TL;DR: Financial Overview - Revenue, Profits & Key Metrics

Latest Quarterly: Mar 2025

Income Metrics

Revenue 188.4M
Gross Profit 133.2M 70.74%
Operating Income 67.5M 35.84%
Net Income 19.5M 10.36%
EPS (Diluted) $0.10

Balance Sheet Metrics

Total Assets 5.3B
Total Liabilities 3.6B
Shareholders Equity 1.7B
Debt to Equity 2.11

Cash Flow Metrics

Operating Cash Flow 81.9M
Free Cash Flow 79.8M

Revenue & Profitability Trend

National Storage Income Statement From 2020 to 2024

Metric20242023202220212020
Revenue i770.3M858.1M801.6M585.7M432.2M
Cost of Goods Sold i211.9M229.0M211.0M155.3M123.5M
Gross Profit i558.5M629.1M590.5M430.4M308.7M
Gross Margin % i72.5%73.3%73.7%73.5%71.4%
Operating Expenses
Research & Development i-----
Selling, General & Administrative i57.6M59.3M59.3M51.0M43.6M
Other Operating Expenses i13.9M11.1M8.5M2.9M808.0K
Total Operating Expenses i71.5M70.4M67.8M53.9M44.4M
Operating Income i297.2M336.7M289.5M218.2M147.1M
Operating Margin % i38.6%39.2%36.1%37.3%34.0%
Non-Operating Items
Interest Income i-----
Interest Expense i154.3M166.1M110.6M72.1M62.6M
Other Non-Operating Income44.1M68.0M9.5M2.4M-3.4M
Pre-tax Income i187.0M238.6M188.5M148.6M81.1M
Income Tax i3.8M1.6M4.7M1.7M1.7M
Effective Tax Rate % i2.0%0.7%2.5%1.1%2.1%
Net Income i183.3M237.0M183.8M146.9M79.5M
Net Margin % i23.8%27.6%22.9%25.1%18.4%
Key Metrics
EBITDA i471.2M565.2M529.5M380.9M263.3M
EPS (Basic) i$1.18$1.58$0.99$1.13$0.53
EPS (Diluted) i$1.18$1.48$0.99$0.98$0.53
Basic Shares Outstanding i7684400086846000912390008119500066547000
Diluted Shares Outstanding i7684400086846000912390008119500066547000

Income Statement Trend

National Storage Balance Sheet From 2020 to 2024

Metric20242023202220212020
Assets
Current Assets
Cash & Equivalents i50.4M65.0M35.3M25.0M18.7M
Short-term Investments i-----
Accounts Receivable i8.7M9.8M13.1M6.2M2.7M
Inventory i-----
Other Current Assets11.4M14.7M26.2M9.6M-
Total Current Assets i89.1M674.7M91.0M50.6M40.3M
Non-Current Assets
Property, Plant & Equipment i20.9M22.3M23.8M22.2M23.1M
Goodwill i162.6M73.1M62.6M85.7M54.9M
Intangible Assets i146.3M56.7M46.2M69.3M38.6M
Long-term Investments22.6M29.6M51.5M00
Other Non-Current Assets5.6M8.4M1.4M2.4M2.5M
Total Non-Current Assets i5.3B5.3B6.0B5.5B3.5B
Total Assets i5.4B5.9B6.1B5.6B3.5B
Liabilities
Current Liabilities
Accounts Payable i---59.3M47.0M
Short-term Debt i443.3M381.0M496.0M490.0M174.0M
Current Portion of Long-term Debt-----
Other Current Liabilities-----
Total Current Liabilities i562.0M501.1M599.6M571.5M237.5M
Non-Current Liabilities
Long-term Debt i3.0B3.3B3.1B2.5B1.8B
Deferred Tax Liabilities i-----
Other Non-Current Liabilities-----
Total Non-Current Liabilities i3.0B3.3B3.1B2.5B1.8B
Total Liabilities i3.6B3.8B3.7B3.1B2.1B
Equity
Common Stock i763.0K823.0K898.0K912.0K713.0K
Retained Earnings i-530.7M-449.9M-396.6M-291.3M-251.7M
Treasury Stock i-----
Other Equity-----
Total Shareholders Equity i1.8B2.1B2.4B2.5B1.4B
Key Metrics
Total Debt i3.5B3.7B3.6B3.0B1.9B
Working Capital i-472.9M173.6M-508.6M-520.9M-197.1M

Balance Sheet Composition

National Storage Cash Flow Statement From 2020 to 2024

Metric20242023202220212020
Operating Activities
Net Income i183.3M237.0M183.8M146.9M79.5M
Depreciation & Amortization i189.9M222.0M233.2M158.3M117.2M
Stock-Based Compensation i8.3M6.7M6.3M5.5M4.3M
Working Capital Changes i-5.4M4.6M-10.9M-4.8M-4.2M
Operating Cash Flow i382.2M477.2M417.0M308.6M198.7M
Investing Activities
Capital Expenditures i-----364.0K
Acquisitions i-74.2M-16.9M-55.0M-2.9M-4.4M
Investment Purchases i---00
Investment Sales i--007.6M
Investing Cash Flow i-73.3M-16.9M-55.0M-2.9M2.8M
Financing Activities
Share Repurchases i-284.7M-310.2M-90.1M00
Dividends Paid i-192.3M-209.9M-209.1M-144.8M-103.2M
Debt Issuance i1.3B1.3B1.6B2.3B929.5M
Debt Repayment i-1.5B-1.2B-960.4M-1.3B-546.1M
Financing Cash Flow i-825.4M-557.2M154.6M1.7B286.5M
Free Cash Flow i309.8M406.0M400.1M303.3M203.9M
Net Change in Cash i-516.5M-96.9M516.6M2.0B488.0M

Cash Flow Trend

National Storage Key Financial Ratios

Valuation Ratios

P/E Ratio (TTM) 50.24
Forward P/E 36.65
Price to Book 3.61
Price to Sales 6.18
PEG Ratio 2.68

Profitability Ratios

Profit Margin 9.16%
Operating Margin 33.70%
Return on Equity 6.16%
Return on Assets 3.09%

Financial Health

Current Ratio 0.81
Debt to Equity 209.41
Beta 1.13

Per Share Data

EPS (TTM) $0.62
Book Value per Share $8.64
Revenue per Share $9.73

Peer Financial Comparison

CompanyMarket CapP/E RatioP/B RatioROEProfit MarginDebt/Equity
nsa4.6B50.243.616.16%9.16%209.41
Prologis 102.8B29.851.956.37%38.69%61.59
Public Storage 50.4B31.3410.0418.92%38.06%110.17
Lineage Logistics 10.0B-10.831.06-8.17%-10.57%83.74
Rexford Industrial 9.7B29.441.073.75%32.18%36.51
CubeSmart 9.2B24.373.2413.04%34.20%118.36

Financial data is updated regularly. All figures are in the company's reporting currency.