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Side-by-side financial comparison of National Storage Affiliates Trust (NSA) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
UL Solutions Inc. is the larger business by last-quarter revenue ($340.0M vs $187.0M, roughly 1.8× National Storage Affiliates Trust). On growth, National Storage Affiliates Trust posted the faster year-over-year revenue change (-1.6% vs -12.4%). Over the past eight quarters, National Storage Affiliates Trust's revenue compounded faster (-2.4% CAGR vs -31.8%).
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.
The UL enterprise is a global private safety company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions.
NSA vs ULS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $187.0M | $340.0M |
| Net Profit | $22.9M | — |
| Gross Margin | 72.5% | — |
| Operating Margin | 20.2% | 24.4% |
| Net Margin | 12.2% | — |
| Revenue YoY | -1.6% | -12.4% |
| Net Profit YoY | 36.8% | — |
| EPS (diluted) | $0.23 | — |
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.
| Q1 26 | — | $340.0M | ||
| Q4 25 | $187.0M | $789.0M | ||
| Q3 25 | $188.7M | $783.0M | ||
| Q2 25 | $188.8M | $776.0M | ||
| Q1 25 | $188.4M | $705.0M | ||
| Q4 24 | $190.1M | $739.0M | ||
| Q3 24 | $193.6M | $731.0M | ||
| Q2 24 | $190.4M | $730.0M |
| Q1 26 | — | — | ||
| Q4 25 | $22.9M | $67.0M | ||
| Q3 25 | $18.4M | $100.0M | ||
| Q2 25 | $19.5M | $91.0M | ||
| Q1 25 | $13.0M | $67.0M | ||
| Q4 24 | $16.7M | $81.0M | ||
| Q3 24 | $18.7M | $88.0M | ||
| Q2 24 | $17.1M | $101.0M |
| Q1 26 | — | — | ||
| Q4 25 | 72.5% | 49.7% | ||
| Q3 25 | 70.7% | 50.3% | ||
| Q2 25 | 70.5% | 49.4% | ||
| Q1 25 | 70.7% | 48.4% | ||
| Q4 24 | 72.5% | 47.4% | ||
| Q3 24 | 72.8% | 49.0% | ||
| Q2 24 | 72.6% | 50.1% |
| Q1 26 | — | 24.4% | ||
| Q4 25 | 20.2% | 15.0% | ||
| Q3 25 | 15.8% | 19.9% | ||
| Q2 25 | 16.5% | 17.9% | ||
| Q1 25 | 11.0% | 15.5% | ||
| Q4 24 | 14.5% | 15.6% | ||
| Q3 24 | 15.8% | 17.8% | ||
| Q2 24 | 17.2% | 17.3% |
| Q1 26 | — | — | ||
| Q4 25 | 12.2% | 8.5% | ||
| Q3 25 | 9.8% | 12.8% | ||
| Q2 25 | 10.3% | 11.7% | ||
| Q1 25 | 6.9% | 9.5% | ||
| Q4 24 | 8.8% | 11.0% | ||
| Q3 24 | 9.7% | 12.0% | ||
| Q2 24 | 9.0% | 13.8% |
| Q1 26 | — | — | ||
| Q4 25 | $0.23 | $0.33 | ||
| Q3 25 | $0.17 | $0.49 | ||
| Q2 25 | $0.19 | $0.45 | ||
| Q1 25 | $0.10 | $0.33 | ||
| Q4 24 | $0.19 | $0.40 | ||
| Q3 24 | $0.18 | $0.44 | ||
| Q2 24 | $0.16 | $0.50 |
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 | — | — |
| Stockholders' EquityBook value | $946.0M | — |
| Total Assets | $5.1B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $23.3M | $295.0M | ||
