NATIONAL STORAGE AFFILIATES (NSA) Fundamental Analysis & Valuation

NYSE:NSA • US6378701063

34.15 USD
+0.16 (+0.47%)
At close: Mar 6, 2026
34.15 USD
0 (0%)
After Hours: 3/6/2026, 8:04:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

This NSA fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

3

Taking everything into account, NSA scores 3 out of 10 in our fundamental rating. NSA was compared to 28 industry peers in the Specialized REITs industry. There are concerns on the financial health of NSA while its profitability can be described as average. NSA is valued expensive and it does not seem to be growing. Finally NSA also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

4

1. NSA Profitability Analysis

1.1 Basic Checks

  • In the past year NSA was profitable.
  • NSA had a positive operating cash flow in the past year.
  • NSA had positive earnings in each of the past 5 years.
  • Each year in the past 5 years NSA had a positive operating cash flow.
NSA Yearly Net Income VS EBIT VS OCF VS FCFNSA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 -500M -1B -1.5B

1.2 Ratios

  • Looking at the Return On Assets, with a value of 1.05%, NSA is doing worse than 67.86% of the companies in the same industry.
  • With a Return On Equity value of 5.63%, NSA perfoms like the industry average, outperforming 50.00% of the companies in the same industry.
  • NSA's Return On Invested Capital of 4.44% is in line compared to the rest of the industry. NSA outperforms 53.57% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for NSA is in line with the industry average of 4.96%.
Industry RankSector Rank
ROA 1.05%
ROE 5.63%
ROIC 4.44%
ROA(3y)1.69%
ROA(5y)1.64%
ROE(3y)7.92%
ROE(5y)6.89%
ROIC(3y)4.5%
ROIC(5y)4.09%
NSA Yearly ROA, ROE, ROICNSA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 2 4 6 8

1.3 Margins

  • The Profit Margin of NSA (7.07%) is worse than 60.71% of its industry peers.
  • NSA's Profit Margin has declined in the last couple of years.
  • NSA has a Operating Margin (37.01%) which is in line with its industry peers.
  • NSA's Operating Margin has improved in the last couple of years.
Industry RankSector Rank
OM 37.01%
PM (TTM) 7.07%
GM N/A
OM growth 3Y0.81%
OM growth 5Y1.69%
PM growth 3Y-14.35%
PM growth 5Y-2.92%
GM growth 3YN/A
GM growth 5YN/A
NSA Yearly Profit, Operating, Gross MarginsNSA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 20 30

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ROAROEROICOperating and Profit MarginShow most profitable peers

1

2. NSA Health Analysis

2.1 Basic Checks

  • NSA has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
  • The number of shares outstanding for NSA has been increased compared to 1 year ago.
  • NSA has more shares outstanding than it did 5 years ago.
  • The debt/assets ratio for NSA is higher compared to a year ago.
NSA Yearly Shares OutstandingNSA Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20M 40M 60M 80M
NSA Yearly Total Debt VS Total AssetsNSA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B

2.2 Solvency

  • Based on the Altman-Z score of 0.51, we must say that NSA is in the distress zone and has some risk of bankruptcy.
  • NSA has a Altman-Z score of 0.51. This is in the lower half of the industry: NSA underperforms 67.86% of its industry peers.
  • NSA has a debt to FCF ratio of 12.36. This is a negative value and a sign of low solvency as NSA would need 12.36 years to pay back of all of its debts.
  • NSA's Debt to FCF ratio of 12.36 is fine compared to the rest of the industry. NSA outperforms 64.29% of its industry peers.
  • NSA has a Debt/Equity ratio of 3.60. This is a high value indicating a heavy dependency on external financing.
  • NSA has a worse Debt to Equity ratio (3.60) than 67.86% of its industry peers.
Industry RankSector Rank
Debt/Equity 3.6
Debt/FCF 12.36
Altman-Z 0.51
ROIC/WACC0.61
WACC7.27%
NSA Yearly LT Debt VS Equity VS FCFNSA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 1B -1B 2B 3B

2.3 Liquidity

  • A Current Ratio of 0.43 indicates that NSA may have some problems paying its short term obligations.
  • With a Current ratio value of 0.43, NSA is not doing good in the industry: 64.29% of the companies in the same industry are doing better.
  • NSA has a Quick Ratio of 0.43. This is a bad value and indicates that NSA is not financially healthy enough and could expect problems in meeting its short term obligations.
  • Looking at the Quick ratio, with a value of 0.43, NSA is doing worse than 64.29% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.43
Quick Ratio 0.43
NSA Yearly Current Assets VS Current LiabilitesNSA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20M 40M 60M 80M 100M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

3

3. NSA Growth Analysis

3.1 Past

  • The earnings per share for NSA have decreased strongly by -39.47% in the last year.
  • NSA shows a small growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 7.09% yearly.
  • NSA shows a decrease in Revenue. In the last year, the revenue decreased by -2.26%.
  • NSA shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 11.74% yearly.
EPS 1Y (TTM)-39.47%
EPS 3Y-11.63%
EPS 5Y7.09%
EPS Q2Q%53.33%
Revenue 1Y (TTM)-2.26%
Revenue growth 3Y-2.07%
Revenue growth 5Y11.74%
Sales Q2Q%-1.62%

