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Side-by-side financial comparison of National Storage Affiliates Trust (NSA) and ONE Group Hospitality, Inc. (STKS). Click either name above to swap in a different company.
ONE Group Hospitality, Inc. is the larger business by last-quarter revenue ($207.0M vs $187.0M, roughly 1.1× National Storage Affiliates Trust). National Storage Affiliates Trust runs the higher net margin — 12.2% vs -3.1%, a 15.3% gap on every dollar of revenue. On growth, National Storage Affiliates Trust posted the faster year-over-year revenue change (-1.6% vs -6.7%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $-329.0K). Over the past eight quarters, ONE Group Hospitality, Inc.'s revenue compounded faster (56.1% 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.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
NSA vs STKS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $187.0M | $207.0M |
| Net Profit | $22.9M | $-6.4M |
| Gross Margin | 72.5% | — |
| Operating Margin | 20.2% | 2.2% |
| Net Margin | 12.2% | -3.1% |
| Revenue YoY | -1.6% | -6.7% |
| Net Profit YoY | 36.8% | -531.8% |
| EPS (diluted) | $0.23 | $-0.50 |
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 | $207.0M | ||
| Q3 25 | $188.7M | $180.2M | ||
| Q2 25 | $188.8M | $207.4M | ||
| Q1 25 | $188.4M | $211.1M | ||
| Q4 24 | $190.1M | $221.9M | ||
| Q3 24 | $193.6M | $194.0M | ||
| Q2 24 | $190.4M | $172.5M | ||
| Q1 24 | $196.1M | $85.0M |
| Q4 25 | $22.9M | $-6.4M | ||
| Q3 25 | $18.4M | $-76.7M | ||
| Q2 25 | $19.5M | $-10.1M | ||
| Q1 25 | $13.0M | $975.0K | ||
| Q4 24 | $16.7M | $1.5M | ||
| Q3 24 | $18.7M | $-9.3M | ||
| Q2 24 | $17.1M | $-7.3M | ||
| Q1 24 | $59.0M | $-2.1M |
| 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% | 2.2% | ||
| Q3 25 | 15.8% | -4.4% | ||
| Q2 25 | 16.5% | 0.3% | ||
| Q1 25 | 11.0% | 5.1% | ||
| Q4 24 | 14.5% | 5.5% | ||
| Q3 24 | 15.8% | -1.9% | ||
| Q2 24 | 17.2% | 0.6% | ||
| Q1 24 | 48.9% | -0.7% |
| Q4 25 | 12.2% | -3.1% | ||
| Q3 25 | 9.8% | -42.6% | ||
| Q2 25 | 10.3% | -4.9% | ||
| Q1 25 | 6.9% | 0.5% | ||
| Q4 24 | 8.8% | 0.7% | ||
| Q3 24 | 9.7% | -4.8% | ||
| Q2 24 | 9.0% | -4.3% | ||
| Q1 24 | 30.1% | -2.4% |
| Q4 25 | $0.23 | $-0.50 | ||
| Q3 25 | $0.17 | $-2.75 | ||
| Q2 25 | $0.19 | $-0.59 | ||
| Q1 25 | $0.10 | $-0.21 | ||
| Q4 24 | $0.19 | $-0.18 | ||
| Q3 24 | $0.18 | $-0.53 | ||
| Q2 24 | $0.16 | $-0.38 | ||
| Q1 24 | $0.65 | $-0.07 |
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 | $4.2M |
| Total DebtLower is stronger | — | $354.2M |
| Stockholders' EquityBook value | $946.0M | $-75.8M |
| Total Assets | $5.1B | $884.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.3M | $4.2M | ||
| Q3 25 | $26.3M | $5.5M | ||
| Q2 25 | $26.1M | $4.7M | ||
