National Storage REITASX:NSR 56 Pretax Margin % is 41.09% as of Dec. 2025, which is 57% below its 10-year median of 96.28. GuruFocus rates ASX:NSR with a GF Score™ of 56/100 and a GF Value™ of A$2.62. The stock has 11 warning signs investors should review. Among 931 REITs companies, National Storage REIT ranks better than 60.58% on this metric.
The historical rank and industry rank for National Storage REIT's Pretax Margin % or its related term are showing as below:
ASX:NSR'
s Pretax Margin % Range Over the Past 10 Years
Min: 56.85 Med: 96.28 Max: 234.6
Current: 63.3
ASX:NSR's Pretax Margin % is ranked better than 60.58% of 931
companies
in the REITs industry
Industry Median: 46.93
vs ASX:NSR: 63.30
National Storage REIT (ASX:NSR) Pretax Margin % Explanation
The pretax margin, as know as pretax profit margin, is widely used to measure the operating efficiency of a company before deducting taxes.
The pretax margin is sometimes preferred over the net margin as tax expenditures can make profitability comparisons between companies misleading.
It is a useful tool to compare companies operating in the same sector and less effective when comparing companies from other sectors as each industry generally has different operating expenses and sales patterns.
The long term trend of the pretax margin is a good indicator of the competitiveness and health of the business.
National Storage REIT Pretax Margin % Related Terms
National Storage REIT Pretax Margin % Historical Data
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The historical data trend for National Storage REIT's Pretax 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: Pretax Margin % Comparison
For the REIT - Industrial subindustry, National Storage REIT's Pretax Margin %, along with its competitors' market caps and Pretax 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 Pretax Margin % vs REITs Industry
For the REITs industry and Real Estate sector, National Storage REIT's Pretax Margin % distribution charts can be found below:
* The bar in red indicates where National Storage REIT's Pretax 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.
National Storage REIT (ASX:NSR) has a Pretax Margin % of 41.09% as of Dec. 2025. Pre-Tax margin is the ratio of total pre-tax income to net sales. View historical data on National Storage REIT and its competitors. This is 57% below median its historical median of 96.28. Over the past decade, National Storage REIT's Pretax Margin % has ranged from 56.85 to 234.60. According to the industry distribution chart, National Storage REIT ranks #367 out of 931 companies in the REITs industry, placing it in the top 39.4%.
Is National Storage REIT's Pretax Margin % too high?
National Storage REIT's current Pretax Margin % of 41.09% is 57% below median its 10-year median of 96.28. Over the past 10 years, this metric has ranged from a low of 56.85 to a high of 234.60. The REITs industry median Pretax Margin % is 46.93. National Storage REIT's value of 41.09% is 12.4% below this industry median. Based on the distribution chart, National Storage REIT ranks #367 out of 931 companies in the REITs industry, which is above the industry midpoint. Overall, National Storage REIT has a GF Score™ of 56/100, reflecting its overall financial health beyond just this single metric.
How does National Storage REIT's Pretax Margin % compare to PLD and PSA?
According to the REITs industry distribution chart, National Storage REIT ranks #367 out of 931 companies for Pretax Margin %. This puts National Storage REIT in the upper half of its industry. The industry median Pretax Margin % is 46.93. National Storage REIT's value of 41.09% is 12.4% below this benchmark. Historically, National Storage REIT's own Pretax Margin % has ranged from 56.85 to 234.60 over the past decade. While the company's 10-year median is 96.28 vs. the industry median of 46.93, National Storage REIT 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 Pretax Margin % for a REITs company?
The median Pretax Margin % among REITs companies is 46.93, based on 931 companies in the industry. Companies in the top quartile (top 25%) have a Pretax Margin % significantly above this median, while those in the bottom quartile fall well below. However, Pretax Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. National Storage REIT's current Pretax Margin % of 41.09% is 12.4% 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 Pretax Margin % mean?
A high Pretax Margin % can signal that a stock is expensive relative to its fundamentals. Pre-Tax margin is the ratio of total pre-tax income to net sales. View historical data on National Storage REIT and its competitors. For the REITs industry, the median Pretax Margin % is 46.93 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Storage REIT's current Pretax Margin % is 41.09%, which is 57% below median its own 10-year median of 96.28. 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?
National Storage REIT (ASX:NSR) has a current Pretax Margin % of 41.09%. 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 Pretax Margin % is 41.09%, which is 57% below median its 10-year median of 96.28 and 12.4% below the REITs industry median of 46.93. 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 Pretax Margin % calculated?
Pretax Margin % is calculated from a company's financial statements. For National Storage REIT (ASX:NSR), the current Pretax Margin % is 41.09% 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.
Key valuation signals for ASX:NSR:
Pretax Margin %: 41.09% (57% below median its 10-year median of 96.28)
GF Value™: A$2.62 vs. price of A$2.79 (6.5% above fair value)
Industry Position: 12.4% below the REITs median (#367 of 931)
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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