NNN Stock Analysis: NNN REIT | NYSE
REIT - Retail | NYSE, USA | Market Cap: 8.942m USD | 12M Return: 15.4% | US6374171063 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 67.1M
EPS Trend: 12.6%
Qual. Beats: 1
Rev. Trend: 99.7%
Qual. Beats: 1
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
NNN REIT, Inc. is a U.S. real estate investment trust that invests in high-quality properties subject to long-term, net leases with minimal ongoing capital expenditures. As of December 31, 2025, the company owned 3,692 properties spanning all 50 states, the District of Columbia, and Puerto Rico, totaling approximately 39.6 million square feet of gross leasable area and a weighted average remaining lease term of 10.2 years.
The company operates within the net lease REIT model, in which tenants are generally responsible for property taxes, insurance, and routine maintenance in addition to rent. This structure shifts most operating costs to tenants and produces highly predictable, long-duration rental cash flow for the landlord, which is a defining characteristic of the net lease sub-sector of retail REITs.
NNN is one of only three publicly traded REITs to have increased annual dividends for 36 or more consecutive years, reflecting the stability of its net lease cash flows. The company was incorporated in August 1984 in Maryland and is headquartered in Orlando, Florida, and trades on the NYSE under the ticker NNN.
- Interest rate path shapes cost of capital and cap rate spreads
- Acquisition pipeline expansion drives net lease portfolio and AFFO growth
- 36 consecutive years of dividend increases attract yield-seeking investors
| Net Income: 384.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.04 > 0.02 and ΔFCF/TA -3.49 > 1.0 |
| NWC/Revenue: -40.03% < 20% (prev -26.67%; Δ -13.35% < -1%) |
| CFO/TA 0.04 > 3% & CFO 344.4m > Net Income 384.7m |
| Net Debt (4.82b) to EBITDA (874.3m): 5.51 < 3 |
| Current Ratio: 0.02 > 1.5 & < 3 |
| Outstanding Shares: last quarter (189.6m) vs 12m ago 1.37% < -2% |
| Gross Margin: 81.78% > 18% (prev 95.91%; Δ -14.13% > 0.5%) |
| Asset Turnover: 10.17% > 50% (prev 9.78%; Δ 0.39% > 0%) |
| Interest Coverage Ratio: 2.81 > 6 (EBIT TTM 597.0m / Interest Expense TTM 212.4m) |
| A: -0.04 (Total Current Assets 7.10m - Total Current Liabilities 388.7m) / Total Assets 9.61b |
| B: -0.10 (Retained Earnings -918.0m / Total Assets 9.61b) |
| C: 0.06 (EBIT TTM 597.0m / Avg Total Assets 9.38b) |
| D: 0.87 (Book Value of Equity 4.46b / Total Liabilities 5.15b) |
| Altman-Z'' = 0.77 = B |
| DSRI: 0.10 (Receivables 2.87m/36.1m, Revenue 953.2m/894.7m) |
| GMI: 1.17 (GM 95.91% / 81.78%) |
| AQI: -3.78 (AQ_t 0.04 / AQ_t-1 -0.01) |
| SGI: 1.07 (Revenue 953.2m / 894.7m) |
| TATA: 0.00 (NI 384.7m - CFO 344.4m) / TA 9.61b) |
| Beneish M = -6.40 (Cap -4..+1) = AAA |
As of August 12, 2026, the stock is trading at USD 45.37 with a total of 1,174,946 shares traded. Over the past week, the price has changed by -3.82%, over one month by -2.95%, over three months by +3.75% and over the past year by +15.44%.
Current recommended Stop Loss: 44.10 (which is 2.8% or 1.4 ATR below the current price).
NNN REIT has received a consensus analysts rating of 3.17. Therefore, it is recommended to hold NNN.
