8-K Announcements
6Apr 30, 2026·SEC
Feb 19, 2026·SEC
Feb 11, 2026·SEC
NNN REIT, Inc. (NNN) fundamental analysis — strengths, weaknesses & financial health based on data analysis
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
Get notified when NNN posts new earnings or crosses analyst targets
Free. No account needed. Unsubscribe any time.
NNN REIT, Inc. (NNN) stock price & volume — 10-year historical chart
NNN REIT, Inc. (NNN) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
NNN REIT, Inc. (NNN) EPS & revenue vs analyst estimates — last 4 quarters
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 30, 2026 | $0.87vs $0.51+71.3% | $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% |
NNN REIT, Inc. (NNN) competitors in Net Lease Retail REITs — business model, growth, and fundamentals comparison
NNN REIT, Inc. (NNN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
NNN REIT, Inc. (NNN) annual income statement — 10-year revenue, gross profit & net income history
| Metric | 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 REIT, Inc. (NNN) balance sheet — assets, liabilities & shareholders' equity
| Metric | 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 | 0.00x |
Net Debt / EBITDA | 5.04x | 4.57x | 4.93x | 5.17x | 5.46x | 5.54x | 5.49x | 5.27x | 5.74x | -0.01x |
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 REIT, Inc. (NNN) cash flow — operating, investing & free cash flow history
| Metric | 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 | 463.85M |
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% | 49.57% |
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 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 | -0.01x |
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 REIT, Inc. (NNN) SEC filings — annual & quarterly reports (10-K, 10-Q)
Apr 30, 2026·SEC
Feb 19, 2026·SEC
Feb 11, 2026·SEC
NNN REIT, Inc. (NNN) stock FAQ — growth, dividends, profitability & financials explained
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).
Yes, NNN REIT, Inc. (NNN) pays a dividend with a yield of 5.24%. 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.
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 5.24% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.