(NNN) National Retail Properties - Ratings and Ratios
Properties, Leases, Retail, Dividends, REIT
Dividends
| Dividend Yield | 5.94% |
| Yield on Cost 5y | 7.77% |
| Yield CAGR 5y | 2.56% |
| Payout Consistency | 99.0% |
| Payout Ratio | 120.4% |
| Risk via 10d forecast | |
|---|---|
| Volatility | 19.1% |
| Value at Risk 5%th | 30.7% |
| Relative Tail Risk | -2.08% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.21 |
| Alpha | -9.66 |
| CAGR/Max DD | 0.01 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.297 |
| Beta | 0.313 |
| Beta Downside | 0.212 |
| Drawdowns 3y | |
|---|---|
| Max DD | 25.22% |
| Mean DD | 9.46% |
| Median DD | 9.44% |
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.
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 |
| (C) 0.06 = EBIT TTM 586.0m / Avg Total Assets 9.20b |
| (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) 68.55
| 1. Piotroski 3.50pt |
| 2. FCF Yield 5.28% |
| 3. FCF Margin 72.67% |
| 4. Debt/Equity 1.10 |
| 5. Debt/Ebitda 5.56 |
| 6. ROIC - WACC (= 0.44)% |
| 7. RoE 8.95% |
| 8. Rev. Trend 98.23% |
| 9. EPS Trend 36.57% |
What is the price of NNN shares?
Over the past week, the price has changed by -2.84%, over one month by -1.95%, over three months by -6.25% and over the past year by -1.42%.
Is NNN a buy, sell or hold?
- 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 | 44.4 | 11.8% |
| Analysts Target Price | 44.4 | 11.8% |
| ValueRay Target Price | 40 | 0.7% |
NNN Fundamental Data Overview December 03, 2025
P/E Trailing = 19.6587
P/E Forward = 19.802
P/S = 8.5688
P/B = 1.7766
P/EG = 4.92
Beta = 0.865
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 = 12.48b USD (7.77b + Debt 4.87b - CCE 157.9m)
Interest Coverage Ratio = 3.02 (Ebit TTM 586.0m / Interest Expense TTM 194.3m)
FCF Yield = 5.28% (FCF TTM 658.6m / Enterprise Value 12.48b)
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 = 1.32 (Enterprise Value 12.48b / 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 = 4.13% (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 = 4.72% (E(7.77b)/V(12.64b) * Re(7.17%) + D(4.87b)/V(12.64b) * Rd(1.04%) * (1-Tc(0.21)))
Discount Rate = 7.17% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 8.05%
Shares Correlation 3-Years: 100.0 | Cagr: 1.74%
[DCF Debug] Terminal Value 78.83% ; FCFE base≈651.0m ; Y1≈676.1m ; Y5≈773.9m
Fair Price DCF = 71.59 (DCF Value 13.60b / Shares Outstanding 189.9m; 5y FCF grow 4.04% → 3.0% )
EPS Correlation: 36.57 | EPS CAGR: 6.28% | SUE: 0.53 | # 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=-0.006 | Revisions Net=-2 | Analysts=4
EPS next Year (2026-12-31): EPS=2.02 | Chg30d=-0.019 | Revisions Net=-2 | Growth EPS=+1.2% | Growth Revenue=+5.1%
Additional Sources for NNN Stock
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle