Overview Dividends

(NNN) National Retail Properties - Ratings and Ratios

Exchange: NYSE • Country: United States • Currency: USD • Type: Common Stock • ISIN: US6374171063

Properties, Leases, Retail, Dividends, REIT

NNN EPS (Earnings per Share)

EPS Growth (3Y CAGR): 0.77%
EPS Trend (3Y Correlation): -3.4%

NNN Revenue

Revenue Growth (3Y CAGR): 5.95%
Revenue Trend (3Y Correlation): 96.3%

Description: NNN National Retail Properties November 04, 2025

National Retail Properties, Inc. (NYSE: NNN) is a retail-focused REIT that acquires and owns high-quality, single-tenant properties leased on long-term, net-lease agreements, which shift most operating costs to tenants and limit the need for ongoing capital expenditures.

As of June 30 2025 the portfolio comprised 3,663 properties across all 50 states, totaling roughly 38.3 million sq ft of gross leasable area with a weighted-average remaining lease term of 10 years. The REIT has a track record of dividend growth spanning 36 consecutive years, placing it among only three publicly traded REITs with such a streak.

Recent KPIs: occupancy remains above 96 % despite modest e-commerce pressure; adjusted funds from operations (AFFO) grew 5 % YoY to $1.02 per share, supporting a current dividend yield near 5.3 %; and the portfolio’s weighted-average lease maturity aligns with a 10-year horizon, cushioning interest-rate volatility. Key sector drivers include consumer spending trends, the health of the “necessities” retail segment, and the overall trajectory of U.S. interest rates, which affect both REIT financing costs and the relative attractiveness of dividend-yielding assets.

For a deeper quantitative dive, the ValueRay platform provides granular metrics on NNN’s lease structures and dividend sustainability, which can help assess the robustness of its long-term cash flow profile.

NNN Stock Overview

Market Cap in USD	7,638m
Sub-Industry	Retail REITs
IPO / Inception	1990-03-26

NNN Stock Ratings

Growth Rating	37.4%
Fundamental	70.6%
Dividend Rating	69.4%
Return 12m vs S&P 500	-8.90%
Analyst Rating	3.17 of 5

NNN Dividends

Dividend Yield 12m	5.80%
Yield on Cost 5y	7.96%
Annual Growth 5y	2.56%
Payout Consistency	99.0%
Payout Ratio	1.6%

NNN Growth Ratios

Growth Correlation 3m	-20.9%
Growth Correlation 12m	64.9%
Growth Correlation 5y	66.1%
CAGR 5y	2.34%
CAGR/Max DD 3y (Calmar Ratio)	0.09
CAGR/Mean DD 3y (Pain Ratio)	0.25
Sharpe Ratio 12m	-1.08
Alpha	-16.48
Beta	0.955
Volatility	17.80%
Current Volume	1294.3k
Average Volume 20d	1227.8k
Stop Loss	39.4 (-3.2%)
Signal	-1.06

Piotroski VR‑10 (Strict, 0-10) 4.5

Net Income (392.8m TTM) > 0 and > 6% of Revenue (6% = 53.7m TTM)

FCFTA 0.07 (>2.0%) and ΔFCFTA -0.08pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue -32.40% (prev 3.73%; Δ -36.13pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.07 (>3.0%) and CFO 647.0m > Net Income 392.8m (YES >=105%, WARN >=100%)

Net Debt (-5.97m) to EBITDA (842.7m) ratio: -0.01 <= 3.0 (WARN <= 3.5)

Current Ratio 0.03 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (187.1m) change vs 12m ago 2.33% (target <= -2.0% for YES)

Gross Margin 95.91% (prev 96.65%; Δ -0.74pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 10.01% (prev 9.78%; Δ 0.23pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 3.06 (EBITDA TTM 842.7m / Interest Expense TTM 190.4m) >= 6 (WARN >= 3)

Altman Z'' -0.26

(A) -0.03 = (Total Current Assets 8.47m - Total Current Liabilities 298.4m) / Total Assets 9.15b

(B) -0.09 = Retained Earnings (Balance) -849.2m / Total Assets 9.15b

(D) -0.18 = Book Value of Equity -854.8m / Total Liabilities 4.79b

Total Rating: -0.26 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 70.56

1. Piotroski 4.50pt = -0.50

2. FCF Yield 5.39% = 2.69

3. FCF Margin 72.32% = 7.50

4. Debt/Equity 1.00 = 2.02

5. Debt/Ebitda -0.01 = 2.50

6. ROIC - WACC (= -1.17)% = -1.46

7. RoE 9.00% = 0.75

8. Rev. Trend 96.32% = 7.22

9. EPS Trend -3.38% = -0.17

What is the price of NNN shares?

