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Side-by-side financial comparison of National Storage Affiliates Trust (NSA) and XBP Global Holdings, Inc. (XBP). 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 $152.4M, roughly 1.2× XBP Global Holdings, Inc.). National Storage Affiliates Trust runs the higher net margin — 12.2% vs -200.7%, a 212.9% gap on every dollar of revenue. On growth, National Storage Affiliates Trust posted the faster year-over-year revenue change (-1.6% vs -34.7%). National Storage Affiliates Trust produced more free cash flow last quarter ($299.8M vs $10.5M).
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.
NSA vs XBP — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $187.0M | $152.4M |
| Net Profit | $22.9M | $-305.8M |
| Gross Margin | 72.5% | 21.7% |
| Operating Margin | 20.2% | -191.7% |
| Net Margin | 12.2% | -200.7% |
| Revenue YoY | -1.6% | -34.7% |
| Net Profit YoY | 36.8% | -980.1% |
| EPS (diluted) | $0.23 | $-2.60 |
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 | — | ||
| Q3 25 | $188.7M | $152.4M | ||
| Q2 25 | $188.8M | — | ||
| Q1 25 | $188.4M | — | ||
| Q4 24 | $190.1M | — | ||
| Q3 24 | $193.6M | $233.4M | ||
| Q2 24 | $190.4M | — | ||
| Q1 24 | $196.1M | — |
| Q4 25 | $22.9M | — | ||
| Q3 25 | $18.4M | $-305.8M | ||
| Q2 25 | $19.5M | — | ||
| Q1 25 | $13.0M | — | ||
| Q4 24 | $16.7M | — | ||
| Q3 24 | $18.7M | $-28.3M | ||
| Q2 24 | $17.1M | — | ||
| Q1 24 | $59.0M | — |
| Q4 25 | 72.5% | — | ||
| Q3 25 | 70.7% | 21.7% | ||
| Q2 25 | 70.5% | — | ||
| Q1 25 | 70.7% | — | ||
| Q4 24 | 72.5% | — | ||
| Q3 24 | 72.8% | 18.9% | ||
| Q2 24 | 72.6% | — | ||
| Q1 24 | 72.1% | — |
| Q4 25 | 20.2% | — | ||
| Q3 25 | 15.8% | -191.7% | ||
| Q2 25 | 16.5% | — | ||
| Q1 25 | 11.0% | — | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 15.8% | 0.9% | ||
| Q2 24 | 17.2% | — | ||
| Q1 24 | 48.9% | — |
| Q4 25 | 12.2% | — | ||
| Q3 25 | 9.8% | -200.7% | ||
| Q2 25 | 10.3% | — | ||
| Q1 25 | 6.9% | — | ||
| Q4 24 | 8.8% | — | ||
| Q3 24 | 9.7% | -12.1% | ||
| Q2 24 | 9.0% | — | ||
| Q1 24 | 30.1% | — |
| Q4 25 | $0.23 | — | ||
| Q3 25 | $0.17 | $-2.60 | ||
| Q2 25 | $0.19 | — | ||
| Q1 25 | $0.10 | — | ||
| Q4 24 | $0.19 | — | ||
| Q3 24 | $0.18 | $-0.09 | ||
| Q2 24 | $0.16 | — | ||
| Q1 24 | $0.65 | — |
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 | $34.5M |
| Total DebtLower is stronger | — | $381.5M |
| Stockholders' EquityBook value | $946.0M | $130.5M |
| Total Assets | $5.1B | $947.9M |
| Debt / EquityLower = less leverage | — | 2.92× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.3M | — | ||
| Q3 25 | $26.3M | $34.5M | ||
| Q2 25 | $26.1M | — | ||
| Q1 25 | $19.3M | — | ||
| Q4 24 | $50.4M | — | ||
| Q3 24 | $69.9M | $7.8M | ||
| Q2 24 | $59.0M | — | ||
| Q1 24 | $64.2M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $381.5M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $31.5M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $946.0M | — | ||
| Q3 25 | $973.1M | $130.5M | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $1.0B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $986.9M | $-1.3B | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.3B | — |
| Q4 25 | $5.1B | — | ||
| Q3 25 | $5.1B | $947.9M | ||
| Q2 25 | $5.2B | — | ||
| Q1 25 | $5.3B | — | ||
| Q4 24 | $5.4B | — | ||
| Q3 24 | $5.4B | $99.6M | ||
| Q2 24 | $5.3B | — | ||
| Q1 24 | $5.4B | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 2.92× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $13.9M |
| Free Cash FlowOCF − Capex | $299.8M | $10.5M |
| FCF MarginFCF / Revenue | 160.3% | 6.9% |
| Capex IntensityCapex / Revenue | 20.7% | 2.2% |
| Cash ConversionOCF / Net Profit | 14.79× | — |
| TTM Free Cash FlowTrailing 4 quarters | $541.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $338.5M | — | ||
| Q3 25 | $100.2M | $13.9M | ||
| Q2 25 | $79.9M | — | ||
| Q1 25 | $85.6M | — | ||
| Q4 24 | $363.1M | — | ||
| Q3 24 | $105.7M | $-1.5M | ||
| Q2 24 | $83.2M | — | ||
| Q1 24 | $94.0M | — |
| Q4 25 | $299.8M | — | ||
| Q3 25 | $88.0M | $10.5M | ||
| Q2 25 | $73.8M | — | ||
| Q1 25 | $79.9M | — | ||
| Q4 24 | $344.4M | — | ||
| Q3 24 | $101.8M | $-6.1M | ||
| Q2 24 | $79.5M | — | ||
| Q1 24 | $88.6M | — |
| Q4 25 | 160.3% | — | ||
| Q3 25 | 46.6% | 6.9% | ||
| Q2 25 | 39.1% | — | ||
| Q1 25 | 42.4% | — | ||
| Q4 24 | 181.2% | — | ||
| Q3 24 | 52.6% | -2.6% | ||
| Q2 24 | 41.7% | — | ||
| Q1 24 | 45.2% | — |
| Q4 25 | 20.7% | — | ||
| Q3 25 | 6.5% | 2.2% | ||
| Q2 25 | 3.2% | — | ||
| Q1 25 | 3.0% | — | ||
| Q4 24 | 9.8% | — | ||
| Q3 24 | 2.0% | 2.0% | ||
| Q2 24 | 1.9% | — | ||
| Q1 24 | 2.7% | — |
| 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.
Revenue Breakdown by Segment
NSA
Segment breakdown not available.
XBP
| Related And Non Related Party | $136.5M | 90% |
| Technology | $8.2M | 5% |
| Other | $5.7M | 4% |
| Deferred Revenue As Of July312025 | $1.9M | 1% |
