NNN REIT, Inc. (NNN) 10-Year Financial Performance & Capital Metrics

NNN • • REIT / Real Estate

Real EstateRetail REITsNet 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/Share 3.50 -0.3%
FFO Payout 0% -100.0%
FFO per Share 3.50 -0.3%
NOI Margin 95.96% -0.3%
FFO Margin 71.07% -4.4%
ROE 8.89% -4.6%
ROA 4.27% -5.6%
Debt/Assets -
Net Debt/EBITDA -0.01 -100.1%
Book Value/Share 23.45 -1.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High NOI margin of 96.0%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y6.73%

5Y6.99%

3Y6.21%

TTM6.55%

Profit (Net Income) CAGR

10Y7.02%

5Y11.24%

3Y5.22%

TTM-1.78%

EPS CAGR

10Y5.6%

5Y11.15%

3Y3.08%

TTM-3.72%

ROCE

10Y Avg5.96%

5Y Avg6.38%

3Y Avg6.62%

Latest6.46%

Peer Comparison

Net Lease Retail REITs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NTSTNETSTREIT Corp.	1.73B	20.77	259.63	30%	0.1%	0.01%	6.32%
ORealty Income Corporation	62.58B	67.00	57.27	9.07%	18.41%	2.64%	6.38%
ADCAgree Realty Corporation	236.49M	80.48	45.47	16.42%	27.57%	3.23%	100%	0.47
GTYGetty Realty Corp.	1.9B	32.82	23.44	9.02%	34.75%	7.35%	6.7%	0.95
FCPTFour Corners Property Trust, Inc.	2.76B	25.52	23.41	9.72%	38.2%	6.89%	6.96%	0.74
NNNNNN REIT, Inc.	8.61B	45.32	21.89	6.55%	42.08%	8.84%	7.75%
PINEAlpine Income Property Trust, Inc.	291.53M	19.72	-89.64	15.9%	-5.3%	-0.99%	8.83%

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue+	533.65M	584.93M	622.66M	670.49M	660.68M	726.41M	773.05M	828.11M	869.27M	926.21M
Revenue Growth %	10.51%	9.61%	6.45%	7.68%	-1.46%	9.95%	6.42%	7.12%	4.97%	6.55%
Property Operating Expenses	20.85M	23.11M	25.1M	27.66M	28.36M	28.39M	26.28M	28.38M	32.32M	37.38M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	176.54M	187.67M	172.8M	226.31M	257.83M	248.93M	264.24M	244.63M	259.08M	46.92M
G&A Expenses	36.51M	33.8M	34.25M	37.91M	38.24M	44.84M	49.53M	47.5M	45.05M	46.92M
EBITDA+	458.17M	511.22M	599.16M	605.65M	571.11M	654.32M	706.37M	793.73M	827.55M	857.92M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	149.1M	173.72M	174.4M	188.87M	196.62M	205.22M	223.83M	238.63M	249.68M	268.44M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	309.07M	337.5M	424.76M	416.78M	374.49M	449.1M	482.54M	555.1M	577.87M	589.49M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	96.35M	109.11M	115.85M	120.02M	129.43M	137.87M	148.06M	163.9M	184.02M	203.96M
Interest Coverage	3.21x	3.09x	3.67x	3.47x	2.89x	3.26x	3.26x	3.39x	3.14x	2.89x
Non-Operating Income	393K	-322K	16.43M	-3.11M	16.26M	21.11M	-149K	-1.13M	-2.98M	0
Pretax Income+	212.32M	228.72M	292.49M	299.61M	228.8M	290.11M	334.62M	392.34M	396.83M	389.78M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	239.5M	264.97M	292.45M	299.18M	228.8M	290.11M	334.63M	392.34M	396.83M	389.78M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	21.06%	10.64%	10.37%	2.3%	-23.52%	26.8%	15.34%	17.25%	1.15%	-1.78%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	16.83%	12.89%	6.42%	4.54%	-12.83%	16.43%	12.74%	12.98%	2.46%	1.81%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	1.38	1.45	1.65	1.56	1.22	1.51	1.89	2.16	2.15	2.07
EPS Growth %	15%	5.07%	13.79%	-5.45%	-21.79%	23.77%	25.17%	14.29%	-0.46%	-3.72%
EPS (Basic)	1.39	1.45	1.65	1.56	1.22	1.51	1.89	2.16	2.16	2.07
Diluted Shares Outstanding	144.66M	149.43M	156.3M	165.08M	172.22M	174.82M	174.74M	181.69M	184.04M	187.99M