3.2 Future

  • NSA is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 5.40% yearly.
  • Based on estimates for the next years, NSA will show a small growth in Revenue. The Revenue will grow by 4.40% on average per year.
EPS Next Y-2.51%
EPS Next 2Y0.68%
EPS Next 3Y5.4%
EPS Next 5YN/A
Revenue Next Year0.41%
Revenue Next 2Y1.85%
Revenue Next 3Y2.7%
Revenue Next 5Y4.4%

3.3 Evolution

  • The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
NSA Yearly Revenue VS EstimatesNSA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 200M 400M 600M 800M
NSA Yearly EPS VS EstimatesNSA Yearly EPS VS EstimatesYearly EPS VS Estimates 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 0 0.5 1

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3

4. NSA Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 49.49, which means the current valuation is very expensive for NSA.
  • Compared to the rest of the industry, the Price/Earnings ratio of NSA is on the same level as its industry peers.
  • The average S&P500 Price/Earnings ratio is at 26.29. NSA is valued rather expensively when compared to this.
  • NSA is valuated quite expensively with a Price/Forward Earnings ratio of 50.77.
  • NSA's Price/Forward Earnings is on the same level as the industry average.
  • The average S&P500 Price/Forward Earnings ratio is at 24.57. NSA is valued rather expensively when compared to this.
Industry RankSector Rank
PE 49.49
Fwd PE 50.77
NSA Price Earnings VS Forward Price EarningsNSA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40 50

4.2 Price Multiples

  • 100.00% of the companies in the same industry are more expensive than NSA, based on the Enterprise Value to EBITDA ratio.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of NSA indicates a rather cheap valuation: NSA is cheaper than 100.00% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 9.56
EV/EBITDA 12.83
NSA Per share dataNSA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 2 4 6 8 10

4.3 Compensation for Growth

PEG (NY)N/A
PEG (5Y)6.99
EPS Next 2Y0.68%
EPS Next 3Y5.4%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

7

5. NSA Dividend Analysis

5.1 Amount

  • NSA has a Yearly Dividend Yield of 6.71%, which is a nice return.
  • NSA's Dividend Yield is rather good when compared to the industry average which is at 5.39. NSA pays more dividend than 92.86% of the companies in the same industry.
  • NSA's Dividend Yield is rather good when compared to the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 6.71%

5.2 History

  • The dividend of NSA is nicely growing with an annual growth rate of 10.06%!
  • NSA has paid a dividend for at least 10 years, which is a reliable track record.
  • As NSA did not decrease their dividend in the past 5 years, we can say the dividend looks stable.
Dividend Growth(5Y)10.06%
Div Incr Years9
Div Non Decr Years9
NSA Yearly Dividends per shareNSA Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.5 1 1.5 2

5.3 Sustainability

  • NSA pays out 366.83% of its income as dividend. This is not a sustainable payout ratio.
  • NSA's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP366.83%
EPS Next 2Y0.68%
EPS Next 3Y5.4%
NSA Yearly Income VS Free CF VS DividendNSA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 -500M -1B -1.5B
NSA Dividend Payout.NSA Dividend Payout, showing the Payout Ratio.NSA Dividend Payout.PayoutRetained Earnings

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NSA Fundamentals: All Metrics, Ratios and Statistics

NATIONAL STORAGE AFFILIATES

NYSE:NSA (3/6/2026, 8:04:00 PM)

After market: 34.15 0 (0%)

