National Storage REITASX:NSR 56 Gross Margin % is 84.99% as of Dec. 2025, which is 1% below its 10-year median of 86.18. GuruFocus rates ASX:NSR with a GF Score™ of 56/100 and a GF Value™ of A$2.62 (Fairly Valued). The stock has 11 warning signs investors should review. Among 682 REITs companies, National Storage REIT ranks better than 75.51% on this metric.
ASX:NSR's Gross Margin % is ranked better than 75.51% of 682
companies
in the REITs industry
Industry Median: 69.705
vs ASX:NSR: 84.30
National Storage REIT had a gross margin of 84.99% for the quarter that ended in Dec. 2025 => Durable competitive advantage
The 5-Year average Growth Rate of Gross Margin for National Storage REIT was 0.00% per year.
National Storage REIT (ASX:NSR) Gross Margin % Explanation
Warren Buffett believes that firms with excellent long term economics tend to have consistently higher margins.
Durable competitive advantage creates a high Gross Margin % because of the freedom to price in excess of cost. Companies can be categorized by their Gross Margin %
1. Greater than 40% = Durable competitive advantage
2. Less than 40% = Competition eroding margins
3. Less than 20% = no sustainable competitive advantage
Consistency of Gross Margin is key
National Storage REIT had a gross margin of 84.99% for the quarter that ended in Dec. 2025 => Durable competitive advantage
Be Aware
If a company loses its competitive advantages, usually its gross margin declines well before its sales declines. Watching Gross Margin % and Operating Margin % closely helps avoid value trap situations.
National Storage REIT Gross Margin % Related Terms
National Storage REIT Gross Margin % Historical Data
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The historical data trend for National Storage REIT's Gross Margin % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
ASX:NSR vs PLD, PSA, EXR: Gross Margin % Comparison
For the REIT - Industrial subindustry, National Storage REIT's Gross Margin %, along with its competitors' market caps and Gross Margin % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
National Storage REIT Gross Margin % vs REITs Industry
For the REITs industry and Real Estate sector, National Storage REIT's Gross Margin % distribution charts can be found below:
* The bar in red indicates where National Storage REIT's Gross Margin % falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
A positive Gross Profit is only the first step for a company to make a net profit. The gross profit needs to be big enough to also cover related labor, equipment, rental, marketing/advertising, research and development and a lot of other costs in selling the products.
National Storage REIT (ASX:NSR) has a Gross Margin % of 84.99% as of Dec. 2025. Gross margin is the ratio of total gross profit to net sales. View historical data on National Storage REIT and its competitors. This is near median its historical median of 86.18. Over the past decade, National Storage REIT's Gross Margin % has ranged from 84.30 to 98.48. According to the industry distribution chart, National Storage REIT ranks #167 out of 682 companies in the REITs industry, placing it in the top 24.5%.
Is National Storage REIT's Gross Margin % too high?
National Storage REIT's current Gross Margin % of 84.99% is near median its 10-year median of 86.18. Over the past 10 years, this metric has ranged from a low of 84.30 to a high of 98.48. The REITs industry median Gross Margin % is 69.71. National Storage REIT's value of 84.99% is 21.9% above this industry median. Based on the distribution chart, National Storage REIT ranks #167 out of 682 companies in the REITs industry, which is in the top quartile — a strong position relative to peers. Overall, National Storage REIT has a GF Score™ of 56/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does National Storage REIT's Gross Margin % compare to PLD and PSA?
According to the REITs industry distribution chart, National Storage REIT ranks #167 out of 682 companies for Gross Margin %. This places National Storage REIT in the top 25% of its industry — outperforming the majority of peers. The industry median Gross Margin % is 69.71. National Storage REIT's value of 84.99% is 21.9% above this benchmark. Historically, National Storage REIT's own Gross Margin % has ranged from 84.30 to 98.48 over the past decade. While the company's 10-year median is 86.18 vs. the industry median of 69.71, National Storage REIT has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Gross Margin % for a REITs company?
The median Gross Margin % among REITs companies is 69.71, based on 682 companies in the industry. Companies in the top quartile (top 25%) have a Gross Margin % significantly above this median, while those in the bottom quartile fall well below. However, Gross Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. National Storage REIT's current Gross Margin % of 84.99% is 21.9% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Gross Margin % mean?
A high Gross Margin % can signal that a stock is expensive relative to its fundamentals. Gross margin is the ratio of total gross profit to net sales. View historical data on National Storage REIT and its competitors. For the REITs industry, the median Gross Margin % is 69.71 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Storage REIT's current Gross Margin % is 84.99%, which is near median its own 10-year median of 86.18. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is National Storage REIT stock overvalued right now?
Based on GuruFocus' analysis, National Storage REIT (ASX:NSR) is currently considered Fairly Valued. The stock's GF Value™ is A$2.62, compared to a current price of A$2.79 — trading 6.5% above its estimated fair value. The current Gross Margin % is 84.99%, which is near median its 10-year median of 86.18 and 21.9% above the REITs industry median of 69.71. National Storage REIT's overall GF Score™ is 56/100 with 11 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Gross Margin % calculated?
Gross Margin % is calculated from a company's financial statements. For National Storage REIT (ASX:NSR), the current Gross Margin % is 84.99% as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is National Storage REIT (ASX:NSR) Overvalued in 2026?
Based on GuruFocus' analysis, National Storage REIT stock appears to be overvalued.
The current stock price of A$2.79 is trading 6.5% above its estimated GF Value™ of A$2.62.
GuruFocus considers National Storage REIT to be Fairly Valued.
Key valuation signals for ASX:NSR:
Gross Margin %: 84.99% (near median its 10-year median of 86.18)
GF Value™: A$2.62 vs. price of A$2.79 (6.5% above fair value)
Industry Position: 21.9% above the REITs median (#167 of 682)
No single metric tells the full story. See the ASX:NSR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
National Storage REIT is the largest self-storage operator in Australia and New Zealand. Majority of its income is derived from rents. Additional revenue streams come from ancillary products and services such as packaging materials, locks, and insurance. The REIT owns most of the centers it operates, and leases roughly a dozen of the sites secured under long-term agreements. The self-storage industry is fragmented, with three large players in National Storage, the listed Abacus Storage King, and privately owned Kennards, accounting for about one-third of the market. The rest are independent operators, with a single center or a small state-based portfolio of assets. Besides organic rent increases, the company's key growth drivers are acquisitions and developments.
56GF Score
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