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets+	6.33B	6.56B	7.1B	7.43B	7.64B	7.75B	8.15B	8.66B	8.87B	9.38B
Asset Growth %	16.01%	3.57%	8.28%	4.67%	2.73%	1.48%	5.1%	6.33%	2.43%	5.71%
Real Estate & Other Assets+	39.31M	64.96M	46.84M	7.31B	7.24B	7.46B	8.04B	8.57B	8.77B	0
PP&E (Net)	5.88B	6.4B	6.85B	0	0	0	0	0	0	0
Investment Securities	-1000K	-1000K	-1000K	0	0	0	0	0	0	0
Total Current Assets+	350.91M	41.06M	161.14M	45.62M	333.12M	219.42M	44.32M	51.23M	55.28M	8.52M
Cash & Equivalents	294.54M	1.36M	114.27M	1.11M	267.24M	171.32M	2.5M	1.19M	8.73M	5.05M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	28.8M	34.75M	26M	12.74M	7.59M	13M	10.41M	11.78M	9.57M	0
Intangible Assets	64.88M	50.87M	50.01M	76.42M	69.54M	67.5M	61.65M	40.69M	44.33M	0
Total Liabilities	2.42B	2.72B	2.95B	3.1B	3.32B	3.85B	4.02B	4.5B	4.51B	4.97B
Total Debt+	2.31B	2.58B	2.85B	2.99B	3.22B	3.75B	3.92B	4.36B	4.37B	0
Net Debt	2.02B	2.58B	2.74B	2.99B	2.95B	3.58B	3.91B	4.36B	4.37B	-5.05M
Long-Term Debt	2.31B	2.58B	2.85B	2.85B	3.22B	3.75B	3.75B	4.23B	4.37B	0
Short-Term Borrowings	0	0	0	133.6M	0	0	166.2M	132M	0	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Total Current Liabilities+	19.66M	140.81M	19.52M	151.85M	19.4M	23.92M	190.03M	166.37M	29.7M	0
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Deferred Revenue	2.42B	2.72B	2.95B	0	0	0	0	0	0	0
Other Liabilities	85.87M	-856K	77.92M	96.58M	78.22M	79M	82.66M	109.59M	106.95M	0
Total Equity+	3.92B	3.84B	4.15B	4.33B	4.32B	3.9B	4.12B	4.16B	4.36B	4.41B
Equity Growth %	17.19%	-1.94%	8.17%	4.26%	-0.29%	-9.67%	5.69%	0.82%	4.93%	1.06%
Shareholders Equity	3.92B	3.84B	4.15B	4.33B	4.32B	3.9B	4.12B	4.16B	4.36B	4.41B
Minority Interest	129K	317K	355K	7K	4K	1K	0	0	0	0
Common Stock	1.47M	1.54M	1.62M	1.72M	1.75M	1.76M	1.81M	1.83M	1.88M	1.9M
Additional Paid-in Capital	3.32B	3.6B	3.95B	4.5B	4.63B	4.66B	4.93B	4.97B	5.2B	0
Retained Earnings	-319.25M	-379.18M	-424.23M	-499.23M	-644.78M	-747.85M	-793.76M	-805.88M	-829.29M	-882.71M
Preferred Stock	920M	632.5M	632.5M	345M	345M	0	0	0	0	0
Return on Assets (ROA)	4.06%	4.11%	4.28%	4.12%	3.04%	3.77%	4.21%	4.67%	4.53%	4.27%
Return on Equity (ROE)	6.6%	6.83%	7.32%	7.05%	5.29%	7.06%	8.34%	9.48%	9.32%	8.89%
Debt / Assets	36.5%	39.33%	40.14%	40.19%	42.17%	48.33%	48.07%	50.34%	49.29%	-
Debt / Equity	0.59x	0.67x	0.69x	0.69x	0.75x	0.96x	0.95x	1.05x	1.00x	-
Net Debt / EBITDA	4.40x	5.04x	4.57x	4.93x	5.17x	5.46x	5.54x	5.49x	5.27x	-0.01x
Book Value per Share	27.08	25.70	26.58	26.24	25.08	22.32	23.60	22.88	23.70	23.45

