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Side-by-side financial comparison of National Storage Affiliates Trust (NSA) and Latham Group, Inc. (SWIM). 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 $100.0M, roughly 1.9× Latham Group, Inc.). National Storage Affiliates Trust runs the higher net margin — 12.2% vs -7.0%, a 19.3% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs -1.6%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $14.1M). Over the past eight quarters, National Storage Affiliates Trust's revenue compounded faster (-2.4% CAGR vs -4.9%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
NSA vs SWIM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $187.0M | $100.0M |
| Net Profit | $22.9M | $-7.0M |
| Gross Margin | 72.5% | 28.0% |
| Operating Margin | 20.2% | -10.7% |
| Net Margin | 12.2% | -7.0% |
| Revenue YoY | -1.6% | 14.5% |
| Net Profit YoY | 36.8% | 76.0% |
| EPS (diluted) | $0.23 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $188.7M | $161.9M | ||
| Q2 25 | $188.8M | $172.6M | ||
| Q1 25 | $188.4M | $111.4M | ||
| Q4 24 | $190.1M | $87.3M | ||
| Q3 24 | $193.6M | $150.5M | ||
| Q2 24 | $190.4M | $160.1M | ||
| Q1 24 | $196.1M | $110.6M |
| Q4 25 | $22.9M | $-7.0M | ||
| Q3 25 | $18.4M | $8.1M | ||
| Q2 25 | $19.5M | $16.0M | ||
| Q1 25 | $13.0M | $-6.0M | ||
| Q4 24 | $16.7M | $-29.2M | ||
| Q3 24 | $18.7M | $5.9M | ||
| Q2 24 | $17.1M | $13.3M | ||
| Q1 24 | $59.0M | $-7.9M |
| Q4 25 | 72.5% | 28.0% | ||
| Q3 25 | 70.7% | 35.4% | ||
| Q2 25 | 70.5% | 37.1% | ||
| Q1 25 | 70.7% | 29.5% | ||
| Q4 24 | 72.5% | 24.6% | ||
| Q3 24 | 72.8% | 32.4% | ||
| Q2 24 | 72.6% | 33.1% | ||
| Q1 24 | 72.1% | 27.7% |
| Q4 25 | 20.2% | -10.7% | ||
| Q3 25 | 15.8% | 13.3% | ||
| Q2 25 | 16.5% | 14.3% | ||
| Q1 25 | 11.0% | -4.4% | ||
| Q4 24 | 14.5% | -14.9% | ||
| Q3 24 | 15.8% | 8.9% | ||
| Q2 24 | 17.2% | 12.5% | ||
| Q1 24 | 48.9% | -1.9% |
| Q4 25 | 12.2% | -7.0% | ||
| Q3 25 | 9.8% | 5.0% | ||
| Q2 25 | 10.3% | 9.3% | ||
| Q1 25 | 6.9% | -5.4% | ||
| Q4 24 | 8.8% | -33.4% | ||
| Q3 24 | 9.7% | 3.9% | ||
| Q2 24 | 9.0% | 8.3% | ||
| Q1 24 | 30.1% | -7.1% |
| Q4 25 | $0.23 | $-0.06 | ||
| Q3 25 | $0.17 | $0.07 | ||
| Q2 25 | $0.19 | $0.13 | ||
| Q1 25 | $0.10 | $-0.05 | ||
| Q4 24 | $0.19 | $-0.24 | ||
| Q3 24 | $0.18 | $0.05 | ||
| Q2 24 | $0.16 | $0.11 | ||
| 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 | — |
| Total DebtLower is stronger | — | $279.8M |
| Stockholders' EquityBook value | $946.0M | $405.9M |
| Total Assets | $5.1B | $823.2M |
| Debt / EquityLower = less leverage | — | 0.69× |
