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NNN REIT, Inc.

NNN Real Estate Reit Retail

NNN REIT, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $926.2 million, up 6.55% from fiscal 2024.

Revenue
+8.48%
EPS
+13.0%
Free cash flow
+232.6%
Total debt
+2.53%

Quarter to September 2026, against a year earlier

41.35 0.28 −0.67%
Market cap
$8.0B
P/E
19.6×
Fwd P/E
19.9×
Dividend yield
5.90%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

Insider Decisions last twelve months

Sold, $m 1.94
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 1 2 — — — — — — — —
Insider Ownership 0.27%

Capital & Financial Ratios $m

Size
Market Cap 7,960.00
Revenue ttm 972.77
Net income ttm 397.75
Free cash flow ttm 25.26
Net debt Q 4,991.18
Valuation
P/E 19.63
Forward P/E 19.90
Price / sales 8.11
Forward P/S Powerpack
Price / FCF 312.35
Price / book 1.77
Financial health
Current ratio Q 0.58
Debt / equity Q 1.10
Interest coverage Q 2.99
Growth
Revenue growth Q +8.48% (above 0%: growing)
Operating income growth Q +12.00% (above 0%: growing)
EPS, this year −0.57% (below 0%: weak)
EPS, next year A +1.90%
Revenue, next year A +5.76%
EPS, past 5 yrs +11.15%
EPS, next 5 yrs A +1.41%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 13.2×, against a ten-year median of 15.1×; over the ten years it ranged from 12.3× in 2020 to 19.2× in 2016.
P/E against its own 10 years 14.19%
10-year low 10-year high
P/S against its own 10 years 3.19%
10-year low 10-year high
P/B against its own 10 years 18.85%
10-year low 10-year high
EV/Sales against its own 10 years 5.24%
10-year low 10-year high
EV/FCF against its own 10 years 83.85%
10-year low 10-year high

Dividends raised every year since 2018

Yield
5.90%
Annual rate
2.44
Payout ratio
115.9%
Growth, 2018–26
+2.84%/yr
  1. 1.95 ’18
  2. 2.03 ’19 +4
  3. 2.07 ’20 +2
  4. 2.10 ’21 +1
  5. 2.16 ’22 +3
  6. 2.23 ’23 +3
  7. 2.29 ’24 +3
  8. 2.36 ’25 +3
  9. 2.44 ’26 +3
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 5 9 6 3
Receivables 38 37 38 40
Inventory — — — —
Other — — — —
43 46 44 43
2023 2024 2025 Q'26
Payables — — — —
ST’ Debt — — — —
Other — — — —
34 30 41 73

Compound Annual Growth %

10y 5y 3y
Sales 6.73% 6.99% 6.21%
Cash Flow 6.94% 8.18% 4.88%
Earnings 9.15% 13.07% 5.22%
Book Value 2.81% 0.41% 2.25%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.91 Actual 0.91

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.86 0.87 Beat by 0.01
Q1 FY26 0.87 0.87 Met by 0.00
Q2 FY26 0.89 0.90 Beat by 0.01
Q3 FY26 0.91 0.91 Met by 0.00
Q4 FY26 0.91 — Reports 10 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.50 0.52 0.57 — —
’25 0.51 0.54 0.51 0.51 2.07
’24 0.52 0.58 0.53 0.52 2.15
’23 0.50 0.54 0.59 0.53 2.16
’22 0.46 0.42 0.50 0.50 1.89
’21 0.30 0.39 0.45 0.37 1.51
’20 0.35 0.24 0.30 0.33 1.22
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 240 244 250 — —
’25 231 227 230 238 926
’24 215 217 219 218 869
’23 204 203 205 216 828
’22 190 191 193 199 773
’21 180 179 180 187 726
’20 175 164 159 163 661
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 187 142 — — —
’25 203 119 218 126 667
’24 191 120 207 118 636
’23 181 118 192 122 612
’22 164 111 190 113 578
’21 161 120 172 115 568
’20 128 60 161 101 450
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 81 (108) 38 — —
’25 (12) (52) (29) 14 (79)
’24 93 79 101 (61) 212
’23 39 (27) 44 (123) (67)
’22 (25) (28) (7) (138) (198)
’21 73 41 (44) 68 138
’20 97 49 154 7 308
Fiscal quarters ending in the months shown.

Valuation

The price implies FFO a share growing −1.4% a year for ten years. It grew 4.6% a year over the last ten.

