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National Storage Affiliates Trust is a fully integrated, self-administered and self-managed real estate investment trust organized in the state of Maryland on May 16, 2013. We have elected and we believe that we have qualified to be taxed as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2015.
$44.50
$0.95 (-2.09%)
EOD Jul 17, 2026
Margins and capital returns are both well above average: 37.01% operating margin, ROIC at 26.65%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue declined 2.3% YoY. The question is whether this is cyclical or a structural shift.
At 59x earnings, the current multiple leaves limited room for execution misses or growth deceleration. Free cash flow declined 13% versus the prior year, cash generation momentum has weakened.
59.3x earnings, 11.6x FCF. The market is pricing in years of above-average growth. If that thesis breaks, downside from multiple compression alone could be 30%+. This is a stock where you're paying for the future, not the present.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$750M
▼ -2.3% YoY
Net Income (TTM)
$72M
▼ -33.8% YoY
Op. Margin
37.60%
▼ -1.6pp YoY
ROIC
28.50%
▲ +3.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$297M
▼ -12.9% YoY
Op. Cash Flow (TTM)
$340M
▼ -6.8% YoY
Net Debt
-$5M
Net Cash Position
Cash & Equiv.
$28M
5Y CAGR: +11.7%
5Y CAGR: +8.0%
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At a P/E of 59.3 and a price-to-free-cash-flow of 11.6, National Storage Affiliates Trust (NSA) trades below a two-stage DCF intrinsic value of about $66.80 per share, so at $44.50 the stock looks undervalued (50.1% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, National Storage Affiliates Trust scores 64/100 on Intrinsiqq's quality scorecard (a solid business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. It currently yields about 5.1%; see dividend safety for coverage and history. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about $66.80 per share for NSA, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around $50.10. At today's $44.50, that puts the stock about 50.1% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
National Storage Affiliates Trust scores 64 out of 100 on Intrinsiqq's quality score, a weighted blend of 8 metrics each scored 0 to 100, which makes it a solid business on these measures. Recent fundamentals include a 37.6% operating margin and a 28.5% return on invested capital. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
Yes, National Storage Affiliates Trust pays a regular dividend of about $2.27 per share per year (typically in quarterly installments), a yield of roughly 5.1% at the current price. That is a payout ratio of about 243.3% of earnings, so the dividend is stretched at this level. National Storage Affiliates Trust has grown the dividend at roughly 7.3% a year over the past few years. A low headline yield is not the same as a weak dividend: what matters is how well earnings and free cash flow cover the payout and whether it is growing, not the percentage alone. For NSA's full payout history, growth streak and dividend-safety score, see the dividends tab.
That depends on valuation and quality together, not either alone. NSA currently trades below its estimated intrinsic value and scores 64/100 on quality (solid). It also yields about 5.1%. A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.