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Side-by-side financial comparison of National Storage Affiliates Trust (NSA) and Wheels Up Experience Inc. (UP). 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 $183.8M, roughly 1.0× Wheels Up Experience Inc.). National Storage Affiliates Trust runs the higher net margin — 12.2% vs -15.7%, a 27.9% gap on every dollar of revenue. On growth, National Storage Affiliates Trust posted the faster year-over-year revenue change (-1.6% vs -10.2%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $-58.3M). Over the past eight quarters, National Storage Affiliates Trust's revenue compounded faster (-2.4% CAGR vs -3.4%).
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.
Wheels Up is a provider of "on demand" private aviation in the United States and one of the largest private aviation companies in the world. It was founded in 2013 by Kenny Dichter, using a membership/on-demand business model. Wheels Up members can book private aircraft from the company fleet and third-party operators using a mobile application.
NSA vs UP — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $187.0M | $183.8M |
| Net Profit | $22.9M | $-28.9M |
| Gross Margin | 72.5% | 14.3% |
| Operating Margin | 20.2% | -0.9% |
| Net Margin | 12.2% | -15.7% |
| Revenue YoY | -1.6% | -10.2% |
| Net Profit YoY | 36.8% | 67.0% |
| 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 | $183.8M | ||
| Q3 25 | $188.7M | $185.5M | ||
| Q2 25 | $188.8M | $189.6M | ||
| Q1 25 | $188.4M | $177.5M | ||
| Q4 24 | $190.1M | $204.8M | ||
| Q3 24 | $193.6M | $193.9M | ||
| Q2 24 | $190.4M | $196.3M | ||
| Q1 24 | $196.1M | $197.1M |
| Q4 25 | $22.9M | $-28.9M | ||
| Q3 25 | $18.4M | $-83.7M | ||
| Q2 25 | $19.5M | $-82.3M | ||
| Q1 25 | $13.0M | $-99.3M | ||
| Q4 24 | $16.7M | $-87.5M | ||
| Q3 24 | $18.7M | $-57.7M | ||
| Q2 24 | $17.1M | $-97.0M | ||
| Q1 24 | $59.0M | $-97.4M |
| Q4 25 | 72.5% | 14.3% | ||
| Q3 25 | 70.7% | 6.8% | ||
| Q2 25 | 70.5% | 8.3% | ||
| Q1 25 | 70.7% | 10.8% | ||
| Q4 24 | 72.5% | 13.9% | ||
| Q3 24 | 72.8% | 13.9% | ||
| Q2 24 | 72.6% | 2.3% | ||
| Q1 24 | 72.1% | -0.6% |
| Q4 25 | 20.2% | -0.9% | ||
| Q3 25 | 15.8% | -33.1% | ||
| Q2 25 | 16.5% | -31.4% | ||
| Q1 25 | 11.0% | -45.5% | ||
| Q4 24 | 14.5% | -26.0% | ||
| Q3 24 | 15.8% | -21.6% | ||
| Q2 24 | 17.2% | -40.3% | ||
| Q1 24 | 48.9% | -42.9% |
| Q4 25 | 12.2% | -15.7% | ||
| Q3 25 | 9.8% | -45.1% | ||
| Q2 25 | 10.3% | -43.4% | ||
| Q1 25 | 6.9% | -55.9% | ||
| Q4 24 | 8.8% | -42.7% | ||
| Q3 24 | 9.7% | -29.8% | ||
| Q2 24 | 9.0% | -49.4% | ||
| Q1 24 | 30.1% | -49.4% |
| Q4 25 | $0.23 | $-0.04 | ||
| Q3 25 | $0.17 | $-0.12 | ||
| Q2 25 | $0.19 | $-0.12 | ||
| Q1 25 | $0.10 | $-0.14 | ||
| Q4 24 | $0.19 | $-0.13 | ||
| Q3 24 | $0.18 | $-0.08 | ||
| Q2 24 | $0.16 | $-0.14 | ||
