Stocks · Real Estate · REIT - Retail
NNN REIT, Inc. NNN
$40.38 -1.39% Close, Oct 5, 2026 · NYSE · Market cap $7.79B
High qualityLow risk
Next earnings report: Nov 4, 2026
Scroll or pinch to zoom, drag to move. Daily prices adjusted for splits. Markers: E = earnings (green beat, red miss), S = split, D = dividend.
Three things to know
- Net debt is 5.7× EBITDA, a high level of leverage.
- Revenue over the last four quarters was $953.2M, up 6.5% from a year earlier.
- Operating margin narrowed to 62.0% from 64.9% a year earlier.
PromtFinance scores
Each score is a percentile within the Real Estate sector (0–100). Under each score: how the stock ranks in its sector on every component. As of Oct 6, 2026.
How fast revenue, earnings and cash flow are growing.
- Revenue growth (TTM, YoY)Bottom 49%
- EPS growth (TTM, YoY)Bottom 39%
- FCF growth (TTM, YoY)Bottom 19%
- Revenue growth, 3-year CAGRTop 44%
- Revenue growth accelerationTop 42%
Returns on capital, margins, earnings quality and balance-sheet strength.
- Return on invested capitalTop 29%
- Gross marginTop 12%
- Operating marginTop 11%
- Cash conversion (OCF / net income)Top 50%
- Accruals (lower is better)Bottom 46%
- Net debt / EBITDA (lower is better)Top 46%
- Interest coverTop 21%
How cheap the shares are relative to earnings, cash flow and their own history.
- Earnings yieldTop 29%
- Free-cash-flow yieldBottom 34%
- EBITDA / enterprise valueTop 42%
- Sales / enterprise valueBottom 21%
- P/E vs own 5-year history (lower is better)Top 47%
Strength and persistence of the price trend, including versus the S&P 500.
- 12-month return excluding last monthTop 41%
- 6-month returnBottom 43%
- 1-year return vs S&P 500Top 48%
- Distance from 52-week highTop 44%
- Trend checklist (0–4)Top 39%
Earnings surprises and analyst sentiment (estimate-revision history is being collected).
- Average EPS surprise, last 4 quartersBottom 49%
- Consecutive EPS beatsBottom 48%
- Share of analysts rating BuyBottom 33%
- Upside to consensus price targetBottom 34%
Low volatility, shallow drawdowns, low market sensitivity and modest leverage.
- Volatility, 60 days (lower is better)Top 15%
- Maximum drawdown, 3 yearsTop 13%
- Beta vs S&P 500 (lower is better)Top 16%
- Net debt / EBITDA (lower is better)Top 46%
What changed
Latest four quarters versus the same period a year earlier (growth: versus one quarter earlier).
| Measure | Before | Now | |
|---|---|---|---|
| Revenue growth (YoY) | 5.8% | 6.5% | ↑ |
| EPS growth (YoY) | -3.7% | -2.9% | ↑ |
| Gross margin | 95.9% | 81.8% | ↓ |
| Operating margin | 64.9% | 62.0% | ↓ |
| FCF margin | 72.3% | 25.6% | ↓ |
Fundamental momentum
| Measure | Now (TTM) | Year / quarter before | Sector rank | |
|---|---|---|---|---|
| Revenue growth (TTM, YoY) | 6.5% | 5.8% | ↑ | Bottom 49% |
| EPS growth (TTM, YoY) | -2.9% | -3.7% | ↑ | Bottom 39% |
| Gross margin | 81.8% | 95.9% | ↓ | Top 12% |
| Operating margin | 62.0% | 64.9% | ↓ | Top 11% |
| Net margin | 40.4% | 43.9% | ↓ | — |
| Free-cash-flow margin | 25.6% | 72.3% | ↓ | — |
| Return on invested capital | 6.2% | — | Top 29% | |
| Revenue growth, 3-year CAGR | 6.2% | — | Top 44% |
Quality of earnings and balance sheet
- Cash conversion (OCF / net income)Above 1× means profits are backed by cash.
- 1.75×
- Accruals (net income − OCF) / assetsLower is better; high accruals can signal weaker earnings quality.
- -3.0%
- Stock-based compensation / revenueA cost to shareholders through dilution.
- 0.4%
- Receivables growth vs revenue growthReceivables growing much faster than sales can be a warning.
- +3.0 pp
- Net debt / EBITDABelow 1× is conservative; above 3× is high leverage.
