National Storage Affiliates Trust
Financial ratios & Valuation

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
N/A21.2936.71408.9799.9429.6430.1638.2317.9323.5517.4329.64
Price/Sales ratio
3.371.973.314.514.265.045.549.594.114.303.615.04
Price/Book Value ratio
1.211.111.141.431.532.122.473.161.992.592.891.53
Price/Cash Flow ratio
15.835.156.939.748.719.9510.8616.957.428.357.579.95
Price/Free Cash Flow ratio
20.915.647.9311.109.9011.1711.7518.528.239.088.9511.17
Price/Earnings Growth ratio
N/AN/A-1.46-4.150.030.085.680.731.621.000.350.03
Dividend Yield
4.83%4.69%4.04%4.12%5.14%4.44%4.30%2.57%6.34%5.68%5.96%5.14%
Profitability Indicator Ratios
Gross Profit Margin
63.73%66.08%67.44%68.50%68.60%71.55%71.43%73.48%73.67%73.31%60.97%71.55%
Operating Profit Margin
22.19%23.58%28.96%29.27%30.72%31.53%33.81%38.01%36.96%39.23%30.56%31.53%
Pretax Profit Margin
-21.25%3.58%12.49%17.58%17.26%17.36%18.77%25.37%23.51%27.80%33.46%17.26%
Net Profit Margin
N/A9.28%9.02%1.10%4.26%17.01%18.38%25.08%22.92%18.25%20.58%4.26%
Effective Tax Rate
100%-40.97%54.62%2.45%1.43%2.00%2.05%1.13%2.48%0.66%0.38%2.00%
Return on Assets
N/A1.12%0.94%0.13%0.51%2.14%2.26%2.64%3.02%2.64%3.03%0.51%
Return On Equity
N/A5.25%3.11%0.35%1.53%7.17%8.20%8.27%11.14%11.01%13.43%1.53%
Return on Capital Employed
2.64%2.90%3.57%3.66%4.00%4.06%4.46%4.46%5.41%6.19%4.62%4.00%
Liquidity Ratios
Current Ratio
N/AN/AN/A0.230.170.680.18N/AN/AN/A0.600.17
Quick Ratio
0.080.800.050.130.160.340.090.080.141.400.600.16
Cash ratio
0.040.430.040.100.060.270.070.040.050.120.540.06
Days of Sales Outstanding
15.043.616.586.0611.039.739.738.1810.329.38N/A9.73
Days of Inventory outstanding
N/A-22.5978.506.72-50.13-3.240.00-46.60-72.53N/AN/A-50.13
Operating Cycle
15.04-18.9885.0912.78-39.106.499.73-38.41-62.219.38N/A-39.10
Days of Payables Outstanding
28.4677.91121.76105.70116.41125.58139.04139.31139.02147.8618.46125.58
Cash Conversion Cycle
-13.42-96.89-36.66-92.92-155.51-119.08-129.31-177.73-201.24-138.47-18.46-155.51
Debt Ratios
Debt Ratio
0.680.340.33N/AN/A0.490.540.520.580.610.630.63
Debt Equity Ratio
2.651.601.09N/AN/A1.661.971.652.152.563.453.45
Long-term Debt to Capitalization
0.660.610.52N/AN/A0.610.660.620.650.690.770.77
Total Debt to Capitalization
0.720.610.52N/AN/A0.620.660.620.680.710.770.77
Interest Coverage Ratio
N/AN/AN/A2.302.372.242.35N/AN/AN/A1.512.24
Cash Flow to Debt Ratio
0.020.130.15N/AN/A0.120.110.110.120.120.110.12
Company Equity Multiplier
3.884.653.272.692.973.353.623.133.684.175.462.97
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.210.380.470.460.480.500.510.560.550.510.470.50
Free Cash Flow / Operating Cash Flow Ratio
0.750.910.870.870.870.890.920.910.900.910.850.89
Cash Flow Coverage Ratio
0.020.130.15N/AN/A0.120.110.110.120.120.110.12
Short Term Coverage Ratio
0.11N/AN/AN/AN/A4.9836.80154.401.181.15N/A4.98
Dividend Payout Ratio
N/A99.91%148.59%1687.63%513.87%131.69%129.89%98.55%113.79%133.99%118.42%131.69%