NNN REIT, Inc.(NNN)Earnings, Financials & Key Ratios

NNN•NYSE•REIT / Real Estate

$44.41

$8.45B mkt cap·21.5× P/E·Price updated May 6, 2026

SectorReal Estate IndustryRetail REITs Sub-IndustryNet Lease Retail REITs

AboutNational Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of September 30, 2020, the company owned 3,114 properties in 48 states with a gross leasable area of approximately 32.4 million square feet and with a weighted average remaining lease term of 10.7 years.Show more

Revenue$926M+6.6%
FFO$658M+1.8%
FFO/Share3.50-0.3%
FFO Payout67.33%+3.6%
FFO per Share3.50-0.3%
NOI Margin38%-60.5%
FFO Margin71.07%-4.4%
ROE8.89%-4.6%
ROA4.27%-5.6%
Debt/Assets51.39%+4.3%
Net Debt/EBITDA5.74+8.9%
Book Value/Share23.45-1.1%

Technical→

NNN Key Insights

NNN REIT, Inc. (NNN) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Sustainable FFO payout ratio of 67.3%
✓Healthy dividend yield of 5.3%
✓Trading near 52-week high

✗Weaknesses

✗Low NOI margin of 38.0%
✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

NNN Price & Volume

NNN REIT, Inc. (NNN) stock price & volume — 10-year historical chart

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NNN Growth Metrics

NNN REIT, Inc. (NNN) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years6.73%

5 Years6.99%

3 Years6.21%

TTM5.77%

Profit CAGR

10 Years7.02%

5 Years11.24%

3 Years5.22%

TTM-2.92%

EPS CAGR

10 Years5.6%

5 Years11.15%

3 Years3.08%

TTM-3.74%

Return on Capital

10 Years5.95%

5 Years6.36%

3 Years6.6%

Last Year6.39%

NNN Recent Earnings

NNN REIT, Inc. (NNN) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 6/12 qtrs (50%)●Beat Revenue 11/12 qtrs (92%)

Q2 2026Latest

Apr 30, 2026

EPS

$0.50

Est $0.51

-1.6%

Revenue

$240M

Est $238M

+1.0%

Q1 2026

Feb 11, 2026

EPS

$0.87

Est $0.49

+76.2%

Revenue

$238M

Est $232M

+2.5%

Q4 2025

Nov 4, 2025

EPS

$0.86

Est $0.86

+0.0%

Revenue

$230M

Est $233M

-1.4%

Q3 2025

Aug 5, 2025

EPS

$0.85

Est $0.84

+1.2%

Revenue

$227M

Est $227M

+0.1%

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	Apr 30, 2026	$0.50vs $0.51-1.6%	$240Mvs $238M+1.0%
Q1 2026	Feb 11, 2026	$0.87vs $0.49+76.2%	$238Mvs $232M+2.5%
Q4 2025	Nov 4, 2025	$0.86vs $0.86+0.0%	$230Mvs $233M-1.4%
Q3 2025	Aug 5, 2025	$0.85vs $0.84+1.2%	$227Mvs $227M+0.1%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	FCF Yield	Debt / Equity
ORealty Income CorporationDirect Competitor	59.37B	63.57	54.33	9.07%	18.41%	2.64%	6.73%
ADCAgree Realty CorporationDirect Competitor	9.12B	75.95	42.91	16.42%	29.28%	3.65%	5.53%	0.53
EPRTEssential Properties Realty Trust, Inc.Direct Competitor	6.74B	31.18	24.36	24.97%	43.28%	6.3%	5.65%	0.60
WPCW. P. Carey Inc.Product Competitor	16.05B	73.18	34.68	8.89%	26.02%	6.29%	6.8%	1.07
NTSTNETSTREIT Corp.Product Competitor	1.7B	20.32	254	30%	0.1%	0.01%	6.46%
GTYGetty Realty Corp.Product Competitor	1.99B	32.97	24.42	9.02%	40.06%	8.76%	6.37%	0.98
FCPTFour Corners Property Trust, Inc.Product Competitor	2.76B	25.14	23.06	9.72%	38.74%	7.38%	6.97%	0.74
PINEAlpine Income Property Trust, Inc.Product Competitor	278.66M	19.45	-88.41	15.9%	-0.64%	-0.14%		1.31

Compare NNN vs Peers

NNN REIT, Inc. (NNN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs O

Most directly comparable listed peer for NNN.

