NNN Stock Analysis: NNN REIT | NYSE
REIT - Retail | NYSE, USA | Market Cap: 8.848m USD | 12M Return: 14.1% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 88.6M
EPS Trend: -72.9%
Qual. Beats: -1
Rev. Trend: 99.6%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 10.5 years of data
Average return per month, with how dependable it is below — did the month move the same way every year (high) or randomly (low). Above 60 is a pattern worth trusting; under 40 is noise.
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: 387.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.07 > 0.02 and ΔFCF/TA -0.28 > 1.0 |
| NWC/Revenue: -8.54% < 20% (prev -15.64%; Δ 7.10% < -1%) |
| CFO/TA 0.07 > 3% & CFO 650.9m > Net Income 387.3m |
| Net Debt (4.85b) to EBITDA (870.1m): 5.57 < 3 |
| Current Ratio: 0.48 > 1.5 & < 3 |
| Outstanding Shares: last quarter (189.5m) vs 12m ago 1.27% < -2% |
| Gross Margin: 81.38% > 18% (prev 96.10%; Δ -14.72% > 0.5%) |
| Asset Turnover: 10.15% > 50% (prev 9.81%; Δ 0.34% > 0%) |
| Interest Coverage Ratio: 2.86 > 6 (EBIT TTM 595.4m / Interest Expense TTM 208.2m) |
| A: -0.01 (Total Current Assets 72.4m - Total Current Liabilities 152.3m) / Total Assets 9.42b |
| B: -0.10 (Retained Earnings -902.3m / Total Assets 9.42b) |
| C: 0.06 (EBIT TTM 595.4m / Avg Total Assets 9.22b) |
| D: 0.87 (Book Value of Equity 4.40b / Total Liabilities 5.03b) |
| Altman-Z'' = 0.98 = BB |
| DSRI: 1.00 (Receivables 39.8m/37.8m, Revenue 935.8m/884.7m) |
| GMI: 1.18 (GM 96.10% / 81.38%) |
| AQI: 1.49 (AQ_t 0.01 / AQ_t-1 0.01) |
| SGI: 1.06 (Revenue 935.8m / 884.7m) |
| TATA: -0.03 (NI 387.3m - CFO 650.9m) / TA 9.42b) |
| Beneish M = -2.54 (Cap -4..+1) = A |
As of July 01, 2026, the stock is trading at USD 46.53 with a total of 1,232,518 shares traded. Over the past week, the price has changed by +1.11%, over one month by +7.66%, over three months by +12.25% and over the past year by +14.13%.
Current recommended Stop Loss: 44.80 (which is 3.7% or 2.1 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 | 46.2 | -0.6% |
P/E Trailing = 22.6878
P/E Forward = 21.5983
P/S = 9.4557
P/B = 2.0132
P/EG = 4.7946
Revenue TTM = 935.8m USD
EBIT TTM = 595.4m USD
EBITDA TTM = 870.1m USD
Long Term Debt = 4.77b USD (from longTermDebt, last quarter)
Short Term Debt = 80.0m USD (from shortTermDebt, last quarter)
Debt = 4.85b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 4.85b USD (calculated: Debt 4.85b - CCE 4.57m)
Enterprise Value = 13.7b USD (8.85b + Debt 4.85b - CCE 4.57m)
Interest Coverage Ratio = 2.86 (Ebit TTM 595.4m / Interest Expense TTM 208.2m)
EV/FCF = 21.05x (Enterprise Value 13.7b / FCF TTM 650.9m)
FCF Yield = 4.75% (FCF TTM 650.9m / Enterprise Value 13.7b)
FCF Margin = 69.55% (FCF TTM 650.9m / Revenue TTM 935.8m)
Net Margin = 41.38% (Net Income TTM 387.3m / Revenue TTM 935.8m)
Gross Margin = 81.38% ((Revenue TTM 935.8m - Cost of Revenue TTM 174.2m) / Revenue TTM)
Gross Margin QoQ = none% (prev 38.56%)
Tobins Q-Ratio = 1.45 (Enterprise Value 13.7b / Total Assets 9.42b)
Interest Expense / Debt = 4.29% (Interest Expense 208.2m / Debt 4.85b)
Taxrate = 21.0% (US federal default 21%)
NOPAT = 470.4m (EBIT 595.4m * (1 - 21.00%))
Current Ratio = 0.48 (Total Current Assets 72.4m / Total Current Liabilities 152.3m)
Debt / Equity = 1.10 (Debt 4.85b / totalStockholderEquity, last quarter 4.40b)
Debt / EBITDA = 5.57 (Net Debt 4.85b / EBITDA 870.1m)
Debt / FCF = 7.45 (Net Debt 4.85b / FCF TTM 650.9m)
Total Stockholder Equity = 4.40b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.20% (Net Income 387.3m / Total Assets 9.42b)
RoE = 8.81% (Net Income TTM 387.3m / Total Stockholder Equity 4.40b)
RoCE = 6.49% (EBIT 595.4m / Capital Employed (Equity 4.40b + L.T.Debt 4.77b))
RoIC = 5.03% (NOPAT 470.4m / Invested Capital 9.35b)
WACC = 4.61% (E(8.85b)/V(13.7b) * Re(5.28%) + D(4.85b)/V(13.7b) * Rd(4.29%) * (1-Tc(0.21)))
Discount Rate = 5.28% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 95.56 | Cagr: 1.82%
[DCF] Terminal Value 75.50% ; FCFF base≈649.8m ; Y1≈654.8m ; Y5≈698.6m
[DCF] Fair Price = 31.58 (EV 10.9b - Net Debt 4.85b = Equity 6.01b / Shares 190.2m; r=8.35% [WACC [floored]]; 5y FCF grow 0.43% → 2.50% )
EPS Correlation: -72.91 | EPS CAGR: -2.15% | SUE: -1.20 | # QB: -1
Revenue Correlation: 99.64 | Revenue CAGR: 5.76% | SUE: 0.66 | # QB: 0
EPS next Quarter (2026-09-30): EPS=0.51 | Chg30d=-0.66% | Revisions=-33% | Analysts=3
EPS current Year (2026-12-31): EPS=2.03 | Chg30d=-0.25% | Revisions=-20% | GrowthEPS=+2.2% | GrowthRev=+5.0%
EPS next Year (2027-12-31): EPS=2.10 | Chg30d=-0.16% | Revisions=-33% | GrowthEPS=+3.1% | GrowthRev=+5.3%
[Analyst] Revisions Ratio: -33%