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Relative valuation derived from Financials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 56.1GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
7.1%
Sector: 8.5%
Dividend Analysis audit
HIGH YIELD
7.54%
Trailing Yield
$7.54
Per $100 Invested
High yield — monitor payout sustainability closely.
Est. Payout Ratio
230%HIGH
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, National Storage Affiliates Trust (NSA) receives a "Hold" rating with a composite score of 52.6/100, ranked #1098 out of 4446 stocks. Key factor scores: Quality 56/100, Value 70/100, Momentum 54/100. This is quantitative analysis only — not investment advice.
National Storage Affiliates Trust (NSA) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does National Storage Affiliates Trust Do?
National Storage Affiliates Trust is a Maryland real estate investment trust focused on the ownership, operation and acquisition of self storage properties located within the top 100 metropolitan statistical areas throughout the United States. As of September 30, 2020, the Company held ownership interests in and operated 788 self storage properties located in 35 states and Puerto Rico with approximately 49.5 million rentable square feet. NSA is one of the largest owners and operators of self storage properties among public and private companies in the United States. National Storage Affiliates Trust (NSA) is classified as a mid-cap stock in the Financials sector, specifically within the Trading industry. The company is led by CEO Tamara D. Fischer and employs approximately 2,120 people, headquartered in GREENWOOD VILLAGE, Colorado. With a market capitalization of $3.2B, NSA is one of the notable companies in the Financials sector.
National Storage Affiliates Trust (NSA) Stock Rating — Hold (April 2026)
As of April 2026, National Storage Affiliates Trust receives a Hold rating with a composite score of 52.6/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.NSA ranks #1,098 out of 4,446 stocks in our coverage universe. Within the Financials sector, National Storage Affiliates Trust ranks #394 of 891 stocks, placing it in the upper half of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
NSA Stock Price and 52-Week Range
National Storage Affiliates Trust (NSA) currently trades at $43.28. The 52-week high for NSA is $41.37, which means the stock is currently trading 4.6% from its annual peak. The 52-week low is $27.43, putting the stock 57.8% above its annual trough. Recent trading volume was 0 shares, suggesting relatively thin trading activity.
Is NSA Overvalued or Undervalued? — Valuation Analysis
National Storage Affiliates Trust (NSA) carries a value factor score of 70/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 30.55x, compared to the Financials sector average of 15.79x — a premium of 93%. The price-to-book ratio stands at 2.18x, versus the sector average of 1.28x. The price-to-sales ratio is 4.40x, compared to 0.96x for the average Financials stock. On an enterprise value basis, NSA trades at 7.05x EV/EBITDA, versus 3.41x for the sector.
Based on these multiples, National Storage Affiliates Trust appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
National Storage Affiliates Trust Profitability — ROE, Margins, and Quality Score
National Storage Affiliates Trust (NSA) earns a quality factor score of 56/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 7.1%, compared to the Financials sector average of 8.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 2.1% versus the sector average of 1.2%.
On a margin basis, National Storage Affiliates Trust reports gross margins of 71.2%. The operating margin is 37.3% (sector: 22.0%). Net profit margin stands at 14.4%, versus 17.7% for the average Financials stock. Revenue growth is running at -0.9% on a trailing basis, compared to 9.3% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
NSA Debt, Balance Sheet, and Financial Health
National Storage Affiliates Trust has a debt-to-equity ratio of 231.0%, compared to the Financials sector average of 121.5%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 1.43x, suggesting adequate working capital coverage. Total debt on the balance sheet is $3.43B. Cash and equivalents stand at $26M.
NSA has a beta of 0.77, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for National Storage Affiliates Trust is 65/100, reflecting average volatility within the normal range for its sector.
National Storage Affiliates Trust Revenue and Earnings History — Quarterly Trend
In TTM 2026, National Storage Affiliates Trust reported revenue of $760M and earnings per share (EPS) of $0.69. Net income for the quarter was $109M. Gross margin was 71.2%. Operating income came in at $283M.
In FY 2025, National Storage Affiliates Trust reported revenue of $753M and earnings per share (EPS) of $0.69. Net income for the quarter was $116M. Gross margin was 71.1%. Revenue grew -2.3% year-over-year compared to FY 2024. Operating income came in at $279M.