Implied
−1.4%
10 years, reported
4.6%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 534 585 623 670 661 726 773 828 869 926 973 +6.3% 980 1,035 1,087 +5.5%
Gross margin, % 96.09 96.05 95.97 95.88 95.71 96.09 96.60 96.57 96.28 95.96 96.26 (0.1) pt
EBT 240 265 292 300 229 290 335 392 397 390 398 +5.6%
EBT margin, % 44.88 45.37 46.97 44.69 34.63 39.94 43.29 47.38 45.65 42.08 40.89 (2.8) pt
Net income 240 265 292 300 229 290 335 392 397 390 398 +5.6%
Per share, $
Per share, $ Revenue 3.70 3.92 4.00 4.07 3.84 4.16 4.38 4.57 4.73 4.94 5.10 +3.3%
Earnings 1.39 1.45 1.66 1.56 1.22 1.51 1.89 2.16 2.16 2.07 2.11 +4.5%
Cash flow 2.88 2.83 3.03 3.05 2.62 3.25 3.28 3.38 3.46 3.56 3.54 +2.4%
Capex (5.42) (4.19) (3.91) (4.54) (0.83) (2.46) (4.40) (3.75) (2.30) (3.98) (3.40) (3.4%)
Free cash flow (2.54) (1.36) (0.88) (1.49) 1.79 0.79 (1.12) (0.37) 1.16 (0.42) 0.13 (18.1%)
Book value 27.17 25.76 26.68 26.30 25.10 22.33 23.38 22.94 23.75 23.50 23.86 (1.6%)
Shares, m 144 149 156 165 172 175 176 181 184 188 189 +3.0%
Valuation, ×
Valuation, × P/E 31.70 29.60 29.05 34.37 33.54 31.83 24.35 20.16 19.00 19.05 19.63 27.3
P/S 11.99 10.94 12.13 13.17 10.66 11.56 10.50 9.53 8.63 8.03 8.11 10.7
P/B 2.14 1.99 2.15 2.22 1.77 2.15 1.97 1.90 1.72 1.69 1.77 2.0
EV/Sales 15.77 15.35 16.53 17.63 15.13 16.48 15.56 14.79 13.65 13.23 13.24 15.4
EV/FCF (22.96) (44.21) (75.35) (48.08) 32.51 86.67 (60.88) (182.63) 55.86 (155.48) 509.96 (41.5)
Cash, $m
Cash, $m Operating cash flow 415 422 472 502 450 568 578 612 636 667 675 +5.4%
Capex (782) (625) (608) (748) (143) (430) (776) (679) (423) (746) (650) (0.5%)
Free cash flow (367) (203) (137) (246) 308 138 (198) (67) 212 (79) 25 (15.7%)
Balance, $m
Balance, $m Working capital 303 11 124 15 306 182 14 9 16 4 (30) (38.8%)
Net debt 2,017 2,579 2,737 2,987 2,954 3,575 3,909 4,355 4,365 4,815 4,991 +10.1%
Shareholders’ equity 3,917 3,841 4,155 4,332 4,319 3,902 4,124 4,157 4,362 4,408 4,551 +1.3%
Returns, %
Returns, % ROA 3.41 3.37 3.78 3.55 2.80 3.43 4.21 4.67 4.53 4.27 4.14 +0.9 pt
ROIC 3.54 3.64 3.85 3.56 3.22 3.75 3.75 4.08 4.14 3.99 4.01 +0.4 pt
ROE 6.97 7.00 7.67 6.88 5.30 6.71 8.34 9.48 9.32 8.89 8.87 +1.9 pt
People
People Employees 65 66 68 70 69 72 77 82 83 85 — +3.0%
Revenue/emp, $m 8.21 8.86 9.16 9.58 9.58 10.09 10.04 10.10 10.47 10.90 — +3.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

NNN REIT is a real estate investment trust, or REIT, that acquires, owns, invests in and develops properties primarily for long-term rental to tenants. Its main focus is retail real estate, including freestanding properties occupied by a single tenant. NNN was founded in 1984, is headquartered in Orlando and is led by President and Chief Executive Officer Stephen A. Horn, Jr.

A typical property is leased to a business that operates from the site. Most leases use a triple-net structure: the tenant pays rent to NNN and is responsible for property operating expenses, including taxes, insurance, maintenance and repairs. NNN holds properties for investment and decides when a sale would better serve its investment objectives.

