In this paper, we present a new approach for the analysis of iterative node-based verification-based (NB-VB) recovery algorithms in the context of compressive sensing. These algorithms are particularly interesting due to their low complexity (linear in the signal dimension $n$). The asymptotic analysis predicts the fraction of unverified signal elements at each iteration $\ell$ in the asymptotic regime where $n \rightarrow \infty$. The analysis is similar in nature to the well-known density evolution technique commonly used to analyze iterative decoding algorithms. To perform the analysis, a message-passing interpretation of NB-VB algorithms is provided. This interpretation lacks the extrinsic nature of standard message-passing algorithms to which density evolution is usually applied. This requires a number of non-trivial modifications in the analysis. The analysis tracks the average performance of the recovery algorithms over the ensembles of input signals and sensing matrices as a function of $\ell$. Concentration results are devised to demonstrate that the performance of the recovery algorithms applied to any choice of the input signal over any realization of the sensing matrix follows the deterministic results of the analysis closely. Simulation results are also provided which demonstrate that the proposed asymptotic analysis matches the performance of recovery algorithms for large but finite values of $n$. Compared to the existing technique for the analysis of NB-VB algorithms, which is based on numerically solving a large system of coupled differential equations, the proposed method is much simpler and more accurate.