| Q3 25 | $26.3M | $255.0M | ||
| Q2 25 | $26.1M | $272.0M | ||
| Q1 25 | $19.3M | $267.0M | ||
| Q4 24 | $50.4M | $298.0M | ||
| Q3 24 | $69.9M | $327.0M | ||
| Q2 24 | $59.0M | $295.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $491.0M | ||
| Q3 25 | — | $544.0M | ||
| Q2 25 | — | $608.0M | ||
| Q1 25 | — | $653.0M | ||
| Q4 24 | — | $742.0M | ||
| Q3 24 | — | $797.0M | ||
| Q2 24 | — | $810.0M |
| Q1 26 | — | — | ||
| Q4 25 | $946.0M | $1.3B | ||
| Q3 25 | $973.1M | $1.2B | ||
| Q2 25 | $1.0B | $1.1B | ||
| Q1 25 | $1.0B | $970.0M | ||
| Q4 24 | $1.1B | $904.0M | ||
| Q3 24 | $986.9M | $872.0M | ||
| Q2 24 | $1.2B | $769.0M |
| Q1 26 | — | — | ||
| Q4 25 | $5.1B | $2.9B | ||
| Q3 25 | $5.1B | $2.9B | ||
| Q2 25 | $5.2B | $2.9B | ||
| Q1 25 | $5.3B | $2.9B | ||
| Q4 24 | $5.4B | $2.8B | ||
| Q3 24 | $5.4B | $2.9B | ||
| Q2 24 | $5.3B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.39× | ||
| Q3 25 | — | 0.46× | ||
| Q2 25 | — | 0.56× | ||
| Q1 25 | — | 0.67× | ||
| Q4 24 | — | 0.82× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 1.05× |
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 | — |
| Free Cash FlowOCF − Capex | $299.8M | — |
| FCF MarginFCF / Revenue | 160.3% | — |
| Capex IntensityCapex / Revenue | 20.7% | — |
| Cash ConversionOCF / Net Profit | 14.79× | — |
| TTM Free Cash FlowTrailing 4 quarters | $541.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $338.5M | $144.0M | ||
| Q3 25 | $100.2M | $155.0M | ||
| Q2 25 | $79.9M | $147.0M | ||
| Q1 25 | $85.6M | $154.0M | ||
| Q4 24 | $363.1M | $130.0M | ||
| Q3 24 | $105.7M | $150.0M | ||
| Q2 24 | $83.2M | $103.0M |
| Q1 26 | — | — | ||
| Q4 25 | $299.8M | $86.0M | ||
| Q3 25 | $88.0M | $109.0M | ||
| Q2 25 | $73.8M | $105.0M | ||
| Q1 25 | $79.9M | $103.0M | ||
| Q4 24 | $344.4M | $72.0M | ||
| Q3 24 | $101.8M | $84.0M | ||
| Q2 24 | $79.5M | $47.0M |
| Q1 26 | — | — | ||
| Q4 25 | 160.3% | 10.9% | ||
| Q3 25 | 46.6% | 13.9% | ||
| Q2 25 | 39.1% | 13.5% | ||
| Q1 25 | 42.4% | 14.6% | ||
| Q4 24 | 181.2% | 9.7% | ||
| Q3 24 | 52.6% | 11.5% | ||
| Q2 24 | 41.7% | 6.4% |
| Q1 26 | — | — | ||
| Q4 25 | 20.7% | 7.4% | ||
| Q3 25 | 6.5% | 5.9% | ||
| Q2 25 | 3.2% | 5.4% | ||
| Q1 25 | 3.0% | 7.2% | ||
| Q4 24 | 9.8% | 7.8% | ||
| Q3 24 | 2.0% | 9.0% | ||
| Q2 24 | 1.9% | 7.7% |
| Q1 26 | — | — | ||
| Q4 25 | 14.79× | 2.15× | ||
| Q3 25 | 5.44× | 1.55× | ||
| Q2 25 | 4.10× | 1.62× | ||
| Q1 25 | 6.59× | 2.30× | ||
| Q4 24 | 21.70× | 1.60× | ||
| Q3 24 | 5.65× | 1.70× | ||
| Q2 24 | 4.88× | 1.02× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