34.15

+0.16 (+0.47%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustrySpecialized REITs
Earnings (Last)02-25
Earnings (Next)05-04
Inst Owners100.26%
Inst Owner Change5.32%
Ins Owners8%
Ins Owner Change0%
Market Cap2.63B
Revenue(TTM)752.93M
Net Income(TTM)53.26M
Analysts53.04
Price Target33.19 (-2.81%)
Short Float %9.37%
Short Ratio4.3
Dividend
Industry RankSector Rank
Dividend Yield 6.71%
Yearly Dividend2.55
Dividend Growth(5Y)10.06%
DP366.83%
Div Incr Years9
Div Non Decr Years9
Ex-Date03-13
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)14.79%
Min EPS beat(2)-4.37%
Max EPS beat(2)33.95%
EPS beat(4)1
Avg EPS beat(4)-5.7%
Min EPS beat(4)-43.42%
Max EPS beat(4)33.95%
EPS beat(8)3
Avg EPS beat(8)-0.54%
EPS beat(12)5
Avg EPS beat(12)20.06%
EPS beat(16)5
Avg EPS beat(16)8.33%
Revenue beat(2)2
Avg Revenue beat(2)1.69%
Min Revenue beat(2)1.16%
Max Revenue beat(2)2.22%
Revenue beat(4)3
Avg Revenue beat(4)-0.35%
Min Revenue beat(4)-8.32%
Max Revenue beat(4)3.53%
Revenue beat(8)7
Avg Revenue beat(8)0.59%
Revenue beat(12)11
Avg Revenue beat(12)1.03%
Revenue beat(16)15
Avg Revenue beat(16)1.9%
PT rev (1m)-1.11%
PT rev (3m)-3.45%
EPS NQ rev (1m)-6.59%
EPS NQ rev (3m)-6.59%
EPS NY rev (1m)-3.28%
EPS NY rev (3m)2.53%
Revenue NQ rev (1m)0.17%
Revenue NQ rev (3m)1.78%
Revenue NY rev (1m)0.23%
Revenue NY rev (3m)0.89%
Valuation
Industry RankSector Rank
PE 49.49
Fwd PE 50.77
P/S 3.5
P/FCF 9.56
P/OCF 7.78
P/B 2.78
P/tB 3.29
EV/EBITDA 12.83
EPS(TTM)0.69
EY2.02%
EPS(NY)0.67
Fwd EY1.97%
FCF(TTM)3.57
FCFY10.46%
OCF(TTM)4.39
OCFY12.85%
SpS9.76
BVpS12.27
TBVpS10.37
PEG (NY)N/A
PEG (5Y)6.99
Graham Number13.8
Profitability
Industry RankSector Rank
ROA 1.05%
ROE 5.63%
ROCE 5.61%
ROIC 4.44%
ROICexc 4.46%
ROICexgc 4.6%
OM 37.01%
PM (TTM) 7.07%
GM N/A
FCFM 36.59%
ROA(3y)1.69%
ROA(5y)1.64%
ROE(3y)7.92%
ROE(5y)6.89%
ROIC(3y)4.5%
ROIC(5y)4.09%
ROICexc(3y)4.53%
ROICexc(5y)4.12%
ROICexgc(3y)4.66%
ROICexgc(5y)4.22%
ROCE(3y)5.69%
ROCE(5y)5.18%
ROICexgc growth 3Y5.39%
ROICexgc growth 5Y5.96%
ROICexc growth 3Y4.92%
ROICexc growth 5Y5.59%
OM growth 3Y0.81%
OM growth 5Y1.69%
PM growth 3Y-14.35%
PM growth 5Y-2.92%
GM growth 3YN/A
GM growth 5YN/A
F-Score4
Asset Turnover0.15
Health
Industry RankSector Rank
Debt/Equity 3.6
Debt/FCF 12.36
Debt/EBITDA 7.28
Cap/Depr 33.29%
Cap/Sales 8.37%
Interest Coverage 1.78
Cash Conversion 72.34%
Profit Quality 517.24%
Current Ratio 0.43
Quick Ratio 0.43
Altman-Z 0.51
F-Score4
WACC7.27%
ROIC/WACC0.61
Cap/Depr(3y)46.99%
Cap/Depr(5y)326.84%
Cap/Sales(3y)11.82%
Cap/Sales(5y)88.77%
Profit Quality(3y)344.63%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-39.47%
EPS 3Y-11.63%
EPS 5Y7.09%
EPS Q2Q%53.33%
EPS Next Y-2.51%
EPS Next 2Y0.68%
EPS Next 3Y5.4%
EPS Next 5YN/A
Revenue 1Y (TTM)-2.26%
Revenue growth 3Y-2.07%
Revenue growth 5Y11.74%
Sales Q2Q%-1.62%
Revenue Next Year0.41%
Revenue Next 2Y1.85%
Revenue Next 3Y2.7%
Revenue Next 5Y4.4%
EBIT growth 1Y-6.23%
EBIT growth 3Y-1.27%
EBIT growth 5Y13.63%
EBIT Next Year56.78%
EBIT Next 3Y19.11%
EBIT Next 5YN/A
FCF growth 1Y12.36%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-6.77%
OCF growth 3Y-8.64%
OCF growth 5Y8.94%

NATIONAL STORAGE AFFILIATES / NSA FAQ

What is the fundamental rating for NSA stock?

ChartMill assigns a fundamental rating of 3 / 10 to NSA.


What is the valuation status for NSA stock?

ChartMill assigns a valuation rating of 3 / 10 to NATIONAL STORAGE AFFILIATES (NSA). This can be considered as Overvalued.


What is the profitability of NSA stock?

NATIONAL STORAGE AFFILIATES (NSA) has a profitability rating of 4 / 10.


What are the PE and PB ratios of NATIONAL STORAGE AFFILIATES (NSA) stock?

The Price/Earnings (PE) ratio for NATIONAL STORAGE AFFILIATES (NSA) is 49.49 and the Price/Book (PB) ratio is 2.78.


Is the dividend of NATIONAL STORAGE AFFILIATES sustainable?

The dividend rating of NATIONAL STORAGE AFFILIATES (NSA) is 7 / 10 and the dividend payout ratio is 366.83%.