Value
3.6/10data confidence 67%| Component | Sub-score |
|---|---|
| P/S | 4.1 |
| EV/EBITDA | 3.8 |
| p ocf | 5.6 |
| Analyst target | 3.0 |
- ▸P/OCF: 19.9x (FFO proxy — REITs gated off P/E)
NSA · Why this verdict
Why National Storage Affiliates Tru (NSA) is rated HOLD
Updated
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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VerdictHOLD
Overall score5.9/10
ConfidenceMEDIUM
MacroNEUTRAL
Thesis pillars
| Pillar | Expectation | Trend |
|---|---|---|
National Storage Affiliates is ranked as the industry growth leader in its peer group with strong revenue and earnings growth components, and a Rule of 40 score of 50, reflecting a healthy balance of growth and profitability in the self-storage sector. Peer-rank breakdown | Revenue and earnings growth rates remain above the industry median and the Rule of 40 score stays above 40 over the next 12 months. | →Stable |
| CounterSelf-storage growth has been fueled by post-pandemic demand and may normalize; concentration in a single property type creates sensitivity to any sector-wide softening in rental rates. | ||
National Storage Affiliates has beaten earnings estimates in 3 of the last 4 quarters with an average surprise of 65.4%, demonstrating consistent operational outperformance relative to analyst expectations. Earnings | Earnings beat rate remains at 3 out of 4 quarters or better with average surprise above 30% over the next four reporting periods. | →Stable |
| CounterLarge average surprises of 65.4% often indicate analysts are undermodeling the business, and as estimates are reset higher the beat magnitude will compress, reducing the optical benefit. | ||
The stock's upside to its analyst target is essentially zero at 0.1% and the asymmetry ratio is negative at -1.83, meaning the potential loss of 4.3% significantly exceeds any price upside from current levels. Warnings | Either the stock price corrects to create at least 10% upside to target, or analyst targets are raised above the current price of $44.91 within 12 months. | →Stable |
| CounterStocks in strong momentum phases with above-200-day moving average positioning and golden cross setups can continue higher even when priced above near-term targets as institutional flows support the trend. | ||
The put/call ratio stands at 1.90 and implied volatility is 113%, indicating the options market is pricing in substantial uncertainty around the stock price direction over the near term. Key risks | Implied volatility falls below 70% and the put/call ratio declines below 1.2 over the next 12 months as the risk profile normalizes. | →Stable |
| CounterHigh implied volatility in a small-cap REIT can be driven by illiquidity in the options market rather than informed bearish positioning, making the signal noisy. | ||
National Storage Affiliates is ranked as the industry growth leader in its peer group with strong revenue and earnings growth components, and a Rule of 40 score of 50, reflecting a healthy balance of growth and profitability in the self-storage sector.
→StablePeer-rank breakdown
- Expectation
- Revenue and earnings growth rates remain above the industry median and the Rule of 40 score stays above 40 over the next 12 months.
CounterSelf-storage growth has been fueled by post-pandemic demand and may normalize; concentration in a single property type creates sensitivity to any sector-wide softening in rental rates.
National Storage Affiliates has beaten earnings estimates in 3 of the last 4 quarters with an average surprise of 65.4%, demonstrating consistent operational outperformance relative to analyst expectations.
→StableEarnings
- Expectation
- Earnings beat rate remains at 3 out of 4 quarters or better with average surprise above 30% over the next four reporting periods.
CounterLarge average surprises of 65.4% often indicate analysts are undermodeling the business, and as estimates are reset higher the beat magnitude will compress, reducing the optical benefit.
The stock's upside to its analyst target is essentially zero at 0.1% and the asymmetry ratio is negative at -1.83, meaning the potential loss of 4.3% significantly exceeds any price upside from current levels.
→StableWarnings
- Expectation
- Either the stock price corrects to create at least 10% upside to target, or analyst targets are raised above the current price of $44.91 within 12 months.
CounterStocks in strong momentum phases with above-200-day moving average positioning and golden cross setups can continue higher even when priced above near-term targets as institutional flows support the trend.
The put/call ratio stands at 1.90 and implied volatility is 113%, indicating the options market is pricing in substantial uncertainty around the stock price direction over the near term.
→StableKey risks
- Expectation
- Implied volatility falls below 70% and the put/call ratio declines below 1.2 over the next 12 months as the risk profile normalizes.
CounterHigh implied volatility in a small-cap REIT can be driven by illiquidity in the options market rather than informed bearish positioning, making the signal noisy.
TrendMatrix Research · core thesis
Engine thesis — one sentence
National Storage Affiliates is the industry growth leader in self-storage with a Rule of 40 score of 50, excellent cash conversion, and 3 consecutive earnings beats, but the stock has priced in the good news with a negative asymmetry ratio and virtually no upside remaining to the analyst target.
Falsifiable statement — pillar-level invalidators below. Engine-derived; not personalized advice.
