30 years of historical data (1996–2025) · Real Estate · REIT - Retail
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
NNN REIT, Inc. trades at 21.9x earnings, roughly in line with 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 23.4x, the stock trades at a discount of 6%. On a free-cash-flow basis, the stock trades at 12.9x 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 | $8.6B | $7.4B | $7.5B | $7.8B | $8.0B | $8.4B | $7.0B | $8.9B | $7.6B | $6.4B | $6.4B |
| Enterprise Value | $8.6B | $7.4B | $11.9B | $12.2B | $11.9B | $12.0B | $10.0B | $11.8B | $10.3B | $9.0B | $8.4B |
| P/E Ratio → | 21.89 | 19.14 | 19.00 | 19.95 | 24.21 | 31.83 | 33.54 | 34.37 | 29.40 | 29.74 | 32.03 |
| P/S Ratio | 9.29 | 8.04 | 8.65 | 9.46 | 10.34 | 11.57 | 10.67 | 13.20 | 12.18 | 11.02 | 11.98 |
| P/B Ratio | 1.93 | 1.69 | 1.72 | 1.88 | 1.94 | 2.15 | 1.63 | 2.04 | 1.82 | 1.68 | 1.63 |
| P/FCF | 12.90 | 11.17 | 11.83 | 12.79 | 13.83 | 14.78 | 15.65 | 17.64 | 16.07 | 15.29 | 15.39 |
| P/OCF | 12.90 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
NNN REIT, Inc.'s enterprise value stands at 10.0x EBITDA, 32% below its 5-year average of 14.7x. The Real Estate sector median is 13.6x, placing the stock at a 26% 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 | — | 8.04 | 13.67 | 14.72 | 15.41 | 16.49 | 15.14 | 17.66 | 16.57 | 15.43 | 15.76 |
| EV / EBITDA | 10.03 | 8.68 | 14.36 | 15.36 | 16.86 | 18.31 | 17.51 | 19.55 | 17.22 | 17.65 | 18.36 |
| EV / EBIT | 14.59 | — | 20.46 | 21.92 | 24.67 | 27.99 | 27.92 | 28.21 | 25.27 | 24.10 | 25.04 |
| EV / FCF | — | 11.16 | 18.70 | 19.91 | 20.59 | 21.07 | 22.21 | 23.60 | 21.87 | 21.41 | 20.25 |
Margins and return-on-capital ratios measuring operating efficiency
NNN REIT, Inc. earns an operating margin of 63.6%, significantly above the Real Estate sector average of 22.0%. Operating margins have compressed from 67.0% to 63.6% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 8.9% is modest. ROIC of 6.7% represents adequate returns on invested capital.
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 | 96.0% | 96.0% | 96.3% | 96.6% | 96.6% | 96.1% | 95.7% | 95.9% | 96.0% | 96.0% | 96.1% |
| Operating Margin | 63.6% | 63.6% | 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% |
| 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 | 6.7% | 6.7% | 5.0% | 5.0% | 4.7% | 4.6% | 3.8% | 4.4% | 4.8% | 4.1% | 4.1% |
| ROCE | 6.5% | 6.5% | 6.7% | 6.7% | 6.2% | 5.9% | 5.0% | 5.8% | 6.3% | 5.3% | 5.3% |
Solvency and debt-coverage ratios — lower is generally safer
The company holds a net cash position — cash of $5M exceeds total debt of $0, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. 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 | — | — | 1.00 | 1.05 | 0.95 | 0.96 | 0.75 | 0.69 | 0.69 | 0.67 | 0.59 |
| Debt / EBITDA | — | — | 5.29 | 5.49 | 5.54 | 5.73 | 5.64 | 4.93 | 4.76 | 5.05 | 5.05 |
| Net Debt / Equity | — | -0.00 | 1.00 | 1.05 | 0.95 | 0.92 | 0.68 | 0.69 | 0.66 | 0.67 | 0.51 |
| Net Debt / EBITDA | -0.01 | -0.01 | 5.27 | 5.49 | 5.54 | 5.46 | 5.17 | 4.93 | 4.57 | 5.04 | 4.40 |
| Debt / FCF | — | -0.01 | 6.87 | 7.12 | 6.77 | 6.29 | 6.56 | 5.95 | 5.80 | 6.12 | 4.86 |
| Interest Coverage | 2.89 | 2.89 | 3.14 | 3.39 | 3.26 | 3.26 | 2.89 | 3.47 | 3.67 | 3.09 | 3.21 |
Net cash position: cash ($5M) exceeds total debt ($0)
Short-term solvency ratios and asset-utilisation metrics
The current ratio has improved from 0.31x to 1.86x 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 | — | — | 1.86 | 0.31 | 0.23 | 9.17 | 17.17 | 0.30 | 8.26 | 0.29 | 17.84 |
| Quick Ratio | — | — | 1.86 | 0.31 | 0.23 | 9.17 | 17.17 | 0.30 | 7.56 | 0.26 | 16.63 |
| Cash Ratio | 0.29 | — | 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 | — | — | — | — | — | — | — | 1.84 | 5.66 | 0.87 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
NNN REIT, Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. 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.
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 | — | — | 5.6% | 5.2% | 4.8% | 4.4% | 5.1% | 3.8% | 4.0% | 4.3% | 4.0% |
| Payout Ratio | — | — | 105.9% | 103.1% | 113.7% | 126.6% | 155.8% | 111.5% | 103.7% | 104.6% | 107.3% |
| 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 | 0.0% | 0.0% | 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 |
Compare NNN with 6 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 | 21.9 | 10.0 | 12.9 | 96.0% | 63.6% | 8.9% | 6.7% | — |
| O | $63B | 57.3 | 15.2 | 15.7 | 89.8% | 28.3% | 2.7% | 2.3% | — |
| FCPT | $3B | 23.4 | 17.6 | 14.4 | 95.4% | 55.7% | 7.3% | 4.5% | 5.4 |
| GTY | $2B | 23.4 | 15.8 | 14.9 | 40.2% | 54.9% | 7.8% | 4.6% | 5.6 |
| NTST | $2B | 259.6 | 12.6 | 15.8 | 99.9% | 25.7% | 0.5% | 2.1% | — |
| PINE | $292M | -89.6 | 7.1 | 11.3 | 86.9% | 21.7% | -1.1% | 2.2% | — |
| ADC | $236M | 45.5 | 5.5 | 0.5 | 92.7% | 47.4% | 3.3% | 2.9% | 5.1 |
| Real Estate Median | — | 23.4 | 13.6 | 13.7 | 60.4% | 22.0% | 3.3% | 2.6% | 6.7 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 30 years · Updated daily
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorSee our Bear / Base / Bull DCF models and intrinsic value estimates.
View ValuationSee how NNN stacks up against sector leader Realty Income Corporation.
Start ComparisonNNN REIT, Inc.'s current P/E ratio is 21.9x. The historical average is 21.7x. This places it at the 53th percentile of its historical range.
NNN REIT, Inc.'s current EV/EBITDA is 10.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.4x.
NNN REIT, Inc.'s return on equity (ROE) is 8.9%. The historical average is 8.2%.
Based on historical data, NNN REIT, Inc. is trading at a P/E of 21.9x. This is at the 53th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
NNN REIT, Inc. has 96.0% gross margin and 63.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.