National Storage REIT

NSR.AX

REIT - Industrial · Real Estate

Price

A$2.79

+0.00 (+0.00%)

Market Cap

A$4.26B

Exchange

Australian Securities Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Strong

Stability

Good

Valuation

Mixed

Dividends

Strong

Track this stock — start free trial

Share count rising — dilution

+34.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.03B (2021) → 1.38B (2025)

Winston Score History

The full picture

National Storage REIT owns and operates self-storage facilities across Australia and New Zealand. Customers rent storage units to keep belongings they don't have room for at home or at work — things like furniture, business inventory, or seasonal items. It is one of the largest self-storage operators in the region, with a portfolio of over 200 locations.

The company makes money by charging customers weekly or monthly rental fees for storage space. It operates entirely in Australia and New Zealand, giving it a focused regional footprint rather than a global one. Its large network of locations and recognizable brand give it some advantage over smaller local operators, though the self-storage market is fragmented and competitive. The main risk is that rental demand can soften during economic downturns when households and businesses cut costs, which could pressure occupancy rates and the revenue the company collects per unit.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-6.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+0.0% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

A$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

10.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

A$286M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

National Storage REIT's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

95.4%

Premium pricing power — 95.4% gross margin

Profit after running costs

Operating Margin

45.4%

Excellent — 45.4% operating margin

Return on the money invested

ROCE

2.3%

Weak — 2.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

+1.3%

Nearly flat sales (+1.3% YoY)

Profit growth

EPS YoY

+39.5%

Earnings growing fast (+39.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

65%

Modest — 65% of profit becomes cash

Spare cash per sale

FCF Margin

30.6%

Converts sales into free cash efficiently (30.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

0.64

Moderate — manageable debt (0.64)

Covers its interest

Interest Cover

2.07x

Tight — interest eats into profit (2.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

17.2x

Fair value — P/E 17.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

-4.3

SLOWING

Earnings expected to fall — forward P/E higher than today

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend

Dividend Yield

4.16%

Healthy income — 4.16% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

+3.2%

Dividend growing modestly (3.2% YoY)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial