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Side-by-side financial comparison of National Storage Affiliates Trust (NSA) and SMITH & WESSON BRANDS, INC. (SWBI). 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 $124.7M, roughly 1.5× SMITH & WESSON BRANDS, INC.). National Storage Affiliates Trust runs the higher net margin — 12.2% vs 1.5%, a 10.7% gap on every dollar of revenue. On growth, National Storage Affiliates Trust posted the faster year-over-year revenue change (-1.6% vs -3.9%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $16.3M). Over the past eight quarters, National Storage Affiliates Trust's revenue compounded faster (-2.4% CAGR vs -4.8%).
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.
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
NSA vs SWBI — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $187.0M | $124.7M |
| Net Profit | $22.9M | $1.9M |
| Gross Margin | 72.5% | 24.3% |
| Operating Margin | 20.2% | 3.3% |
| Net Margin | 12.2% | 1.5% |
| Revenue YoY | -1.6% | -3.9% |
| Net Profit YoY | 36.8% | -53.6% |
| EPS (diluted) | $0.23 | $0.04 |
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 | $124.7M | ||
| Q3 25 | $188.7M | $85.1M | ||
| Q2 25 | $188.8M | $140.8M | ||
| Q1 25 | $188.4M | $115.9M | ||
| Q4 24 | $190.1M | $129.7M | ||
| Q3 24 | $193.6M | $88.3M | ||
| Q2 24 | $190.4M | $159.1M | ||
| Q1 24 | $196.1M | $137.5M |
| Q4 25 | $22.9M | $1.9M | ||
| Q3 25 | $18.4M | $-3.4M | ||
| Q2 25 | $19.5M | $8.6M | ||
| Q1 25 | $13.0M | $2.1M | ||
| Q4 24 | $16.7M | $4.5M | ||
| Q3 24 | $18.7M | $-1.9M | ||
| Q2 24 | $17.1M | $27.9M | ||
| Q1 24 | $59.0M | $7.9M |
| Q4 25 | 72.5% | 24.3% | ||
| Q3 25 | 70.7% | 25.9% | ||
| Q2 25 | 70.5% | 28.8% | ||
| Q1 25 | 70.7% | 24.1% | ||
| Q4 24 | 72.5% | 26.6% | ||
| Q3 24 | 72.8% | 27.4% | ||
| Q2 24 | 72.6% | 35.5% | ||
| Q1 24 | 72.1% | 28.7% |
| Q4 25 | 20.2% | 3.3% | ||
| Q3 25 | 15.8% | -3.5% | ||
| Q2 25 | 16.5% | 9.3% | ||
| Q1 25 | 11.0% | 4.1% | ||
| Q4 24 | 14.5% | 5.8% | ||
| Q3 24 | 15.8% | -1.7% | ||
| Q2 24 | 17.2% | 17.4% | ||
| Q1 24 | 48.9% | 8.2% |
| Q4 25 | 12.2% | 1.5% | ||
| Q3 25 | 9.8% | -4.0% | ||
| Q2 25 | 10.3% | 6.1% | ||
| Q1 25 | 6.9% | 1.8% | ||
| Q4 24 | 8.8% | 3.5% | ||
| Q3 24 | 9.7% | -2.1% | ||
| Q2 24 | 9.0% | 17.5% | ||
| Q1 24 | 30.1% | 5.7% |
| Q4 25 | $0.23 | $0.04 | ||
| Q3 25 | $0.17 | $-0.08 | ||
| Q2 25 | $0.19 | $0.19 | ||
| Q1 25 | $0.10 | $0.05 | ||
| Q4 24 | $0.19 | $0.10 | ||
| Q3 24 | $0.18 | $-0.04 | ||
| Q2 24 | $0.16 | $0.60 | ||
| Q1 24 | $0.65 | $0.17 |