| Q1 24 | $0.65 | $-0.14 |
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 | $133.9M |
| Total DebtLower is stronger | — | $671.3M |
| Stockholders' EquityBook value | $946.0M | $-392.1M |
| Total Assets | $5.1B | $968.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.3M | $133.9M | ||
| Q3 25 | $26.3M | $125.3M | ||
| Q2 25 | $26.1M | $107.0M | ||
| Q1 25 | $19.3M | $171.8M | ||
| Q4 24 | $50.4M | $216.4M | ||
| Q3 24 | $69.9M | $115.9M | ||
| Q2 24 | $59.0M | $141.5M | ||
| Q1 24 | $64.2M | $180.9M |
| Q4 25 | — | $671.3M | ||
| Q3 25 | — | $766.5M | ||
| Q2 25 | — | $770.5M | ||
| Q1 25 | — | $765.8M | ||
| Q4 24 | — | $761.3M | ||
| Q3 24 | — | $596.9M | ||
| Q2 24 | — | $597.4M | ||
| Q1 24 | — | $603.2M |
| Q4 25 | $946.0M | $-392.1M | ||
| Q3 25 | $973.1M | $-374.5M | ||
| Q2 25 | $1.0B | $-347.8M | ||
| Q1 25 | $1.0B | $-288.1M | ||
| Q4 24 | $1.1B | $-202.1M | ||
| Q3 24 | $986.9M | $-117.7M | ||
| Q2 24 | $1.2B | $-72.2M | ||
| Q1 24 | $1.3B | $936.0K |
| Q4 25 | $5.1B | $968.8M | ||
| Q3 25 | $5.1B | $973.0M | ||
| Q2 25 | $5.2B | $1.0B | ||
| Q1 25 | $5.3B | $1.1B | ||
| Q4 24 | $5.4B | $1.2B | ||
| Q3 24 | $5.4B | $1.0B | ||
| Q2 24 | $5.3B | $1.1B | ||
| Q1 24 | $5.4B | $1.2B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 644.43× |
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 | $-18.4M |
| Free Cash FlowOCF − Capex | $299.8M | $-58.3M |
| FCF MarginFCF / Revenue | 160.3% | -31.7% |
| Capex IntensityCapex / Revenue | 20.7% | 21.7% |
| Cash ConversionOCF / Net Profit | 14.79× | — |
| TTM Free Cash FlowTrailing 4 quarters | $541.5M | $-259.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $338.5M | $-18.4M | ||
| Q3 25 | $100.2M | $-37.1M | ||
| Q2 25 | $79.9M | $-62.9M | ||
| Q1 25 | $85.6M | $-47.9M | ||
| Q4 24 | $363.1M | $37.9M | ||
| Q3 24 | $105.7M | $-16.9M | ||
| Q2 24 | $83.2M | $-25.2M | ||
| Q1 24 | $94.0M | $-73.8M |
| Q4 25 | $299.8M | $-58.3M | ||
| Q3 25 | $88.0M | $-60.4M | ||
| Q2 25 | $73.8M | $-78.6M | ||
| Q1 25 | $79.9M | $-62.6M | ||
| Q4 24 | $344.4M | $-70.2M | ||
| Q3 24 | $101.8M | $-21.9M | ||
| Q2 24 | $79.5M | $-30.8M | ||
| Q1 24 | $88.6M | $-77.8M |
| Q4 25 | 160.3% | -31.7% | ||
| Q3 25 | 46.6% | -32.6% | ||
| Q2 25 | 39.1% | -41.5% | ||
| Q1 25 | 42.4% | -35.3% | ||
| Q4 24 | 181.2% | -34.3% | ||
| Q3 24 | 52.6% | -11.3% | ||
| Q2 24 | 41.7% | -15.7% | ||
| Q1 24 | 45.2% | -39.5% |
| Q4 25 | 20.7% | 21.7% | ||
| Q3 25 | 6.5% | 12.5% | ||
| Q2 25 | 3.2% | 8.3% | ||
| Q1 25 | 3.0% | 8.3% | ||
| Q4 24 | 9.8% | 52.8% | ||
| Q3 24 | 2.0% | 2.6% | ||
| Q2 24 | 1.9% | 2.9% | ||
| Q1 24 | 2.7% | 2.0% |
| Q4 25 | 14.79× | — | ||
| Q3 25 | 5.44× | — | ||
| Q2 25 | 4.10× | — | ||
| Q1 25 | 6.59× | — | ||
| Q4 24 | 21.70× | — | ||
| 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.