In Q3 2025, National Storage Affiliates Trust reported revenue of $189M and earnings per share (EPS) of $0.17. Net income for the quarter was $29M. Gross margin was 70.7%. Revenue grew -2.5% year-over-year compared to Q3 2024. Operating income came in at $71M.
In Q2 2025, National Storage Affiliates Trust reported revenue of $189M and earnings per share (EPS) of $0.19. Net income for the quarter was $31M. Gross margin was 70.5%. Revenue grew -0.8% year-over-year compared to Q2 2024. Operating income came in at $68M.
Over the past 8 quarters, National Storage Affiliates Trust has demonstrated a growth trajectory, with revenue expanding from $190M to $760M. Investors analyzing NSA stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
NSA Dividend Yield and Income Analysis
National Storage Affiliates Trust (NSA) currently pays a dividend yield of 7.5%. At this yield, a $10,000 investment in NSA stock would generate approximately $$754.00 in annual dividend income. This compares to the Financials sector average dividend yield of 2.5%, meaning NSA offers above-average income for its sector. The net margin of 14.4% provides reasonable coverage for the dividend, though investors should monitor payout sustainability.
NSA Momentum and Technical Analysis Profile
National Storage Affiliates Trust (NSA) has a momentum factor score of 54/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 34/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 19/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
NSA vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing NSA against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full NSA vs S&P 500 (SPY) comparison to assess how National Storage Affiliates Trust stacks up against the broader market across all factor dimensions.
NSA Next Earnings Date
No upcoming earnings date has been announced for National Storage Affiliates Trust (NSA) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy NSA? — Investment Thesis Summary
National Storage Affiliates Trust presents a balanced picture with arguments on both sides. The value score of 70/100 suggests attractive pricing relative to fundamentals. Low volatility (stability score 65/100) reduces downside risk.
In summary, National Storage Affiliates Trust (NSA) earns a Hold rating with a composite score of 52.6/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on NSA stock.
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Institutional Research Dossier
National Storage Affiliates Trust (NSA) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
National Storage Affiliates Trust (NSA) receives a Hold rating, reflecting a balanced view of its operational strengths and valuation concerns. While NSA benefits from a fragmented self-storage market and a proven acquisition strategy, its current valuation, particularly its high P/E ratio compared to the sector, suggests limited near-term upside. The company's growth trajectory, while historically robust, has shown signs of deceleration, warranting a cautious approach.
The core takeaway is that NSA is a fundamentally sound REIT operating in a resilient sector, but its premium valuation and recent revenue stagnation temper enthusiasm. Investors should closely monitor NSA's ability to maintain occupancy rates, manage debt levels, and execute accretive acquisitions to justify its current market price. A more attractive entry point may present itself if valuation multiples contract or if the company demonstrates a renewed capacity for top-line growth.
Business Strategy & Overview
National Storage Affiliates Trust operates as a real estate investment trust (REIT) specializing in the acquisition, ownership, and operation of self-storage facilities. The company's primary revenue stream is derived from rental income generated by leasing storage units to individuals and businesses. NSA distinguishes itself through a decentralized operating model, partnering with Participating Regional Operators (PROs) who manage the day-to-day operations of individual facilities. This structure allows NSA to leverage local expertise and maintain a geographically diversified portfolio.
NSA's growth strategy centers on acquiring existing self-storage properties, often from smaller, independent operators. This acquisition-focused approach allows NSA to rapidly expand its footprint and capitalize on economies of scale. The company targets properties in the top 100 metropolitan statistical areas throughout the United States, focusing on markets with favorable demographic trends and strong demand for self-storage solutions. NSA also invests in property improvements and expansions to enhance the value and appeal of its existing portfolio.
The self-storage industry is characterized by its fragmented nature, with a significant portion of properties owned by smaller, private operators. This fragmentation presents NSA with ample opportunities for consolidation through strategic acquisitions. The industry benefits from relatively low capital expenditure requirements and stable demand, as individuals and businesses often require temporary storage solutions during periods of transition or relocation. Furthermore, the self-storage sector has historically demonstrated resilience during economic downturns, as individuals may downsize their living spaces or businesses may reduce inventory levels, leading to increased demand for storage units.
