(NNN) National Retail Properties - Overview
Sector: Real Estate | Industry: REIT - Retail | Exchange: NYSE (USA) | Market Cap: 8.389m USD | Total Return: 12.9% in 12m
Commercial Real Estate, Net Leases, Retail Properties
Total Rating 35
Safety 42
Buy Signal -0.22
REIT - Retail
Industry Rotation: +4.5
Industry Rotation: +4.5
Market Cap:
8.39B
Avg Turnover: 79.1M
Avg Turnover: 79.1M
Risk 3d forecast
Volatility18.1%
VaR 5th Pctl3.26%
VaR vs Median9.04%
Reward TTM
Sharpe Ratio0.57
Rel. Str. IBD53.8
Rel. Str. Peer Group32.6
Character TTM
Beta-0.101
Beta Downside-0.205
Hurst Exponent0.555
Drawdowns 3y
Max DD22.03%
CAGR/Max DD0.34
CAGR/Mean DD0.95
EPS (Earnings per Share)
EPS CAGR: 2.25%
EPS Trend: 20.4%
EPS Trend: 20.4%
Last SUE: -1.04
Qual. Beats: -1
Qual. Beats: -1
Revenue
Rev. CAGR: 6.36%
Rev. Trend: 98.2%
Rev. Trend: 98.2%
Last SUE: 0.66
Qual. Beats: 0
Qual. Beats: 0
Warnings
Altman Z'' -0.12 < 1.0 - financial distress zone
Choppy
Tailwinds
No distinct edge detected
Description: NNN National Retail Properties
NNN REIT, Inc. is a Maryland-based real estate investment trust that specializes in acquiring and managing a portfolio of single-tenant retail properties across the United States. The company utilizes a triple-net lease structure, which shifts the responsibility for property taxes, insurance, and maintenance costs from the landlord to the tenant. This model aims to generate predictable cash flows while minimizing the owners operational expenses and capital requirements.
The company maintains a geographically diverse footprint, with 3,692 properties spanning all 50 states and Puerto Rico as of late 2025. This diversification helps mitigate regional economic risks inherent in the retail sector. NNN is notable for its long-term lease strategy, maintaining a weighted average remaining lease term of over a decade, which provides significant revenue visibility. Furthermore, it holds a rare distinction among REITs for its 36-year track record of consecutive annual dividend increases.
Investors can evaluate how these long-term lease structures impact valuation by reviewing the detailed financial metrics available on ValueRay. The retail REIT sector generally relies on tenant creditworthiness and high occupancy rates to sustain dividend growth through varying economic cycles.
- Interest rate fluctuations impact cost of capital and net interest margins
- High portfolio occupancy rates maintain consistent rental revenue and cash flow
- Long-term triple-net lease structures shift property operating expenses to tenants
- Strategic acquisitions of single-tenant retail properties drive portfolio and dividend growth
- Consumer spending shifts in essential retail sectors influence tenant credit stability
Piotroski VR‑10 (Strict)
3.0
| 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 0.96%; Δ 8.04k% > 0.5%) |
| Asset Turnover: 10.15% > 50% (prev 9.81%; Δ 0.34% > 0%) |
| Interest Coverage Ratio: 2.86 > 6 (EBITDA TTM 870.1m / Interest Expense TTM 208.2m) |
Altman Z''
-0.12
| 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: -0.18 (Book Value of Equity -904.8m / Total Liabilities 5.03b) |
| Altman-Z'' Score: -0.12 = B |
Beneish M
-2.56
| DSRI: 1.00 (Receivables 39.8m/37.8m, Revenue 935.8m/884.7m) |
| GMI: 1.18 (GM 81.38% / 96.10%) |
| 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-Score: -2.56 (Cap -4..+1) = A |
What is the price of NNN shares?
As of May 20, 2026, the stock is trading at USD 44.84 with a total of 1,793,035 shares traded.
Over the past week, the price has changed by +0.76%, over one month by +0.79%, over three months by +3.40% and over the past year by +12.94%.
Over the past week, the price has changed by +0.76%, over one month by +0.79%, over three months by +3.40% and over the past year by +12.94%.
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.
- StrongBuy: 1
- Buy: 3
- Hold: 12
- Sell: 2
- StrongSell: 0
What are the forecasts/targets for the NNN price?
| Analysts Target Price | 46 | 2.5% |
National Retail Properties (NNN) - Fundamental Data Overview
as of 15 May 2026
P/E Trailing = 21.5098 P/E Forward = 21.5983
P/S = 8.9637
P/B = 1.9201
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 (from netDebt column, last quarter)
Enterprise Value = 13.24b USD (8.39b + Debt 4.85b - CCE 4.57m)
Interest Coverage Ratio = 2.86 (Ebit TTM 595.4m / Interest Expense TTM 208.2m)
EV/FCF = 20.34x (Enterprise Value 13.24b / FCF TTM 650.9m)
FCF Yield = 4.92% (FCF TTM 650.9m / Enterprise Value 13.24b)
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 = 1.41 (Enterprise Value 13.24b / Total Assets 9.42b)
Interest Expense / Debt = 1.09% (Interest Expense 52.7m / Debt 4.85b)
Taxrate = 21.0% (US 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 = 5.12% (NOPAT 470.4m / Invested Capital 9.19b)
WACC = 3.88% (E(8.39b)/V(13.24b) * Re(5.63%) + D(4.85b)/V(13.24b) * Rd(1.09%) * (1-Tc(0.21)))
Discount Rate = 5.63% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.92%
Shares (quarterly) Correlation: 95.56 | Cagr: 1.82%
[DCF] Terminal Value 86.71% ; FCFF base≈649.8m ; Y1≈675.1m ; Y5≈773.2m
[DCF] Fair Price = 94.76 (EV 22.88b - Net Debt 4.85b = Equity 18.03b / Shares 190.2m; r=6.0% [WACC]; 5y FCF grow 4.08% → 3.0% )
EPS Correlation: 20.38 | EPS CAGR: 2.25% | SUE: -1.04 | # QB: -1
Revenue Correlation: 98.25 | Revenue CAGR: 6.36% | SUE: 0.66 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.51 | Chg30d=-2.75% | Revisions=N/A | Analysts=3
EPS next Quarter (2026-09-30): EPS=0.51 | Chg30d=-1.31% | Revisions=N/A | Analysts=3
EPS current Year (2026-12-31): EPS=2.06 | Chg30d=-1.67% | Revisions=N/A | GrowthEPS=+3.5% | GrowthRev=+5.6%
EPS next Year (2027-12-31): EPS=2.10 | Chg30d=-0.94% | Revisions=+33% | GrowthEPS=+2.1% | GrowthRev=+4.8%
[Analyst] Revisions Ratio: +33%