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NNN REIT, Inc. logo

NNN REIT, Inc.

NNN

NYSEReal EstateREIT - Retail

Open in GoAI

Previous close

$45.83

−$0.26 · -0.56%

Aug 21, 4:00 PM ET

NNN company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Hold

Wait — insufficient conviction to act

Valuation

57

Fair Value

Momentum

49

Neutral

Sentiment

69

Bullish

Risk resilience

83

Low Risk

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Company profile

Company website

NNN REIT primarily allocates capital to top-tier retail real estate, generally held under extended net lease contracts. As of September 30, 2020, their holdings encompassed 3,114 properties spanning 48 U.S. states. These assets collectively accounted for roughly 32.4 million square feet of gross leasable area, with an average remaining lease duration of 10.7 years.

Industry
REIT - Retail
Sector
Real Estate
Headquarters
US
CEO
Stephen A. Horn Jr.
Listed since
Oct 9, 1984
Employees
85

Market position

Day range

Current $45.83

52-week range

Current $45.83

Open
$46.41
Previous close
$46.09
Volume
565.55K
0.33× average
Average volume
1.69M
Average daily volume
Market cap
8.72B USD
Beta
0.78
Market reference 1
50-day average
$47.0628
-2.62% below average
200-day average
$43.818
+4.59% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
12.25B USD
P/E (TTM)
22.47×
P/B (TTM)
1.94×
P/S (TTM)
9.15×
EV / EBITDA
14.24×
Earnings yield
5.24%
Free cash flow yield
8.97%
Dividend yield
5.28%

Profitability & efficiency

Gross margin
81.78%
Operating margin
62.03%
Net margin
40.35%
Return on equity
8.84%
Return on assets
4.16%
Return on invested capital
6.10%

Financial health

Debt / equity
1.12×
Current ratio
0.19×
Altman Z-score
1.18
Piotroski F-score
7 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends102%79%56%32%Gross margin, FY2021: 96.09%Gross margin, FY2022: 96.60%Gross margin, FY2023: 96.57%Gross margin, FY2024: 96.28%Gross margin, FY2025: 38.00%Operating margin, FY2021: 61.82%Operating margin, FY2022: 62.42%Operating margin, FY2023: 67.03%Operating margin, FY2024: 66.48%Operating margin, FY2025: 61.53%Net margin, FY2021: 39.94%Net margin, FY2022: 43.29%Net margin, FY2023: 47.38%Net margin, FY2024: 45.65%Net margin, FY2025: 42.08%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 96.09%. Gross margin FY2022 96.60%. Gross margin FY2023 96.57%. Gross margin FY2024 96.28%. Gross margin FY2025 38.00%. Operating margin FY2021 61.82%. Operating margin FY2022 62.42%. Operating margin FY2023 67.03%. Operating margin FY2024 66.48%. Operating margin FY2025 61.53%. Net margin FY2021 39.94%. Net margin FY2022 43.29%. Net margin FY2023 47.38%. Net margin FY2024 45.65%. Net margin FY2025 42.08%.

Income trends

Revenue

926.21M USD+6.55%

Operating income

569.87M USD-1.39%

Net income

389.78M USD-1.78%
Income trends across reported periods989.82M USD735.38M USD480.94M USD226.5M USDRevenue, FY2021: 726.41M USDRevenue, FY2022: 773.05M USDRevenue, FY2023: 828.11M USDRevenue, FY2024: 869.27M USDRevenue, FY2025: 926.21M USDOperating income, FY2021: 449.1M USDOperating income, FY2022: 482.54M USDOperating income, FY2023: 555.1M USDOperating income, FY2024: 577.87M USDOperating income, FY2025: 569.87M USDNet income, FY2021: 290.11M USDNet income, FY2022: 334.63M USDNet income, FY2023: 392.34M USDNet income, FY2024: 396.84M USDNet income, FY2025: 389.78M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 726.41M USD. Revenue FY2022 773.05M USD. Revenue FY2023 828.11M USD. Revenue FY2024 869.27M USD. Revenue FY2025 926.21M USD. Operating income FY2021 449.1M USD. Operating income FY2022 482.54M USD. Operating income FY2023 555.1M USD. Operating income FY2024 577.87M USD. Operating income FY2025 569.87M USD. Net income FY2021 290.11M USD. Net income FY2022 334.63M USD. Net income FY2023 392.34M USD. Net income FY2024 396.84M USD. Net income FY2025 389.78M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue926.21M USD869.27M USD828.11M USD773.05M USD726.41M USD
Cost of goods sold574.26M USD32.32M USD28.38M USD26.28M USD28.39M USD
Gross profit351.95M USD836.95M USD799.73M USD746.77M USD698.02M USD
Research and development———0.43 USD0.4 USD
Selling, general, and administrative46.92M USD45.05M USD47.5M USD49.54M USD44.84M USD
Operating expenses−217.91M USD259.08M USD244.63M USD264.24M USD248.93M USD
Interest income424K USD2.98M USD1.13M USD149K USD216K USD
Interest expense202.27M USD184.02M USD163.9M USD148.07M USD137.87M USD
Depreciation and amortization268.44M USD249.68M USD238.63M USD223.83M USD205.22M USD
Operating income569.87M USD577.87M USD555.1M USD482.54M USD449.1M USD
Net income389.78M USD396.84M USD392.34M USD334.63M USD290.11M USD

Company facts updated Aug 24, 2026.