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 | — | ||
| Q3 24 | $69.9M | — | ||
| Q2 24 | $59.0M | — | ||
| Q1 24 | $64.2M | — |
| Q4 25 | — | $279.8M | ||
| Q3 25 | — | $281.1M | ||
| Q2 25 | — | $281.5M | ||
| Q1 25 | — | $306.9M | ||
| Q4 24 | — | $281.5M | ||
| Q3 24 | — | $282.8M | ||
| Q2 24 | — | $282.4M | ||
| Q1 24 | — | $282.8M |
| Q4 25 | $946.0M | $405.9M | ||
| Q3 25 | $973.1M | $408.4M | ||
| Q2 25 | $1.0B | $398.4M | ||
| Q1 25 | $1.0B | $381.1M | ||
| Q4 24 | $1.1B | $387.2M | ||
| Q3 24 | $986.9M | $416.6M | ||
| Q2 24 | $1.2B | $408.1M | ||
| Q1 24 | $1.3B | $391.8M |
| Q4 25 | $5.1B | $823.2M | ||
| Q3 25 | $5.1B | $844.4M | ||
| Q2 25 | $5.2B | $822.1M | ||
| Q1 25 | $5.3B | $824.6M | ||
| Q4 24 | $5.4B | $794.2M | ||
| Q3 24 | $5.4B | $853.4M | ||
| Q2 24 | $5.3B | $830.0M | ||
| Q1 24 | $5.4B | $808.6M |
| Q4 25 | — | 0.69× | ||
| Q3 25 | — | 0.69× | ||
| Q2 25 | — | 0.71× | ||
| Q1 25 | — | 0.81× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.68× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 0.72× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $299.8M | $14.1M |
| FCF MarginFCF / Revenue | 160.3% | 14.1% |
| Capex IntensityCapex / Revenue | 20.7% | 9.2% |
| Cash ConversionOCF / Net Profit | 14.79× | — |
| TTM Free Cash FlowTrailing 4 quarters | $541.5M | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $338.5M | $23.3M | ||
| Q3 25 | $100.2M | $51.0M | ||
| Q2 25 | $79.9M | $36.0M | ||
| Q1 25 | $85.6M | $-46.9M | ||
| Q4 24 | $363.1M | $6.2M | ||
| Q3 24 | $105.7M | $37.2M | ||
| Q2 24 | $83.2M | $52.4M | ||
| Q1 24 | $94.0M | $-34.5M |
| Q4 25 | $299.8M | $14.1M | ||
| Q3 25 | $88.0M | $45.2M | ||
| Q2 25 | $73.8M | $29.1M | ||
| Q1 25 | $79.9M | $-50.3M | ||
| Q4 24 | $344.4M | $-98.0K | ||
| Q3 24 | $101.8M | $33.2M | ||
| Q2 24 | $79.5M | $47.9M | ||
| Q1 24 | $88.6M | $-39.9M |
| Q4 25 | 160.3% | 14.1% | ||
| Q3 25 | 46.6% | 27.9% | ||
| Q2 25 | 39.1% | 16.8% | ||
| Q1 25 | 42.4% | -45.2% | ||
| Q4 24 | 181.2% | -0.1% | ||
| Q3 24 | 52.6% | 22.1% | ||
| Q2 24 | 41.7% | 29.9% | ||
| Q1 24 | 45.2% | -36.0% |
| Q4 25 | 20.7% | 9.2% | ||
| Q3 25 | 6.5% | 3.6% | ||
| Q2 25 | 3.2% | 4.0% | ||
| Q1 25 | 3.0% | 3.1% | ||
| Q4 24 | 9.8% | 7.2% | ||
| Q3 24 | 2.0% | 2.7% | ||
| Q2 24 | 1.9% | 2.8% | ||
| Q1 24 | 2.7% | 4.8% |
| Q4 25 | 14.79× | — | ||
| Q3 25 | 5.44× | 6.29× | ||
| Q2 25 | 4.10× | 2.25× | ||
| Q1 25 | 6.59× | — | ||
| Q4 24 | 21.70× | — | ||
| Q3 24 | 5.65× | 6.32× | ||
| Q2 24 | 4.88× | 3.95× | ||
| 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.
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
