(NNN) National Retail Properties - Ratings and Ratios

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

Net Leased Retail, Commercial Real Estate

Retail REITs
Market Cap in USD: 7,690m

IPO / Inception: 1990-03-26
12m vs SPY: -5.34%

EPS (Earnings per Share)

EPS CAGR: 6.28%
EPS Trend: 46.6%

Last SUE: 0.45
Qual. Beats: 0

Revenue

Rev. CAGR: 5.65%
Rev. Trend: 98.2%

Last SUE: 0.28
Qual. Beats: 0

Dividends

Dividend Yield	5.81%
Yield on Cost 5y	7.80%
Yield CAGR 5y	2.96%
Payout Consistency	99.1%
Payout Ratio	120.4%

Risk via 5d forecast
Volatility	18.1%
Value at Risk 5%th	29.1%
Relative Tail Risk	-2.19%

Reward TTM
Sharpe Ratio	0.58
Alpha	7.49
CAGR/Max DD	0.06

Character TTM
Hurst Exponent	0.301
Beta	0.266
Beta Downside	0.176

Drawdowns 3y
Max DD	25.22%
Mean DD	9.82%
Median DD	9.73%

Description: NNN National Retail Properties January 07, 2026

National Retail Properties (NYSE: NNN) is a retail-focused REIT that acquires high-quality, single-tenant properties typically leased on long-term, triple-net (NNN) contracts, which shift most operating expenses to tenants and limit the need for ongoing capital outlays.

As of September 30 2025, the company owned 3,697 properties across all 50 states, encompassing roughly 39.2 million square feet of gross leasable area, with a weighted-average remaining lease term of 10.1 years. NNN is distinguished by a 36-year streak of annual dividend increases, placing it among only three publicly traded REITs with such a record.

Recent performance highlights include a 2024 Funds-From-Operations (FFO) growth of 7.2% year-over-year, an occupancy rate that consistently exceeds 96%, and a dividend yield hovering around 5.1%-both metrics that underscore the REIT’s cash-flow stability. The sector’s outlook is driven by consumer discretionary spending trends, the resilience of essential-goods tenants, and the sensitivity of net-lease REITs to interest-rate movements, which affect both financing costs and the relative attractiveness of dividend yields.

For a deeper quantitative dive, the ValueRay platform provides granular FFO, payout-ratio and lease-expiry analytics that can help assess the sustainability of NNN’s dividend growth.

Piotroski VR‑10 (Strict, 0-10) 3.5

Net Income (391.7m TTM) > 0 and > 6% of Revenue (6% = 54.4m TTM)

FCFTA 0.07 (>2.0%) and ΔFCFTA -0.22pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue -28.57% (prev 16.46%; Δ -45.03pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.07 (>3.0%) and CFO 658.6m > Net Income 391.7m (YES >=105%, WARN >=100%)

Net Debt (4.71b) to EBITDA (847.7m) ratio: 5.56 <= 3.0 (WARN <= 3.5)

Current Ratio 0.46 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (188.3m) change vs 12m ago 2.04% (target <= -2.0% for YES)

Gross Margin 95.75% (prev 96.61%; Δ -0.85pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 9.85% (prev 9.72%; Δ 0.13pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 3.02 (EBITDA TTM 847.7m / Interest Expense TTM 194.3m) >= 6 (WARN >= 3)

Altman Z'' -0.23

(A) -0.03 = (Total Current Assets 220.1m - Total Current Liabilities 479.0m) / Total Assets 9.48b

(B) -0.09 = Retained Earnings (Balance) -865.2m / Total Assets 9.48b

(D) -0.17 = Book Value of Equity -870.2m / Total Liabilities 5.06b

Total Rating: -0.23 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 69.30

1. Piotroski 3.50pt

2. FCF Yield 5.31%

3. FCF Margin 72.67%

4. Debt/Equity 1.10

5. Debt/Ebitda 5.56

6. ROIC - WACC (= 0.62)%

7. RoE 8.95%

8. Rev. Trend 98.23%

9. EPS Trend 46.61%

What is the price of NNN shares?