NNN news

247wallst.com

3 REITs Whose Dividends Get Hammered by Taxes, Unless You Own Them in a Roth

At the 24% federal marginal bracket, a portfolio throwing off $20,000 in REIT dividends surrenders roughly $4,800 to the IRS every year.

Read source
defenseworld.net

Deutsche Bank AG Acquires Shares of 428,998 NNN REIT, Inc. $NNN

Deutsche Bank AG acquired a new stake in NNN REIT, Inc. (NYSE: NNN) during the undefined quarter, according to its most recent filing with the SEC. The institutional investor acquired 428,998 shares of the real estate…

Read source
seekingalpha.com

The Retirement Yield Trap Investors Need To Know About

Maximizing portfolio yield exposes investors to hidden risks, especially inflation and lack of income growth, threatening long-term retirement sustainability. Model portfolios relying on high-yield bonds and preferreds…

Read source
defenseworld.net

First Capital Real Estate Investment Trust (OTCMKTS:FCXXF) and NNN REIT (NYSE:NNN) Critical Review

First Capital Real Estate Investment Trust (OTCMKTS:FCXXF - Get Free Report) and NNN REIT (NYSE: NNN - Get Free Report) are both real estate companies, but which is the better business? We will contrast the two…

Read source
seekingalpha.com

NNN REIT: A 5.37% Yielding Dividend Aristocrat That Just Raised Guidance Again

NNN REIT (NNN) offers a 5.37% yield, 69% payout ratio, and trades at 12.93x 2026 AFFO guidance after a pullback from its 52-week high. Q2 saw occupancy rise to 99.1%, AFFO and revenue beat expectations, and 2026 guidance…

Read source
seekingalpha.com

NNN REIT: An Undervalued Dividend Champion With A 5.4% Yield

NNN REIT remains a Buy, offering a sustainable ~5.4% yield and trading at a discount to intrinsic value. NNN delivered strong Q2 results, raising AFFO guidance and maintaining a near-perfect 99.1% occupancy rate with a…

Read source

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ETFs holding NNN

Funds reporting this stock among their holdings, ordered by reported position size.

Vanguard Real Estate ETF logoVanguard Real Estate ETFVNQ
Market value
343.94M
Weight
0.47%
AUM
73.1B USD
Expense ratio
0.13%
Price / 1D
$98.50-0.10%
iShares Core S&P Mid-Cap ETF logoiShares Core S&P Mid-Cap ETFIJH
Market value
303.77M
Weight
0.24%
AUM
125.92B USD
Expense ratio
0.05%
Price / 1D
$76.77+0.52%
Vanguard Morningstar Total Stock Market ETF logoVanguard Morningstar Total Stock Market ETFVTI
Market value
287.53M
Weight
0.01%
AUM
2.3T USD
Expense ratio
0.03%
Price / 1D
$378.24+0.44%
Vanguard Morningstar Small-Cap ETF logoVanguard Morningstar Small-Cap ETFVB
Market value
207.77M
Weight
0.11%
AUM
183.4B USD
Expense ratio
0.03%
Price / 1D
$304.76+0.64%
Vanguard Morningstar Small-Cap Value ETF logoVanguard Morningstar Small-Cap Value ETFVBR
Market value
132M
Weight
0.19%
AUM
68.3B USD
Expense ratio
0.05%
Price / 1D
$249.18+0.68%
Vanguard Extended Market ETF logoVanguard Extended Market ETFVXF
Market value
104.1M
Weight
0.11%
AUM
93.7B USD
Expense ratio
0.05%
Price / 1D
$245.53+0.82%
State Street SPDR S&P Dividend ETF logoState Street SPDR S&P Dividend ETFSDY
Market value
76.5M
Weight
0.35%
AUM
22.07B USD
Expense ratio
0.35%
Price / 1D
$158.44+0.23%
Schwab U.S. REIT ETF logoSchwab U.S. REIT ETFSCHH
Market value
68.86M
Weight
0.60%
AUM
11.39B USD
Expense ratio
0.07%
Price / 1D
$24.04-0.08%

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