What does operating margin mean?

Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.

National Storage Affiliates NSA Operating margin

Discontinued — last reported Q4 '18

Operating margin at other companies

Extra Space StorageEXR

40.8%-1.2pp

Americold Realty TrustCOLD

2.9%+2.0pp

NNN REITNNN

63.3%-2.6pp

Equity ResidentialEQR

40.4%+4.3pp

PrologisPLD

47.5%-1.0pp

U-Haul HoldingUHAL

8.5%-4.9pp

Other financials

Income statement

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Revenue$185.4M-1.6%

Gross profit$133.4M+0.1%

Net income$17.8M+36.8%

EPS (diluted)$0.16+60.0%

Balance sheet

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Cash & equivalents$28.4M+40.6%

Total debt$3.7B-4.4%

Total equity$912.8M-11.7%

Total assets$5.0B-4.2%

Cash flow

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Operating cash flow$87.4M+2.1%

CapEx$10.5M+83.2%

Free cash flow$76.9M-3.7%

Valuation

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Market cap$3.43B-3.3%

Enterprise value$7.06B-4.1%

P/E43.7×-10.5×

P/S4.6×-0.1×

Profitability

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Gross margin71.4%-0.8pp

Net margin10.5%+1.9pp

FCF margin39.6%-4.4pp

Returns & leverage

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Return on equity8.1%+2.4pp

Debt / equity4×+0.3×

Where this comes from

Calculated from National Storage Affiliates’s reported figures.

operating income/total revenue=30.7%

Based on trailing twelve months.

The official record: National Storage Affiliates’s 10-Q, filed November 6, 2020, on SEC EDGAR. View the filing →

Questions, answered.

What does operating margin mean?: Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.