National Storage Affiliates Trust

NSANYSEReal Estate● Active

$43.62

+$0.19(+0.44%)

Market Cap$3.4B

P/E Ratio—

52W High$44.015

52W Low$27.43

Avg Volume1.6M

Open$43.00

Beta1.07

Free Cash Flow Financials Revenue

National Storage Affiliates Trust (NSA) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

NSA · free cash flow · updated Jun 9, 2026

Core FCF metrics

NSA · FCF · TTM · margin & CAGR

Free cash flow was $299.8M for FY2025 (fiscal year ending 2025-12-31), down 12.5% year-over-year The FCF margin was 39.8%. Five-year CAGR stands at +8.0%.

FY2025 Free Cash Flow$299.8M▼ -12.5% YoY

Trailing 12M (TTM)$296.8Mtrailing 4 quarters sum

FCF Margin39.8%$299.8M ÷ revenue

3-Year CAGR-9.2%FY2022 → FY2025

5-Year CAGR+8.0%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 9, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

NSA · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$338.5M(39M)$299.8M▼ 12.5%39.8%

FY2024$363.1M(21M)$342.5M▼ 15.6%44.5%

FY2023$441.6M(36M)$406.0M▲ +1.5%47.3%

FY2022$443.8M(44M)$400.1M▲ +31.9%49.9%

FY2021$331.3M(28M)$303.3M▲ +48.8%51.8%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

NSA · P/FCF · FCF yield · FCF per share

National Storage Affiliates Trust (NSA) trades at a FCF yield of 8.82% and a price-to-free-cash-flow ratio of 11.3x. FCF per share stands at $3.87, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

8.82%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$3.87

TTM FCF ÷ Shares Outstanding

Price / FCF

x11.3

Share Price ÷ FCF per Share

EV / FCF (TTM)

x22.8

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

NSA · cash flow statement · operating / investing / financing

For FY2025, National Storage Affiliates Trust generated $338.5M in operating cash flow and spent 39M in capital expenditures, yielding $299.8M in free cash flow.

Operating Activities

+$338.5M

Cash from core business operations

2025-12-31

Investing Activities

+$19.9M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$385.5M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($338.5M) − |CapEx| (39M) = FCF ($299.8M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Real Estate)

NSA vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

National Storage Affiliates TrustYOU

NSA

$299.8M-12.5%39.8%

American Tower Corporation

AMT

$3.78B+2.2%35.5%

76%

Simon Property Group, Inc.

Real Estate · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

National Storage Affiliates Trust (NSA) reported free cash flow of $299.8M for FY2025 (fiscal year ending 2025-12-31), down 12.5% year-over-year. The FCF margin was 39.8%.

Based on available data, National Storage Affiliates Trust has maintained positive free cash flow for at least 14 fiscal year(s). FCF peaked at $406.0M in FY2023. The 5-year CAGR stands at +8.0%.

National Storage Affiliates Trust's FCF yield is 8.82% and price-to-FCF ratio is 11.3x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

NSA free cash flow · 8 questions

National Storage Affiliates Trust free cash flow was $299.8M for FY2025, down 12.5% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $296.8M.

NSA free cash flowNSA FCFNSA FCF 2025NSA free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · National Storage Affiliates Trust · National Storage Affiliates Trust SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 9, 2026