As of January 14, 2026, the stock is trading at USD 41.62 with a total of 1,728,950 shares traded.
Over the past week, the price has changed by +3.15%, over one month by +2.92%, over three months by -0.05% and over the past year by +14.29%.

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	44.2	6.3%
Analysts Target Price	44.2	6.3%
ValueRay Target Price	44.9	7.8%

NNN Fundamental Data Overview January 09, 2026

P/E Trailing = 19.4663
P/E Forward = 19.4175
P/S = 8.485
P/B = 1.7397
P/EG = 4.92
Beta = 0.852
Revenue TTM = 906.3m USD
EBIT TTM = 586.0m USD
EBITDA TTM = 847.7m USD
Long Term Debt = 4.87b USD (from longTermDebt, last quarter)
Short Term Debt = 399.0m USD (from shortTermDebt, last quarter)
Debt = 4.87b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 4.71b USD (from netDebt column, last quarter)
Enterprise Value = 12.40b USD (7.69b + Debt 4.87b - CCE 157.9m)
Interest Coverage Ratio = 3.02 (Ebit TTM 586.0m / Interest Expense TTM 194.3m)
EV/FCF = 18.83x (Enterprise Value 12.40b / FCF TTM 658.6m)
FCF Yield = 5.31% (FCF TTM 658.6m / Enterprise Value 12.40b)
FCF Margin = 72.67% (FCF TTM 658.6m / Revenue TTM 906.3m)
Net Margin = 43.22% (Net Income TTM 391.7m / Revenue TTM 906.3m)
Gross Margin = 95.75% ((Revenue TTM 906.3m - Cost of Revenue TTM 38.5m) / Revenue TTM)
Gross Margin QoQ = 96.03% (prev 96.10%)
Tobins Q-Ratio = 1.31 (Enterprise Value 12.40b / Total Assets 9.48b)
Interest Expense / Debt = 1.04% (Interest Expense 50.4m / Debt 4.87b)
Taxrate = 21.0% (US default 21%)
NOPAT = 463.0m (EBIT 586.0m * (1 - 21.00%))
Current Ratio = 0.46 (Total Current Assets 220.1m / Total Current Liabilities 479.0m)
Debt / Equity = 1.10 (Debt 4.87b / totalStockholderEquity, last quarter 4.42b)
Debt / EBITDA = 5.56 (Net Debt 4.71b / EBITDA 847.7m)
Debt / FCF = 7.15 (Net Debt 4.71b / FCF TTM 658.6m)
Total Stockholder Equity = 4.38b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.26% (Net Income 391.7m / Total Assets 9.48b)
RoE = 8.95% (Net Income TTM 391.7m / Total Stockholder Equity 4.38b)
RoCE = 6.34% (EBIT 586.0m / Capital Employed (Equity 4.38b + L.T.Debt 4.87b))
RoIC = 5.16% (NOPAT 463.0m / Invested Capital 8.97b)
WACC = 4.54% (E(7.69b)/V(12.56b) * Re(6.90%) + D(4.87b)/V(12.56b) * Rd(1.04%) * (1-Tc(0.21)))
Discount Rate = 6.90% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: 100.0 | Cagr: 1.74%
[DCF Debug] Terminal Value 86.70% ; FCFF base≈651.0m ; Y1≈676.0m ; Y5≈772.0m
Fair Price DCF = 95.92 (EV 22.93b - Net Debt 4.71b = Equity 18.22b / Shares 189.9m; r=5.90% [WACC]; 5y FCF grow 4.04% → 2.90% )
EPS Correlation: 46.61 | EPS CAGR: 6.28% | SUE: 0.45 | # QB: 0
Revenue Correlation: 98.23 | Revenue CAGR: 5.65% | SUE: 0.28 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.49 | Chg30d=+0.000 | Revisions Net=-2 | Analysts=4
EPS next Year (2026-12-31): EPS=2.02 | Chg30d=+0.005 | Revisions Net=-2 | Growth EPS=+2.3% | Growth Revenue=+5.5%

Additional Sources for NNN Stock

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