Saturday 17 October 2026
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NNN REIT, Inc.
NNN REIT, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $926.2 million, up 6.55% from fiscal 2024. In the quarter to June 2026, revenue grew 7.70%, EPS fell 3.70%, free cash flow fell 108.7% and total debt rose 7.68%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years, revenue growth for five, operating cash flow growth for five.
41.54
0.39
+0.95%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
6 | 4 | 6 | 5 | 4 | 6 | 6 | 5 | 6 | 4 |
P/E ratio |
31.70 | 29.60 | 29.05 | 34.37 | 33.54 | 31.83 | 24.35 | 20.16 | 19.00 | 19.05 |
P/S ratio |
11.99 | 10.94 | 12.13 | 13.17 | 10.66 | 11.56 | 10.50 | 9.53 | 8.63 | 8.03 |
P/FCF ratio |
0.00 | 0.00 | 0.00 | 0.00 | 22.90 | 60.79 | 0.00 | 0.00 | 35.32 | 0.00 |
P/Operating CF |
63.27 | 70.06 | 71.01 | 85.99 | 69.48 | 72.86 | 71.79 | 64.88 | 63.76 | 58.93 |
P/B ratio |
2.14 | 1.99 | 2.15 | 2.22 | 1.77 | 2.15 | 1.97 | 1.90 | 1.72 | 1.69 |
Price to Tangible BV |
2.14 | 1.99 | 2.15 | 2.22 | 1.77 | 2.15 | 1.97 | 1.90 | 1.72 | 1.69 |
EV/Sales |
15.77 | 15.35 | 16.53 | 17.63 | 15.13 | 16.48 | 15.56 | 14.79 | 13.65 | 13.23 |
EV/EBITDA |
17.09 | 16.18 | 16.86 | 19.31 | 17.19 | 18.02 | 16.82 | 15.25 | 14.15 | 14.09 |
EV/Operating CF |
20.26 | 21.30 | 21.81 | 23.55 | 22.20 | 21.06 | 20.80 | 19.99 | 18.68 | 18.36 |
EV/FCF |
(22.96) | (44.21) | (75.35) | (48.08) | 32.51 | 86.67 | (60.88) | (182.63) | 55.86 | (155.48) |
Quick Ratio |
16.43 | 1.56 | 7.35 | 1.80 | 16.78 | 8.63 | 1.60 | 1.26 | 1.55 | 1.09 |
Current Ratio |
16.43 | 1.56 | 7.35 | 1.80 | 16.78 | 8.63 | 1.60 | 1.26 | 1.55 | 1.09 |
Net Debt/EBITDA |
4.10 | 4.65 | 4.48 | 4.88 | 5.08 | 5.38 | 5.47 | 5.42 | 5.20 | 5.54 |
Debt/Assets |
36.50% | 39.33% | 40.14% | 40.19% | 42.17% | 48.33% | 48.07% | 50.34% | 49.29% | 51.39% |
Debt/Equity |
0.59 | 0.67 | 0.69 | 0.69 | 0.75 | 0.96 | 0.95 | 1.05 | 1.00 | 1.09 |
Asset Turnover |
0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.10 | 0.10 | 0.10 | 0.10 |
Operating CF/Net income |
2.07 | 1.94 | 1.83 | 1.94 | 2.14 | 2.15 | 1.73 | 1.56 | 1.60 | 1.71 |
Capex/Depreciation |
(5.00) | (3.45) | (3.27) | (3.82) | (0.69) | (2.00) | (3.34) | (2.74) | (1.62) | (2.67) |
Interest Coverage |
3.49 | 3.43 | 3.67 | 3.47 | 2.89 | 3.26 | 3.26 | 3.39 | 3.14 | 2.89 |
| 6.97% | 7.00% | 7.67% | 6.88% | 5.30% | 6.71% | 8.34% | 9.48% | 9.32% | 8.89% | |
| 3.41% | 3.37% | 3.78% | 3.55% | 2.80% | 3.43% | 4.21% | 4.67% | 4.53% | 4.27% | |
ROIC |
3.54% | 3.64% | 3.85% | 3.56% | 3.22% | 3.75% | 3.75% | 4.08% | 4.14% | 3.99% |
Return on Tangible Assets |
3.25% | 3.39% | 3.70% | 3.54% | 2.81% | 3.47% | 4.17% | 4.60% | 4.53% | 4.23% |
Average Days of Receivables |
19.51 | 18.87 | 17.11 | 17.30 | 32.21 | 17.63 | 14.83 | 16.86 | 15.53 | 15.13 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
