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NNN Reit

NNN NYSE Retail REITs Financials FY2016–FY2025

NNN Reit's revenue rose 6.5% to $926 million in fiscal 2025. Its operating margin was 63.6%, down from 66.5% a year earlier. It paid out $443 million in dividends and buybacks. The diluted share count rose 2.1%.

Last close · Oct 23, 2026

$41.72

1.0%
Value it Compare
Revenue Total sales reported in the income statement.
$926M
6.5% vs prior year
Operating margin Operating income as a share of revenue.
63.6%
2.8 pts
Net income Profit after all expenses, interest and tax.
$390M
1.8%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$7.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What NNN Reit does

No business description yet.

Legal name
NNN REIT, INC.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001193125-26-045617
0000751364

Revenue and margins

NNN Reit had $926M of revenue in fiscal 2025, up 6.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 4.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

NNN Reit returned $443M to shareholders in fiscal 2025. The diluted share count rose 2.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value NNN Reit yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 188.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 20.2x · peers 19.5x · sector 28.2x.

Balance sheet

Cash, debt and the ratios that show how comfortably NNN Reit can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $171M$2.5M$1.2M$8.7M$5.0M
Interest coverage 3.3x3.3x3.4x3.1x2.9x
Total assets $7.8B$8.1B$8.7B$8.9B$9.4B
Total liabilities $3.8B$4.0B$4.5B$4.5B$5.0B
Shareholders' equity $3.9B$4.1B$4.2B$4.4B$4.4B
Net debt (− = net cash) —————

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$1.9M

3 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Mar 9, 2026 Stephen A Horn JRPresident & CEO Sold 33,192 $44.98 $1.5M Form 4
Mar 6, 2026 Jonathan AdamoEVP Chief Portfolio Operations Sold 6,000 $44.99 $0.3M Form 4
Feb 20, 2026 Michelle Lynn MillerEVP,Chief Acctg & Tech Officer Sold 4,000 $44.03 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets — — —
Current ratio rose — — —
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✓ ✕ ✓
F-score — / 9— / 9— / 9
Accruals ratio −2.6%−2.7%−3.0%
Altman Z'' ———

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
NNN Reit NNN $7.8B 6.6% 63.6% — — — —
Kite Realty Group Trust KRG $5.0B 0.8% — 32.9% 7.1% 15.3x — Compare →
Agree Realty ADC $8.3B 16.4% 47.4% 70.2% — 34.4x — Compare →
Federal Realty Investment Trust FRT $9.4B 6.4% 47.1% — 6.0% 18.9x — Compare →
Brixmor Property Group BRX $8.7B 6.7% — — — 20.1x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $534M $585M $623M $671M $661M $726M $773M $828M $869M $926M
Operating income $336M $374M $425M $417M $375M $449M $483M $555M $578M $590M
Interest expense $96.4M $109M $116M $120M $129M $138M $148M $164M $184M $204M
Pretax income $212M $229M $292M $299M $229M — — — — —
Income tax $0.0M $0.0M $0.0M $0.0M $0.0M — — — — —
Net income $240M $265M $292M $299M $229M $290M $335M $392M $397M $390M
Diluted EPS $1.38 $1.45 $1.65 $1.56 $1.22 $1.51 $1.89 $2.16 $2.15 $2.07
Diluted shares 0.14B 0.15B 0.16B 0.17B 0.17B 0.17B 0.18B 0.18B 0.18B 0.19B
Cash flow
Cash from operations $415M $422M $472M $502M $450M $568M $578M $612M $636M $667M
Depreciation and amortization $149M $174M $174M $189M $197M $205M $224M $239M $250M $268M
Stock-based compensation $10.8M $13.0M $9.3M $10.7B $14.2B $14.3M $15.4M $12.2M $11.8M $14.2M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $257M $277M $303M $334M $356M $367M $381M $405M $420M $443M
Dividends and buybacks $257M $277M $303M $334M $356M $367M $381M $404M $420M $443M
Balance sheet
Cash and short-term investments $295M $1.4M $114M $1.1M $267M $171M $2.5M $1.2M $8.7M $5.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Total assets $6.3B $6.6B $7.1B $7.4B $7.6B $7.8B $8.1B $8.7B $8.9B $9.4B
Total liabilities $2.4B $2.7B $2.9B $3.1B $3.3B $3.8B $4.0B $4.5B $4.5B $5.0B
Shareholders' equity $3.9B $3.8B $4.2B $4.3B $4.3B $3.9B $4.1B $4.2B $4.4B $4.4B
Margins
Operating margin 63.0% 64.0% 68.2% 62.1% 56.7% 61.8% 62.4% 67.0% 66.5% 63.6%
EBITDA margin 91.0% 93.7% 96.2% 90.3% 86.4% 90.1% 91.4% 95.9% 95.2% 92.6%
Net margin 44.9% 45.3% 47.0% 44.6% 34.6% 39.9% 43.3% 47.4% 45.7% 42.1%
Returns
Return on equity 6.6% 6.8% 7.3% 7.1% 5.3% 7.1% 8.3% 9.5% 9.3% 8.9%
Return on assets 4.1% 4.1% 4.3% 4.1% 3.0% 3.8% 4.2% 4.7% 4.5% 4.3%
Growth
Revenue growth 10.5% 9.6% 6.5% 7.7% −1.5% 10.0% 6.4% 7.1% 5.0% 6.6%
Net income growth 21.1% 10.6% 10.4% 2.3% −23.5% 26.8% 15.3% 17.3% 1.2% −1.8%
EPS growth 15.0% 5.1% 13.8% −5.5% −21.8% 23.8% 25.2% 14.3% −0.5% −3.7%
Share count change 7.6% 3.3% 4.6% 5.6% 4.3% 1.5% 1.3% 2.6% 1.3% 2.1%
Financial health
Interest coverage 3.5x 3.4x 3.7x 3.5x 2.9x 3.3x 3.3x 3.4x 3.1x 2.9x
Capital allocation
Stock comp / revenue 2.0% 2.2% 1.5% 1,601.4% 2,151.3% 2.0% 2.0% 1.5% 1.4% 1.5%
Quality scores
Accruals ratio −3.0% −2.4% −2.6% −2.8% −2.9% −3.6% −3.1% −2.6% −2.7% −3.0%

Source: SEC EDGAR XBRL filings (CIK 0000751364). Data updated October 18, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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