Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. National Storage Affiliates Trust's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 1,172.21%.
The historical rank and industry rank for National Storage Affiliates Trust's ROC (Joel Greenblatt) % or its related term are showing as below:
NSA'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: 129.68 Med: 782.39 Max: 3271
Current: 1238.54
During the past 13 years, National Storage Affiliates Trust's highest ROC (Joel Greenblatt) % was 3271.00%. The lowest was 129.68%. And the median was 782.39%.
NSA's ROC (Joel Greenblatt) % is ranked better than 78.1% of 589
companies
in the REITs industry
Industry Median: 177.71
vs NSA: 1238.54
National Storage Affiliates Trust (NYSE:NSA) ROC (Joel Greenblatt) % Explanation
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
* 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 ROC (Joel Greenblatt) % Chart
NSA vs LXP, COLD, SMA: ROC (Joel Greenblatt) % Comparison
For the REIT - Industrial subindustry, National Storage Affiliates Trust's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % 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 ROC (Joel Greenblatt) % vs REITs Industry
For the REITs industry and Real Estate sector, National Storage Affiliates Trust's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where National Storage Affiliates Trust's ROC (Joel Greenblatt) % falls into.
National Storage Affiliates Trust ROC (Joel Greenblatt) % Calculation
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT 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.
What does a ROC (Joel Greenblatt) % of 1,172.21% mean?
National Storage Affiliates Trust (NSA) has a ROC (Joel Greenblatt) % of 1,172.21% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on National Storage Affiliates Trust and its competitors. This is 50% above median its historical median of 782.39. Over the past decade, National Storage Affiliates Trust's ROC (Joel Greenblatt) % has ranged from 129.68 to 3,271.00. According to the industry distribution chart, National Storage Affiliates Trust ranks #129 out of 589 companies in the REITs industry, placing it in the top 21.9%.
Is National Storage Affiliates Trust's ROC (Joel Greenblatt) % too high?
National Storage Affiliates Trust's current ROC (Joel Greenblatt) % of 1,172.21% is 50% above median its 10-year median of 782.39. Over the past 10 years, this metric has ranged from a low of 129.68 to a high of 3,271.00. The REITs industry median ROC (Joel Greenblatt) % is 177.71. National Storage Affiliates Trust's value of 1,172.21% is 559.6% above this industry median. Based on the distribution chart, National Storage Affiliates Trust ranks #129 out of 589 companies in the REITs industry, which is in the top quartile — a strong position relative to peers. 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 ROC (Joel Greenblatt) % compare to LXP and COLD?
According to the REITs industry distribution chart, National Storage Affiliates Trust ranks #129 out of 589 companies for ROC (Joel Greenblatt) %. This places National Storage Affiliates Trust in the top 22% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 177.71. National Storage Affiliates Trust's value of 1,172.21% is 559.6% above this benchmark. Historically, National Storage Affiliates Trust's own ROC (Joel Greenblatt) % has ranged from 129.68 to 3,271.00 over the past decade. While the company's 10-year median is 782.39 vs. the industry median of 177.71, National Storage Affiliates Trust 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 ROC (Joel Greenblatt) % for a REITs company?
The median ROC (Joel Greenblatt) % among REITs companies is 177.71, based on 589 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. National Storage Affiliates Trust's current ROC (Joel Greenblatt) % of 1,172.21% is 559.6% 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 ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on National Storage Affiliates Trust and its competitors. For the REITs industry, the median ROC (Joel Greenblatt) % is 177.71 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Storage Affiliates Trust's current ROC (Joel Greenblatt) % is 1,172.21%, which is 50% above median its own 10-year median of 782.39. 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 $40.59, compared to a current price of $44.47 — trading 9.6% above its estimated fair value. The current ROC (Joel Greenblatt) % is 1,172.21%, which is 50% above median its 10-year median of 782.39 and 559.6% above the REITs industry median of 177.71. 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 ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For National Storage Affiliates Trust (NSA), the current ROC (Joel Greenblatt) % is 1,172.21% 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 $44.47 is trading 9.6% above its estimated GF Value™ of $40.59.
GuruFocus considers National Storage Affiliates Trust to be Fairly Valued.
Key valuation signals for NSA:
ROC (Joel Greenblatt) %: 1,172.21% (50% above median its 10-year median of 782.39)
GF Value™: $40.59 vs. price of $44.47 (9.6% above fair value)
Industry Position: 559.6% above the REITs median (#129 of 589)
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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