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Side-by-side financial comparison of National Storage Affiliates Trust (NSA) and VARONIS SYSTEMS INC (VRNS). 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 $173.1M, roughly 1.1× VARONIS SYSTEMS INC). On growth, VARONIS SYSTEMS INC posted the faster year-over-year revenue change (26.9% vs -1.6%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $49.0M). Over the past eight quarters, VARONIS SYSTEMS INC's revenue compounded faster (15.2% 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.
Varonis Systems, Inc. is a software company based in Miami, Florida with R&D offices in Herzliya, Israel. The company’s Data Security Platform analyzes data and data activity using the insights to identify data exposure risks stemming from access permissions and software-as-a-service (SaaS) app configurations, triggering automated remediation capabilities in response.
NSA vs VRNS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $187.0M | $173.1M |
| Net Profit | $22.9M | — |
| Gross Margin | 72.5% | 76.0% |
| Operating Margin | 20.2% | -1.7% |
| Net Margin | 12.2% | — |
| Revenue YoY | -1.6% | 26.9% |
| 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 | — | $173.1M | ||
| Q4 25 | $187.0M | $173.4M | ||
| Q3 25 | $188.7M | $161.6M | ||
| Q2 25 | $188.8M | $152.2M | ||
| Q1 25 | $188.4M | $136.4M | ||
| Q4 24 | $190.1M | $158.5M | ||
| Q3 24 | $193.6M | $148.1M | ||
| Q2 24 | $190.4M | $130.3M |
| Q1 26 | — | — | ||
| Q4 25 | $22.9M | $-27.8M | ||
| Q3 25 | $18.4M | $-29.9M | ||
| Q2 25 | $19.5M | $-35.8M | ||
| Q1 25 | $13.0M | $-35.8M | ||
| Q4 24 | $16.7M | $-13.0M | ||
| Q3 24 | $18.7M | $-18.3M | ||
| Q2 24 | $17.1M | $-23.9M |
| Q1 26 | — | 76.0% | ||
| Q4 25 | 72.5% | 78.9% | ||
| Q3 25 | 70.7% | 78.2% | ||
| Q2 25 | 70.5% | 79.5% | ||
| Q1 25 | 70.7% | 78.7% | ||
| Q4 24 | 72.5% | 83.6% | ||
| Q3 24 | 72.8% | 83.8% | ||
| Q2 24 | 72.6% | 82.8% |
| Q1 26 | — | -1.7% | ||
| Q4 25 | 20.2% | -17.5% | ||
| Q3 25 | 15.8% | -22.2% | ||
| Q2 25 | 16.5% | -24.0% | ||
| Q1 25 | 11.0% | -32.1% | ||
| Q4 24 | 14.5% | -11.1% | ||
| Q3 24 | 15.8% | -16.0% | ||
| Q2 24 | 17.2% | -22.1% |
| Q1 26 | — | — | ||
| Q4 25 | 12.2% | -16.0% | ||
| Q3 25 | 9.8% | -18.5% | ||
| Q2 25 | 10.3% | -23.5% | ||
| Q1 25 | 6.9% | -26.2% | ||
| Q4 24 | 8.8% | -8.2% | ||
| Q3 24 | 9.7% | -12.4% | ||
| Q2 24 | 9.0% | -18.4% |
| Q1 26 | — | — | ||
| Q4 25 | $0.23 | $-0.23 | ||
| Q3 25 | $0.17 | $-0.26 | ||
| Q2 25 | $0.19 | $-0.32 | ||
| Q1 25 | $0.10 | $-0.32 | ||
| Q4 24 | $0.19 | $-0.12 | ||
| Q3 24 | $0.18 | $-0.16 | ||
| Q2 24 | $0.16 | $-0.21 |
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 | $179.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $946.0M | $453.5M |
| Total Assets | $5.1B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $179.3M | ||
| Q4 25 | $23.3M | $883.7M | ||
| Q3 25 | $26.3M | $671.3M | ||
| Q2 25 | $26.1M | $770.9M | ||
| Q1 25 | $19.3M | $567.6M | ||
| Q4 24 | $50.4M | $529.0M | ||
| Q3 24 | $69.9M | $844.8M | ||
| Q2 24 | $59.0M | $582.5M |
| Q1 26 | — | $453.5M | ||
| Q4 25 | $946.0M | $598.7M | ||
| Q3 25 | $973.1M | $604.8M | ||
| Q2 25 | $1.0B | $341.5M | ||
| Q1 25 | $1.0B | $367.7M | ||
| Q4 24 | $1.1B | $455.7M | ||
| Q3 24 | $986.9M | $428.6M | ||
| Q2 24 | $1.2B | $458.6M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $5.1B | $1.8B | ||
| Q3 25 | $5.1B | $1.7B | ||
| Q2 25 | $5.2B | $1.6B | ||
| Q1 25 | $5.3B | $1.6B | ||
| Q4 24 | $5.4B | $1.7B | ||
| Q3 24 | $5.4B | $1.5B | ||
| Q2 24 | $5.3B | $1.1B |
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 | $55.0M |
| Free Cash FlowOCF − Capex | $299.8M | $49.0M |
| FCF MarginFCF / Revenue | 160.3% | 28.3% |
| Capex IntensityCapex / Revenue | 20.7% | — |
| Cash ConversionOCF / Net Profit | 14.79× | — |
| TTM Free Cash FlowTrailing 4 quarters | $541.5M | $118.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $55.0M | ||
| Q4 25 | $338.5M | $24.7M | ||
| Q3 25 | $100.2M | $33.4M | ||
| Q2 25 | $79.9M | $21.3M | ||
| Q1 25 | $85.6M | $68.0M | ||
| Q4 24 | $363.1M | $24.3M | ||
| Q3 24 | $105.7M | $22.5M | ||
| Q2 24 | $83.2M | $11.7M |
| Q1 26 | — | $49.0M | ||
| Q4 25 | $299.8M | $20.7M | ||
| Q3 25 | $88.0M | $30.4M | ||
| Q2 25 | $73.8M | $18.0M | ||
| Q1 25 | $79.9M | $65.7M | ||
| Q4 24 | $344.4M | $19.9M | ||
| Q3 24 | $101.8M | $21.3M | ||
| Q2 24 | $79.5M | $10.9M |
| Q1 26 | — | 28.3% | ||
| Q4 25 | 160.3% | 12.0% | ||
| Q3 25 | 46.6% | 18.8% | ||
| Q2 25 | 39.1% | 11.8% | ||
| Q1 25 | 42.4% | 48.1% | ||
| Q4 24 | 181.2% | 12.6% | ||
| Q3 24 | 52.6% | 14.4% | ||
| Q2 24 | 41.7% | 8.4% |
| Q1 26 | — | — | ||
| Q4 25 | 20.7% | 2.3% | ||
| Q3 25 | 6.5% | 1.8% | ||
| Q2 25 | 3.2% | 2.2% | ||
| Q1 25 | 3.0% | 1.7% | ||
| Q4 24 | 9.8% | 2.7% | ||
| Q3 24 | 2.0% | 0.8% | ||
| Q2 24 | 1.9% | 0.6% |
| Q1 26 | — | — | ||
| 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× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NSA
Segment breakdown not available.
VRNS
| SaaS | $161.1M | 93% |
| Term license subscriptions | $6.9M | 4% |
| Maintenance and services | $5.2M | 3% |
