Comprehensive Stock Comparison
Compare National Storage Affiliates Trust (NSA) vs Welltower Inc. (WELL) 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 | WELL | 38.0% revenue growth vs NSA's -2.3% |
| Value | NSA | Lower P/E (57.9x vs 73.3x) |
| Quality / Margins | NSA | 9.8% net margin vs WELL's 8.6% |
| Stability / Safety | WELL | Beta 0.29 vs NSA's 0.62 |
| Dividends | NSA | 6.5% yield; 2-year raise streak; WELL pays no meaningful dividend |
| Momentum (1Y) | WELL | +36.8% vs NSA's -3.4% |
| Efficiency (ROA) | NSA | 1.5% ROA vs WELL's 1.4%, ROIC 6.2% vs 0.9% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
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.
Welltower is a healthcare-focused real estate investment trust that owns and invests in seniors housing communities, post-acute care facilities, and outpatient medical properties. It generates revenue primarily through rental income from its healthcare real estate portfolio — with seniors housing contributing roughly 60% of net operating income, outpatient medical properties about 25%, and post-acute care facilities the remainder. The company's competitive advantage lies in its scale and strategic partnerships with leading healthcare operators, creating a diversified portfolio concentrated in high-growth markets across the U.S., Canada, and the U.K.
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
NSA leads in 4 of 6 categories (Financial Metrics, Valuation Metrics). WELL leads in 2 (Total Returns, Risk & Volatility).
Financial Metrics (TTM)
WELL is the larger business by revenue, generating $10.8B annually — 14.4x NSA's $753M. Profitability is closely matched — net margins range from 9.8% (NSA) to 8.6% (WELL). On growth, WELL holds the edge at +46.3% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | NSANational Storage … | WELLWelltower Inc. |
|---|---|---|
| RevenueTrailing 12 months | $753M | $10.8B |
| EBITDAEarnings before interest/tax | $468M | $2.6B |
| Net IncomeAfter-tax profit | $74M | $934M |
| Free Cash FlowCash after capex | $300M | $2.1B |
| Gross MarginGross profit ÷ Revenue | +46.0% | +20.9% |
| Operating MarginEBIT ÷ Revenue | +37.0% | +4.9% |
| Net MarginNet income ÷ Revenue | +9.8% | +8.6% |
| FCF MarginFCF ÷ Revenue | +39.8% | +19.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | -1.6% | +46.3% |
| EPS Growth (YoY)Latest quarter vs prior year | +53.3% | -26.3% |
Valuation Metrics
At 50.0x trailing earnings, NSA trades at a 66% valuation discount to WELL's 149.0x P/E. On an enterprise value basis, NSA's 5.8x EV/EBITDA is more attractive than WELL's 54.4x.
| Metric | NSANational Storage … | WELLWelltower Inc. |
|---|---|---|
| Market CapShares × price | $2.7B | $144.3B |
| Enterprise ValueMkt cap + debt − cash | $2.7B | $142.0B |
| Trailing P/EPrice ÷ TTM EPS | 50.03x | 149.01x |
| Forward P/EPrice ÷ next-FY EPS est. | 57.87x | 73.28x |
| PEG RatioP/E ÷ EPS growth rate | 8.74x | — |
| EV / EBITDAEnterprise value multiple | 5.77x | 54.40x |
| Price / SalesMarket cap ÷ Revenue | 3.59x | 13.31x |
| Price / BookPrice ÷ Book value/share | 1.75x | 3.26x |
| Price / FCFMarket cap ÷ FCF | 9.00x | 50.06x |
Profitability & Efficiency
NSA delivers a 4.8% return on equity — every $100 of shareholder capital generates $5 in annual profit, vs $2 for WELL. NSA carries lower financial leverage with a 0.01x debt-to-equity ratio, signaling a more conservative balance sheet compared to WELL's 0.07x. On the Piotroski fundamental quality scale (0–9), NSA scores 7/9 vs WELL's 5/9, reflecting strong financial health.
| Metric | NSANational Storage … | WELLWelltower Inc. |
|---|---|---|
| ROE (TTM)Return on equity | +4.8% | +2.2% |
| ROA (TTM)Return on assets | +1.5% | +1.4% |
| ROICReturn on invested capital | +6.2% | +0.9% |
| ROCEReturn on capital employed | +5.7% | +0.9% |
| Piotroski ScoreFundamental quality 0–9 | 7 | 5 |
| Debt / EquityFinancial leverage | 0.01x | 0.07x |
| Net DebtTotal debt minus cash | -$708,000 | -$2.2B |
| Cash & Equiv.Liquid assets | $23M | $5.0B |
| Total DebtShort + long-term debt | $23M | $2.8B |
| Interest CoverageEBIT ÷ Interest expense | 1.72x | 0.81x |
Total Returns (with DRIP)
A $10,000 investment in WELL five years ago would be worth $32,119 today (with dividends reinvested), compared to $11,842 for NSA. Over the past 12 months, WELL leads with a +36.8% total return vs NSA's -3.4%. The 3-year compound annual growth rate (CAGR) favors WELL at 42.6% vs NSA's -0.4% — a key indicator of consistent wealth creation.
