A Business at a Glance
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Business Overview We are an internally managed real estate company that acquires, owns, and manages a diversified portfolio of single-tenant commercial retail properties, subject to long-term net leases with high-credit-quality tenants across the United States. We also invest in property developments and mortgage loans secured by real estate. As of December 31, 2025, we owned or had investments in 761 properties diversified by tenant, industry, and geography, comprising 129 different tenants across 28 retail sectors in 45 states. This includes three property developments where rent has not yet commenced. We focus on tenants in industries where we believe a physical location is critical to the generation of sales and profits, with a focus on necessity goods and essential services in the retail sector, including grocers, convenience stores, discount stores, home improvement, quick-service restaurants, general retail, and auto parts, all of which we refer to as defensive retail industries.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 195M | 195M | 163M | 132M | 96M | 59M |
| Net Income | 6.9M | 6.9M | -12M | 6.8M | 8.1M | 3.0M |
| EPS | $0.08 | $0.08 | $-0.16 | $0.11 | $0.16 | $0.08 |
| Free Cash Flow | 109M | 109M | 90M | 80M | 49M | 31M |
| ROIC | 0.0% | - | - | - | - | - |
| Gross Margin | 11.4% | 11.4% | 5.6% | 3.5% | 48.0% | 47.9% |
| Debt/Equity | 0.76 | 0.76 | 0.65 | 0.48 | 0.46 | 0.31 |
| Dividends/Share | $0.81 | $0.85 | $0.83 | $0.81 | $0.80 | $0.80 |
| Operating Income | 0 | - | - | - | - | - |
| Operating Margin | 0.0% | - | - | - | - | - |
| ROE | 0.5% | 0.5% | -0.9% | 0.5% | 0.8% | 0.4% |
| Shares Outstanding | 86M | 86M | 75M | 62M | 51M | 38M |
| Metric | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 34M | 59M | 96M | 132M | 163M | 195M | 195M |
| Gross Margin | 8.3% | 47.9% | 48.0% | 3.5% | 5.6% | 11.4% | 11.4% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 11M | 15M | 19M | 20M | 20M | 22M | 22M |
| EBIT | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| Op. Margin | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Net Income | 688K | 3.0M | 8.1M | 6.8M | -12M | 6.9M | 6.9M |
| Net Margin | 2.0% | 5.2% | 8.4% | 5.2% | -7.3% | 3.5% | 3.5% |
| Non-Recurring | 2.7M | 3.5M | 1.1M | 7.1M | 30M | 17M | 17M |
| Returns on Capital | |||||||
| ROIC | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| ROE | 0.1% | 0.4% | 0.8% | 0.5% | -0.9% | 0.5% | 0.5% |
| ROA | 0.1% | 0.3% | 0.5% | 0.4% | -0.5% | 0.3% | 0.3% |
| Cash Flow | |||||||
| Op. Cash Flow | 13M | 31M | 51M | 80M | 90M | 110M | 110M |
| Free Cash Flow | 13M | 31M | 49M | 80M | 90M | 109M | 109M |
| Owner Earnings | -5.2M | -3.0M | -4.2M | 12M | 7.6M | 17M | 17M |
| CapEx | 51K | 732K | 1.2M | 35K | 8K | 52K | 52K |
| Maint. CapEx | 15M | 31M | 50M | 64M | 77M | 86M | 86M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 15M | 31M | 50M | 64M | 77M | 86M | 86M |
| CapEx/OCF | N/A | 2.3% | 2.4% | 0.0% | 0.0% | 0.0% | 0.0% |
| Capital Allocation | |||||||
| Dividends Paid | 8.1M | 30M | 40M | 52M | 63M | 70M | 70M |
| Dividend Yield | N/A | 4.4% | 4.5% | 5.4% | 5.5% | 5.0% | 4.1% |
| Share Buybacks | 137K | 504K | 1.5M | 688K | 1.5M | 753K | 753K |
| Buyback Yield | 0.0% | 0.1% | 0.2% | 0.1% | 0.2% | 0.0% | 0.0% |
| Stock-Based Comp | 2.5M | 3.7M | 4.8M | 4.8M | 5.7M | 5.9M | 5.9M |
| Debt Repayment | 129K | 0 | 3.8M | 3.3M | 0 | 12M | 12M |
| Balance Sheet | |||||||
| Net Debt | 81M | 231M | 416M | 572M | 847M | 1.1B | 1.1B |
| Cash & Equiv. | 93M | 7.6M | 71M | 30M | 14M | 14M | 14M |
| Long-Term Debt | 174M | 174M | 373M | 522M | 623M | 1.1B | 1.1B |