Scale Benchmark

vs MCD

Larger-name benchmark to compare NNN against a more recognizable public peer.

Peer Set

Compare Top 5

vs O, ADC, EPRT, WPC

NNN Income Statement

NNN REIT, Inc. (NNN) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Revenue	584.93M	622.66M	670.49M	660.68M	726.41M	773.05M	828.11M	869.27M	926.21M	935.78M
Revenue Growth %	9.61%	6.45%	7.68%	-1.46%	9.95%	6.42%	7.12%	4.97%	6.55%	5.77%
Property Operating Expenses	23.11M	25.1M	27.66M	28.36M	28.39M	26.28M	28.38M	32.32M	574.26M	174.25M
Net Operating Income (NOI)	561.83M▲ 0%	597.56M▲ 6.4%	642.83M▲ 7.6%	632.32M▼ 1.6%	698.02M▲ 10.4%	746.77M▲ 7.0%	799.73M▲ 7.1%	836.95M▲ 4.7%	351.95M▼ 57.9%	761.54M▲ 0%
NOI Margin %	96.05%	95.97%	95.88%	95.71%	96.09%	96.6%	96.57%	96.28%	38%	81.38%
Operating Expenses	187.67M	172.8M	226.31M	257.83M	248.93M	264.24M	244.63M	259.08M	-217.91M	99.66M
G&A Expenses	33.8M	34.25M	37.91M	38.24M	44.84M	49.53M	47.5M	45.05M	46.92M	48.09M
EBITDA	511.22M	599.16M	605.65M	571.11M	654.32M	706.37M	793.73M	827.55M	838.31M	866.9M
EBITDA Margin %	87.4%	96.23%	90.33%	86.44%	90.08%	91.37%	95.85%	95.2%	90.51%	92.64%
Depreciation & Amortization	173.72M	174.4M	188.87M	196.62M	205.22M	223.83M	238.63M	249.68M	268.44M	274.62M
D&A / Revenue %	29.7%	28.01%	28.17%	29.76%	28.25%	28.95%	28.82%	28.72%	28.98%	29.35%
Operating Income	337.5M▲ 0%	424.76M▲ 25.9%	416.78M▼ 1.9%	374.49M▼ 10.1%	449.1M▲ 19.9%	482.54M▲ 7.4%	555.1M▲ 15.0%	577.87M▲ 4.1%	569.87M▼ 1.4%	592.28M▲ 0%
Operating Margin %	57.7%	68.22%	62.16%	56.68%	61.82%	62.42%	67.03%	66.48%	61.53%	63.29%
Interest Expense	109.11M	115.85M	120.02M	129.43M	137.87M	148.06M	163.9M	184.02M	202.26M	4M
Interest Coverage	3.43x	3.52x	3.50x	2.77x	3.10x	3.26x	3.39x	3.16x	2.93x	-
Non-Operating Income	-322K	16.43M	-3.11M	16.26M	21.11M	-149K	-1.13M	-2.98M	-22.17M	-2.96M
Pretax Income	228.72M▲ 0%	292.49M▲ 27.9%	299.61M▲ 2.4%	228.8M▼ 23.6%	290.11M▲ 26.8%	334.62M▲ 15.3%	392.34M▲ 17.2%	396.83M▲ 1.1%	389.78M▼ 1.8%	387.27M▲ 0%
Pretax Margin %	39.1%	46.97%	44.69%	34.63%	39.94%	43.29%	47.38%	45.65%	42.08%	41.38%
Income Tax	0	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Net Income	264.97M▲ 0%	292.45M▲ 10.4%	299.18M▲ 2.3%	228.8M▼ 23.5%	290.11M▲ 26.8%	334.63M▲ 15.3%	392.34M▲ 17.2%	396.83M▲ 1.1%	389.78M▼ 1.8%	387.27M▲ 0%
Net Margin %	45.3%	46.97%	44.62%	34.63%	39.94%	43.29%	47.38%	45.65%	42.08%	41.38%
Net Income Growth %	10.64%	10.37%	2.3%	-23.52%	26.8%	15.34%	17.25%	1.15%	-1.78%	-2.92%
Funds From Operations (FFO)	438.69M▲ 0%	466.85M▲ 6.4%	488.05M▲ 4.5%	425.42M▼ 12.8%	495.33M▲ 16.4%	558.46M▲ 12.7%	630.97M▲ 13.0%	646.52M▲ 2.5%	658.22M▲ 1.8%	661.89M▲ 0%
FFO Margin %	75%	74.98%	72.79%	64.39%	68.19%	72.24%	76.19%	74.37%	71.07%	70.73%
FFO Growth %	12.89%	6.42%	4.54%	-12.83%	16.43%	12.74%	12.98%	2.46%	1.81%	5.77%
FFO per Share	2.94	2.99	2.96	2.47	2.83	3.20	3.47	3.51	3.50	3.49
FFO Payout Ratio %	63.17%	64.94%	68.37%	83.78%	74.15%	68.14%	64.1%	65%	67.33%	50.59%
EPS (Diluted)	1.45▲ 0%	1.65▲ 13.8%	1.56▼ 5.5%	1.22▼ 21.8%	1.51▲ 23.8%	1.89▲ 25.2%	2.16▲ 14.3%	2.15▼ 0.5%	2.07▼ 3.7%	2.04▲ 0%
EPS Growth %	5.07%	13.79%	-5.45%	-21.79%	23.77%	25.17%	14.29%	-0.46%	-3.72%	-3.74%
EPS (Basic)	1.45	1.65	1.56	1.22	1.51	1.89	2.16	2.16	2.07	-
Diluted Shares Outstanding	149.43M	156.3M	165.08M	172.22M	174.82M	174.74M	181.69M	184.04M	187.99M	189.46M