Per-dimension breakdown
Quality
6.3/10data confidence 100%| Component | Sub-score |
|---|---|
| ROE | 2.6 |
| ROA | 2.2 |
| Gross margin | 10.0 |
| Op margin | 10.0 |
| Net margin | 5.2 |
| Current ratio | 0.5 |
| FCF quality | 10.0 |
| Moat | 6.4 |
| Rule of 40 | 8.3 |
| Piotroski F | 7.8 |
- ▸Excellent cash conversion: 308% FCF/NI
- ▸Rule of 40: 50 (pass)
- ▸Strong Piotroski F-Score: 7/9
Growth
8.5/10data confidence 67%| Component | Sub-score |
|---|---|
| Rev growth | 7.0 |
| EPS growth | 10.0 |
Momentum
6.6/10data confidence 100%| Component | Sub-score |
|---|---|
| RSI | 5.5 |
| MACD | 3.9 |
| OBV | 10.0 |
| MA position | 9.0 |
| Volume | 4.5 |
- ▸Volume accumulation (rising OBV)
- ▸Above 200-day MA
Sentiment
5.6/10data confidence 100%| Component | Sub-score |
|---|---|
| LLM sentiment | 7.5 |
| Analyst rating | 5.0 |
| Price target | 4.3 |
- ▸LLM news sentiment: +0.50 (n=1)
Insider
5.1/10data confidence 50%| Component | Sub-score |
|---|---|
| materiality | 5.0 |
| holder change | 5.2 |
- ▸No net insider activity — $0 (0.000% of mkt cap)
Peer rank
5.3/10data confidence 80%| Component | Sub-score |
|---|---|
| value rank | 2.6 |
| quality rank | 4.4 |
| growth rank | 9.4 |
- ▸Industry growth leader
Technical
4.9/10data confidence 100%| Component | Sub-score |
|---|---|
| bollinger | 3.0 |
| support resistance | 2.2 |
| 52w position | 9.6 |
Risk (lower is worse)
7.2/10data confidence 100%| Component | Sub-score |
|---|---|
| short interest | 10.0 |
| days to cover | 10.0 |
| volatility | 6.8 |
| put call | 10.0 |
| implied vol | 2.2 |
| beta | 6.8 |
| debt equity | 4.5 |
- ▸High IV: 67%
- ▸Concentration risks: 1 HIGH (10-K Item 1A — sized via position_sizing, validated via buy_confidence)
Catalyst
6.1/10data confidence 100%| Component | Sub-score |
|---|---|
| erm | 6.5 |
| earnings history | 6.7 |
| earnings timing | 5.0 |
| surprise avg | 10.0 |
| dividend safety | 3.5 |
| news activity | 5.0 |
- ▸Strong earnings: 3B/1M
- ▸Yield trap warning: high yield but unsafe
How the verdict was assembled
Engine trigger
Downgraded from BUY WAIT — price $45.32 has reached target $45.28. No upside to wait for.
Engine technical detail
verdict_path:
L4:PATH_F_HOLD_DEFAULT|L3:NEWS_MOD=+2|SANITY:WAIT+price>=TPPassed (7)
- MOMENTUM:6.6>=5.5
- INSIDER:OK
- 8K:CLEAN
- NEWS_BOOST:ANALYST:0.50
- EARNINGS_PROXIMITY:28d clear
- SEMI_CYCLE_PEAK:CLEAR
- MATERIALS_CYCLE_PEAK:CLEAR
Failed (1)
- ASYMMETRY:-2.5=NEGATIVE
Warning (0)
none
Reward-to-Risk
-2.49
Upside
-17.3%
Downside
7.0%
Sizing output
AVOID
Setup— — No clear chart pattern; technical signals are mixed
EdgeCatalyst-Driven — Earnings in 28d with 3/4 beat streak
SuitabilityModerate — Balanced profile
Investment implication
The default F-path HOLD fired without any positive-conviction gate triggering — no momentum acceleration, no quality+value crossover, no setup recognition. Highest-clear gate: MOMENTUM:6.6>=5.5. Top dim: Growth at 8.5; weakest: Value at 3.6. The engine's read is one of pattern absence — no directional conviction in either direction at current asymmetry.
The strongest dimensions are Growth at 8.5, Risk (lower is worse) at 7.2, and Momentum at 6.6; the weakest are Value at 3.6, Technical at 4.9, and Insider at 5.1. The V9 engine flagged 1 failed gate, producing an asymmetric reward-to-risk of -2.49 and an engine sizing output of AVOID.
What would invalidate the thesis
Falsifying conditions — when triggered, the corresponding pillar's thesis is invalidated.
- P1Industry Growth Leadership Self Storage
Trip ifRevenue growth falls below 5% year-over-year or the Rule of 40 score drops below 35 for 2 consecutive quarters.
- P2Strong Earnings Beat Streak
Trip ifEPS surprise falls below 0% in at least 2 of the next 4 quarters.
- P3Price At Target Negative Asymmetry
Trip ifStock price rises above $47 without analyst targets being raised above $47.
- P4Elevated Options Implied Volatility
Trip ifImplied volatility rises above 150% or put/call ratio exceeds 3.0.