NNN Real Estate

NNN REIT, Inc.

$41.69-0.02%

Price as of close on Nov 3, 2026 · Financials updated Oct 10, 2026

Basics

Sector: Real Estate
Industry: REIT - Retail
Country: United States
Market cap: 7.9B USD
Enterprise value: 12.9B USD
Full-time employees: 85

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings
Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.18 vs a peer median of 1.20) and more debt relative to equity (1.11× vs a peer median of 0.80×)higher risk: less liquidity (current ratio 0.18 vs peers 1.20) and more debt vs equity (1.11× vs peers 0.80×)
About average: growth

Ranks #270 of 632 real estate companies (top 43%)

See how it ranks against its peers

Worth knowing

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $661M in 2020 to $926M in 2025.
NNN REIT's fiscal-year revenue rose in each of the five years to 2025, from $661M to $926M.
Profit is backed by cash. Free cash flow is 177% of reported profit.
NNN REIT's free cash flow is 177% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.
Wide margins. Operating margin 62% (12 months to Jun 2026) vs a peer median of 27%.Operating margin 62% vs peers 27%.
NNN REIT keeps 62% of revenue as operating profit, more than 83% of peers (median 27%).

StockQuotient Score

54/ 100▼ 1 since Oct 27 close

Oct 5 54 → Nov 4 54

Valuation

Is the price right?

61/100

Moderate▼ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 62 → 61

Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Stronger than most peers on:

▲ EBITDA yield
▲ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield4.8%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.11Sector median: 0.0535 · MAD: 0.0484

EBITDA yield6.7%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 0.67Sector median: 0.0536 · MAD: 0.0204

Free cash flow yield8.5%

Yahoo Finance fallback · SEC cash flow or share count unavailable · trailing 12 months · operating cash flow − capital spendingReported value20% base weight · Z-score 0.45Sector median: 0.0650 · MAD: 0.0444

Other data (not scored)

Book yield55.7%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 1.1277 · MAD: 0.5490

Growth

Is it growing?

51/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 2.9%

Why

Mixed versus peers:

▲ Revenue growth
▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-3.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.48Sector median: 0.1117 · MAD: 0.3101

3-year revenue growth6.1%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.31Sector median: 0.0378 · MAD: 0.0744

Revenue growth6.5%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.39Sector median: 0.0297 · MAD: 0.0927

Profitability

Does it earn well?

81/100

Strong

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Operating margin
▲ ROA
▲ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin62.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.57Sector median: 0.2683 · MAD: 0.2257

Return on assets4.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.41Sector median: 0.0211 · MAD: 0.0134

Return on invested capital5.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.79Sector median: 0.0341 · MAD: 0.0197

Other data (not scored)

Gross margin96.1%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.5380 · MAD: 0.2259

Return on equity8.6%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0521 · MAD: 0.0465

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: Changed: worth a look

Debt up 2386%

Why

Weaker than most peers on:

▼ Current ratio
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.76

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.04Sector median: 0.7490 · MAD: 0.3270

Current ratio0.18×

Yahoo Finance fallback · SEC figure unavailable or out of dateReported value33% base weight · Z-score -1.41Sector median: 1.1950 · MAD: 0.7210

Debt / equity1.11×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.80Sector median: 0.8040 · MAD: 0.3893

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about NNN REIT

Is NNN REIT getting weaker?: Its latest SEC filing (Aug 5, 2026) showed no major changes: debt up 2386%. Its overall score is 54/100, down 1 since Oct 28, 2026.
How is NNN REIT valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 61/100 against 762 real estate peers. EBITDA yield 6.7% vs a peer median of 5.4% (stronger than 69% of peers).EBITDA yield 6.7% vs peers 5.4% (stronger than 69% of peers).
Is NNN REIT growing?: At about the same pace as its peers. Growth scores 51/100 against 762 real estate peers. Revenue growth 6.5% vs a peer median of 3.0% (stronger than 63% of peers).Revenue growth 6.5% vs peers 3.0% (stronger than 63% of peers). Earnings per share growth -3.7% vs a peer median of 11.2% (weaker than 67% of peers).Earnings per share growth -3.7% vs peers 11.2% (weaker than 67% of peers).
How profitable is NNN REIT?: More profitable than most of its peers. Profitability scores 81/100 against 762 real estate peers. Operating margin 62.3% vs a peer median of 26.8% (stronger than 83% of peers).Operating margin 62.3% vs peers 26.8% (stronger than 83% of peers).
How risky is NNN REIT?: Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Current ratio 0.18× vs a peer median of 1.20× (weaker than 94% of peers).Current ratio 0.18× vs peers 1.20× (weaker than 94% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Dec 31, 2025

No major changes

Debt up 2386%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	926.2M USD	953.2M USD	+2.9%
Net income (12 months)	389.8M USD	384.7M USD	−1.3%
Operating margin	63.6%	62.3%	−1.3 pts
Debt	200.0M USD	5.0B USD	+2386.4%
Cash	5.0M USD	4.2M USD	−16.3%
Shares outstanding	189.9M	191.9M	+1.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: REIT - Retail · 21 companies

Valuations in REIT - Retail are above their usual range since Mar 2016.