NNN Balance Sheet

NNN REIT, Inc. (NNN) balance sheet — assets, liabilities & shareholders' equity

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Total Assets	6.56B	7.1B	7.43B	7.64B	7.75B	8.15B	8.66B	8.87B	9.38B	9.42B
Asset Growth %	3.57%	8.28%	4.67%	2.73%	1.48%	5.1%	6.33%	2.43%	5.71%	21.21%
Real Estate & Other Assets	64.96M	46.84M	7.31B	7.24B	7.46B	8.04B	8.57B	8.77B	28.09M	0
PP&E (Net)	6.4B	6.85B	0	0	0	0	0	0	0	0
Investment Securities	-1000K	-1000K	0	0	0	0	0	0	1000K	0
Total Current Assets	41.06M	161.14M	45.62M	333.12M	219.42M	44.32M	51.23M	55.28M	74.05M	8.38M
Cash & Equivalents	1.36M	114.27M	1.11M	267.24M	171.32M	2.5M	1.19M	8.73M	5.05M	4.57M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	34.75M	26M	12.74M	7.59M	13M	10.41M	11.78M	9.57M	30.62M	0
Intangible Assets	50.87M	50.01M	76.42M	69.54M	67.5M	61.65M	40.69M	44.33M	37.31M	0
Total Liabilities	2.72B	2.95B	3.1B	3.32B	3.85B	4.02B	4.5B	4.51B	4.97B	5.03B
Total Debt	2.58B	2.85B	2.99B	3.22B	3.75B	3.92B	4.36B	4.37B	4.82B	0
Net Debt	2.58B	2.74B	2.99B	2.95B	3.58B	3.91B	4.36B	4.37B	4.82B	-4.57M
Long-Term Debt	2.58B	2.85B	2.85B	3.22B	3.75B	3.75B	4.23B	4.37B	4.47B	0
Short-Term Borrowings	0	0	133.6M	0	0	166.2M	132M	0	348.1M	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Total Current Liabilities	140.81M	19.52M	151.85M	19.4M	23.92M	190.03M	166.37M	29.7M	388.66M	0
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Deferred Revenue	2.72B	2.95B	0	0	0	0	0	0	0	0
Other Liabilities	-856K	77.92M	96.58M	78.22M	79M	82.66M	109.59M	106.95M	110.07M	5.03B
Total Equity	3.84B▲ 0%	4.15B▲ 8.2%	4.33B▲ 4.3%	4.32B▼ 0.3%	3.9B▼ 9.7%	4.12B▲ 5.7%	4.16B▲ 0.8%	4.36B▲ 4.9%	4.41B▲ 1.1%	4.4B▲ 0%
Equity Growth %	-1.94%	8.17%	4.26%	-0.29%	-9.67%	5.69%	0.82%	4.93%	1.06%	7.12%
Shareholders Equity	3.84B	4.15B	4.33B	4.32B	3.9B	4.12B	4.16B	4.36B	4.41B	4.4B
Minority Interest	317K	355K	7K	4K	1K	0	0	0	0	0
Common Stock	1.54M	1.62M	1.72M	1.75M	1.76M	1.81M	1.83M	1.88M	1.9M	1.9M
Additional Paid-in Capital	3.6B	3.95B	4.5B	4.63B	4.66B	4.93B	4.97B	5.2B	5.3B	0
Retained Earnings	-379.18M	-424.23M	-499.23M	-644.78M	-747.85M	-793.76M	-805.88M	-829.29M	-882.71M	-902.26M
Preferred Stock	632.5M	632.5M	345M	345M	0	0	0	0	0	0
Return on Assets (ROA)	4.11%	4.28%	4.12%	3.04%	3.77%	4.21%	4.67%	4.53%	4.27%	4.14%
Return on Equity (ROE)	6.83%	7.32%	7.05%	5.29%	7.06%	8.34%	9.48%	9.32%	8.89%	8.81%
Debt / Assets	39.33%	40.14%	40.19%	42.17%	48.33%	48.07%	50.34%	49.29%	51.39%	0%
Debt / Equity	0.67x	0.69x	0.69x	0.75x	0.96x	0.95x	1.05x	1.00x	1.09x	1.09x
Net Debt / EBITDA	5.04x	4.57x	4.93x	5.17x	5.46x	5.54x	5.49x	5.27x	5.74x	5.74x
Book Value per Share	25.70	26.58	26.24	25.08	22.32	23.60	22.88	23.70	23.45	23.20

