Latest Ratios: P/E Ratio 20.0x · EV/EBITDA 15.1x · ROE 8.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.9B | $7.4B | $7.5B | $7.8B | $8.0B | $8.4B | $7.0B | $8.9B | $7.6B | $6.4B | $6.4B |
| Enterprise Value | $12.7B | $12.3B | $11.9B | $12.2B | $11.9B | $12.0B | $10.0B | $11.8B | $10.3B | $9.0B | $8.4B |
| P/E Ratio → | 19.97 | 19.14 | 19.00 | 19.95 | 24.21 | 31.83 | 33.54 | 34.37 | 29.40 | 29.74 | 32.03 |
| P/S Ratio | 8.49 | 8.04 | 8.65 | 9.46 | 10.34 | 11.57 | 10.67 | 13.20 | 12.18 | 11.02 | 11.98 |
| P/B Ratio | 1.76 | 1.69 | 1.72 | 1.88 | 1.94 | 2.15 | 1.63 | 2.04 | 1.82 | 1.68 | 1.63 |
| P/FCF | 11.79 | 11.17 | 11.83 | 12.79 | 13.83 | 14.78 | 15.65 | 17.64 | 16.07 | 15.29 | 15.39 |
| P/OCF | 11.79 | 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
| 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 | 15.12 | 14.63 | 14.36 | 15.36 | 16.86 | 18.31 | 17.51 | 19.55 | 17.22 | 17.65 | 18.36 |
| EV / EBIT | 22.25 | 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 |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 5.7% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.0% | 5.2% | 5.3% | 5.0% | 4.1% | 3.1% | 3.0% | 2.9% | 3.4% | 3.4% | 3.1% |
| FCF Yield | 8.5% | 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 | 5.7% | 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 |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying NNN stock.
NNN REIT, Inc.'s current P/E ratio is 20.0x. 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 15.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.6x.
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 20.0x. 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.'s current dividend yield is 5.70% with a payout ratio of 113.7%.
NNN REIT, Inc. has 38.0% gross margin and 61.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
NNN REIT, Inc.'s Debt/EBITDA ratio is 5.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Negative AFFO and dividend coverage
Metrics are mathematically derived from official filings.
P/FFO Premium Reflects Stability
NNN trades at 23.5x forward FFO, a premium to peers like O (21.99x EV/EBITDA) and ADC (19.87x), suggesting investors pay for its defensive retail portfolio.
The P/FFO multiple of 23.5x is above the peer average, implying a premium valuation that may be justified by NNN's high occupancy and stable cash flows. However, the implied cap rate, derived from NOI and enterprise value, appears compressed relative to private market transactions, suggesting limited upside from yield expansion. Investors should monitor whether the premium narrows if FFO growth remains muted.
NOI Margin Resilience with Seasonal Dip
NOI margin averaged 96% over the last four quarters, but 2025Q4 dropped to 38.6%, likely due to seasonal expenses or asset sales, as reported in financial statements.
The consistently high NOI margin indicates strong property-level profitability, but the Q4 anomaly distorts annual comparisons and may signal one-time costs. FFO per share has been stable around $0.87-$0.90, suggesting that growth is not accelerating, and the flat FFO growth in 2026Q2 (0.1%) implies that acquisitions are not yet accretive. This warrants a closer look at same-store NOI growth, which appears muted.
Payout Ratio Stable but AFFO Negative
FFO payout ratio remained around 67-69% in recent quarters, but AFFO turned sharply negative at -$260.3M in 2026Q2, raising concerns about dividend sustainability.
The FFO payout ratio of 67% suggests a comfortable cushion, but the negative AFFO indicates that maintenance capex and other non-cash adjustments are consuming cash flow. Based on reported figures, the dividend may be partially funded by external sources, which is not sustainable long-term. Investors should monitor whether AFFO recovers in subsequent quarters.
Leverage Creeps Higher, Coverage Slips
Debt-to-gross-assets rose to 1.12 in 2026Q2 from 1.04 a year earlier, while interest coverage fell to 2.83x, indicating increased leverage and reduced cushion.
The rising D/E ratio suggests that debt is financing a larger share of asset growth, which may increase refinancing risk. Interest coverage of 2.83x is adequate but has declined from 3.29x in 2024Q2, implying that earnings are less able to absorb higher interest costs. The company's fixed-rate exposure and maturity profile are not disclosed, but the trend warrants monitoring.
Occupancy and G&A Efficiency Solid
Occupancy remains high, and G&A costs appear efficient, but the portfolio's retail concentration exposes NNN to e-commerce headwinds, as per industry data.
The high NOI margin and stable FFO suggest that the portfolio is well-managed, but the retail focus may face structural challenges. G&A efficiency, implied by the stable FFO per share, appears adequate, but the lack of same-store NOI disclosure limits deeper analysis. Investors should monitor tenant credit quality and lease expirations.
P/E Misleads for REIT Valuation
Standard P/E of 22.15 is distorted by depreciation, understating earnings power; FFO and AFFO are the appropriate metrics, but AFFO's negative swing in 2026Q2 complicates the picture.
For REITs, P/E is misleading because depreciation is a non-cash charge that reduces net income but not distributable cash flow. NNN's P/E of 22.15 appears low relative to peers, but P/FFO of 23.5x is more relevant. However, the negative AFFO in 2026Q2 highlights that FFO may overstate cash available for dividends, and investors should adjust for maintenance capex to assess true sustainability.