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	415.34M	421.56M	471.91M	501.73M	450.19M	568.42M	578.36M	612.41M	635.5M	667.13M
Operating CF Growth %	21.77%	1.5%	11.94%	6.32%	-10.27%	26.26%	1.75%	5.89%	3.77%	4.98%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	239.51M	265.37M	292.49M	299.61M	228.8M	290.11M	334.62M	392.34M	396.83M	389.78M
Depreciation & Amortization	149.1M	173.72M	174.4M	188.87M	196.62M	205.22M	223.83M	238.63M	249.68M	268.44M
Stock-Based Compensation	11.4M	14.22M	10.42M	11.55M	14.48M	14.49M	17.33M	0	0	0
Other Non-Cash Items	17.1M	-3.35M	11.44M	4.61M	-6.03M	4.93M	-525K	-19.57M	-13.03M	8.91M
Working Capital Changes	4.49M	1.36M	-1.87M	-3.74M	-23.86M	30.41M	3.1M	1.01M	2.01M	0
Cash from Investing+	-779.94M	-625.56M	-609.37M	-619.41M	-142.82M	-432.18M	-777.63M	-680.66M	-424.34M	-748.06M
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	-779.94M	-625.56M	-609.37M	-619.41M	-142.82M	-432.18M	-777.63M	-680.66M	-424.34M	-748.06M
Cash from Financing+	644.89M	-89.18M	250.37M	4.53M	-41.25M	-232.16M	34.73M	66.63M	-207.26M	0
Dividends Paid	-295.63M	-315.05M	-337.49M	-364.83M	-374.35M	-382.29M	-380.54M	-404.46M	-420.24M	0
Common Dividends	-257.01M	-277.12M	-303.16M	-333.69M	-356.41M	-367.29M	-380.54M	-404.46M	-420.24M	0
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Share Repurchases	0	-287.5M	0	-287.5M	0	0	0	0	0	0
Other Financing	-136K	-84K	-18.24M	-776K	-16.68M	-39.47M	-278K	0	-13.13M	0
Net Change in Cash+	280.28M	-293.18M	112.9M	-113.16M	266.12M	-95.91M	-164.54M	-1.62M	3.91M	0
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	14.26M	294.54M	1.36M	114.27M	1.11M	267.24M	171.32M	6.78M	5.16M	0
Cash at End	294.54M	1.36M	114.27M	1.11M	267.24M	171.32M	6.78M	5.16M	9.06M	0
Free Cash Flow+	415.34M	421.56M	471.91M	501.73M	450.19M	568.42M	578.36M	612.41M	635.5M	667.13M
FCF Growth %	21.77%	1.5%	11.94%	6.32%	-10.27%	26.26%	1.75%	5.89%	3.77%	4.98%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
FFO per Share	2.69	2.94	2.99	2.96	2.47	2.83	3.2	3.47	3.51	3.5
FFO Payout Ratio	66.14%	63.17%	64.94%	68.37%	83.78%	74.15%	68.14%	64.1%	65%	0%
NOI Margin	96.09%	96.05%	95.97%	95.88%	95.71%	96.09%	96.6%	96.57%	96.28%	95.96%
Net Debt / EBITDA	4.40x	5.04x	4.57x	4.93x	5.17x	5.46x	5.54x	5.49x	5.27x	-0.01x
Debt / Assets	36.5%	39.33%	40.14%	40.19%	42.17%	48.33%	48.07%	50.34%	49.29%	-
Interest Coverage	3.21x	3.09x	3.67x	3.47x	2.89x	3.26x	3.26x	3.39x	3.14x	2.89x
Book Value / Share	27.08	25.7	26.58	26.24	25.08	22.32	23.6	22.88	23.7	23.45
Revenue Growth	10.51%	9.61%	6.45%	7.68%	-1.46%	9.95%	6.42%	7.12%	4.97%	6.55%

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NNN REIT, Inc. (NNN) 10-Year Financial Performance & Capital Metrics

