1 24 | 45.2% | 11.4% |
| Q4 25 | 20.7% | 4.8% | ||
| Q3 25 | 6.5% | 7.7% | ||
| Q2 25 | 3.2% | 11.0% | ||
| Q1 25 | 3.0% | 4.0% | ||
| Q4 24 | 9.8% | 1.4% | ||
| Q3 24 | 2.0% | 2.3% | ||
| Q2 24 | 1.9% | 2.0% | ||
| Q1 24 | 2.7% | 2.7% |
| Q4 25 | 14.79× | -0.50× | ||
| Q3 25 | 5.44× | 1.63× | ||
| Q2 25 | 4.10× | -1.00× | ||
| Q1 25 | 6.59× | — | ||
| Q4 24 | 21.70× | 1.79× | ||
| Q3 24 | 5.65× | — | ||
| Q2 24 | 4.88× | 3.21× | ||
| Q1 24 | 1.59× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NSA
Segment breakdown not available.
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
