Comprehensive Stock Comparison
Compare National Storage Affiliates Trust (NSA) vs Extra Space Storage Inc. (EXR) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | EXR | 27.6% revenue growth vs NSA's -2.3% |
| Value | EXR | Lower P/E (31.7x vs 57.9x), PEG 7.10 vs 10.11 |
| Quality / Margins | EXR | 28.9% net margin vs NSA's 9.8% |
| Stability / Safety | EXR | Beta 0.56 vs NSA's 0.62 |
| Dividends | NSA | 6.5% yield, 2-year raise streak, vs EXR's 4.3% |
| Momentum (1Y) | EXR | +3.2% vs NSA's -3.4% |
| Efficiency (ROA) | EXR | 3.3% ROA vs NSA's 1.5%, ROIC 3.7% vs 6.2% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
National Storage Affiliates Trust is a real estate investment trust that owns and operates self-storage facilities across major U.S. metropolitan areas. It generates revenue primarily from rental income on storage units — with additional income from tenant insurance, truck rentals, and retail sales — and distributes most profits to shareholders as dividends. Its competitive advantage lies in its strategic focus on high-growth markets and its partnership model that allows it to acquire and manage properties through local operating partners who retain ownership stakes.
Extra Space Storage is a real estate investment trust that owns and operates self-storage facilities across the United States. It generates revenue primarily through rental income from storage units — including boat, RV, and business storage — with property management fees contributing additional income. The company benefits from economies of scale as the second-largest self-storage operator in the U.S., leveraging its national brand recognition and sophisticated revenue management systems.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
EXR leads in 3 of 6 categories (Financial Metrics, Total Returns). NSA leads in 2 (Valuation Metrics, Profitability & Efficiency). 1 tied.
Financial Metrics (TTM)
EXR is the larger business by revenue, generating $3.3B annually — 4.4x NSA's $753M. EXR is the more profitable business, keeping 28.9% of every revenue dollar as net income compared to NSA's 9.8%. On growth, NSA holds the edge at -1.6% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | NSANational Storage … | EXRExtra Space Stora… |
|---|---|---|
| RevenueTrailing 12 months | $753M | $3.3B |
| EBITDAEarnings before interest/tax | $468M | $2.1B |
| Net IncomeAfter-tax profit | $74M | $953M |
| Free Cash FlowCash after capex | $300M | $1.9B |
| Gross MarginGross profit ÷ Revenue | +46.0% | +67.7% |
| Operating MarginEBIT ÷ Revenue | +37.0% | +43.1% |
| Net MarginNet income ÷ Revenue | +9.8% | +28.9% |
| FCF MarginFCF ÷ Revenue | +39.8% | +57.2% |
| Rev. Growth (YoY)Latest quarter vs prior year | -1.6% | -9.0% |
| EPS Growth (YoY)Latest quarter vs prior year | +53.3% | -14.3% |
Valuation Metrics
At 37.5x trailing earnings, EXR trades at a 25% valuation discount to NSA's 50.0x P/E. Adjusting for growth (PEG ratio), EXR offers better value at 8.40x vs NSA's 8.74x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | NSANational Storage … | EXRExtra Space Stora… |
|---|---|---|
| Market CapShares × price | $2.7B | $32.1B |
| Enterprise ValueMkt cap + debt − cash | $2.7B | $44.9B |
| Trailing P/EPrice ÷ TTM EPS | 50.03x | 37.48x |
| Forward P/EPrice ÷ next-FY EPS est. | 57.87x | 31.65x |
| PEG RatioP/E ÷ EPS growth rate | 8.74x | 8.40x |
| EV / EBITDAEnterprise value multiple | 5.77x | 21.39x |
| Price / SalesMarket cap ÷ Revenue | 3.59x | 9.60x |
| Price / BookPrice ÷ Book value/share | 1.75x | 2.15x |
| Price / FCFMarket cap ÷ FCF | 9.00x | 17.17x |
Profitability & Efficiency
EXR delivers a 6.6% return on equity — every $100 of shareholder capital generates $7 in annual profit, vs $5 for NSA. NSA carries lower financial leverage with a 0.01x debt-to-equity ratio, signaling a more conservative balance sheet compared to EXR's 0.88x. On the Piotroski fundamental quality scale (0–9), NSA scores 7/9 vs EXR's 5/9, reflecting strong financial health.
