A Business at a Glance
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NNN REIT, INC.
NNN
$9.3B
Mkt Cap
$49.38
+1.52%
NNN REIT, INC. (NNN) has a current P/E ratio of 23.9, compared to its historical median P/E of 20.1. The stock is currently considered Expensive 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 $9.3B. It is classified as a mid-cap stock.
Yes, NNN REIT, INC. (NNN) pays a dividend with a trailing twelve-month yield of 4.77%.
Based on historical P/E analysis, NNN REIT, INC. (NNN) appears expensive. The current P/E of 23.9 is 18% above its historical median of 20.1. The estimated fair value CAGR (P/E method) is 7.6%.
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 is a fully integrated real estate investment trust that acquires, owns, and develops high-quality single-tenant, freestanding properties leased primarily under long-term, triple-net leases with minimal ongoing capital expenditures. As of December 31, 2025, NNN owned 3,692 properties across all 50 states, the District of Columbia, and Puerto Rico, comprising approximately 39.6 million square feet with a weighted average remaining lease term of 10.2 years and 98.3% occupancy. Under triple-net lease structures, tenants bear responsibility for operating expenses including utilities, real estate taxes, insurance, maintenance, and capital expenditures, providing NNN with stable, predictable cash flows. NNN sources acquisitions primarily through longstanding relationships with smaller, high-visibility, high-traffic properties rather than investment-grade portfolios, and actively manages its portfolio through selective dispositions of non-performing assets while prioritizing releasing. The company's competitive advantages include its experience in accessing capital markets, ability to underwrite and source properties, and a self-funded business model that enables consistent growth across varying economic conditions. NNN has increased its annual dividend for 36 consecutive years, the third-longest record among publicly traded REITs.
【Disciplined growth with portfolio optimization】 Management expects occupancy to continue trending upward in the near term as the company works through remaining problem assets, with only 53 assets requiring active solutions as of early 2026. The company anticipates relative stability in cap rates going forward after modest compression early in the second quarter, though slight compression is expected later in the year as peers compete for deal flow. NNN plans to take a more proactive approach to asset sales in 2026 to optimize portfolio quality, recognizing that tenant credit evolves and market conditions shift, making active portfolio management essential for maintaining durable cash flows. The company remains committed to its self-funded model and disciplined capital allocation, targeting mid-single-digit earnings growth plus dividends, with expected free cash flow of approximately $212 million and planned dispositions of roughly $130 million to fund acquisition activity while maintaining leverage neutrality.
| Metric | Target | Period |
|---|---|---|
| AFFO per share | $3.53–$3.59 | FY2026 |
| Core FFO per share | $3.48–$3.54 | FY2026 |
| Acquisitions | $550 million–$650 million | FY2026 |
| Dispositions | ~$130 million | FY2026 |
| Free cash flow | ~$212 million | FY2026 |
| Bad debt assumption | 60 basis points | FY2026 |
AFFO per share (FY2026): “we are raising our 2026 AFFO per share guidance to a range of $3.53-$3.59”
Core FFO per share (FY2026): “raising the midpoint of both our AFFO and core FFO per share guidance by $0.01 to new ranges of $3.53-$3.59 and $3.48-$3.54, respectively”
Acquisitions (FY2026): “towards the high end of our $550 million-$650 million acquisition guidance based on our near-term pipeline visibility”