NNN • • REIT / Real Estate

Real EstateRetail REITsNet Lease Retail REITs

Revenue $926M +6.6%
FFO $658M +1.8%
FFO/Share 3.50 -0.3%
FFO Payout 0% -100.0%
FFO per Share 3.50 -0.3%
NOI Margin 95.96% -0.3%
FFO Margin 71.07% -4.4%
ROE 8.89% -4.6%
ROA 4.27% -5.6%
Debt/Assets -
Net Debt/EBITDA -0.01 -100.1%
Book Value/Share 23.45 -1.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High NOI margin of 96.0%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y6.73%

5Y6.99%

3Y6.21%

TTM6.55%

Profit (Net Income) CAGR

10Y7.02%

5Y11.24%

3Y5.22%

TTM-1.78%

EPS CAGR

10Y5.6%

5Y11.15%

3Y3.08%

TTM-3.72%

ROCE

10Y Avg5.96%

5Y Avg6.38%

3Y Avg6.62%

Latest6.46%

Peer Comparison

Net Lease Retail REITs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NTSTNETSTREIT Corp.	1.73B	20.77	259.63	30%	0.1%	0.01%	6.32%
ORealty Income Corporation	62.58B	67.00	57.27	9.07%	18.41%	2.64%	6.38%
ADCAgree Realty Corporation	236.49M	80.48	45.47	16.42%	27.57%	3.23%	100%	0.47
GTYGetty Realty Corp.	1.9B	32.82	23.44	9.02%	34.75%	7.35%	6.7%	0.95
FCPTFour Corners Property Trust, Inc.	2.76B	25.52	23.41	9.72%	38.2%	6.89%	6.96%	0.74
NNNNNN REIT, Inc.	8.61B	45.32	21.89	6.55%	42.08%	8.84%	7.75%
PINEAlpine Income Property Trust, Inc.	291.53M	19.72	-89.64	15.9%	-5.3%	-0.99%	8.83%

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue+	533.65M	584.93M	622.66M	670.49M	660.68M	726.41M	773.05M	828.11M	869.27M	926.21M
Revenue Growth %	10.51%	9.61%	6.45%	7.68%	-1.46%	9.95%	6.42%	7.12%	4.97%	6.55%
Property Operating Expenses	20.85M	23.11M	25.1M	27.66M	28.36M	28.39M	26.28M	28.38M	32.32M	37.38M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	176.54M	187.67M	172.8M	226.31M	257.83M	248.93M	264.24M	244.63M	259.08M	46.92M
G&A Expenses	36.51M	33.8M	34.25M	37.91M	38.24M	44.84M	49.53M	47.5M	45.05M	46.92M
EBITDA+	458.17M	511.22M	599.16M	605.65M	571.11M	654.32M	706.37M	793.73M	827.55M	857.92M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	149.1M	173.72M	174.4M	188.87M	196.62M	205.22M	223.83M	238.63M	249.68M	268.44M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	309.07M	337.5M	424.76M	416.78M	374.49M	449.1M	482.54M	555.1M	577.87M	589.49M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	96.35M	109.11M	115.85M	120.02M	129.43M	137.87M	148.06M	163.9M	184.02M	203.96M
Interest Coverage	3.21x	3.09x	3.67x	3.47x	2.89x	3.26x	3.26x	3.39x	3.14x	2.89x
Non-Operating Income	393K	-322K	16.43M	-3.11M	16.26M	21.11M	-149K	-1.13M	-2.98M	0
Pretax Income+	212.32M	228.72M	292.49M	299.61M	228.8M	290.11M	334.62M	392.34M	396.83M	389.78M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	239.5M	264.97M	292.45M	299.18M	228.8M	290.11M	334.63M	392.34M	396.83M	389.78M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	21.06%	10.64%	10.37%	2.3%	-23.52%	26.8%	15.34%	17.25%	1.15%	-1.78%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	16.83%	12.89%	6.42%	4.54%	-12.83%	16.43%	12.74%	12.98%	2.46%	1.81%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	1.38	1.45	1.65	1.56	1.22	1.51	1.89	2.16	2.15	2.07
EPS Growth %	15%	5.07%	13.79%	-5.45%	-21.79%	23.77%	25.17%	14.29%	-0.46%	-3.72%
EPS (Basic)	1.39	1.45	1.65	1.56	1.22	1.51	1.89	2.16	2.16	2.07
Diluted Shares Outstanding	144.66M	149.43M	156.3M	165.08M	172.22M	174.82M	174.74M	181.69M	184.04M	187.99M

