National Storage Affiliates Trust (NSA) Financial Ratios
14 years of historical data (2012–2025) · Real Estate · REIT - Industrial
EV/EBITDA
↓
14.65
↓-17% vs avg
5yr avg: 17.57
30Y Low8.0·High32.5
P/FCF
↓
11.51
↓-17% vs avg
5yr avg: 13.91
30Y Low7.2·High30.7
P/B Ratio
↓
2.24
+1% vs avg
5yr avg: 2.21
30Y Low1.0·High3.8
ROE
↓
4.5%
-16% vs avg
5yr avg: 5.4%
30Y Low-3%·High7%
Debt/EBITDA
↓
7.32
+2% vs avg
5yr avg: 7.15
30Y Low3.6·High16.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
NSA Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
National Storage Affiliates Trust trades at 63.9x earnings, 59% above its 5-year average of 40.1x, sitting at the 60th percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a premium of 165%. On a free-cash-flow basis, the stock trades at 11.5x P/FCF, 17% 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 | $3.5B | $2.2B | $2.9B | $6.1B | $3.3B | $9.3B | $2.4B | $2.0B | $1.4B | $1.2B | $1.7B |
| Enterprise Value | $6.9B | $5.6B | $6.3B | $9.7B | $6.8B | $12.2B | $4.4B | $3.5B | $2.7B | $2.2B | $2.6B |
| P/E Ratio → | 63.91 | 40.30 | 32.13 | 28.02 | 36.48 | 63.49 | 67.98 | 29.75 | 101.77 | 2726.00 | 71.19 |
| P/S Ratio | 4.58 | 2.87 | 3.78 | 7.06 | 4.11 | 15.90 | 5.55 | 5.11 | 4.26 | 4.52 | 8.73 |
| P/B Ratio | 2.24 | 1.41 | 1.65 | 2.85 | 1.38 | 3.75 | 1.68 | 1.35 | 1.01 | 0.95 | 1.78 |
| P/FCF | 11.51 | 7.21 | 8.51 | 14.91 | 8.24 | 30.69 | 11.77 | 11.17 | 9.90 | 11.11 | 20.90 |
| P/OCF | 10.19 | 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
NSA EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
National Storage Affiliates Trust's enterprise value stands at 14.6x EBITDA, 17% below its 5-year average of 17.6x. The Real Estate sector median is 17.0x, placing the stock at a 14% 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 | — | 7.39 | 8.22 | 11.27 | 8.53 | 20.92 | 10.18 | 9.12 | 8.08 | 8.04 | 13.08 |
| EV / EBITDA | 14.65 | 11.89 | 13.01 | 17.31 | 13.08 | 32.53 | 16.87 | 10.51 | 8.04 | 8.11 | 13.26 |
| EV / EBIT | 24.60 | 19.75 | 18.56 | 23.90 | 22.86 | 55.51 | 30.62 | 28.96 | 26.79 | 26.54 | 52.78 |
| EV / FCF | — | 18.56 | 18.50 | 23.82 | 17.09 | 40.38 | 21.58 | 19.93 | 18.79 | 19.77 | 31.33 |
NSA Profitability
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 24.8%. 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 4.1% represents below-average returns on invested capital.
Margins
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% |
Return on Capital
| 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% |
NSA Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
National Storage Affiliates Trust carries a Debt/EBITDA ratio of 7.3x, which is highly leveraged (7% below the sector average of 7.9x). Net debt stands at $3.4B ($3.4B total debt minus $24M cash). 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 | 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 | — | 11.35 | 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 |
NSA Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.11x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 1.35x to 0.11x 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 | 0.11 | 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 | — | — | — | — | — | — | — | — | — | — | — |
NSA Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
National Storage Affiliates Trust returns 5.1% to shareholders annually primarily through dividends. The payout ratio exceeds 100% at 237.1%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 1.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 5.1% | 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% |
Total Shareholder Return Metrics
| 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 | 8.7% | 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 | 5.1% | 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 |
Peer Comparison
Compare NSA with 10 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 | 63.9 | 14.6 | 11.5 | 46.0% | 37.0% | 4.5% | 4.1% | 7.3 |
 PSA | $56B | 35.5 | 19.4 | 19.4 | 25.0% | 46.7% | 18.6% | 8.9% | 3.0 |
 EXR | $31B | 31.8 | 20.7 | 16.9 | 28.4% | 44.1% | 6.7% | 3.9% | 6.8 |
 CUBE | $9B | 27.7 | 18.0 | 16.3 | 22.7% | 40.0% | 11.6% | 5.5% | 5.0 |
 SST | $28M | -0.3 | -2.4 | — | 37.7% | -23.3% | -127.6% | -39.3% | 0.5 |
 SELF | $59M | 28.8 | 16.0 | 14.3 | 36.0% | 20.5% | 4.3% | 3.5% | 3.7 |
 NNN | $9B | 21.8 | 16.0 | 12.9 | 38.0% | 61.5% | 8.9% | 4.8% | 5.8 |
 SPG | $70B | 15.2 | 21.1 | 19.5 | 85.7% | 49.9% | 89.6% | 7.7% | 6.3 |
 URI | $68B | 28.3 | 11.9 | 103.4 | 35.4% | 24.7% | 28.4% | 12.4% | 2.3 |
 AMZN | $2.5T | 32.5 | 17.6 | 325.3 | 50.3% | 11.2% | 22.3% | 14.7% | 1.0 |
 UHAL | $12B | 259.9 | 10.8 | — | 85.8% | 7.6% | 1.1% | 2.4% | 4.6 |
| Real Estate Median | — | 24.1 | 17.0 | 15.4 | 49.3% | 24.8% | 3.7% | 2.7% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 14 years · Updated daily
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NSA — Frequently Asked Questions
Quick answers to the most common questions about buying NSA stock.
What is National Storage Affiliates Trust's P/E ratio?
National Storage Affiliates Trust's current P/E ratio is 63.9x. The historical average is 56.1x. This places it at the 60th percentile of its historical range.
What is National Storage Affiliates Trust's EV/EBITDA?
National Storage Affiliates Trust's current EV/EBITDA is 14.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.3x.
What is National Storage Affiliates Trust's ROE?
National Storage Affiliates Trust's return on equity (ROE) is 4.5%. The historical average is 2.9%.
Is NSA stock overvalued?
Based on historical data, National Storage Affiliates Trust is trading at a P/E of 63.9x. This is at the 60th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is National Storage Affiliates Trust's dividend yield?
National Storage Affiliates Trust's current dividend yield is 5.10% with a payout ratio of 237.1%.
What are National Storage Affiliates Trust's profit margins?
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.
How much debt does National Storage Affiliates Trust have?
National Storage Affiliates Trust's Debt/EBITDA ratio is 7.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.