NNN REIT, Inc. vs peers in Reit Retail (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
REG Regency Centers Corporation $14.0B 25.8× 29.9× +8.58% (above 0%: growing) +8.93% (above 0%: growing) +15.87% (above 0%: growing) 70.75% 37.28% Compare
FRT Federal Realty Investment Trust $9.8B 22.3× 25.9× +5.20% (above 0%: growing) +15.51% (above 0%: growing) +14.04% (above 0%: growing) 67.81% 34.47% Compare
BRX Brixmor Property Group Inc. $9.2B 21.4× 25.2× +5.50% (above 0%: growing) −7.48% (below 0%: shrinking) +294.25% (above 0%: growing) 75.75% 38.37% Compare
ADC Agree Realty Corporation $9.2B 36.3× 34.2× +16.73% (above 0%: growing) +17.78% (above 0%: growing) +50.00% (above 0%: growing) 87.70% 51.23% Compare
NNN NNN REIT, Inc. $8.0B 19.6× 19.9× +8.48% (above 0%: growing) +12.98% (above 0%: growing) +232.63% (above 0%: growing) 96.70% 66.07%
MAC Macerich Company (The) $7.4B — (loss-making) — (loss-making) +2.69% (above 0%: growing) n/m −3.56% (below 0%: shrinking) 0.00% 0.00% Compare
EPRT Essential Properties Realty Trust, Inc. $6.3B 22.8× 21.0× +16.38% (above 0%: growing) −15.15% (below 0%: shrinking) +12.90% (above 0%: growing) 98.73% 56.03% Compare
PECO Phillips Edison & Company, Inc. $5.8B 27.5× 44.5× +5.70% (above 0%: growing) +166.50% (above 0%: growing) +95.58% (above 0%: growing) 71.76% 29.93% Compare
KRG Kite Realty Group Trust $5.1B 15.7× 25.3× −7.17% (below 0%: shrinking) n/m −65.52% (below 0%: shrinking) 73.03% 7.13% Compare
Median of peers $8.3B 22.8× 25.9× +5.60% +12.22% +14.96% 72.40% 35.88%

All 26 Reit Retail stocks →

From the latest earnings call

Updated

  • CEO Steve Horn said NNN raised its acquisition guidance midpoint after investing in new properties and seeing continued opportunities in its pipeline.
  • CFO Vin Chao said lower-than-expected bad debt helped quarterly results exceed NNN’s internal projections, while higher occupancy reduced net real estate expenses.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 99.06%
Held by the ten largest 56.58%
Holder Shares Stake Change
Vanguard 27.00m 14.07% +282.04k
BlackRock 26.71m 13.92% +780.01k
Fidelity (FMR) 11.44m 5.96% −7.80m
State Street 11.35m 5.91% +14.75k
AQR Capital Management 9.73m 5.07% +5.90m
Victory Capital 6.05m 3.15% −2.27m
COHEN & STEERS, INC. 4.98m 2.59% +4.73m
Geode Capital Management 4.40m 2.29% +53.85k
Morgan Stanley 3.81m 1.99% +885.62k
FEDERATED HERMES, INC. 3.13m 1.63% +96.12k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 23 March 2026

Ownership

Directors and executive officers, together 0.90%
The Vanguard Group, Inc. 13.80%
BlackRock, Inc. 11.20%
FMR LLC 10.10%
State Street Corporation 6.00%
Victory Capital Management Inc. 5.10%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

NNN REIT, Inc. (NNN) Latest News

4 Nov

Impact 3 · · GuruFocus.com
Impact 3 · · The Motley Fool transcript
Impact 3 · · PR Newswire

24 Oct

Impact 3 · · 24/7 Wall St.
Impact 3 · · 24/7 Wall St.

23 Oct

Impact 3 · · 24/7 Wall St.

22 Oct

Impact 3 · · 24/7 Wall St.

8 Oct

Impact 3 · · Simply Wall St.

5 Oct

Impact 3 · · Simply Wall St.

19 Sep

Impact 3 ·

11 Sep

Impact 3 ·

3 Sep

Impact 3 ·

2 Sep

Impact 3 · · 24/7 Wall St.

12 Aug

Impact 3 · · The Motley Fool transcript

8 Aug

Impact 3 · · MarketBeat

5 Aug

Impact 4 ·
Impact 3 · · Moby
Impact 3 ·

27 Jul

Impact 3 · · TheStreet

19 May

Impact 3 · · Barchart

2 May

Impact 4 · · Simply Wall St.
Impact 4 · · MarketBeat

30 Apr

Impact 4 · · Moby
Impact 4 · · The Motley Fool transcript
Impact 4 · · Zacks
Impact 4 · · PR Newswire

25 Apr

Impact 3 · · 24/7 Wall St.

23 Apr

Impact 4 · · Investor's Business Daily

21 Mar

Impact 4 · · 24/7 Wall St.

13 Mar

Impact 3 · · Simply Wall St.

NNN metrics, ten years each

stockrow.com/NNN · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com