61% of months since Mar 2016 were valued lower than now.
5% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +9% and earnings +49% (medians): earnings grew faster than prices.
Median price-to-sales is +189% vs the whole market, against a usual +191%.

Mar 2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	61.8%	62.4%	67.0%	66.5%	63.6%	▼ 2.8 pts
Net margin	39.9%	43.3%	47.4%	45.7%	42.1%	▼ 3.6 pts
Return on assets (ROA)	3.7%	4.1%	4.5%	4.5%	4.2%	▼ 0.3 pts
Return on equity (ROE)	7.4%	8.1%	9.4%	9.1%	8.8%	▼ 0.3 pts
Debt to equity	0.96×	0.91×	1.02×	1.00×	1.01×	▲ 1.2%
Interest coverage	3.26×	3.26×	3.39×	3.14×	2.89×	▼ 8.0%

NNN price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings

Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.18 vs a peer median of 1.20) and more debt relative to equity (1.11× vs a peer median of 0.80×)higher risk: less liquidity (current ratio 0.18 vs peers 1.20) and more debt vs equity (1.11× vs peers 0.80×)

About average: growth

Ranks #270 of 632 real estate companies (top 43%)

See how it ranks against its peers

Worth knowing

Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $661M in 2020 to $926M in 2025.

NNN REIT's fiscal-year revenue rose in each of the five years to 2025, from $661M to $926M.

Profit is backed by cash. Free cash flow is 177% of reported profit.

NNN REIT's free cash flow is 177% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

Wide margins. Operating margin 62% (12 months to Jun 2026) vs a peer median of 27%.Operating margin 62% vs peers 27%.

NNN REIT keeps 62% of revenue as operating profit, more than 83% of peers (median 27%).

Questions investors ask about NNN REIT

Is NNN REIT getting weaker?

Its latest SEC filing (Aug 5, 2026) showed no major changes: debt up 2386%. Its overall score is 54/100, down 1 since Oct 28, 2026.

How is NNN REIT valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 61/100 against 762 real estate peers. EBITDA yield 6.7% vs a peer median of 5.4% (stronger than 69% of peers).EBITDA yield 6.7% vs peers 5.4% (stronger than 69% of peers).

Is NNN REIT growing?

At about the same pace as its peers. Growth scores 51/100 against 762 real estate peers. Revenue growth 6.5% vs a peer median of 3.0% (stronger than 63% of peers).Revenue growth 6.5% vs peers 3.0% (stronger than 63% of peers). Earnings per share growth -3.7% vs a peer median of 11.2% (weaker than 67% of peers).Earnings per share growth -3.7% vs peers 11.2% (weaker than 67% of peers).

How profitable is NNN REIT?

More profitable than most of its peers. Profitability scores 81/100 against 762 real estate peers. Operating margin 62.3% vs a peer median of 26.8% (stronger than 83% of peers).Operating margin 62.3% vs peers 26.8% (stronger than 83% of peers).

How risky is NNN REIT?

Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Current ratio 0.18× vs a peer median of 1.20× (weaker than 94% of peers).Current ratio 0.18× vs peers 1.20× (weaker than 94% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

926.2M USD

953.2M USD

+2.9%

Net income (12 months)

389.8M USD

384.7M USD

−1.3%

Operating margin

63.6%

62.3%

−1.3 pts

Debt

200.0M USD

5.0B USD

+2386.4%

Cash

5.0M USD

4.2M USD

−16.3%

Shares outstanding

189.9M

191.9M

+1.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

61.8%

62.4%

67.0%

66.5%

63.6%

▼ 2.8 pts

Net margin

39.9%

43.3%

47.4%

45.7%

42.1%

▼ 3.6 pts

Return on assets (ROA)

3.7%

4.1%

4.5%

4.2%

▼ 0.3 pts

Return on equity (ROE)

7.4%

8.1%

9.4%

9.1%

8.8%

▼ 0.3 pts

Debt to equity

0.96×

0.91×

1.02×

1.00×

1.01×

▲ 1.2%

Interest coverage

3.26×

3.39×

3.14×

2.89×

▼ 8.0%