As of November 09, 2025, the stock is trading at USD 40.69 with a total of 1,294,300 shares traded.
Over the past week, the price has changed by +0.57%, over one month by -2.23%, over three months by -1.51% and over the past year by +3.88%.

Is National Retail Properties a good stock to buy?

Partly, yes. Based on ValueRay´s Fundamental Analyses, National Retail Properties (NYSE:NNN) is currently (November 2025) ok to buy, but has to be watched. It has a ValueRay Fundamental Rating of 70.56 and therefor a somewhat positive outlook according to the companies health.
Based on momentum, paid dividends and discounted-cash-flow analyses, the fair value of NNN is around 40.06 USD . This means that NNN is currently overvalued and has a potential downside of -1.55%.

Is NNN a buy, sell or hold?

National Retail Properties has received a consensus analysts rating of 3.17. Therefor, it is recommend to hold NNN.

Strong Buy: 1
Buy: 3
Hold: 12
Sell: 2
Strong Sell: 0

What are the forecasts/targets for the NNN price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	44.7	9.9%
Analysts Target Price	44.7	9.9%
ValueRay Target Price	43.8	7.7%

NNN Fundamental Data Overview November 03, 2025

Market Cap USD = 7.64b (7.64b USD * 1.0 USD.USD)
P/E Trailing = 19.2667
P/E Forward = 20.4082
P/S = 8.537
P/B = 1.8569
P/EG = 4.92
Beta = 0.955
Revenue TTM = 894.7m USD
EBIT TTM = 583.2m USD
EBITDA TTM = 842.7m USD
Long Term Debt = 4.64b USD (from longTermDebt, last quarter)
Short Term Debt = 267.7m USD (from shortLongTermDebt, last quarter)
Debt = 4.37b USD (from shortLongTermDebtTotal, last fiscal year)
Net Debt = -5.97m USD (from netDebt column, last quarter)
Enterprise Value = 12.01b USD (7.64b + Debt 4.37b - CCE 5.97m)
Interest Coverage Ratio = 3.06 (Ebit TTM 583.2m / Interest Expense TTM 190.4m)
FCF Yield = 5.39% (FCF TTM 647.0m / Enterprise Value 12.01b)
FCF Margin = 72.32% (FCF TTM 647.0m / Revenue TTM 894.7m)
Net Margin = 43.90% (Net Income TTM 392.8m / Revenue TTM 894.7m)
Gross Margin = 95.91% ((Revenue TTM 894.7m - Cost of Revenue TTM 36.6m) / Revenue TTM)
Gross Margin QoQ = 96.10% (prev 95.94%)
Tobins Q-Ratio = 1.31 (Enterprise Value 12.01b / Total Assets 9.15b)
Interest Expense / Debt = 1.13% (Interest Expense 49.3m / Debt 4.37b)
Taxrate = 21.0% (US default 21%)
NOPAT = 460.7m (EBIT 583.2m * (1 - 21.00%))
Current Ratio = 0.03 (Total Current Assets 8.47m / Total Current Liabilities 298.4m)
Debt / Equity = 1.00 (Debt 4.37b / totalStockholderEquity, last quarter 4.36b)
Debt / EBITDA = -0.01 (Net Debt -5.97m / EBITDA 842.7m)
Debt / FCF = -0.01 (Net Debt -5.97m / FCF TTM 647.0m)
Total Stockholder Equity = 4.36b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.29% (Net Income 392.8m / Total Assets 9.15b)
RoE = 9.00% (Net Income TTM 392.8m / Total Stockholder Equity 4.36b)
RoCE = 6.47% (EBIT 583.2m / Capital Employed (Equity 4.36b + L.T.Debt 4.64b))
RoIC = 5.22% (NOPAT 460.7m / Invested Capital 8.83b)
WACC = 6.38% (E(7.64b)/V(12.01b) * Re(9.53%) + D(4.37b)/V(12.01b) * Rd(1.13%) * (1-Tc(0.21)))
Discount Rate = 9.53% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 1.40%
[DCF Debug] Terminal Value 73.69% ; FCFE base≈637.9m ; Y1≈662.9m ; Y5≈759.5m
Fair Price DCF = 54.63 (DCF Value 10.31b / Shares Outstanding 188.8m; 5y FCF grow 4.10% → 3.0% )
EPS Correlation: -3.38 | EPS CAGR: 0.77% | SUE: -0.20 | # QB: 0
Revenue Correlation: 96.32 | Revenue CAGR: 5.95% | SUE: 0.51 | # QB: 0

Additional Sources for NNN Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
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Fund Manager Positions: Dataroma | Stockcircle