Dispositions (FY2026): “With expected free cash flow of about $212 million, $130 million of expected dispositions”
Free cash flow (FY2026): “With expected free cash flow of about $212 million”
Bad debt assumption (FY2026): “From a credit loss perspective, we are lowering our bad debt assumption for the full year from 75 basis points to 60 basis points”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| 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 |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 435M | 483M | 534M | 585M | 623M | 670M | 661M | 726M | 773M | 828M | 869M | 926M | 926M |
| Gross Margin | 68.9% | 68.0% | 68.2% | 66.4% | 68.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 33M | 35M | 37M | 34M | 34M | 38M | 38M | 45M | 42M | 44M | 44M | 47M | 47M |
| EBIT | 266M | 289M | 336M | 374M | 425M | 417M | 374M | 449M | 483M | 555M | 578M | 589M | 589M |
| Op. Margin | 61.2% | 59.8% | 63.0% | 64.0% | 68.2% | 62.1% | 56.7% | 61.8% | 62.4% | 67.0% | 66.5% | 63.6% | 63.6% |
| Net Income | 155M | 162M | 201M | 217M | 258M | 258M | 211M | 264M | 335M | 392M | 397M | 390M | 390M |
| Net Margin | 35.7% | 33.6% | 37.6% | 37.1% | 41.5% | 38.5% | 31.9% | 36.4% | 43.3% | 47.4% | 45.7% | 42.1% | 42.1% |
| Non-Recurring | 823K | 4.0M | 8.0M | 13M | 29M | 32M | 39M | 22M | 8.3M | 6.0M | 6.6M | 29M | 29M |
| Returns on Capital | |||||||||||||
| ROIC | 5.8% | 5.5% | 6.0% | 6.1% | 6.4% | 5.9% | 5.1% | 6.1% | 6.3% | 6.8% | 6.7% | 1.0% | 0.5% |
| ROE | 5.3% | 5.1% | 5.5% | 5.6% | 6.5% | 6.1% | 4.9% | 6.4% | 8.3% | 9.5% | 9.3% | 8.9% | 8.8% |
| ROA | 3.3% | 3.1% | 3.4% | 3.4% | 3.8% | 3.6% | 2.8% | 3.4% | 4.2% | 4.7% | 4.5% | 4.3% | 4.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 297M | 341M | 415M | 422M | 472M | 502M | 450M | 568M | 578M | 612M | 636M | 667M | 667M |
| Free Cash Flow | 297M | 341M | 415M | 422M | 472M | 502M | 450M | 568M | 578M | 612M | 636M | 667M | 667M |
| Owner Earnings | 171M | 197M | 255M | 235M | 288M | -10.4B | -14.0B | 349M | 339M | 362M | 374M | 384M | 384M |
| CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 116M | 135M | 149M | 174M | 174M | 189M | 197M | 205M | 224M | 239M | 250M | 268M | 268M |
| Growth CapEx | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 116M | 135M | 149M | 174M | 174M | 189M | 197M | 205M | 224M | 239M | 250M | 268M | 268M |
| CapEx/OCF | 203.1% | 200.3% | 213.3% | 171.2% | 160.4% | 149.0% | 43.5% | 97.3% | 145.7% | 129.9% | 90.1% | 140.5% | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 204M | 229M | 257M | 277M | 303M | 334M | 356M | 367M | 381M | 404M | 420M | 443M | 443M |
| Dividend Yield | 7.9% | 7.3% | 6.1% | 6.7% | 6.5% | 5.2% | 7.0% | 5.9% | 5.9% | 6.1% | 5.7% | 5.8% | 4.8% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 9.2M | 9.7M | 11M | 13M | 9.3M | 10.7B | 14.2B | 14M | 15M | 12M | 12M | 14M | 14M |
| Debt Repayment | 6.3M | 3.7M | 1.3B | 1.4B | 1.7B | 696M | 445M | 21M | 522M | 907M | 678M | 745M | 745M |
| Balance Sheet | |||||||||||||
| Net Debt | 1.7B | 1.9B | 2.0B | 2.6B | 2.7B | 3.0B | 2.9B | 3.6B | 3.8B | 4.3B | 4.4B | 110.6B | 110.6B |
| Cash & Equiv. | 11M | 14M | 295M | 1.4M | 114M | 1.1M | 267M | 171M | 2.5M | 1.2M | 8.7M | 5.0M | 5.0M |
| Long-Term Debt | 1.7B | 2.0B | 2.3B | 2.4B | 2.8B | 2.8B | 3.2B | 3.7B | 3.7B | 4.2B | 4.4B | 4.5B | 4.5B |
| Debt/Equity | 0.55 | 0.58 | 0.59 | 0.67 | 0.68 | 0.69 | 0.74 | 0.96 | 0.91 | 1.02 | 1.01 | 25.10 | 25.10 |
| Interest Coverage | 3.1 | 3.2 | 3.5 | 3.4 | 3.7 | 3.5 | 2.9 | 3.3 | 3.3 | 3.4 | 3.1 | 2.9 | 2.9 |
| Equity | 3.1B | 3.3B | 3.9B | 3.8B | 4.2B | 4.3B | 4.3B | 3.9B | 4.1B | 4.2B | 4.4B | 4.4B | 4.4B |
| Total Assets | 4.9B | 5.5B | 6.3B | 6.6B | 7.1B | 7.4B | 7.6B | 7.8B | 8.1B | 8.7B | 8.9B | 9.4B | 9.4B |