| Metric | NSANational Storage … | EXRExtra Space Stora… |
|---|---|---|
| ROE (TTM)Return on equity | +4.8% | +6.6% |
| ROA (TTM)Return on assets | +1.5% | +3.3% |
| ROICReturn on invested capital | +6.2% | +3.7% |
| ROCEReturn on capital employed | +5.7% | +5.0% |
| Piotroski ScoreFundamental quality 0–9 | 7 | 5 |
| Debt / EquityFinancial leverage | 0.01x | 0.88x |
| Net DebtTotal debt minus cash | -$708,000 | $12.9B |
| Cash & Equiv.Liquid assets | $23M | $138M |
| Total DebtShort + long-term debt | $23M | $13.0B |
| Interest CoverageEBIT ÷ Interest expense | 1.72x | 2.22x |
Total Returns (with DRIP)
A $10,000 investment in EXR five years ago would be worth $14,619 today (with dividends reinvested), compared to $11,842 for NSA. Over the past 12 months, EXR leads with a +3.2% total return vs NSA's -3.4%. The 3-year compound annual growth rate (CAGR) favors EXR at 1.2% vs NSA's -0.4% — a key indicator of consistent wealth creation.
| Metric | NSANational Storage … | EXRExtra Space Stora… |
|---|---|---|
| YTD ReturnYear-to-date | +25.6% | +15.3% |
| 1-Year ReturnPast 12 months | -3.4% | +3.2% |
| 3-Year ReturnCumulative with dividends | -1.2% | +3.5% |
| 5-Year ReturnCumulative with dividends | +18.4% | +46.2% |
| 10-Year ReturnCumulative with dividends | +183.1% | +140.5% |
| CAGR (3Y)Annualised 3-year return | -0.4% | +1.2% |
Risk & Volatility
EXR is the less volatile stock with a 0.56 beta — it tends to amplify market swings less than NSA's 0.62 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. EXR currently trades 94.1% from its 52-week high vs NSA's 86.2% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | NSANational Storage … | EXRExtra Space Stora… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.62x | 0.56x |
| 52-Week HighHighest price in past year | $40.62 | $160.58 |
| 52-Week LowLowest price in past year | $27.43 | $121.03 |
| % of 52W HighCurrent price vs 52-week peak | +86.2% | +94.1% |
| RSI (14)Momentum oscillator 0–100 | 61.1 | 58.2 |
| Avg Volume (50D)Average daily shares traded | 1.2M | 1.1M |
Analyst Outlook
Wall Street rates NSA as "Hold" and EXR as "Hold". Consensus price targets imply -0.7% upside for EXR (target: $150) vs -8.6% for NSA (target: $32). For income investors, NSA offers the higher dividend yield at 6.52% vs EXR's 4.30%.
| Metric | NSANational Storage … | EXRExtra Space Stora… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold |
| Price TargetConsensus 12-month target | $32.00 | $150.00 |
| # AnalystsCovering analysts | 19 | 28 |
| Dividend YieldAnnual dividend ÷ price | +6.5% | +4.3% |
| Dividend StreakConsecutive years of raises | 2 | 15 |
| Dividend / ShareAnnual DPS | $2.28 | $6.50 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Feb 20 | Feb 26 | Change |
|---|---|---|---|
| National Storage Af… (NSA) | 100 | 93.98 | -6.0% |
| Extra Space Storage… (EXR) | 100 | 134.72 | +34.7% |
Extra Space Storage… (EXR) returned +46% over 5 years vs National Storage Af… (NSA)'s +18%. A $10,000 investment in EXR 5 years ago would be worth $14,619 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| National Storage Af… (NSA) | $199M | $753M | +278.3% |
| Extra Space Storage… (EXR) | $1.0B | $3.3B | +232.2% |
National Storage Affiliates Trust's revenue grew from $199M (2016) to $753M (2025) — a 15.9% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| National Storage Af… (NSA) | 9.0% | 9.8% | +8.6% |
| Extra Space Storage… (EXR) | 36.4% | 25.6% | -29.7% |
National Storage Affiliates Trust's net margin went from 9% (2016) to 10% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| National Storage Af… (NSA) | 101.8 | 40.3 | -60.4% |
| Extra Space Storage… (EXR) | 23.3 | 37.1 | +59.2% |
National Storage Affiliates Trust has traded in a 28x–102x P/E range over 8 years; current trailing P/E is ~50x. Extra Space Storage Inc. has traded in a 23x–37x P/E range over 8 years; current trailing P/E is ~37x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| National Storage Af… (NSA) | 0.31 | 0.7 | +125.8% |
| Extra Space Storage… (EXR) | 2.91 | 4.03 | +38.5% |
National Storage Affiliates Trust's EPS grew from $0.31 (2016) to $0.70 (2025) — a 9% CAGR.