NNN Cash Flow Statement

NNN REIT, Inc. (NNN) cash flow — operating, investing & free cash flow history

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Cash from Operations	421.56M	471.91M	501.73M	450.19M	568.42M	578.36M	612.41M	635.5M	667.13M	667.13M
Operating CF Growth %	1.5%	11.94%	6.32%	-10.27%	26.26%	1.75%	5.89%	3.77%	4.98%	-88.04%
Operating CF / Revenue %	72.07%	75.79%	74.83%	68.14%	78.25%	74.81%	73.95%	73.11%	72.03%	71.29%
Net Income	265.37M	292.49M	299.61M	228.8M	290.11M	334.62M	392.34M	396.83M	389.78M	387.27M
Depreciation & Amortization	173.72M	174.4M	188.87M	196.62M	205.22M	223.83M	238.63M	249.68M	268.44M	204.62M
Stock-Based Compensation	14.22M	10.42M	11.55M	14.48M	14.49M	17.33M	0	0	0	3.5M
Other Non-Cash Items	-3.35M	11.44M	4.61M	-6.03M	4.93M	-525K	-19.57M	-13.03M	4.74M	-3.91M
Working Capital Changes	1.36M	-1.87M	-3.74M	-23.86M	30.41M	3.1M	1.01M	2.01M	4.17M	-33.68M
Cash from Investing	-625.56M	-609.37M	-619.41M	-142.82M	-432.18M	-777.63M	-680.66M	-424.34M	-748.06M	-532.76M
Acquisitions (Net)	0	0	0	0	0	0	0	0	0	0
Purchase of Investments	0	0	0	0	0	0	0	0	0	0
Sale of Investments	0	0	0	0	0	0	0	0	0	0
Other Investing	-625.56M	-609.37M	-619.41M	-142.82M	-432.18M	-777.63M	-680.66M	-424.34M	-748.06M	-532.76M
Cash from Financing	-89.18M	250.37M	4.53M	-41.25M	-232.16M	34.73M	66.63M	-207.26M	77.69M	-11.88M
Dividends Paid	-315.05M	-337.49M	-364.83M	-374.35M	-382.29M	-380.54M	-404.46M	-420.24M	-443.2M	-448.37M
Common Dividends	-277.12M	-303.16M	-333.69M	-356.41M	-367.29M	-380.54M	-404.46M	-420.24M	-443.2M	-334.87M
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Share Repurchases	-287.5M	0	-287.5M	0	0	0	0	0	0	0
Other Financing	-84K	-18.24M	-776K	-16.68M	-39.47M	-278K	0	-13.13M	-8.54M	25.59M
Net Change in Cash	-293.18M▲ 0%	112.9M▲ 138.5%	-113.16M▼ 200.2%	266.12M▲ 335.2%	-95.91M▼ 136.0%	-164.54M▼ 71.6%	-1.62M▲ 99.0%	3.91M▲ 340.7%	-3.24M▼ 182.9%	-127K▲ 0%
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	294.54M	1.36M	114.27M	1.11M	267.24M	171.32M	6.78M	5.16M	9.06M	5.82M
Cash at End	1.36M	114.27M	1.11M	267.24M	171.32M	6.78M	5.16M	9.06M	5.82M	5.4M
Free Cash Flow	421.56M▲ 0%	471.91M▲ 11.9%	501.73M▲ 6.3%	450.19M▼ 10.3%	568.42M▲ 26.3%	578.36M▲ 1.7%	612.41M▲ 5.9%	635.5M▲ 3.8%	667.13M▲ 5.0%	463.85M▲ 0%
FCF Growth %	1.5%	11.94%	6.32%	-10.27%	26.26%	1.75%	5.89%	3.77%	4.98%	-28.43%
FCF / Revenue %	72.07%	75.79%	74.83%	68.14%	78.25%	74.81%	73.95%	73.11%	72.03%	49.57%