| Metric | NSANational Storage … | WELLWelltower Inc. |
|---|---|---|
| YTD ReturnYear-to-date | +25.6% | +11.2% |
| 1-Year ReturnPast 12 months | -3.4% | +36.8% |
| 3-Year ReturnCumulative with dividends | -1.2% | +190.2% |
| 5-Year ReturnCumulative with dividends | +18.4% | +221.2% |
| 10-Year ReturnCumulative with dividends | +183.1% | +270.5% |
| CAGR (3Y)Annualised 3-year return | -0.4% | +42.6% |
Risk & Volatility
WELL is the less volatile stock with a 0.29 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. WELL currently trades 96.1% 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 … | WELLWelltower Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.62x | 0.29x |
| 52-Week HighHighest price in past year | $40.62 | $215.56 |
| 52-Week LowLowest price in past year | $27.43 | $130.29 |
| % of 52W HighCurrent price vs 52-week peak | +86.2% | +96.1% |
| RSI (14)Momentum oscillator 0–100 | 61.1 | 69.0 |
| Avg Volume (50D)Average daily shares traded | 1.2M | 2.5M |
Analyst Outlook
Wall Street rates NSA as "Hold" and WELL as "Buy". Consensus price targets imply 6.9% upside for WELL (target: $221) vs -8.6% for NSA (target: $32). NSA is the only dividend payer here at 6.52% yield — a key consideration for income-focused portfolios.
| Metric | NSANational Storage … | WELLWelltower Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $32.00 | $221.45 |
| # AnalystsCovering analysts | 19 | 34 |
| Dividend YieldAnnual dividend ÷ price | +6.5% | — |
| Dividend StreakConsecutive years of raises | 2 | 1 |
| Dividend / ShareAnnual DPS | $2.28 | — |
| 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 | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| National Storage Af… (NSA) | 100 | 89.45 | -10.6% |
| Welltower Inc. (WELL) | 100 | 249.04 | +149.0% |
Welltower Inc. (WELL) returned +221% over 5 years vs National Storage Af… (NSA)'s +18%. A $10,000 investment in WELL 5 years ago would be worth $32,119 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| National Storage Af… (NSA) | $199M | $753M | +278.3% |
| Welltower Inc. (WELL) | $4.3B | $10.8B | +154.9% |
National Storage Affiliates Trust's revenue grew from $199M (2016) to $753M (2025) — a 15.9% CAGR. Welltower Inc.'s revenue grew from $4.3B (2016) to $10.8B (2025) — a 11.0% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| National Storage Af… (NSA) | 9.0% | 9.8% | +8.6% |
| Welltower Inc. (WELL) | 25.4% | 8.6% | -65.9% |
National Storage Affiliates Trust's net margin went from 9% (2016) to 10% (2025). Welltower Inc.'s net margin went from 25% (2016) to 9% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| National Storage Af… (NSA) | 101.8 | 40.3 | -60.4% |
| Welltower Inc. (WELL) | 50.6 | 133.5 | +163.8% |
National Storage Affiliates Trust has traded in a 28x–102x P/E range over 8 years; current trailing P/E is ~50x. Welltower Inc. has traded in a 27x–219x P/E range over 9 years; current trailing P/E is ~149x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| National Storage Af… (NSA) | 0.31 | 0.7 | +125.8% |
| Welltower Inc. (WELL) | 2.81 | 1.39 | -50.5% |
National Storage Affiliates Trust's EPS grew from $0.31 (2016) to $0.70 (2025) — a 9% CAGR. Welltower Inc.'s EPS grew from $2.81 (2016) to $1.39 (2025) — a -8% CAGR.
Chart 6Free Cash Flow — 5 Years
National Storage Affiliates Trust generated $300M FCF in 2025 (-1% vs 2021). Welltower Inc. generated $3B FCF in 2025 (+129% vs 2021).
NSA vs WELL: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is NSA or WELL a better buy right now?
National Storage Affiliates Trust (NSA) offers the better valuation at 50.0x trailing P/E (57.9x forward), making it the more compelling value choice. Analysts rate Welltower Inc. (WELL) a "Buy" — based on 34 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 WELL?
On trailing P/E, National Storage Affiliates Trust (NSA) is the cheapest at 50.0x versus Welltower Inc. at 149.0x. On forward P/E, National Storage Affiliates Trust is actually cheaper at 57.9x.
03Which is the better long-term investment — NSA or WELL?
Over the past 5 years, Welltower Inc. (WELL) delivered a total return of +221.2%, compared to +18.4% for National Storage Affiliates Trust (NSA). A $10,000 investment in WELL five years ago would be worth approximately $32K today (assuming dividends reinvested). Over 10 years, the gap is even starker: WELL returned +270.5% versus NSA's +183.1%. 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 WELL?
By beta (market sensitivity over 5 years), Welltower Inc. (WELL) is the lower-risk stock at 0.29β versus National Storage Affiliates Trust's 0.62β — meaning NSA is approximately 116% more volatile than WELL relative to the S&P 500. On balance sheet safety, National Storage Affiliates Trust (NSA) carries a lower debt/equity ratio of 1% versus 7% for Welltower Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — NSA or WELL?
National Storage Affiliates Trust (NSA) is the more profitable company, earning 9.8% net margin versus 8.6% for Welltower Inc. — meaning it keeps 9.8% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: NSA leads at 37.0% versus 4.9% for WELL. At the gross margin level — before operating expenses — NSA leads at 46.0%, 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 WELL more undervalued right now?
On forward earnings alone, National Storage Affiliates Trust (NSA) trades at 57.9x forward P/E versus 73.3x for Welltower Inc. — 15.4x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for WELL: 6.9% to $221.45.
07Which pays a better dividend — NSA or WELL?
In this comparison, NSA (6.5% yield) pays a dividend. WELL does not pay a meaningful dividend and should not be held primarily for income.
08Is NSA or WELL better for a retirement portfolio?
For long-horizon retirement investors, National Storage Affiliates Trust (NSA) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.62), 6.5% yield, +183.1% 10Y return). Both have compounded well over 10 years (NSA: +183.1%, WELL: +270.5%), 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 WELL?
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. In terms of investment character: NSA is a small-cap income-oriented stock; WELL is a mid-cap quality compounder stock. NSA pays a dividend while WELL does not, making them suitable for different income and tax situations. 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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