Latest Ratios: P/E Ratio 62.0x · EV/EBITDA 14.4x · ROE 4.5%. (2012–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.3B | $2.2B | $2.9B | $6.1B | $3.3B | $9.3B | $2.4B | $2.0B | $1.4B | $1.2B | $1.7B |
| Enterprise Value | $6.8B | $5.6B | $6.3B | $9.7B | $6.8B | $12.2B | $4.4B | $3.5B | $2.7B | $2.2B | $2.6B |
| P/E Ratio → | 62.00 | 40.30 | 32.13 | 28.02 | 36.48 | 63.49 | 67.98 | 29.75 | 101.77 | 2726.00 | 71.19 |
| P/S Ratio | 4.45 | 2.87 | 3.78 | 7.06 | 4.11 | 15.90 | 5.55 | 5.11 | 4.26 | 4.52 | 8.73 |
| P/B Ratio | 2.17 | 1.41 | 1.65 | 2.85 | 1.38 | 3.75 | 1.68 | 1.35 | 1.01 | 0.95 | 1.78 |
| P/FCF | 11.19 | 7.22 | 8.51 | 14.91 | 8.24 | 30.69 | 11.77 | 11.17 | 9.90 | 11.11 | 20.90 |
| P/OCF | 9.89 | 6.39 | 8.02 | 13.71 | 7.42 | 28.10 | 10.88 | 9.95 | 8.72 | 9.74 | 18.28 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.39 | 8.22 | 11.27 | 8.53 | 20.92 | 10.18 | 9.12 | 8.08 | 8.04 | 13.08 |
| EV / EBITDA | 14.43 | 11.89 | 13.01 | 17.31 | 13.08 | 32.53 | 16.87 | 10.51 | 8.04 | 8.11 | 13.26 |
| EV / EBIT | 24.23 | 19.75 | 18.56 | 23.90 | 22.86 | 55.51 | 30.62 | 28.96 | 26.79 | 26.54 | 52.78 |
| EV / FCF | — | 18.60 | 18.50 | 23.82 | 17.09 | 40.38 | 21.58 | 19.93 | 18.79 | 19.77 | 31.33 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 46.0% | 46.0% | 72.5% | 73.3% | 73.7% | 73.5% | 71.4% | 72.2% | 68.6% | 68.5% | 67.4% |
| Operating Margin | 37.0% | 37.0% | 38.6% | 39.2% | 36.1% | 37.3% | — | 59.3% | 30.7% | 29.3% | 29.0% |
| Net Profit Margin | 9.8% | 9.8% | 14.5% | 18.3% | 12.9% | 18.0% | 11.2% | 1.0% | 4.3% | 1.1% | 9.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.5% | 4.5% | 5.7% | 6.9% | 4.3% | 5.4% | 3.4% | 0.3% | 1.1% | 0.3% | 2.4% |
| ROA | 1.4% | 1.4% | 2.0% | 2.6% | 1.8% | 2.3% | 1.5% | 0.1% | 0.6% | 0.1% | 1.2% |
| ROIC | 4.1% | 4.1% | 4.1% | 4.3% | 3.8% | 3.7% | — | 6.0% | 3.1% | 2.9% | 3.0% |
| ROCE | 5.9% | 5.9% | 5.8% | 6.2% | 5.5% | 5.2% | — | 7.8% | 4.3% | 4.2% | 4.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.23 | 2.23 | 1.97 | 1.73 | 1.50 | 1.19 | 1.41 | 1.07 | 0.91 | 0.75 | 0.90 |
| Debt / EBITDA | 7.32 | 7.32 | 7.13 | 6.59 | 6.84 | 7.87 | 7.74 | 4.69 | 3.84 | 3.60 | 4.48 |
| Net Debt / Equity | — | 2.22 | 1.94 | 1.70 | 1.48 | 1.18 | 1.40 | 1.06 | 0.90 | 0.74 | 0.88 |
| Net Debt / EBITDA | 7.27 | 7.27 | 7.03 | 6.47 | 6.78 | 7.81 | 7.67 | 4.62 | 3.80 | 3.55 | 4.41 |
| Debt / FCF | — | 11.38 | 9.99 | 8.91 | 8.85 | 9.69 | 9.81 | 8.76 | 8.88 | 8.66 | 10.42 |
| Interest Coverage | 1.73 | 1.73 | 2.21 | 2.44 | 2.70 | 3.06 | 2.30 | 2.14 | 2.34 | 2.38 | 2.05 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.11 | 0.11 | 0.16 | 1.35 | 0.15 | 0.09 | 0.82 | — | 0.09 | 0.14 | 0.10 |
| Quick Ratio | 0.11 | 0.11 | 0.16 | 1.35 | 0.15 | 0.09 | 0.82 | — | 0.16 | 0.13 | 0.05 |
| Cash Ratio | 0.06 | 0.06 | 0.09 | 0.13 | 0.06 | 0.04 | 0.38 | — | 0.07 | 0.11 | 0.04 |
| Asset Turnover | — | 0.15 | 0.14 | 0.14 | 0.13 | 0.11 | 0.12 | 0.12 | 0.12 | 0.12 | 0.11 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | 54.31 | 4.65 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.3% | 8.1% | 5.9% | 3.2% | 5.9% | 1.4% | 3.8% | 3.8% | 4.4% | 3.9% | 1.5% |
| Payout Ratio | 237.1% | 237.1% | 154.1% | 121.9% | 188.6% | 125.1% | 185.4% | 1871.6% | 440.5% | 1610.0% | 148.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.6% | 2.5% | 3.1% | 3.6% | 2.7% | 1.6% | 1.5% | 3.4% | 1.0% | 0.0% | 1.4% |
| FCF Yield | 8.9% | 13.8% | 11.8% | 6.7% | 12.1% | 3.3% | 8.5% | 9.0% | 10.1% | 9.0% | 4.8% |
| Buyback Yield | 0.2% | 0.4% | 9.8% | 5.1% | 2.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.5% | 8.5% | 15.7% | 8.3% | 8.7% | 1.4% | 3.8% | 3.8% | 4.4% | 3.9% | 1.5% |
| Shares Outstanding | — | $77M | $77M | $146M | $91M | $135M | $67M | $58M | $53M | $44M | $79M |
Includes 30+ ratios · 14 years · Updated daily
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Quick answers to the most common questions about buying NSA stock.
