NNN REIT, Inc. (NNN) Financial Ratios
30 years of historical data (1996–2025) · Real Estate · REIT - Retail
EV/EBITDA
↓
15.89
-0% vs avg
5yr avg: 15.90
30Y Low9.1·High19.5
P/FCF
↓
12.75
-1% vs avg
5yr avg: 12.88
30Y Low6.7·High40.5
P/B Ratio
↓
1.91
+2% vs avg
5yr avg: 1.88
30Y Low0.7·High2.2
ROE
↑
8.9%
↓+3% vs avg
5yr avg: 8.6%
30Y Low4%·High19%
Debt/EBITDA
↑
5.75
+3% vs avg
5yr avg: 5.56
30Y Low3.7·High8.1
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
NNN Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
NNN REIT, Inc. trades at 21.6x earnings, 5% below its 5-year average of 22.8x, sitting at the 53rd percentile of its historical range. Compared to the Real Estate sector median P/E of 24.3x, the stock trades at a discount of 11%. On a free-cash-flow basis, the stock trades at 12.8x P/FCF, roughly in line with the 5-year average of 12.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.5B | $7.4B | $7.5B | $7.8B | $8.0B | $8.4B | $7.0B | $8.9B | $7.6B | $6.4B | $6.4B |
| Enterprise Value | $13.3B | $12.3B | $11.9B | $12.2B | $11.9B | $12.0B | $10.0B | $11.8B | $10.3B | $9.0B | $8.4B |
| P/E Ratio → | 21.60 | 19.14 | 19.00 | 19.95 | 24.21 | 31.83 | 33.54 | 34.37 | 29.40 | 29.74 | 32.03 |
| P/S Ratio | 9.18 | 8.04 | 8.65 | 9.46 | 10.34 | 11.57 | 10.67 | 13.20 | 12.18 | 11.02 | 11.98 |
| P/B Ratio | 1.91 | 1.69 | 1.72 | 1.88 | 1.94 | 2.15 | 1.63 | 2.04 | 1.82 | 1.68 | 1.63 |
| P/FCF | 12.75 | 11.17 | 11.83 | 12.79 | 13.83 | 14.78 | 15.65 | 17.64 | 16.07 | 15.29 | 15.39 |
| P/OCF | 12.75 | 11.17 | 11.83 | 12.79 | 13.83 | 14.78 | 15.65 | 17.64 | 16.07 | 15.29 | 15.39 |
P/E links to full P/E history page with 30-year chart
NNN EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
NNN REIT, Inc.'s enterprise value stands at 15.9x EBITDA, roughly in line with its 5-year average of 15.9x. The Real Estate sector median is 16.7x, placing the stock at a 5% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 13.24 | 13.67 | 14.72 | 15.41 | 16.49 | 15.14 | 17.66 | 16.57 | 15.43 | 15.76 |
| EV / EBITDA | 15.89 | 14.63 | 14.36 | 15.36 | 16.86 | 18.31 | 17.51 | 19.55 | 17.22 | 17.65 | 18.36 |
| EV / EBIT | 23.38 | 20.72 | 20.46 | 21.92 | 24.67 | 27.99 | 27.92 | 28.21 | 25.27 | 24.10 | 25.04 |
| EV / FCF | — | 18.39 | 18.70 | 19.91 | 20.59 | 21.07 | 22.21 | 23.60 | 21.87 | 21.41 | 20.25 |
NNN Profitability
Margins and return-on-capital ratios measuring operating efficiency
NNN REIT, Inc. earns an operating margin of 61.5%, significantly above the Real Estate sector average of 25.0%. Operating margins have compressed from 67.0% to 61.5% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 8.9% is modest. ROIC of 4.8% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.0% | 38.0% | 96.3% | 96.6% | 96.6% | 96.1% | 95.7% | 95.9% | 96.0% | 96.0% | 96.1% |
| Operating Margin | 61.5% | 61.5% | 66.5% | 67.0% | 62.4% | 61.8% | 56.7% | 62.2% | 68.2% | 57.7% | 57.9% |
| Net Profit Margin | 42.1% | 42.1% | 45.7% | 47.4% | 43.3% | 39.9% | 34.6% | 44.6% | 47.0% | 45.3% | 44.9% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.9% | 8.9% | 9.3% | 9.5% | 8.3% | 7.1% | 5.3% | 7.1% | 7.3% | 6.8% | 6.6% |
| ROA | 4.3% | 4.3% | 4.5% | 4.7% | 4.2% | 3.8% | 3.0% | 4.1% | 4.3% | 4.1% | 4.1% |
| ROIC | 4.8% | 4.8% | 5.0% | 5.0% | 4.7% | 4.6% | 3.8% | 4.4% | 4.8% | 4.1% | 4.1% |
| ROCE | 6.4% | 6.4% | 6.7% | 6.7% | 6.2% | 5.9% | 5.0% | 5.8% | 6.3% | 5.3% | 5.3% |
NNN Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
NNN REIT, Inc. carries a Debt/EBITDA ratio of 5.8x, which is highly leveraged (26% below the sector average of 7.8x). Net debt stands at $4.8B ($4.8B total debt minus $5M cash). Interest coverage of just 2.9x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.09 | 1.09 | 1.00 | 1.05 | 0.95 | 0.96 | 0.75 | 0.69 | 0.69 | 0.67 | 0.59 |
| Debt / EBITDA | 5.75 | 5.75 | 5.29 | 5.49 | 5.54 | 5.73 | 5.64 | 4.93 | 4.76 | 5.05 | 5.05 |
| Net Debt / Equity | — | 1.09 | 1.00 | 1.05 | 0.95 | 0.92 | 0.68 | 0.69 | 0.66 | 0.67 | 0.51 |
| Net Debt / EBITDA | 5.74 | 5.74 | 5.27 | 5.49 | 5.54 | 5.46 | 5.17 | 4.93 | 4.57 | 5.04 | 4.40 |
