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Side-by-side financial comparison of National Storage Affiliates Trust (NSA) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
SPS COMMERCE INC is the larger business by last-quarter revenue ($192.7M vs $187.0M, roughly 1.0× National Storage Affiliates Trust). SPS COMMERCE INC runs the higher net margin — 13.4% vs 12.2%, a 1.2% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs -1.6%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $38.2M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% 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.
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
NSA vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $187.0M | $192.7M |
| Net Profit | $22.9M | $25.8M |
| Gross Margin | 72.5% | 70.4% |
| Operating Margin | 20.2% | 18.0% |
| Net Margin | 12.2% | 13.4% |
| Revenue YoY | -1.6% | 12.7% |
| Net Profit YoY | 36.8% | 47.2% |
| EPS (diluted) | $0.23 | $0.69 |
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 | $192.7M | ||
| Q3 25 | $188.7M | $189.9M | ||
| Q2 25 | $188.8M | $187.4M | ||
| Q1 25 | $188.4M | $181.5M | ||
| Q4 24 | $190.1M | $170.9M | ||
| Q3 24 | $193.6M | $163.7M | ||
| Q2 24 | $190.4M | $153.6M | ||
| Q1 24 | $196.1M | $149.6M |
| Q4 25 | $22.9M | $25.8M | ||
| Q3 25 | $18.4M | $25.6M | ||
| Q2 25 | $19.5M | $19.7M | ||
| Q1 25 | $13.0M | $22.2M | ||
| Q4 24 | $16.7M | $17.6M | ||
| Q3 24 | $18.7M | $23.5M | ||
| Q2 24 | $17.1M | $18.0M | ||
| Q1 24 | $59.0M | $18.0M |
| Q4 25 | 72.5% | 70.4% | ||
| Q3 25 | 70.7% | 69.5% | ||
| Q2 25 | 70.5% | 68.1% | ||
| Q1 25 | 70.7% | 68.7% | ||
| Q4 24 | 72.5% | 67.5% | ||
| Q3 24 | 72.8% | 68.5% | ||
| Q2 24 | 72.6% | 66.1% | ||
| Q1 24 | 72.1% | 65.6% |
| Q4 25 | 20.2% | 18.0% | ||
| Q3 25 | 15.8% | 16.4% | ||
| Q2 25 | 16.5% | 14.1% | ||
| Q1 25 | 11.0% | 14.3% | ||
| Q4 24 | 14.5% | 14.5% | ||
| Q3 24 | 15.8% | 15.6% | ||
| Q2 24 | 17.2% | 15.1% | ||
| Q1 24 | 48.9% | 10.3% |
| Q4 25 | 12.2% | 13.4% | ||
| Q3 25 | 9.8% | 13.5% | ||
| Q2 25 | 10.3% | 10.5% | ||
| Q1 25 | 6.9% | 12.2% | ||
| Q4 24 | 8.8% | 10.3% | ||
| Q3 24 | 9.7% | 14.3% | ||
| Q2 24 | 9.0% | 11.7% | ||
| Q1 24 | 30.1% | 12.0% |
| Q4 25 | $0.23 | $0.69 | ||
| Q3 25 | $0.17 | $0.67 | ||
| Q2 25 | $0.19 | $0.52 | ||
| Q1 25 | $0.10 | $0.58 | ||
| Q4 24 | $0.19 | $0.46 | ||
| Q3 24 | $0.18 | $0.62 | ||
| Q2 24 | $0.16 | $0.48 | ||
| Q1 24 | $0.65 | $0.48 |
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 | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $946.0M | $973.9M |
| Total Assets | $5.1B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.3M | $151.4M | ||
| Q3 25 | $26.3M | $133.7M | ||
| Q2 25 | $26.1M | $107.6M | ||
| Q1 25 | $19.3M | $94.9M | ||
| Q4 24 | $50.4M | $241.0M | ||
| Q3 24 | $69.9M | $205.8M | ||
| Q2 24 | $59.0M | $271.8M | ||
| Q1 24 | $64.2M | $290.8M |
| Q4 25 | $946.0M | $973.9M | ||
| Q3 25 | $973.1M | $958.9M | ||
| Q2 25 | $1.0B | $949.8M | ||
| Q1 25 | $1.0B | $920.9M | ||
| Q4 24 | $1.1B | $854.7M | ||
| Q3 24 | $986.9M | $829.4M | ||
| Q2 24 | $1.2B | $703.4M | ||
| Q1 24 | $1.3B | $683.0M |
| Q4 25 | $5.1B | $1.2B | ||
| Q3 25 | $5.1B | $1.2B | ||
| Q2 25 | $5.2B | $1.1B | ||
| Q1 25 | $5.3B | $1.1B | ||
| Q4 24 | $5.4B | $1.0B | ||
| Q3 24 | $5.4B | $1.0B | ||
| Q2 24 | $5.3B | $854.5M | ||
| Q1 24 | $5.4B | $839.8M |
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 | $45.9M |
| Free Cash FlowOCF − Capex | $299.8M | $38.2M |
| FCF MarginFCF / Revenue | 160.3% | 19.8% |
| Capex IntensityCapex / Revenue | 20.7% | 4.0% |
| Cash ConversionOCF / Net Profit | 14.79× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $541.5M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $338.5M | $45.9M | ||
| Q3 25 | $100.2M | $60.6M | ||
| Q2 25 | $79.9M | $32.3M | ||
| Q1 25 | $85.6M | $40.0M | ||
| Q4 24 | $363.1M | $40.6M | ||
| Q3 24 | $105.7M | $53.3M | ||
| Q2 24 | $83.2M | $29.4M | ||
| Q1 24 | $94.0M | $34.1M |
| Q4 25 | $299.8M | $38.2M | ||
| Q3 25 | $88.0M | $54.6M | ||
| Q2 25 | $73.8M | $25.7M | ||
| Q1 25 | $79.9M | $33.8M | ||
| Q4 24 | $344.4M | $34.3M | ||
| Q3 24 | $101.8M | $48.1M | ||
| Q2 24 | $79.5M | $24.4M | ||
| Q1 24 | $88.6M | $30.5M |
| Q4 25 | 160.3% | 19.8% | ||
| Q3 25 | 46.6% | 28.7% | ||
| Q2 25 | 39.1% | 13.7% | ||
| Q1 25 | 42.4% | 18.6% | ||
| Q4 24 | 181.2% | 20.1% | ||
| Q3 24 | 52.6% | 29.4% | ||
| Q2 24 | 41.7% | 15.9% | ||
| Q1 24 | 45.2% | 20.4% |
| Q4 25 | 20.7% | 4.0% | ||
| Q3 25 | 6.5% | 3.2% | ||
| Q2 25 | 3.2% | 3.6% | ||
| Q1 25 | 3.0% | 3.4% | ||
| Q4 24 | 9.8% | 3.6% | ||
| Q3 24 | 2.0% | 3.2% | ||
| Q2 24 | 1.9% | 3.3% | ||
| Q1 24 | 2.7% | 2.4% |
| Q4 25 | 14.79× | 1.78× | ||
| Q3 25 | 5.44× | 2.37× | ||
| Q2 25 | 4.10× | 1.64× | ||
| Q1 25 | 6.59× | 1.80× | ||
| Q4 24 | 21.70× | 2.31× | ||
| Q3 24 | 5.65× | 2.27× | ||
| Q2 24 | 4.88× | 1.63× | ||
| Q1 24 | 1.59× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NSA
Segment breakdown not available.
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