| Debt/Equity | 0.35 | 0.31 | 0.46 | 0.48 | 0.65 | 0.76 | 0.76 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 494M | 779M | 1.0B | 1.3B | 1.3B | 1.4B | 1.4B |
| Total Assets | 726M | 1.1B | 1.6B | 1.9B | 2.3B | 2.6B | 2.6B |
| Total Liabilities | 198M | 279M | 547M | 673M | 921M | 1.2B | 1.2B |
| Intangibles | 75M | 125M | 151M | 161M | 164M | 173M | 173M |
| Retained Earnings | -7.5M | -35M | -67M | -112M | -188M | -252M | -252M |
| Working Capital | 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 |
| Current Liabilities | N/A | 17M | N/A | 36M | N/A | N/A | N/A |
| Per Share Data | |||||||
| EPS | 0.01 | 0.08 | 0.16 | 0.11 | -0.16 | 0.08 | 0.08 |
| Owner EPS | -0.08 | -0.08 | -0.08 | 0.19 | 0.10 | 0.20 | 0.20 |
| Book Value | 7.18 | 20.46 | 20.67 | 20.35 | 17.84 | 16.76 | 16.76 |
| Cash Flow/Share | 0.19 | 0.83 | 1.00 | 1.29 | 1.21 | 1.27 | 1.08 |
| Dividends/Share | 0.30 | 0.80 | 0.80 | 0.81 | 0.83 | 0.85 | 0.81 |
| Shares Out. | 68.8M | 38.1M | 50.7M | 62.2M | 74.6M | 86.3M | 86.3M |
| Valuation | |||||||
| P/E Ratio | N/A | 231.3 | 99.1 | 148.2 | N/A | 220.3 | 250.0 |
| P/FCF | N/A | 22.9 | 16.3 | 12.6 | 11.0 | 13.9 | 15.8 |
| EV/EBIT | N/A | N/A | 62.6 | N/A | N/A | N/A | N/A |
| Price/Book | N/A | 0.9 | 0.8 | 0.8 | 0.7 | 1.1 | 1.2 |
| Price/Sales | N/A | 11.5 | 9.1 | 7.3 | 7.1 | 7.2 | 8.8 |
| FCF Yield | N/A | 4.4% | 6.1% | 7.9% | 9.1% | 7.2% | 6.3% |
| Market Cap | 0 | 705M | 805M | 1.0B | 989M | 1.5B | 1.7B |
| Avg. Price | 0.00 | 17.93 | 17.29 | 15.43 | 15.47 | 16.31 | 20.00 |
| Year-End Price | 0.00 | 18.50 | 15.86 | 16.30 | 13.26 | 17.62 | 20.00 |
NETSTREIT Corp. passes 3 of 9 quality checks, indicating weak fundamentals.
NETSTREIT Corp. trades at 250.0x trailing earnings, compared to its 15-year median P/E of 99.1x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 17.7x vs a median of 13.9x. The company's 5-year average gross margin is 23.3%. Total shareholder yield (dividends) is 4.1%. At current prices, the estimated annualized return to fair value is +10.7%.
NETSTREIT Corp. (NTST) has a current P/E ratio of 250.0, compared to its historical median P/E of 99.1. The stock is currently considered Expensive based on its historical valuation range.
NETSTREIT Corp. (NTST) has a market capitalization of $1.7B. It is classified as a small-cap stock.
Yes, NETSTREIT Corp. (NTST) pays a dividend with a trailing twelve-month yield of 4.07%. The company also returns capital through share buybacks, with a buyback yield of 0.04%.
Based on historical P/E analysis, NETSTREIT Corp. (NTST) appears expensive. The current P/E of 250.0 is 152% above its historical median of 99.1. The estimated fair value CAGR (P/E method) is 1.1%.
NETSTREIT Corp. (NTST) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
NETSTREIT Corp. (NTST) reported annual revenue of $195 million in its most recent fiscal year, based on SEC EDGAR filings.
NETSTREIT Corp. (NTST) has a net profit margin of 3.5%. This is a modest margin.
NETSTREIT Corp. (NTST) generated $109 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
NETSTREIT Corp. (NTST) has a debt-to-equity ratio of 0.76. This indicates moderate leverage.
NETSTREIT Corp. (NTST) reported earnings per share (EPS) of $0.08 in its most recent fiscal year.
NETSTREIT Corp. (NTST) has a return on equity (ROE) of 0.5%. This indicates moderate shareholder returns.
NETSTREIT Corp. (NTST) has a 5-year average gross margin of 23.3%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 6 years of financial data for NETSTREIT Corp. (NTST), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
NETSTREIT Corp. (NTST) has a book value per share of $16.76, based on its most recent annual SEC filing.