| Total Liabilities | 1.8B | 2.1B | 2.4B | 2.7B | 2.9B | 3.1B | 3.3B | 3.8B | 4.0B | 4.5B | 4.5B | 5.0B | 5.0B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -197M | -263M | -319M | -379M | -424M | -499M | -645M | -748M | -794M | -806M | -829M | -883M | -883M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 1.24 | 1.20 | 1.38 | 1.45 | 1.65 | 1.56 | 1.22 | 1.51 | 1.89 | 2.16 | 2.15 | 2.07 | 2.07 |
| Owner EPS | 1.37 | 1.45 | 1.76 | 1.57 | 1.84 | -62.99 | -80.77 | 1.99 | 1.92 | 1.99 | 2.03 | 2.04 | 2.04 |
| Book Value | 24.63 | 24.70 | 26.91 | 25.64 | 26.56 | 26.17 | 24.99 | 22.30 | 23.29 | 22.89 | 23.63 | 23.41 | 23.41 |
| Cash Flow/Share | 2.37 | 2.52 | 2.85 | 2.81 | 3.02 | 3.03 | 2.60 | 3.25 | 3.27 | 3.37 | 3.44 | 3.54 | 3.50 |
| Dividends/Share | 1.65 | 1.71 | 1.78 | 1.86 | 1.95 | 2.03 | 2.07 | 2.10 | 2.16 | 2.23 | 2.29 | 2.36 | 2.35 |
| Shares Out. | 125.1M | 135.3M | 145.6M | 149.8M | 156.4M | 165.5M | 172.8M | 175.0M | 177.1M | 181.6M | 184.6M | 188.3M | 188.3M |
| Valuation | |||||||||||||
| P/E Ratio | 19.0 | 20.5 | 19.8 | 19.9 | 20.6 | 24.7 | 26.4 | 25.3 | 20.4 | 18.0 | 17.8 | 19.1 | 23.9 |
| P/FCF | 10.0 | 9.8 | 9.6 | 10.3 | 11.3 | 12.7 | 12.4 | 11.8 | 11.8 | 11.5 | 11.1 | 11.2 | 13.9 |
| EV/EBIT | 17.4 | 18.2 | 18.4 | 18.4 | 18.7 | 22.5 | 22.0 | 22.4 | 22.2 | 20.6 | 19.7 | 20.8 | 203.5 |
| Price/Book | 1.0 | 1.0 | 1.0 | 1.1 | 1.3 | 1.5 | 1.3 | 1.7 | 1.7 | 1.7 | 1.6 | 1.7 | 2.1 |
| Price/Sales | 5.9 | 6.5 | 7.9 | 7.0 | 7.4 | 9.5 | 7.7 | 8.6 | 8.4 | 8.0 | 8.5 | 8.2 | 10.0 |
| FCF Yield | 10.0% | 10.2% | 10.4% | 9.7% | 8.9% | 7.9% | 8.1% | 8.5% | 8.5% | 8.7% | 9.0% | 9.0% | 7.2% |
| Market Cap | 3.0B | 3.3B | 4.0B | 4.3B | 5.3B | 6.4B | 5.6B | 6.7B | 6.8B | 7.1B | 7.1B | 7.4B | 9.3B |
| Avg. Price | 20.64 | 23.23 | 29.13 | 27.47 | 29.59 | 38.54 | 29.26 | 35.88 | 36.64 | 36.46 | 40.10 | 40.39 | 49.38 |
| Year-End Price | 23.60 | 24.60 | 27.38 | 28.89 | 33.97 | 38.59 | 32.25 | 38.21 | 38.47 | 38.85 | 38.23 | 39.51 | 49.38 |
NNN REIT, INC. passes 2 of 9 quality checks, indicating weak fundamentals.
NNN REIT, INC. trades at 23.9x trailing earnings, compared to its 15-year median P/E of 20.1x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average ROIC is 5.4%. Total shareholder yield (dividends) is 4.8%. At current prices, the estimated annualized return to fair value is -47.2%.
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.
Based on recent SEC filings and earnings disclosures, Management expects occupancy to continue trending upward in the near term as the company works through remaining problem assets, with only 53 assets requiring active solutions as of early 2026. The company anticipates relative stability in cap rates going forward after modest compression early in the second quarter, though slight compression is expected later in the year as peers compete for deal flow. NNN plans to take a more proactive approach to asset sales in 2026 to optimize portfolio quality, recognizing that tenant credit evolves and market conditions shift, making active portfolio management essential for maintaining durable cash flows. The company remains committed to its self-funded model and disciplined capital allocation, targeting mid-single-digit earnings growth plus dividends, with expected free cash flow of approximately $212 million and planned dispositions of roughly $130 million to fund acquisition activity while maintaining leverage neutrality.
Based on recent SEC filings and earnings calls, NNN REIT, INC. (NNN) has provided the following forward guidance: AFFO per share: $3.53–$3.59 (FY2026); Core FFO per share: $3.48–$3.54 (FY2026); Acquisitions: $550 million–$650 million (FY2026); Dispositions: ~$130 million (FY2026); Free cash flow: ~$212 million (FY2026), plus 1 additional metric.