National Storage Affiliates Trust (NYSE:NSA) Operating Margin % Explanation
Just like Gross Margin %, it is important to see a company maintains its operating margin over time. Among the same industry, a company with higher operating margin is more efficient in its operation. It is also more stable during industry slowdown or recessions. Peter Lynch prefers those with higher margins than those with lower margins.
Be Aware
Operating Margin % can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).
If a company is facing competition, its Operating Margin % may decline. Often the Operating Margin % declines well before the company's Revenue or even profit decline. Therefore, Operating Margin % is a very important indicator of whether the company is facing problems.
For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokias Operating Margin % had already been in decline since 2002, although its Earnings per Share (Diluted) were still rising. Investors who paid attention to Operating Margin % would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).
Therefore, Operating Margin % is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.
National Storage Affiliates Trust Operating Margin % Related Terms
National Storage Affiliates Trust Operating Margin % Historical Data
* 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.
National Storage Affiliates Trust Operating Margin % Chart
NSA vs LXP, COLD, SMA: Operating Margin % Comparison
For the REIT - Industrial subindustry, National Storage Affiliates Trust's Operating Margin %, along with its competitors' market caps and Operating 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 Affiliates Trust Operating Margin % vs REITs Industry
For the REITs industry and Real Estate sector, National Storage Affiliates Trust's Operating Margin % distribution charts can be found below:
* The bar in red indicates where National Storage Affiliates Trust's Operating Margin % falls into.
National Storage Affiliates Trust Operating Margin % Calculation
Operating Margin % - also known as operating income margin, operating profit margin and return on sales (ROS) - is the ratio of Operating Income divided by net sales or Revenue, usually presented in percent.
* 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.
National Storage Affiliates Trust (NSA) has a Operating Margin % of 38.24% as of Mar. 2026. Operating margin is the ratio of total operating income to net sales. View historical data on National Storage Affiliates Trust and its competitors. This is near median its historical median of 35.08. Over the past decade, National Storage Affiliates Trust's Operating Margin % has ranged from 28.97 to 39.24. According to the industry distribution chart, National Storage Affiliates Trust ranks #516 out of 750 companies in the REITs industry, placing it in the top 68.8%.
Is National Storage Affiliates Trust's Operating Margin % too high?
National Storage Affiliates Trust's current Operating Margin % of 38.24% is near median its 10-year median of 35.08. Over the past 10 years, this metric has ranged from a low of 28.97 to a high of 39.24. The REITs industry median Operating Margin % is 52.67. National Storage Affiliates Trust's value of 38.24% is 27.4% below this industry median. Based on the distribution chart, National Storage Affiliates Trust ranks #516 out of 750 companies in the REITs industry, which is below the industry midpoint. Overall, National Storage Affiliates Trust has a GF Score™ of 81/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does National Storage Affiliates Trust's Operating Margin % compare to LXP and COLD?
According to the REITs industry distribution chart, National Storage Affiliates Trust ranks #516 out of 750 companies for Operating Margin %. This places National Storage Affiliates Trust in the lower half of its industry. The industry median Operating Margin % is 52.67. National Storage Affiliates Trust's value of 38.24% is 27.4% below this benchmark. Historically, National Storage Affiliates Trust's own Operating Margin % has ranged from 28.97 to 39.24 over the past decade. While the company's 10-year median is 35.08 vs. the industry median of 52.67, National Storage Affiliates Trust has consistently been below 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 Operating Margin % for a REITs company?
The median Operating Margin % among REITs companies is 52.67, based on 750 companies in the industry. Companies in the top quartile (top 25%) have a Operating Margin % significantly above this median, while those in the bottom quartile fall well below. However, Operating Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. National Storage Affiliates Trust's current Operating Margin % of 38.24% is 27.4% below 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 Operating Margin % mean?
A high Operating Margin % can signal that a stock is expensive relative to its fundamentals. Operating margin is the ratio of total operating income to net sales. View historical data on National Storage Affiliates Trust and its competitors. For the REITs industry, the median Operating Margin % is 52.67 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Storage Affiliates Trust's current Operating Margin % is 38.24%, which is near median its own 10-year median of 35.08. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is National Storage Affiliates Trust stock overvalued right now?
Based on GuruFocus' analysis, National Storage Affiliates Trust (NSA) is currently considered Fairly Valued. The stock's GF Value™ is $40.60, compared to a current price of $44.84 — trading 10.4% above its estimated fair value. The current Operating Margin % is 38.24%, which is near median its 10-year median of 35.08 and 27.4% below the REITs industry median of 52.67. National Storage Affiliates Trust's overall GF Score™ is 81/100 with 11 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Margin % calculated?
Operating Margin % is calculated from a company's financial statements. For National Storage Affiliates Trust (NSA), the current Operating Margin % is 38.24% as of Mar. 2026. 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 Affiliates Trust (NSA) Overvalued in 2026?
Based on GuruFocus' analysis, National Storage Affiliates Trust stock appears to be overvalued.
The current stock price of $44.84 is trading 10.4% above its estimated GF Value™ of $40.60.
GuruFocus considers National Storage Affiliates Trust to be Fairly Valued.
Key valuation signals for NSA:
Operating Margin %: 38.24% (near median its 10-year median of 35.08)
GF Value™: $40.60 vs. price of $44.84 (10.4% above fair value)
Industry Position: 27.4% below the REITs median (#516 of 750)
No single metric tells the full story. See the NSA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
National Storage Affiliates Trust Business Description
National Storage Affiliates Trust Trust is a real estate investment trust. The company owns, operates, and acquires self-storage properties located within the metropolitan statistical areas throughout the United States. With the help of property management platform, the company manages and controls the day-to-day operations and affairs of consolidated properties and unconsolidated real estate ventures under the iStorage, SecurCare, RightSpace, Northwest and Move It brands.
81GF Score
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