Last 48 quarters of trend data · Real Estate · REIT - Industrial
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
National Storage Affiliates Trust's quarterly P/E stands at 30.7x, down 51.5% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has compressed 64.8% YoY to 4.6x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 50.03 | 30.66 | 44.44 | 42.09 | 98.50 | 63.18 | 66.94 | 64.41 | 15.06 | 14.40 | 30.52 | 31.10 | 38.69 |
| — | -51.5% | -33.6% | -34.6% | +554.0% | +338.8% | +119.4% | +107.1% | -61.1% | -10.7% | +29.2% | +31.7% | +20.8% | |
| P/S Ratio | 3.59 | 2.90 | 3.07 | 3.24 | 3.99 | 3.83 | 4.71 | 4.07 | 6.90 | 6.80 | 5.29 | 3.54 | 4.47 |
| — | -24.3% | -34.8% | -20.4% | -42.1% | -43.7% | -10.9% | +15.0% | +54.2% | +75.3% | +16.2% | -38.0% | -41.1% | |
| P/B Ratio | 1.75 | 1.42 | 1.47 | 1.49 | 1.78 | 1.65 | 2.03 | 1.70 | 2.78 | 2.76 | 2.15 | 1.29 | 1.56 |
| — | -14.3% | -27.7% | -12.4% | -36.0% | -40.1% | -5.7% | +32.2% | +78.2% | +101.2% | +37.8% | -29.6% | -31.7% | |
| P/FCF | 9.00 | 9.26 | 6.60 | 8.32 | 9.43 | 9.81 | 13.48 | 9.76 | 15.30 | 17.14 | 11.14 | 7.77 | 9.32 |
| — | -5.6% | -51.0% | -14.8% | -38.4% | -42.8% | +21.0% | +25.6% | +64.2% | +77.7% | +27.9% | -29.0% | -34.0% | |
| EV / EBITDA | 5.77 | 4.57 | 12.14 | 12.61 | 13.92 | 12.99 | 14.16 | 13.54 | 17.69 | 16.80 | 14.79 | 8.27 | 9.55 |
| — | -64.8% | -14.3% | -6.9% | -21.3% | -22.7% | -4.2% | +63.7% | +85.2% | +96.6% | +60.0% | -18.4% | -19.9% | |
| EV / EBIT | 9.69 | 6.96 | 20.30 | 20.20 | 26.34 | 23.66 | 25.05 | 22.94 | 16.14 | 15.56 | 24.27 | 19.65 | 22.79 |
| — | -70.6% | -19.0% | -12.0% | +63.2% | +52.0% | +3.2% | +16.7% | -29.2% | -23.5% | +2.8% | -24.8% | -30.8% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
National Storage Affiliates Trust's operating margin was 38.5% in Q4 2025, up 0.9 pp QoQ and down 0.3 pp YoY. This marks the 4th consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of 37.0% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin contracted 139.6% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 46.0% | -28.7% | 70.7% | 70.5% | 70.7% | 72.5% | 72.8% | 72.6% | 72.1% | 73.6% | 73.3% | 73.6% | 72.7% |
| — | -139.6% | -2.9% | -2.8% | -1.9% | -1.5% | -0.7% | -1.4% | -0.7% | -7.1% | +0.3% | +0.6% | -1.2% | |
| Operating Margin | 37.0% | 38.5% | 37.6% | 36.2% | 35.8% | 38.8% | 39.5% | 37.8% | 38.2% | 40.4% | — | 67.0% | 65.6% |
| — | -0.9% | -4.9% | -4.3% | -6.2% | -4.0% | — | -43.6% | -41.7% | -39.9% | — | +1.7% | -0.8% | |
| Net Margin | 9.8% | 12.2% | 9.8% | 10.3% | 6.9% | 8.8% | 9.7% | 9.0% | 30.1% | 32.0% | 13.3% | 13.5% | 13.8% |
| — | +39.1% | +1.1% | +15.1% | -77.1% | -72.5% | -27.6% | -33.9% | +117.9% | +116.2% | +25.5% | +8.7% | +3.3% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.5% | 1.5% | 1.1% | 1.2% | 0.8% | 0.9% | 1.0% | 0.9% | 2.9% | 3.2% | 1.3% | 1.2% | 1.2% |
| — | +56.5% | +10.7% | +29.0% | -74.1% | -70.9% | -19.7% | -26.3% | +139.9% | +148.8% | +43.2% | +23.1% | +19.5% | |
| ROA | 1.4% | 0.4% | 0.4% | 0.4% | 0.2% | 0.3% | 0.3% | 0.3% | 1.0% | 1.1% | 0.5% | 0.5% | 0.5% |
| — | +43.8% | +2.2% | +16.8% | -76.6% | -72.7% | -26.4% | -33.1% | +121.1% | +121.5% | +26.3% | +8.4% | +4.8% | |
| ROIC | 6.2% | 1.7% | 1.1% | 1.0% | 1.0% | 1.1% | 1.1% | 1.0% | 1.0% | 1.1% | — | 1.8% | 1.7% |
| — | +55.2% | -4.4% | -3.4% | -4.4% | -4.3% | — | -42.5% | -40.4% | -37.9% | — | +1.9% | +0.7% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
National Storage Affiliates Trust's Debt/EBITDA ratio is 0.2x, down from 29.1x last quarter — comfortably within a safe range. The current ratio has improved 245.9% YoY to 0.55x, strengthening the short-term liquidity position.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 2.17 | 2.09 | 2.04 | 1.97 | 1.92 | 1.87 | 1.70 | 1.73 | 1.80 | 1.54 | 1.53 |
| — | -99.3% | +13.0% | +12.1% | +19.9% | +13.7% | +6.8% | +21.4% | +11.4% | +15.7% | +24.6% | +21.4% | +26.6% | |
| Debt / EBITDA | 0.05 | 0.19 | 29.08 | 29.55 | 29.83 | 28.48 | 27.80 | 28.56 | 27.06 | 26.11 | 27.10 | 18.11 | 19.01 |
| — | -99.3% | +4.6% | +3.5% | +10.2% | +9.1% | +2.6% | +57.7% | +42.3% | +45.5% | +52.0% | +8.8% | +15.0% | |
| Current Ratio | 0.55 | 0.55 | 0.11 | 0.13 | 0.09 | 0.16 | 0.22 | 0.31 | 0.47 | 1.35 | 0.11 | 0.13 | 0.11 |
| — | +245.9% | -50.0% | -58.2% | -80.6% | -88.2% | +103.2% | +132.1% | +321.8% | +786.9% | -14.7% | -19.1% | +8.1% | |
| Quick Ratio | 0.55 | 0.55 | 0.11 | 0.13 | 0.09 | 0.16 | 0.22 | 0.31 | 0.47 | 1.35 | 0.11 | 0.13 | 0.11 |
| — | +245.9% | -50.0% | -58.2% | -80.6% | -88.2% | +103.2% | +132.1% | +321.8% | +786.9% | -14.7% | -19.1% | +8.1% | |
| Interest Coverage | 1.72 | 1.79 | — | 1.65 | 1.67 | 1.87 | 1.93 | 1.93 | 1.97 | 1.92 | — | 3.67 | 3.62 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
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Start ComparisonNational Storage Affiliates Trust's current P/E is 50.0x. The average P/E over the last 4 quarters is 53.9x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
National Storage Affiliates Trust's current operating margin is 37.0%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking National Storage Affiliates Trust's business trajectory between earnings reports.