Chart 6Free Cash Flow — 5 Years
National Storage Affiliates Trust generated $300M FCF in 2025 (-1% vs 2021). Extra Space Storage Inc. generated $2B FCF in 2024 (+97% vs 2021).
NSA vs EXR: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is NSA or EXR a better buy right now?
Extra Space Storage Inc. (EXR) offers the better valuation at 37.5x trailing P/E (31.7x forward), making it the more compelling value choice. Analysts rate National Storage Affiliates Trust (NSA) a "Hold" — based on 19 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — NSA or EXR?
On trailing P/E, Extra Space Storage Inc. (EXR) is the cheapest at 37.5x versus National Storage Affiliates Trust at 50.0x. On forward P/E, Extra Space Storage Inc. is actually cheaper at 31.7x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Extra Space Storage Inc. wins at 7.10x versus National Storage Affiliates Trust's 10.11x.
03Which is the better long-term investment — NSA or EXR?
Over the past 5 years, Extra Space Storage Inc. (EXR) delivered a total return of +46.2%, compared to +18.4% for National Storage Affiliates Trust (NSA). A $10,000 investment in EXR five years ago would be worth approximately $15K today (assuming dividends reinvested). Over 10 years, the gap is even starker: NSA returned +183.1% versus EXR's +140.5%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — NSA or EXR?
By beta (market sensitivity over 5 years), Extra Space Storage Inc. (EXR) is the lower-risk stock at 0.56β versus National Storage Affiliates Trust's 0.62β — meaning NSA is approximately 12% more volatile than EXR relative to the S&P 500. On balance sheet safety, National Storage Affiliates Trust (NSA) carries a lower debt/equity ratio of 1% versus 88% for Extra Space Storage Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — NSA or EXR?
Extra Space Storage Inc. (EXR) is the more profitable company, earning 25.6% net margin versus 9.8% for National Storage Affiliates Trust — meaning it keeps 25.6% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: EXR leads at 39.6% versus 37.0% for NSA. At the gross margin level — before operating expenses — EXR leads at 76.3%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is NSA or EXR more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Extra Space Storage Inc. (EXR) is the more undervalued stock at a PEG of 7.10x versus National Storage Affiliates Trust's 10.11x. Both stocks trade at elevated growth-adjusted valuations, so expected growth needs to materialise. On forward earnings alone, Extra Space Storage Inc. (EXR) trades at 31.7x forward P/E versus 57.9x for National Storage Affiliates Trust — 26.2x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for EXR: -0.7% to $150.00.
07Which pays a better dividend — NSA or EXR?
All stocks in this comparison pay dividends. National Storage Affiliates Trust (NSA) offers the highest yield at 6.5%, versus 4.3% for Extra Space Storage Inc. (EXR).
08Is NSA or EXR better for a retirement portfolio?
For long-horizon retirement investors, Extra Space Storage Inc. (EXR) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.56), 4.3% yield, +140.5% 10Y return). Both have compounded well over 10 years (EXR: +140.5%, NSA: +183.1%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between NSA and EXR?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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