National Storage Affiliates Trust (NSA) intrinsic value & 10-year financials
National Storage Affiliates Trust (NSA) has a Graham intrinsic value of $22.92 per share. Over the last 10 fiscal years revenue grew 15.9% a year to $752.9M, with an average return on invested capital of 7.4%.
- Graham intrinsic value
- $22.92
- Revenue (FY2025)
- $752.9M
- Revenue growth (10-yr CAGR)
- 15.9%
- ROIC (10-yr avg)
- 7.4%
- Free cash flow (FY2025)
- —
NSA 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $752.9M | $73.8M | $0.69 | — | — | 7.3% |
| FY2024 | $770.3M | $111.5M | $1.18 | — | — | 8.9% |
| FY2023 | $858.1M | $156.7M | $1.48 | — | — | 10.2% |
| FY2022 | $801.6M | $103.7M | $0.99 | — | — | 6.1% |
| FY2021 | $585.7M | $105.3M | $0.98 | — | — | 7.7% |
| FY2020 | $432.2M | $48.6M | $0.27 | — | — | 5.1% |
| FY2019 | $387.9M | $4.0M | -$0.07 | — | — | 0.4% |
| FY2018 | $330.9M | $14.1M | $0.04 | — | 30.7% | 10.9% |
| FY2017 | $268.1M | $3.0M | $0.01 | — | 29.3% | 8.0% |
| FY2016 | $199.0M | $18.0M | $0.15 | — | 29.0% | 9.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
National Storage Affiliates Trust is a consistent compounder, expanding top-line revenue at 15.9% annually over the past decade.
National Storage Affiliates Trust has historically struggled to out-earn its cost of capital, averaging just 7.4% ROIC.
Over the decade, National Storage Affiliates Trust shows that management has aggressively returned capital to shareholders by retiring 51.3% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, National Storage Affiliates Trust is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $22.92 per share.