6.84% | 5.78% | 5.50% | 5.62% | 5.78% | 6.15% | 5.39% | 5.28% | 5.09% | 5.07% |
Intangible Assets out of Total Assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Share Based Compensation of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Graham Net Nets |
(0.33) | (0.42) | (0.37) | (0.35) | (0.42) | (0.43) | (0.49) | (0.57) | (0.59) | (0.66) |
Graham Number |
25.59 | 26.50 | 29.15 | 29.15 | 25.18 | 27.55 | 31.53 | 33.39 | 33.89 | 33.16 |
Earnings Yield |
3.15% | 3.38% | 3.44% | 2.91% | 2.98% | 3.14% | 4.11% | 4.96% | 5.26% | 5.25% |
Free Cash Flow Yield |
(5.73%) | (3.17%) | (1.81%) | (2.78%) | 4.37% | 1.65% | (2.43%) | (0.85%) | 2.83% | (1.06%) |
Revenue per Share |
3.70 | 3.92 | 4.00 | 4.07 | 3.84 | 4.16 | 4.38 | 4.57 | 4.73 | 4.94 |
Operating CF per Share |
2.88 | 2.83 | 3.03 | 3.05 | 2.62 | 3.25 | 3.28 | 3.38 | 3.46 | 3.56 |
Capex per Share |
(5.42) | (4.19) | (3.91) | (4.54) | (0.83) | (2.46) | (4.40) | (3.75) | (2.30) | (3.98) |
Free Cash Flow per Share |
(2.54) | (1.36) | (0.88) | (1.49) | 1.79 | 0.79 | (1.12) | (0.37) | 1.16 | (0.42) |
Cash per Share |
2.04 | 0.01 | 0.73 | 0.01 | 1.55 | 0.98 | 0.04 | 0.03 | 0.05 | 0.03 |
Shareholders Equity per Share |
27.17 | 25.76 | 26.68 | 26.30 | 25.10 | 22.33 | 23.38 | 22.94 | 23.75 | 23.50 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
27.17 | 25.76 | 26.68 | 26.30 | 25.10 | 22.33 | 23.38 | 22.94 | 23.75 | 23.50 |
Free Cash Flow |
(366.51) | (203.09) | (136.59) | (245.79) | 307.50 | 138.16 | (197.55) | (67.05) | 212.46 | (78.78) |
Working Capital |
303.39 | 11.29 | 123.93 | 14.63 | 306.13 | 182.50 | 14.36 | 9.04 | 16.34 | 3.65 |
Capital Expenditures |
(781.85) | (624.65) | (608.49) | (747.52) | (142.69) | (430.27) | (775.91) | (679.46) | (423.04) | (745.91) |
Net Current Asset Value |
(2,094.16) | (2,688.03) | (2,805.38) | (3,070.30) | (2,993.01) | (3,642.97) | (3,984.36) | (4,461.10) | (4,464.41) | (4,926.85) |
EV/EBIT |
25.03 | 24.00 | 24.23 | 28.37 | 26.69 | 26.66 | 24.93 | 22.06 | 20.54 | 20.78 |
Capex to Sales |
1.47 | 1.07 | 0.98 | 1.11 | 0.22 | 0.59 | 1.00 | 0.82 | 0.49 | 0.81 |
Price to Operating Income |
19.03 | 17.10 | 17.79 | 21.20 | 18.81 | 18.70 | 16.82 | 14.21 | 12.99 | 12.61 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 |
Cash ROIC |
(5.62%) | (3.16%) | (1.92%) | (3.36%) | 3.94% | 1.77% | (2.46%) | (0.79%) | 2.43% | (0.85%) |
Accounts Receivable Turnover |
18.60 | 19.91 | 20.96 | 22.00 | 14.67 | 15.56 | 23.25 | 23.77 | 23.11 | 24.58 |
Accounts Payable Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Receivables |
28.70 | 29.38 | 29.71 | 30.48 | 45.03 | 46.70 | 33.25 | 34.83 | 37.62 | 37.68 |
Average Assets |
5,897.10 | 6,447.34 | 6,831.99 | 7,269.15 | 7,536.36 | 7,694.45 | 7,948.55 | 8,404.01 | 8,767.35 | 9,126.04 |
Average Common Equity |
2,882.16 | 3,102.67 | 3,365.26 | 3,754.39 | 3,980.49 | 3,937.98 | 4,012.58 | 4,140.48 | 4,259.87 | 4,385.29 |
Columns are period end dates