NSA's strategic positioning within the self-storage industry is predicated on its ability to identify and acquire undervalued properties, improve operational efficiency, and leverage its national brand to attract tenants. The PRO structure is a key differentiator, aligning the interests of local operators with the overall performance of the REIT. However, NSA faces competition from other large, publicly traded self-storage REITs, as well as smaller, regional operators. The company's ability to maintain a competitive advantage will depend on its ability to execute its acquisition strategy effectively and manage its operating expenses efficiently.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
-0.9%
Sector: 9.3%
-110% VS SCTR
Economic Moat Analysis
National Storage Affiliates Trust possesses a narrow economic moat, primarily derived from its efficient scale and brand recognition within its operating regions. The self-storage industry, while not exhibiting strong network effects or high switching costs, benefits from localized market dominance. NSA's scale allows it to achieve certain cost efficiencies in marketing and management compared to smaller, independent operators. The company's brand recognition, built through its network of PROs, contributes to customer acquisition and retention within specific geographic areas.
The efficient scale advantage stems from the limited number of self-storage facilities that can profitably operate within a given geographic area. While barriers to entry are relatively low, the economics of the business favor larger operators who can spread fixed costs over a larger base of rentable square footage. NSA's acquisition strategy allows it to consolidate properties within specific markets, increasing its market share and pricing power. However, this advantage is not insurmountable, as new facilities can be developed, and existing operators can expand their operations.
Switching costs in the self-storage industry are relatively low, as customers can easily move their belongings to a competitor's facility if they find a better price or more convenient location. This limits NSA's ability to raise prices significantly without risking customer attrition. The company's focus on customer service and facility maintenance is crucial for retaining tenants and mitigating the risk of customer churn. However, these efforts do not create a significant barrier to entry for competitors.
Intangible assets, such as brand reputation, play a role in NSA's competitive advantage, but they are not as strong as in other industries. While NSA's brand recognition can attract customers, it is not a primary driver of demand. Factors such as location, price, and facility cleanliness are more important determinants of customer choice. Therefore, NSA's moat is primarily based on its ability to operate efficiently and maintain a strong presence in its target markets. The narrow moat rating reflects the limited barriers to entry and the relatively low switching costs in the self-storage industry.
The moat's strength is also influenced by the fragmented nature of the industry. While this fragmentation provides acquisition opportunities, it also means NSA faces competition from numerous smaller players, limiting its pricing power and ability to generate outsized returns. The company's ability to maintain and widen its moat will depend on its continued success in consolidating the market and improving its operational efficiency.
Financial Health & Profitability
National Storage Affiliates Trust's financial health presents a mixed picture. While the company exhibits strong gross and operating margins, its revenue growth has recently turned negative, and its debt levels are relatively high. The company's gross margin consistently hovers around 70%, and its operating margin is approximately 37%, indicating efficient operations and effective cost management. However, the revenue growth rate of -0.9% in the most recent TTM period is concerning, especially when compared to the sector average of 9.3%. This suggests potential challenges in maintaining occupancy rates or increasing rental rates.
NSA's profitability, as measured by ROE, is 7.1%, which is slightly below the sector average of 8.5%. This indicates that the company is generating less profit per dollar of equity compared to its peers. The company's debt-to-equity ratio is high at 231.00, significantly exceeding the sector average of 115.00. This high leverage increases the company's financial risk and could limit its ability to pursue future acquisitions or weather economic downturns. The current ratio of 1.43 suggests adequate liquidity to meet short-term obligations.
Analyzing the quarterly financial history reveals a trend of declining revenue and net income. Revenue decreased from $858.06M in FY2023 to $752.93M in FY2025. Net income also declined from $236.99M in FY2023 to $116.27M in FY2025. This downward trend raises concerns about the company's ability to sustain its profitability and growth in the long term. The consistent gross and operating margins suggest that the decline in net income is primarily driven by lower revenue and potentially higher interest expenses due to the company's high debt levels.
Free cash flow generation is a critical aspect of NSA's financial health. While FCF data is only available for FY2024 ($864.96M), it is essential to monitor this metric closely in future periods. Strong FCF generation would provide the company with the financial flexibility to reduce its debt, invest in property improvements, and pursue acquisitions. However, given the recent decline in revenue and net income, it is uncertain whether NSA can maintain its historical levels of FCF generation.
Overall, NSA's financial health is characterized by strong margins but concerning trends in revenue growth and high leverage. The company needs to address its revenue stagnation and manage its debt levels effectively to improve its financial stability and create long-term value for shareholders. Investors should closely monitor the company's financial performance in future periods to assess its ability to overcome these challenges.