| Debt / FCF | — | 7.22 | 6.87 | 7.12 | 6.77 | 6.29 | 6.56 | 5.95 | 5.80 | 6.12 | 4.86 |
| Interest Coverage | 2.93 | 2.93 | 3.16 | 3.39 | 3.26 | 3.10 | 2.77 | 3.50 | 3.52 | 3.43 | 3.49 |
NNN Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.19x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 0.31x to 0.19x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.19 | 0.19 | 1.86 | 0.31 | 0.23 | 9.17 | 17.17 | 0.30 | 8.26 | 0.29 | 17.84 |
| Quick Ratio | 0.19 | 0.19 | 1.86 | 0.31 | 0.23 | 9.17 | 17.17 | 0.30 | 7.56 | 0.26 | 16.63 |
| Cash Ratio | 0.01 | 0.01 | 0.29 | 0.01 | 0.01 | 7.16 | 13.77 | 0.01 | 5.85 | 0.01 | 14.98 |
| Asset Turnover | — | 0.10 | 0.10 | 0.10 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.08 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 1.84 | 5.66 | 0.87 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
NNN Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
NNN REIT, Inc. returns 5.3% to shareholders annually primarily through dividends. The payout ratio exceeds 100% at 113.7%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 4.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.3% | 5.9% | 5.6% | 5.2% | 4.8% | 4.4% | 5.1% | 3.8% | 4.0% | 4.3% | 4.0% |
| Payout Ratio | 113.7% | 113.7% | 105.9% | 103.1% | 113.7% | 126.6% | 155.8% | 111.5% | 103.7% | 104.6% | 107.3% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.6% | 5.2% | 5.3% | 5.0% | 4.1% | 3.1% | 3.0% | 2.9% | 3.4% | 3.4% | 3.1% |
| FCF Yield | 7.8% | 9.0% | 8.5% | 7.8% | 7.2% | 6.8% | 6.4% | 5.7% | 6.2% | 6.5% | 6.5% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 3.2% | 0.0% | 4.5% | 0.0% |
| Total Shareholder Yield | 5.3% | 5.9% | 5.6% | 5.2% | 4.8% | 4.4% | 5.1% | 7.0% | 4.0% | 8.8% | 4.0% |
| Shares Outstanding | — | $188M | $184M | $182M | $175M | $175M | $172M | $165M | $156M | $149M | $145M |
Peer Comparison
Compare NNN with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 NNNYou | $9B | 21.6 | 15.9 | 12.8 | 38.0% | 61.5% | 8.9% | 4.8% | 5.8 |
 O | $60B | 54.7 | 22.5 | 15.5 | 89.8% | 28.3% | 2.7% | 1.8% | 8.0 |
 ADC | $9B | 43.2 | 20.3 | 18.2 | 87.7% | 47.4% | 3.5% | 2.8% | 5.4 |
 EPRT | $7B | 24.5 | 17.9 | 17.8 | 84.0% | 64.5% | 6.5% | 4.4% | 4.9 |
 WPC | $16B | 35.0 | 19.3 | 14.8 | 28.6% | 44.4% | 5.6% | 3.5% | 6.8 |
 NTST | $2B | 257.1 | 12.5 | 15.7 | 99.9% | 25.7% | 0.5% | 2.1% | — |
 GTY | $2B | 24.5 | 16.6 | 15.7 | 40.2% | 54.9% | 7.8% | 4.6% | 5.7 |
 FCPT | $3B | 23.3 | 17.8 | 14.5 | 95.4% | 55.7% | 7.3% | 4.5% | 5.4 |
 PINE | $279M | -88.5 | 14.6 | — | -10.9% | 30.5% | -0.9% | 2.2% | 8.6 |
 MCD | $202B | 24.9 | 18.3 | 30.3 | 56.8% | 45.2% | — | 19.3% | 3.8 |
 YUM | $43B | 28.1 | 19.9 | 26.3 | 46.2% | 30.8% | — | 48.1% | 4.4 |
| Real Estate Median | — | 24.3 | 16.7 | 15.7 | 50.7% | 25.0% | 3.5% | 2.6% | 7.8 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
See NNN's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs NNN Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare NNN vs O
Side-by-side business, growth, and profitability comparison vs Realty Income Corporation.
Start ComparisonNNN — Frequently Asked Questions
Quick answers to the most common questions about buying NNN stock.
What is NNN REIT, Inc.'s P/E ratio?
NNN REIT, Inc.'s current P/E ratio is 21.6x. The historical average is 21.7x. This places it at the 53th percentile of its historical range.
What is NNN REIT, Inc.'s EV/EBITDA?
NNN REIT, Inc.'s current EV/EBITDA is 15.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.6x.
What is NNN REIT, Inc.'s ROE?
NNN REIT, Inc.'s return on equity (ROE) is 8.9%. The historical average is 8.2%.
Is NNN stock overvalued?
Based on historical data, NNN REIT, Inc. is trading at a P/E of 21.6x. This is at the 53th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is NNN REIT, Inc.'s dividend yield?
NNN REIT, Inc.'s current dividend yield is 5.27% with a payout ratio of 113.7%.
What are NNN REIT, Inc.'s profit margins?
NNN REIT, Inc. has 38.0% gross margin and 61.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does NNN REIT, Inc. have?
NNN REIT, Inc.'s Debt/EBITDA ratio is 5.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.