NNN Key Ratios

NNN REIT, Inc. (NNN) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
FFO per Share	2.94	2.99	2.96	2.47	2.83	3.2	3.47	3.51	3.5	3.49
FFO Payout Ratio	63.17%	64.94%	68.37%	83.78%	74.15%	68.14%	64.1%	65%	67.33%	50.59%
NOI Margin	96.05%	95.97%	95.88%	95.71%	96.09%	96.6%	96.57%	96.28%	38%	81.38%
Net Debt / EBITDA	5.04x	4.57x	4.93x	5.17x	5.46x	5.54x	5.49x	5.27x	5.74x	5.74x
Debt / Assets	39.33%	40.14%	40.19%	42.17%	48.33%	48.07%	50.34%	49.29%	51.39%	0%
Interest Coverage	3.43x	3.52x	3.50x	2.77x	3.10x	3.26x	3.39x	3.16x	2.93x	-
Book Value / Share	25.7	26.58	26.24	25.08	22.32	23.6	22.88	23.7	23.45	23.2
Revenue Growth	9.61%	6.45%	7.68%	-1.46%	9.95%	6.42%	7.12%	4.97%	6.55%	5.77%

NNN SEC Filings & Documents

NNN REIT, Inc. (NNN) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Apr 30, 2026·SEC

Material company update

Feb 19, 2026·SEC

Material company update

Feb 11, 2026·SEC

10-K Annual Reports

FY 2026

Feb 11, 2026·SEC

FY 2025

Feb 11, 2025·SEC

FY 2024

Feb 8, 2024·SEC

10-Q Quarterly Reports

FY 2026

Apr 30, 2026·SEC

FY 2025

Nov 4, 2025·SEC

FY 2025

Aug 5, 2025·SEC

NNN Frequently Asked Questions

NNN REIT, Inc. (NNN) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

NNN REIT, Inc. (NNN) reported $935.8M in revenue for fiscal year 2025. This represents a 2704% increase from $33.4M in 1996.

NNN REIT, Inc. (NNN) grew revenue by 6.6% over the past year. This is steady growth.

Yes, NNN REIT, Inc. (NNN) is profitable, generating $387.3M in net income for fiscal year 2025 (42.1% net margin).

Dividend & Returns

Yes, NNN REIT, Inc. (NNN) pays a dividend with a yield of 5.31%. This makes it attractive for income-focused investors.

NNN REIT, Inc. (NNN) has a return on equity (ROE) of 8.9%. This is below average, suggesting room for improvement.

Industry Metrics

NNN REIT, Inc. (NNN) generated Funds From Operations (FFO) of $661.9M in the trailing twelve months. FFO is the primary profitability metric for REITs.

NNN REIT, Inc. (NNN) offers a 5.31% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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NNN REIT, Inc. (NNN) financial analysis — history, returns, DCA and operating performance tools

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NNN REIT, Inc.(NNN)Earnings, Financials & Key Ratios

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