A Business at a Glance
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The Company NNN, a Maryland corporation, is a fully integrated real estate investment trust ("REIT") formed in 1984. The common shares of NNN REIT, Inc. are traded on the New York Stock Exchange (the "NYSE") under the ticker symbol "NNN." NNN acquires, owns, invests in and develops high-quality properties that are leased primarily to tenants under long-term, net leases, with minimal ongoing capital expenditures and are primarily held for investment ("Properties" or "Property Portfolio," or individually a "Property"). NNN owned 3,692 Properties in all 50 states, the District of Columbia and Puerto Rico, with an aggregate gross leasable area of approximately 39,578,000 square feet and a weighted average remaining lease term of 10.2 years as of December 31, 2025. As of December 31, 2025, 98.3 percent of the Properties were leased. NNN faces active competition from many sources, both domestically and internationally, for net-lease investment opportunities in commercial real estate.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 926M | 926M | 869M | 828M | 773M | 726M |
| Net Income | 390M | 390M | 397M | 392M | 335M | 264M |
| EPS | $2.07 | $2.07 | $2.15 | $2.16 | $1.89 | $1.51 |
| Free Cash Flow | 667M | 667M | 636M | 612M | 578M | 568M |
| ROIC | 0.5% | 1.0% | 6.7% | 6.8% | 6.3% | 6.1% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 25.10 | 25.10 | 1.01 | 1.02 | 0.91 | 0.96 |
| Dividends/Share | $2.35 | $2.36 | $2.29 | $2.23 | $2.16 | $2.10 |
| Operating Income | 589M | 589M | 578M | 555M | 483M | 449M |
| Operating Margin | 63.6% | 63.6% | 66.5% | 67.0% | 62.4% | 61.8% |
| ROE | 8.8% | 8.9% | 9.3% | 9.5% | 8.3% | 6.4% |
| Shares Outstanding | 188M | 188M | 185M | 182M | 177M | 175M |
NNN REIT, INC. passes 2 of 9 quality checks, indicating weak fundamentals.
NNN REIT, INC. trades at 21.3x trailing earnings, compared to its 15-year median P/E of 20.1x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 5.4%. Total shareholder yield (dividends) is 5.3%. At current prices, the estimated annualized return to fair value is -47.2%.
NNN REIT, INC. (NNN) has a current P/E ratio of 21.3, compared to its historical median P/E of 20.1. The stock is currently considered Fair based on its historical valuation range.
NNN REIT, INC. (NNN) has a 5-year average return on invested capital (ROIC) of 5.4%. This is below average and may indicate limited pricing power.
NNN REIT, INC. (NNN) has a market capitalization of $8.3B. It is classified as a mid-cap stock.
Yes, NNN REIT, INC. (NNN) pays a dividend with a trailing twelve-month yield of 5.34%.
Based on historical P/E analysis, NNN REIT, INC. (NNN) appears fair. The current P/E of 21.3 is 6% above its historical median of 20.1. The estimated fair value CAGR (P/E method) is 7.4%.
NNN REIT, INC. (NNN) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
NNN REIT, INC. (NNN) reported annual revenue of $926 million in its most recent fiscal year, based on SEC EDGAR filings.
NNN REIT, INC. (NNN) has a net profit margin of 42.1%. This is a strong margin indicating high profitability.
NNN REIT, INC. (NNN) generated $667 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
NNN REIT, INC. (NNN) has a debt-to-equity ratio of 25.10. This indicates higher leverage, which may increase financial risk.
NNN REIT, INC. (NNN) reported earnings per share (EPS) of $2.07 in its most recent fiscal year.
NNN REIT, INC. (NNN) has a return on equity (ROE) of 8.9%. This indicates moderate shareholder returns.
The Ledger Terminal provides 16 years of financial data for NNN REIT, INC. (NNN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
NNN REIT, INC. (NNN) has a book value per share of $23.41, based on its most recent annual SEC filing.