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets+	6.33B	6.56B	7.1B	7.43B	7.64B	7.75B	8.15B	8.66B	8.87B	9.38B
Asset Growth %	16.01%	3.57%	8.28%	4.67%	2.73%	1.48%	5.1%	6.33%	2.43%	5.71%
Real Estate & Other Assets+	39.31M	64.96M	46.84M	7.31B	7.24B	7.46B	8.04B	8.57B	8.77B	0
PP&E (Net)	5.88B	6.4B	6.85B	0	0	0	0	0	0	0
Investment Securities	-1000K	-1000K	-1000K	0	0	0	0	0	0	0
Total Current Assets+	350.91M	41.06M	161.14M	45.62M	333.12M	219.42M	44.32M	51.23M	55.28M	8.52M
Cash & Equivalents	294.54M	1.36M	114.27M	1.11M	267.24M	171.32M	2.5M	1.19M	8.73M	5.05M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	28.8M	34.75M	26M	12.74M	7.59M	13M	10.41M	11.78M	9.57M	0
Intangible Assets	64.88M	50.87M	50.01M	76.42M	69.54M	67.5M	61.65M	40.69M	44.33M	0
Total Liabilities	2.42B	2.72B	2.95B	3.1B	3.32B	3.85B	4.02B	4.5B	4.51B	4.97B
Total Debt+	2.31B	2.58B	2.85B	2.99B	3.22B	3.75B	3.92B	4.36B	4.37B	0
Net Debt	2.02B	2.58B	2.74B	2.99B	2.95B	3.58B	3.91B	4.36B	4.37B	-5.05M
Long-Term Debt	2.31B	2.58B	2.85B	2.85B	3.22B	3.75B	3.75B	4.23B	4.37B	0
Short-Term Borrowings	0	0	0	133.6M	0	0	166.2M	132M	0	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Total Current Liabilities+	19.66M	140.81M	19.52M	151.85M	19.4M	23.92M	190.03M	166.37M	29.7M	0
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Deferred Revenue	2.42B	2.72B	2.95B	0	0	0	0	0	0	0
Other Liabilities	85.87M	-856K	77.92M	96.58M	78.22M	79M	82.66M	109.59M	106.95M	0
Total Equity+	3.92B	3.84B	4.15B	4.33B	4.32B	3.9B	4.12B	4.16B	4.36B	4.41B
Equity Growth %	17.19%	-1.94%	8.17%	4.26%	-0.29%	-9.67%	5.69%	0.82%	4.93%	1.06%
Shareholders Equity	3.92B	3.84B	4.15B	4.33B	4.32B	3.9B	4.12B	4.16B	4.36B	4.41B
Minority Interest	129K	317K	355K	7K	4K	1K	0	0	0	0
Common Stock	1.47M	1.54M	1.62M	1.72M	1.75M	1.76M	1.81M	1.83M	1.88M	1.9M
Additional Paid-in Capital	3.32B	3.6B	3.95B	4.5B	4.63B	4.66B	4.93B	4.97B	5.2B	0
Retained Earnings	-319.25M	-379.18M	-424.23M	-499.23M	-644.78M	-747.85M	-793.76M	-805.88M	-829.29M	-882.71M
Preferred Stock	920M	632.5M	632.5M	345M	345M	0	0	0	0	0
Return on Assets (ROA)	4.06%	4.11%	4.28%	4.12%	3.04%	3.77%	4.21%	4.67%	4.53%	4.27%
Return on Equity (ROE)	6.6%	6.83%	7.32%	7.05%	5.29%	7.06%	8.34%	9.48%	9.32%	8.89%
Debt / Assets	36.5%	39.33%	40.14%	40.19%	42.17%	48.33%	48.07%	50.34%	49.29%	-
Debt / Equity	0.59x	0.67x	0.69x	0.69x	0.75x	0.96x	0.95x	1.05x	1.00x	-
Net Debt / EBITDA	4.40x	5.04x	4.57x	4.93x	5.17x	5.46x	5.54x	5.49x	5.27x	-0.01x
Book Value per Share	27.08	25.70	26.58	26.24	25.08	22.32	23.60	22.88	23.70	23.45