Valuation Assessment
National Storage Affiliates Trust's valuation appears stretched based on several key metrics. The company's P/E ratio of 53.8x is significantly higher than the sector average of 15.5x, suggesting that the stock is trading at a premium to its earnings. While REITs are often valued using metrics like Funds From Operations (FFO) rather than net income, the high P/E ratio serves as an initial red flag, indicating that investors may have high expectations for future growth.
The company's EV/EBITDA ratio of 1.5x is significantly lower than the sector average of 3.5x. This might initially suggest undervaluation. However, this discrepancy could be due to the company's high debt levels, which inflate the enterprise value. A more detailed analysis of the company's debt structure and interest expense is necessary to fully understand the implications of this metric.
Given the lack of FCF data for recent periods, it is difficult to assess the company's FCF yield accurately. However, the decline in revenue and net income suggests that FCF generation may be under pressure. If FCF declines, the company's ability to fund dividends, reduce debt, and pursue acquisitions could be compromised, potentially leading to a decline in its stock price.
Compared to its historical valuation, NSA's current multiples appear elevated. The company's stock price has likely benefited from the overall strength of the real estate market and the perceived resilience of the self-storage sector. However, the recent slowdown in revenue growth and the company's high debt levels warrant a more cautious approach. The current valuation may not fully reflect the risks associated with the company's financial leverage and its ability to maintain its historical growth rate.
In conclusion, NSA's valuation appears expensive relative to its sector and its recent financial performance. The high P/E ratio and the potential for declining FCF suggest that the stock may be overvalued. Investors should carefully consider the risks associated with the company's high debt levels and its slowing revenue growth before investing in NSA.
Risk & Uncertainty
National Storage Affiliates Trust faces several specific risks that could negatively impact its business and financial performance. One of the primary risks is the company's high level of debt. A high debt-to-equity ratio increases the company's vulnerability to rising interest rates and economic downturns. If interest rates increase, NSA's interest expense will rise, reducing its profitability and cash flow. In an economic downturn, demand for self-storage may decline, leading to lower occupancy rates and rental income, further straining the company's ability to service its debt.
Another significant risk is competition within the self-storage industry. While the industry is fragmented, NSA faces competition from other large, publicly traded REITs, as well as smaller, regional operators. Increased competition could lead to lower rental rates and higher marketing expenses, reducing NSA's profitability. The development of new self-storage facilities could also increase competition in specific markets, putting downward pressure on occupancy rates and rental income.
The company's reliance on its PRO structure also presents a risk. If NSA is unable to attract and retain qualified PROs, its operational efficiency and financial performance could suffer. Disputes with PROs could also disrupt operations and lead to legal expenses. The PRO structure also creates potential agency problems, as the interests of the PROs may not always align with the interests of NSA's shareholders.
Acquisition risk is another important consideration. NSA's growth strategy relies heavily on acquiring existing self-storage properties. If the company overpays for acquisitions or fails to integrate acquired properties effectively, its financial performance could be negatively impacted. The availability of attractive acquisition targets may also decline, limiting NSA's ability to grow its portfolio.
Bulls Say / Bears Say
The Bull Case
BULL VIEWNSA's proven acquisition strategy in a fragmented market provides ample opportunities for growth and consolidation, leading to increased market share and revenue.
BULL VIEWThe self-storage industry's resilience during economic downturns provides a stable revenue stream and protects NSA from significant declines in occupancy rates.
BULL VIEWNSA's PRO structure aligns incentives and leverages local expertise, resulting in efficient operations and superior property management.
The Bear Case
BEAR VIEWNSA's high debt levels expose the company to significant financial risk, particularly in a rising interest rate environment, potentially leading to reduced profitability and cash flow.
BEAR VIEWThe company's slowing revenue growth and high valuation multiples suggest that the stock is overvalued and vulnerable to a correction.
BEAR VIEWIncreased competition within the self-storage industry could lead to lower rental rates and higher marketing expenses, eroding NSA's profitability and competitive advantage.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score NSA and 4,400+ other equities.
National Storage Affiliates Trust exhibits a 157% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
2.1%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
71.2%
Sector: 0.0%
Operating Margin
Core business profitability
37.3%
Sector: 22.0%
Net Margin
Bottom-line profitability
14.4%
Sector: 17.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield2.50%
Yield Delta+202%
Income Projection audit
A $10,000 investment would generate approximately $754 annually in dividends at the current trailing rate.
