NNN REIT, Inc.NNN
NYSE•Real Estate•REIT - Retail
NNN REIT, Inc. invests in high-quality properties subject generally to long-term, net leases with minimal ongoing capital expenditures. As of December 31, 2025, the Company owned 3,692 properties in all 50 states, the District of Columbia and Puerto Rico with a gross leasable area of approximately 39.6 million square feet and a weighted average remaining lease term of 10.2 years. NNN is one of only three publicly traded real estate investment trusts to have increased annual dividends for 36 or more consecutive years. NNN REIT, Inc. was incorporated in August 1984 in Maryland and is based in Orlando, United States.
NNN REIT, Inc. (NNN) reported trailing twelve months revenue of $935.78M as of March 2026, a 5.8% increase year-over-year. Quarterly revenue reached $240.42M, reflecting continued top-line momentum.
NNN REIT, Inc. generated $387.27M in TTM net income, with quarterly EBITDA of $217.45M. The operating margin contracted from 62.3% to 61.0%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (61.0%) and net margin (39.1%) indicates significant non-operating expenses or interest burden. Net margin has narrowed from 41.8% a year ago, reflecting increased costs or interest expense.
NNN trades at a P/E of 22.7x (in line with broad market averages) and a P/S of 9.4x. The price-to-book ratio of 2.0x reflects a moderate premium to book value.
The company generated $44.76M in free cash flow over the trailing twelve months, a 258.6% increase year-over-year, indicating cash generation ability. The balance sheet shows $9.42B in total assets with $4.47B in long-term debt against $4.40B in stockholders equity for a debt-to-equity ratio of 1.0. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~64.7% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~9.1% on average, adequate but below the threshold typically associated with wide moats.
Only 3 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (7 of 7 quarters up), with ~9.6% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~63.3% — no sign of cost or pricing stress.
Free cash flow has been negative in 5 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 1.0 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 5 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding rose 3.6% — mild dilution. Compare to earnings growth to assess net per-share impact.