- StrongBuy: 1
- Buy: 3
- Hold: 12
- Sell: 2
- StrongSell: 0
| Analysts Target Price | 46.6 | 2.8% |
P/E Trailing = 23.2673
P/E Forward = 21.5983
P/S = 9.4632
P/B = 2.0569
P/EG = 4.7946
Revenue TTM = 953.2m USD
EBIT TTM = 597.0m USD
EBITDA TTM = 874.3m USD
Long Term Debt = 4.47b USD (from longTermDebt, last fiscal year)
Short Term Debt = 348.1m USD (from shortTermDebt, last fiscal year)
Debt = 4.82b USD (from shortLongTermDebtTotal, last fiscal year)
Net Debt = 4.82b USD (calculated: Debt 4.82b - CCE 4.22m)
Enterprise Value = 13.8b USD (8.94b + Debt 4.82b - CCE 4.22m)
Interest Coverage Ratio = 2.81 (Ebit TTM 597.0m / Interest Expense TTM 212.4m)
EV/FCF = 39.94x (Enterprise Value 13.8b / FCF TTM 344.4m)
FCF Yield = 2.50% (FCF TTM 344.4m / Enterprise Value 13.8b)
FCF Margin = 36.13% (FCF TTM 344.4m / Revenue TTM 953.2m)
Net Margin = 40.35% (Net Income TTM 384.7m / Revenue TTM 953.2m)
Gross Margin = 81.78% ((Revenue TTM 953.2m - Cost of Revenue TTM 173.7m) / Revenue TTM)
Gross Margin QoQ = none% (prev none%)
Tobins Q-Ratio = 1.43 (Enterprise Value 13.8b / Total Assets 9.61b)
Interest Expense / Debt = 4.41% (Interest Expense 212.4m / Debt 4.82b)
Taxrate = 21.0% (US federal default 21%)
NOPAT = 471.6m (EBIT 597.0m * (1 - 21.00%))
Current Ratio = 0.02 (Total Current Assets 7.10m / Total Current Liabilities 388.7m)
Debt / Equity = 1.08 (Debt 4.82b / totalStockholderEquity, last quarter 4.46b)
Debt / EBITDA = 5.51 (Net Debt 4.82b / EBITDA 874.3m)
Debt / FCF = 13.98 (Net Debt 4.82b / FCF TTM 344.4m)
Total Stockholder Equity = 4.42b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.10% (Net Income 384.7m / Total Assets 9.61b)
RoE = 8.70% (Net Income TTM 384.7m / Total Stockholder Equity 4.42b)
RoCE = 6.71% (EBIT 597.0m / Capital Employed (Equity 4.42b + L.T.Debt 4.47b))
RoIC = 4.93% (NOPAT 471.6m / Invested Capital 9.56b)
WACC = 4.73% (E(8.94b)/V(13.8b) * Re(5.40%) + D(4.82b)/V(13.8b) * Rd(4.41%) * (1-Tc(0.21)))
Discount Rate = 5.40% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 96.07 | Cagr: 1.79%
[DCF] Terminal Value 73.10% ; FCFF base≈465.5m ; Y1≈408.2m ; Y5≈329.8m
[DCF] Fair Price = 2.51 (EV 5.29b - Net Debt 4.82b = Equity 477.4m / Shares 190.2m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: 12.64 | EPS CAGR: 0.79% | SUE: 1.64 | # QB: 1
Revenue Correlation: 99.66 | Revenue CAGR: 5.73% | SUE: 0.90 | # QB: 1
EPS current Quarter (2026-09-30): EPS=0.51 | Chg30d=-0.18% | Revisions=-25% | Analysts=4
EPS current Year (2026-12-31): EPS=2.04 | Chg30d=+0.05% | Revisions=-25% | GrowthEPS=+2.5% | GrowthRev=+5.2%
EPS next Year (2027-12-31): EPS=2.10 | Chg30d=+0.01% | Revisions=-25% | GrowthEPS=+3.0% | GrowthRev=+5.1%
[Analyst] Revisions Ratio: -50% (up=0, down=3)