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	415.34M	421.56M	471.91M	501.73M	450.19M	568.42M	578.36M	612.41M	635.5M	667.13M
Operating CF Growth %	21.77%	1.5%	11.94%	6.32%	-10.27%	26.26%	1.75%	5.89%	3.77%	4.98%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	239.51M	265.37M	292.49M	299.61M	228.8M	290.11M	334.62M	392.34M	396.83M	389.78M
Depreciation & Amortization	149.1M	173.72M	174.4M	188.87M	196.62M	205.22M	223.83M	238.63M	249.68M	268.44M
Stock-Based Compensation	11.4M	14.22M	10.42M	11.55M	14.48M	14.49M	17.33M	0	0	0
Other Non-Cash Items	17.1M	-3.35M	11.44M	4.61M	-6.03M	4.93M	-525K	-19.57M	-13.03M	8.91M
Working Capital Changes	4.49M	1.36M	-1.87M	-3.74M	-23.86M	30.41M	3.1M	1.01M	2.01M	0
Cash from Investing+	-779.94M	-625.56M	-609.37M	-619.41M	-142.82M	-432.18M	-777.63M	-680.66M	-424.34M	-748.06M
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	-779.94M	-625.56M	-609.37M	-619.41M	-142.82M	-432.18M	-777.63M	-680.66M	-424.34M	-748.06M
Cash from Financing+	644.89M	-89.18M	250.37M	4.53M	-41.25M	-232.16M	34.73M	66.63M	-207.26M	0
Dividends Paid	-295.63M	-315.05M	-337.49M	-364.83M	-374.35M	-382.29M	-380.54M	-404.46M	-420.24M	0
Common Dividends	-257.01M	-277.12M	-303.16M	-333.69M	-356.41M	-367.29M	-380.54M	-404.46M	-420.24M	0
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Share Repurchases	0	-287.5M	0	-287.5M	0	0	0	0	0	0
Other Financing	-136K	-84K	-18.24M	-776K	-16.68M	-39.47M	-278K	0	-13.13M	0
Net Change in Cash+	280.28M	-293.18M	112.9M	-113.16M	266.12M	-95.91M	-164.54M	-1.62M	3.91M	0
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	14.26M	294.54M	1.36M	114.27M	1.11M	267.24M	171.32M	6.78M	5.16M	0
Cash at End	294.54M	1.36M	114.27M	1.11M	267.24M	171.32M	6.78M	5.16M	9.06M	0
Free Cash Flow+	415.34M	421.56M	471.91M	501.73M	450.19M	568.42M	578.36M	612.41M	635.5M	667.13M
FCF Growth %	21.77%	1.5%	11.94%	6.32%	-10.27%	26.26%	1.75%	5.89%	3.77%	4.98%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
FFO per Share	2.69	2.94	2.99	2.96	2.47	2.83	3.2	3.47	3.51	3.5
FFO Payout Ratio	66.14%	63.17%	64.94%	68.37%	83.78%	74.15%	68.14%	64.1%	65%	0%
NOI Margin	96.09%	96.05%	95.97%	95.88%	95.71%	96.09%	96.6%	96.57%	96.28%	95.96%
Net Debt / EBITDA	4.40x	5.04x	4.57x	4.93x	5.17x	5.46x	5.54x	5.49x	5.27x	-0.01x
Debt / Assets	36.5%	39.33%	40.14%	40.19%	42.17%	48.33%	48.07%	50.34%	49.29%	-
Interest Coverage	3.21x	3.09x	3.67x	3.47x	2.89x	3.26x	3.26x	3.39x	3.14x	2.89x
Book Value / Share	27.08	25.7	26.58	26.24	25.08	22.32	23.6	22.88	23.7	23.45
Revenue Growth	10.51%	9.61%	6.45%	7.68%	-1.46%	9.95%	6.42%	7.12%	4.97%	6.55%

NNN REIT, Inc. (NNN) 10-Year Financial Performance & Capital Metrics

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NNN REIT, Inc. (NNN) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare NNN vs Peers

vs O

vs FCPT

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios