14 years of historical data (2012–2025) · Real Estate · REIT - Industrial
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
National Storage Affiliates Trust trades at 50.0x earnings, 25% above its 5-year average of 40.1x, sitting at the 50th percentile of its historical range. Compared to the Real Estate sector median P/E of 23.4x, the stock trades at a premium of 114%. On a free-cash-flow basis, the stock trades at 9.0x P/FCF, 35% below the 5-year average of 13.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.7B | $2.2B | $2.9B | $6.1B | $3.3B | $9.3B | $2.4B | $2.0B | $1.4B | $1.2B | $1.7B |
| Enterprise Value | $2.7B | $2.2B | $6.3B | $9.7B | $6.8B | $12.2B | $4.4B | $3.5B | $2.7B | $2.2B | $2.6B |
| P/E Ratio → | 50.03 | 40.30 | 32.13 | 28.02 | 36.48 | 63.49 | 67.98 | 29.75 | 101.77 | 2726.00 | 71.19 |
| P/S Ratio | 3.59 | 2.87 | 3.78 | 7.06 | 4.11 | 15.90 | 5.55 | 5.11 | 4.26 | 4.52 | 8.73 |
| P/B Ratio | 1.75 | 1.41 | 1.65 | 2.85 | 1.38 | 3.75 | 1.68 | 1.35 | 1.01 | 0.95 | 1.78 |
| P/FCF | 9.00 | 7.21 | 8.51 | 14.91 | 8.24 | 30.69 | 11.77 | 11.17 | 9.90 | 11.11 | 20.90 |
| P/OCF | 7.98 | 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
National Storage Affiliates Trust's enterprise value stands at 5.8x EBITDA, 64% below its 5-year average of 16.1x. The Real Estate sector median is 13.6x, placing the stock at a 58% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.87 | 8.22 | 11.27 | 8.53 | 20.92 | 10.18 | 9.12 | 8.08 | 8.04 | 13.08 |
| EV / EBITDA | 5.77 | 4.62 | 13.01 | 17.31 | 13.08 | 32.53 | 16.87 | 10.51 | 8.04 | 8.11 | 13.26 |
| EV / EBIT | 9.69 | 7.67 | 18.56 | 23.90 | 22.86 | 55.51 | 30.62 | 28.96 | 26.79 | 26.54 | 52.78 |
| EV / FCF | — | 7.21 | 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
National Storage Affiliates Trust earns an operating margin of 37.0%, above the Real Estate sector average of 22.0%. Operating margins have compressed from 39.2% to 37.0% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 4.5% is modest. ROIC of 6.2% represents adequate returns on invested capital.
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 | 6.2% | 6.2% | 4.1% | 4.3% | 3.8% | 3.7% | — | 6.0% | 3.1% | 2.9% | 3.0% |
| ROCE | 5.7% | 5.7% | 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
National Storage Affiliates Trust carries a Debt/EBITDA ratio of 0.0x, which is very conservative (99% below the sector average of 6.7x). The company holds a net cash position — cash of $23M exceeds total debt of $23M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of just 1.7x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 1.97 | 1.73 | 1.50 | 1.19 | 1.41 | 1.07 | 0.91 | 0.75 | 0.90 |
| Debt / EBITDA | 0.05 | 0.05 | 7.13 | 6.59 | 6.84 | 7.87 | 7.74 | 4.69 | 3.84 | 3.60 | 4.48 |
| Net Debt / Equity | — | -0.00 | 1.94 | 1.70 | 1.48 | 1.18 | 1.40 | 1.06 | 0.90 | 0.74 | 0.88 |
| Net Debt / EBITDA | -0.00 | -0.00 | 7.03 | 6.47 | 6.78 | 7.81 | 7.67 | 4.62 | 3.80 | 3.55 | 4.41 |
| Debt / FCF | — | -0.00 | 9.99 | 8.91 | 8.85 | 9.69 | 9.81 | 8.76 | 8.88 | 8.66 | 10.42 |
| Interest Coverage | 1.72 | 1.72 | 1.93 | 2.03 | 2.62 | 3.03 | — | 4.02 | 2.38 | 2.30 | 2.39 |
Net cash position: cash ($23M) exceeds total debt ($23M)
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.55x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 1.35x to 0.55x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.55 | 0.55 | 0.16 | 1.35 | 0.15 | 0.09 | 0.82 | — | 0.09 | 0.14 | 0.10 |
| Quick Ratio | 0.55 | 0.55 | 0.16 | 1.35 | 0.15 | 0.09 | 0.82 | — | 0.16 | 0.13 | 0.05 |
| Cash Ratio | 0.55 | 0.55 | 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
National Storage Affiliates Trust returns 6.5% to shareholders annually primarily through dividends. The earnings yield of 2.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
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 | 6.5% | 8.1% | 5.9% | 3.2% | 5.9% | 1.4% | 3.8% | 3.8% | 4.4% | 3.9% | 1.5% |
| Payout Ratio | — | — | 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 | 2.0% | 2.5% | 3.1% | 3.6% | 2.7% | 1.6% | 1.5% | 3.4% | 1.0% | 0.0% | 1.4% |
| FCF Yield | 11.1% | 13.9% | 11.8% | 6.7% | 12.1% | 3.3% | 8.5% | 9.0% | 10.1% | 9.0% | 4.8% |
| Buyback Yield | 0.0% | 0.0% | 9.8% | 5.1% | 2.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 6.5% | 8.1% | 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 |
Compare NSA with 4 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| NSAYou | $3B | 50.0 | 5.8 | 9.0 | 46.0% | 37.0% | 4.5% | 6.2% | 0.0 |
| PSA | $54B | 34.1 | 14.0 | 16.9 | 72.8% | 70.6% | 18.8% | 13.5% | 2.2 |
| EXR | $32B | 37.5 | 21.4 | 17.2 | 76.3% | 39.6% | 5.6% | 3.7% | 6.2 |
| CUBE | $9B | 23.9 | 17.9 | 14.9 | 70.2% | 45.3% | 13.4% | 6.1% | 4.4 |
| SELF | $58M | 26.8 | 14.8 | 13.6 | 62.2% | 23.1% | 4.4% | 3.8% | 3.6 |
| Real Estate Median | — | 23.4 | 13.6 | 13.7 | 60.4% | 22.0% | 3.3% | 2.6% | 6.7 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 14 years · Updated daily
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Start ComparisonNational Storage Affiliates Trust's current P/E ratio is 50.0x. 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 5.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.6x.
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 50.0x. 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 6.52%.
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 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.