National Storage Affiliates Trust's current P/E ratio is 62.0x. The historical average is 56.1x. This places it at the 50th percentile of its historical range.
National Storage Affiliates Trust's current EV/EBITDA is 14.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.3x.
National Storage Affiliates Trust's return on equity (ROE) is 4.5%. The historical average is 2.9%.
Based on historical data, National Storage Affiliates Trust is trading at a P/E of 62.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
National Storage Affiliates Trust's current dividend yield is 5.26% with a payout ratio of 237.1%.
National Storage Affiliates Trust has 46.0% gross margin and 37.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
National Storage Affiliates Trust's Debt/EBITDA ratio is 7.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Debt/Equity data anomaly
Metrics are mathematically derived from official filings.
P/FFO Compression Signals Value
NSA's P/FFO has compressed from 24.18 in 2024Q2 to 19.13 in 2026Q1, according to reported quarterly data, suggesting the market is pricing in weaker fundamentals despite stable FFO per share.
The P/FFO multiple has contracted by over 20% over the past two years, even as FFO per share has remained relatively stable around $0.80-$0.90. This compression appears to reflect investor concerns about revenue contraction and the unresolved debt/equity data anomaly, rather than a deterioration in operating cash flow. The implied cap rate, derived from NOI and enterprise value, likely sits above the private market transaction cap rates for self-storage, suggesting the stock may be pricing in a more pessimistic outlook than the underlying asset quality warrants.
NOI Margin Volatility Masks Core
NSA's NOI margin swung from 70.7% in 2025Q3 to -28.7% in 2025Q4, then recovered to 22.2% in 2026Q1, based on reported figures, indicating significant non-recurring items distorting property-level profitability.
The extreme volatility in NOI margin, particularly the negative reading in 2025Q4, suggests one-time charges or accounting adjustments that obscure the underlying stable performance of the self-storage portfolio. Excluding these anomalies, the core NOI margin likely remains in the high-60s to low-70s range, consistent with the sector. However, the negative revenue growth of -2.3% year-over-year in 2026Q1 indicates that organic same-store NOI may be under pressure, as fixed costs cannot be easily adjusted to offset declining rental income.
Thin AFFO Coverage Limits Buffer
NSA's AFFO payout ratio has risen to 68.8% in 2026Q1, up from 41.1% in 2024Q1, according to reported figures, leaving a thinner margin for dividend safety and retained cash flow.
The AFFO payout ratio has trended upward over the past two years, indicating that a larger portion of distributable cash is being returned to shareholders. While the dividend remains covered, the buffer has narrowed, reducing the company's ability to retain cash for growth or deleveraging. The FFO payout ratio, at 68.8%, is also elevated, but FFO per share has shown resilience, growing 4.6% year-over-year in 2026Q1 despite revenue contraction, suggesting that cost controls or non-operating items are supporting earnings. Investors should monitor whether this coverage can be maintained if revenue continues to decline.
Leverage Metrics Clouded by Anomaly
NSA's reported debt-to-equity ratio of 2.33% in 2026Q1 is implausibly low for a REIT with $3.4B in debt, according to financial statements, suggesting a data error that obscures true leverage.
The debt-to-equity ratio appears to be a data anomaly, as it contradicts the balance sheet figures showing $3.4B in debt and $912.8M in equity. This discrepancy undermines confidence in the reported leverage metrics and warrants immediate verification. Interest coverage, at 1.74x in 2026Q1, is thin and has declined from 3.52x in 2024Q1, indicating that earnings before interest and taxes are barely covering interest expense. This suggests that NSA may be vulnerable to rising interest rates or a further decline in NOI, and the company's ability to refinance maturing debt at favorable rates could be constrained.
Occupancy and Cost Pressures Mount
NSA's revenue declined 2.3% year-over-year in 2026Q1, marking the fifth consecutive quarter of negative growth, according to recent filings, suggesting weakening occupancy or pricing power across its portfolio.
The persistent revenue contraction indicates that same-store occupancy and rental rates are under pressure, likely due to increased supply in Sunbelt markets and softening demand. The narrow gap between gross margin (46.0%) and operating margin (37.0%) suggests that property-level expenses are consuming a significant portion of revenue, leaving little room for corporate overhead or debt service. This dynamic appears to indicate structural cost pressure, possibly from rising property taxes and insurance, which could further compress margins if revenue continues to decline.
P/E Misleads on Depreciation
NSA's P/E of 62.0 is distorted by depreciation, as FFO per share of $0.83 in 2026Q1 far exceeds net income per share, according to reported figures, making P/FFO the appropriate valuation metric.
The standard P/E ratio is deeply misleading for REITs because it fails to account for the non-cash depreciation charges that are typically the largest expense item. For NSA, depreciation causes net income to be significantly lower than FFO, inflating the P/E multiple. Investors should use P/FFO or P/AFFO instead, which adjust for depreciation and provide a clearer picture of cash-generating ability. The reported P/FFO of 19.13 in 2026Q1 is a more meaningful valuation metric, though it still reflects the market's concerns about growth and leverage.