| Q1 25 | $19.3M | $21.4M | ||
| Q4 24 | $50.4M | $27.6M | ||
| Q3 24 | $69.9M | $28.2M | ||
| Q2 24 | $59.0M | $32.2M | ||
| Q1 24 | $64.2M | $15.4M |
| Q4 25 | — | $354.2M | ||
| Q3 25 | — | $355.0M | ||
| Q2 25 | — | $347.4M | ||
| Q1 25 | — | $348.3M | ||
| Q4 24 | — | $348.3M | ||
| Q3 24 | — | $349.1M | ||
| Q2 24 | — | $350.0M | ||
| Q1 24 | — | $73.5M |
| Q4 25 | $946.0M | $-75.8M | ||
| Q3 25 | $973.1M | $-61.5M | ||
| Q2 25 | $1.0B | $23.0M | ||
| Q1 25 | $1.0B | $40.5M | ||
| Q4 24 | $1.1B | $45.9M | ||
| Q3 24 | $986.9M | $51.4M | ||
| Q2 24 | $1.2B | $68.1M | ||
| Q1 24 | $1.3B | $68.3M |
| Q4 25 | $5.1B | $884.2M | ||
| Q3 25 | $5.1B | $879.5M | ||
| Q2 25 | $5.2B | $935.7M | ||
| Q1 25 | $5.3B | $956.0M | ||
| Q4 24 | $5.4B | $960.1M | ||
| Q3 24 | $5.4B | $953.5M | ||
| Q2 24 | $5.3B | $945.9M | ||
| Q1 24 | $5.4B | $309.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 15.07× | ||
| Q1 25 | — | 8.61× | ||
| Q4 24 | — | 7.59× | ||
| Q3 24 | — | 6.79× | ||
| Q2 24 | — | 5.14× | ||
| Q1 24 | — | 1.08× |
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 | $13.1M |
| Free Cash FlowOCF − Capex | $299.8M | $-329.0K |
| FCF MarginFCF / Revenue | 160.3% | -0.2% |
| Capex IntensityCapex / Revenue | 20.7% | 6.5% |
| Cash ConversionOCF / Net Profit | 14.79× | — |
| TTM Free Cash FlowTrailing 4 quarters | $541.5M | $-27.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $338.5M | $13.1M | ||
| Q3 25 | $100.2M | $5.9M | ||
| Q2 25 | $79.9M | $2.8M | ||
| Q1 25 | $85.6M | $8.5M | ||
| Q4 24 | $363.1M | $18.5M | ||
| Q3 24 | $105.7M | $19.1M | ||
| Q2 24 | $83.2M | $-3.8M | ||
| Q1 24 | $94.0M | $10.4M |
| Q4 25 | $299.8M | $-329.0K | ||
| Q3 25 | $88.0M | $-6.1M | ||
| Q2 25 | $73.8M | $-15.0M | ||
| Q1 25 | $79.9M | $-5.8M | ||
| Q4 24 | $344.4M | $733.0K | ||
| Q3 24 | $101.8M | $287.0K | ||
| Q2 24 | $79.5M | $-23.0M | ||
| Q1 24 | $88.6M | $-5.4M |
| Q4 25 | 160.3% | -0.2% | ||
| Q3 25 | 46.6% | -3.4% | ||
| Q2 25 | 39.1% | -7.2% | ||
| Q1 25 | 42.4% | -2.7% | ||
| Q4 24 | 181.2% | 0.3% | ||
| Q3 24 | 52.6% | 0.1% | ||
| Q2 24 | 41.7% | -13.3% | ||
| Q1 24 | 45.2% | -6.4% |
| Q4 25 | 20.7% | 6.5% | ||
| Q3 25 | 6.5% | 6.7% | ||
| Q2 25 | 3.2% | 8.6% | ||
| Q1 25 | 3.0% | 6.8% | ||
| Q4 24 | 9.8% | 8.0% | ||
| Q3 24 | 2.0% | 9.7% | ||
| Q2 24 | 1.9% | 11.1% | ||
| Q1 24 | 2.7% | 18.6% |
| Q4 25 | 14.79× | — | ||
| Q3 25 | 5.44× | — | ||
| Q2 25 | 4.10× | — | ||
| Q1 25 | 6.59× | 8.76× | ||
| Q4 24 | 21.70× | 12.54× | ||
| Q3 24 | 5.65× | — | ||
| Q2 24 | 4.88× | — | ||
| Q1 24 | 1.59× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NSA
Segment breakdown not available.
STKS
| Benihanas | $111.3M | 54% |
| Steakhouse Restaurant | $59.2M | 29% |
| Grill Concepts | $32.3M | 16% |
| Other | $4.2M | 2% |
