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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

NNN REIT, Inc. (NNN) valuation and DCF model

What the price implies · reverse DCF

At $41.35 the price implies FFO a share growing −1.4% a year for ten years.

FFO a share grew 4.6% a year over the last ten years, 6.4% over the last five. The price asks for 6.0 points a year less than its ten-year rate. The industry’s median company is priced for 1.5%.

In December 2017 the price assumed 4.3% a year; NNN REIT, Inc. went on to grow FFO a share 4.4% a year to FY2025.

FFO a share is worked out from NNN REIT, Inc.’s 10-Ks and 10-Qs: net income, plus the depreciation of its property and impairments, less gains on property sales. It reported AFFO of $0.91 a share for Q3 2026.

Price implies
−1.4%
Last 5 years, reported
6.4%
Last 10 years, reported
4.6%
Industry median implies
1.5%

The headline discounts the last twelve months’ FFO a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
−1.4% a year for ten years
$41.35
today’s price
Its base case
4.6% a year for five years, then 2.8%
$61.16
47.9% above today’s price

Both are growth in FFO a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record NNN REIT, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · FFO a share
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in FFO a share. It usually slows as the company matures.

Today’s price implies FFO a share growing −1.4% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against NNN REIT, Inc.’s own cost of capital: risk-free 4.3% + beta 0.75 × equity premium 4.5% = 7.7% cost of equity; weighted, 7.7%.

Use 7.7%
Base case value per share $61.16 ten years discounted, and what follows
Current price $41.35 market price per share
Above today’s price 47.9% upside at the base case’s assumptions

How we got there$27.58 10 years of FFO+$33.59 terminal value=$61.16 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Reit Retail).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 19.63× 20.44× 26.06× 25% below 24.06× 18% below
P/FCF 312.35× 107.84× 107.84× 190% above 17.80× 1654% above
P/B 1.77× 1.81× 1.93× 8% below 1.77× 0% above
EV/EBITDA 14.59× 14.98× 16.24× 10% below 15.96× 9% below
EV/Sales 13.24× 14.09× 15.16× 13% below 10.99× 20% above
P/FFO 11.77× 12.75× 15.51× 24% below — —
P/E P/FCF P/B EV/EBITDA EV/Sales P/FFO
32.12×116.65×201.18×285.70×10Y avg 107.84×2020202120242026

NNN trades at 312.35× P/FCF, against a 10-year average of 107.84× (range 22.90×–312.35×). That is dearer than 100% of the last 3 year-end readings; re-rating to the average implies $14.27 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.