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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. 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%
Market cap
$7.9B
P/E
20.4×
Fwd P/E
21.9×
Dividend yield
5.83%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 1.94
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — 1 2 — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 7,900.00
Revenue 953.25
Net Income 384.67
Free Cash Flow (41.69)
Net Debt 4,997.05
Current Ratio 1.15
Debt/Equity 1.12
P/E ratio 20.36
Fwd P/E 21.90
P/S ratio 8.24
P/B ratio 1.76
Past 5Y EPS Growth 11.15%
This Y EPS Growth (0.91%) (below 0%: weak)
Next Y EPS Growth 2.11%
Next Y revenue growth 5.66%
Next 5Y EPS Growth 1.48%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 13.5×, 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 20.97%
10-year low 10-year high
P/S against its own 10 years 4.20%
10-year low 10-year high
P/B against its own 10 years 17.47%
10-year low 10-year high
EV/Sales against its own 10 years 8.04%
10-year low 10-year high

Dividends

Payout Ratio 1.19
Annual Dividend Rate 2.42
Annual Dividend Yield 5.83%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 2.44
0.60
0.60
0.62
2025 2.36
0.58
0.58
0.60
0.60
2024 2.29
0.57
0.57
0.58
0.58
2023 2.23
0.55
0.55
0.57
0.57
2022 2.16
0.53
0.53
0.55
0.55
2021 2.10
0.52
0.52
0.53
0.53
2020 2.07
0.52
0.52
0.52
0.52
2019 2.03
0.50
0.50
0.52
0.52
2018 1.95
0.48
0.48
0.50
0.50
2017 1.86
0.46
0.46
0.48
0.48
2016 1.78
0.44
0.44
0.46
0.46
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 5 9 6 4
Receivables 38 37 38 40
Inventory — — — —
Other — — — —
43 46 44 44
2023 2024 2025 Q'26
Payables — — — —
ST’ Debt — — — —
Other — — — —
34 30 41 38

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%

Revenue $m

Mar Jun Sep Dec Year
’26 240 244 — — —
’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) — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.50 0.52 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 38.29 36.45 36.25 46.99 24.04 38.25 38.05 34.38 38.88 35.80

Analyst estimates 2026–2028

Powerpack
High 53.60 46.34 51.48 59.26 58.87 50.33 48.90 48.21 49.57 44.23
People
People Employees 65 66 68 70 69 72 77 82 83 85
Revenue/emp, $m 8.21 8.86 9.16 9.58 9.58 10.09 10.04 10.10 10.47 10.90
Income, $m
Income, $m Revenue 534 585 623 670 661 726 773 828 869 926
Gross margin, % 96.09 96.05 95.97 95.88 95.71 96.09 96.60 96.57 96.28 95.96
EBT 240 265 292 300 229 290 335 392 397 390
EBT margin, % 44.88 45.37 46.97 44.69 34.63 39.94 43.29 47.38 45.65 42.08
Net income 240 265 292 300 229 290 335 392 397 390
Depreciation 156 181 186 196 207 216 233 248 261 280
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
Earnings 1.39 1.45 1.66 1.56 1.22 1.51 1.89 2.16 2.16 2.07
Cash flow 2.88 2.83 3.03 3.05 2.62 3.25 3.28 3.38 3.46 3.56
Capex (5.42) (4.19) (3.91) (4.54) (0.83) (2.46) (4.40) (3.75) (2.30) (3.98)
Free cash flow (2.54) (1.36) (0.88) (1.49) 1.79 0.79 (1.12) (0.37) 1.16 (0.42)
Book value 27.17 25.76 26.68 26.30 25.10 22.33 23.38 22.94 23.75 23.50
Shares, m 144 149 156 165 172 175 176 181 184 188
Valuation, ×
Valuation, × P/E 31.70 29.60 29.05 34.37 33.54 31.83 24.35 20.16 19.00 19.05
P/S 11.99 10.94 12.13 13.17 10.66 11.56 10.50 9.53 8.63 8.03
P/B 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/FCF (22.96) (44.21) (75.35) (48.08) 32.51 86.67 (60.88) (182.63) 55.86 (155.48)
Cash, $m
Cash, $m Operating cash flow 415 422 472 502 450 568 578 612 636 667
Capex (782) (625) (608) (748) (143) (430) (776) (679) (423) (746)
Free cash flow (367) (203) (137) (246) 308 138 (198) (67) 212 (79)
Balance, $m
Balance, $m Working capital 303 11 124 15 306 182 14 9 16 4
Total debt 2,312 2,580 2,851 2,988 3,221 3,746 3,916 4,361 4,374 4,820
Net debt 2,017 2,579 2,737 2,987 2,954 3,575 3,909 4,355 4,365 4,815
Shareholders’ equity 3,917 3,841 4,155 4,332 4,319 3,902 4,124 4,157 4,362 4,408
Returns, %
Returns, % ROA 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
ROE 6.97 7.00 7.67 6.88 5.30 6.71 8.34 9.48 9.32 8.89
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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 $13.4B 24.8× 31.7× +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 $9.2B 21.4× 31.8× +7.76% (above 0%: growing) −45.81% (below 0%: shrinking) −1.70% (below 0%: shrinking) 69.15% 41.30% Compare
BRX Brixmor Property Group Inc. $8.4B 19.5× 26.3× +4.33% (above 0%: growing) −14.29% (below 0%: shrinking) −41.05% (below 0%: shrinking) 75.01% 34.33% Compare
ADC Agree Realty Corporation $8.3B 36.0× 37.9× +16.85% (above 0%: growing) +2.33% (above 0%: growing) −56.33% (below 0%: shrinking) 87.63% 46.47% Compare
NNN NNN REIT, Inc. $7.9B 20.4× 21.9× +7.70% (above 0%: growing) −3.70% (below 0%: shrinking) −108.69% (below 0%: shrinking) 96.62% 61.97%
MAC Macerich Company (The) $6.8B — (loss-making) — (loss-making) −0.03% (below 0%: shrinking) n/m −57.87% (below 0%: shrinking) 53.67% 15.35% Compare
EPRT Essential Properties Realty Trust, Inc. $5.7B 20.2× 23.2× +18.11% (above 0%: growing) +6.25% (above 0%: growing) +28.34% (above 0%: growing) 99.33% 64.50% Compare
PECO Phillips Edison & Company, Inc. $5.4B 33.2× 51.7× +6.68% (above 0%: growing) +230.00% (above 0%: growing) +147.93% (above 0%: growing) 71.21% 28.80% Compare
KRG Kite Realty Group Trust $4.9B 15.1× 79.4× −8.03% (below 0%: shrinking) +60.00% (above 0%: growing) −21.08% (below 0%: shrinking) 73.01% 23.52% Compare
Median of peers $7.5B 21.4× 31.8× +7.22% +6.25% −11.39% 72.11% 35.81%

All 26 Reit Retail stocks →

NNN REIT, Inc. (NNN) key facts

  • Strength: NNN REIT, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $926.2 million, up 6.55% from fiscal 2024.
  • NNN REIT, Inc. (NNN) is a Reit Retail company in the Real Estate sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, NNN traded at $41.54, a market capitalization of $7.9 billion.
  • NNN REIT, Inc. pays an annual dividend of $2.42 per share, a yield of 5.83%, with a payout ratio of 118.6%.
  • Return on equity was 8.89% and debt-to-equity 1.12.
  • Its Piotroski F-score is 4 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

NNN REIT, Inc. (NNN) Latest News

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stockrow.com/NNN · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com