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 | $22.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $946.0M | $363.2M |
| Total Assets | $5.1B | $548.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.3M | $22.4M | ||
| Q3 25 | $26.3M | $18.0M | ||
| Q2 25 | $26.1M | $25.2M | ||
| Q1 25 | $19.3M | $26.7M | ||
| Q4 24 | $50.4M | $39.1M | ||
| Q3 24 | $69.9M | $35.5M | ||
| Q2 24 | $59.0M | $60.8M | ||
| Q1 24 | $64.2M | $47.4M |
| Q4 25 | $946.0M | $363.2M | ||
| Q3 25 | $973.1M | $364.4M | ||
| Q2 25 | $1.0B | $372.5M | ||
| Q1 25 | $1.0B | $366.9M | ||
| Q4 24 | $1.1B | $371.5M | ||
| Q3 24 | $986.9M | $380.0M | ||
| Q2 24 | $1.2B | $399.9M | ||
| Q1 24 | $1.3B | $376.4M |
| Q4 25 | $5.1B | $548.6M | ||
| Q3 25 | $5.1B | $554.6M | ||
| Q2 25 | $5.2B | $559.6M | ||
| Q1 25 | $5.3B | $578.9M | ||
| Q4 24 | $5.4B | $587.4M | ||
| Q3 24 | $5.4B | $571.3M | ||
| Q2 24 | $5.3B | $577.4M | ||
| Q1 24 | $5.4B | $570.6M |
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 | $27.3M |
| Free Cash FlowOCF − Capex | $299.8M | $16.3M |
| FCF MarginFCF / Revenue | 160.3% | 13.1% |
| Capex IntensityCapex / Revenue | 20.7% | 8.8% |
| Cash ConversionOCF / Net Profit | 14.79× | 14.22× |
| TTM Free Cash FlowTrailing 4 quarters | $541.5M | $21.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $338.5M | $27.3M | ||
| Q3 25 | $100.2M | $-8.1M | ||
| Q2 25 | $79.9M | $40.8M | ||
| Q1 25 | $85.6M | $-9.8M | ||
| Q4 24 | $363.1M | $-7.4M | ||
| Q3 24 | $105.7M | $-30.8M | ||
| Q2 24 | $83.2M | $43.7M | ||
| Q1 24 | $94.0M | $25.2M |
| Q4 25 | $299.8M | $16.3M | ||
| Q3 25 | $88.0M | $-12.4M | ||
| Q2 25 | $73.8M | $33.5M | ||
| Q1 25 | $79.9M | $-16.1M | ||
| Q4 24 | $344.4M | $-10.7M | ||
| Q3 24 | $101.8M | $-35.5M | ||
| Q2 24 | $79.5M | $38.2M | ||
| Q1 24 | $88.6M | $7.0M |
| Q4 25 | 160.3% | 13.1% | ||
| Q3 25 | 46.6% | -14.6% | ||
| Q2 25 | 39.1% | 23.8% | ||
| Q1 25 | 42.4% | -13.9% | ||
| Q4 24 | 181.2% | -8.3% | ||
| Q3 24 | 52.6% | -40.2% | ||
| Q2 24 | 41.7% | 24.0% | ||
| Q1 24 | 45.2% | 5.1% |
| Q4 25 | 20.7% | 8.8% | ||
| Q3 25 | 6.5% | 5.0% | ||
| Q2 25 | 3.2% | 5.2% | ||
| Q1 25 | 3.0% | 5.4% | ||
| Q4 24 | 9.8% | 2.5% | ||
| Q3 24 | 2.0% | 5.3% | ||
| Q2 24 | 1.9% | 3.5% | ||
| Q1 24 | 2.7% | 13.2% |
| Q4 25 | 14.79× | 14.22× | ||
| Q3 25 | 5.44× | — | ||
| Q2 25 | 4.10× | 4.73× | ||
| Q1 25 | 6.59× | -4.68× | ||
| Q4 24 | 21.70× | -1.63× | ||
| Q3 24 | 5.65× | — | ||
| Q2 24 | 4.88× | 1.57× | ||
| Q1 24 | 1.59× | 3.20× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