- 5.71×
- Interest cover (operating income / interest)How many times operating profit covers interest.
- 2.8×
Shareholder returns
- Dividend yield (dividends paid, TTM)
- 5.82%
- Net buyback yield (TTM)
- -1.90%
- Shareholder yield
- 3.92%
- Share count change, 1 year
- +1.4%
- Share count change, 3-year CAGR
- +1.4%
Shareholder yield = dividends + net buybacks over the last four quarters, divided by market cap.
Based on the four quarters through Jun 30, 2026 (filed Aug 5, 2026).
Earnings and expectations
Earnings momentum
- Consecutive EPS beats
- 1
- Beats in the last 8 reports
- 7 of 8
- Average EPS surprise, last 4
- +1.4%
- Average 2-day reaction, last 8
- -0.5%
- Positive 20 days after report
- 4 of 8
Analysts
- Consensus price target
- $47.75
- Target vs current price
- +18.3%
- Analysts with a rating
- 29
- Share rating Buy or Strong Buy
- 38%
- Consensus rating
- Hold
How the stock reacted to recent reports
| Report date | EPS surprise | 2 days | 5 days | 20 days | 60 days |
|---|---|---|---|---|---|
| Aug 5, 2026 | +2.4% | +0.4% | -3.8% | -4.1% | — |
| Apr 30, 2026 | -2.2% | +0.6% | +2.7% | +3.1% | +13.1% |
| Feb 11, 2026 | +3.3% | -0.5% | +0.6% | +4.2% | +2.8% |
| Nov 4, 2025 | +2.0% | -2.6% | -0.9% | -0.7% | +1.9% |
| Aug 5, 2025 | +8.0% | -2.5% | -3.4% | -2.1% | -3.4% |
| May 1, 2025 | +5.8% | +0.3% | +1.5% | +0.9% | +2.3% |
| Feb 11, 2025 | +4.0% | +5.7% | +7.3% | +12.7% | +9.6% |
| Oct 31, 2024 | +8.7% | -5.5% | -9.8% | -3.4% | -14.3% |
Returns from the close before each report. Past reactions do not determine future ones.
Earnings history
| Report date | EPS | Estimate | Surprise | Revenue |
|---|---|---|---|---|
| Aug 5, 2026 | $0.52 | $0.51 | +2.4% | $242.7M |
| Apr 30, 2026 | $0.50 | $0.51 | -2.2% | $240.0M |
| Feb 11, 2026 | $0.51 | $0.49 | +3.3% | $237.5M |
| Nov 4, 2025 | $0.51 | $0.50 | +2.0% | $229.8M |
| Aug 5, 2025 | $0.54 | $0.50 | +8.0% | $226.5M |
| May 1, 2025 | $0.52 | $0.49 | +5.8% | $230.6M |
| Feb 11, 2025 | $0.52 | $0.50 | +4.0% | $218.3M |
| Oct 31, 2024 | $0.53 | $0.49 | +8.7% | $218.2M |
Valuation in context
| Multiple | Now | 5-year median | 5-year percentile | Sector rank (cheapness) |
|---|---|---|---|---|
| P/E (trailing) | 19.8× | 20.8× | 29th | Top 29% |
| P/E (forward) | 19.6× | — | — | — |
| EV / EBITDA | 14.6× | — | — | Top 42% |
| EV / Sales | 13.41× | — | — | Bottom 21% |
| Free-cash-flow yield | 3.13% | — | — | Bottom 34% |
| Earnings yield | 5.05% | — | — | Top 29% |
P/E over the past five years
Range 17.8× – 36.9× since Jun 30, 2021. Each point: price on the filing date divided by trailing-twelve-month EPS known then.
What moved the stock over the past year
- Price return, 1 year
- -5.9%
- Earnings per share growth (TTM)
- -2.9%
- Change in P/E multiple
- +16.2%
Most of the move came from a change in the valuation multiple.
Technical state
Trend checklist
- ✗ Price above 20-day average
- ✗ Price above 50-day average
- ✗ Price above 200-day average
- ✓ 50-day average above 200-day
- ✗ MACD histogram positive
Trend quality
- Days above the 50-day average
- 0
- Days above the 200-day average
- 0
- 50-day average slope (20 days)
- -4.9%
- 200-day average slope (20 days)
- +0.3%
- Distance from 50-day average
- -9.6%
- Distance from 200-day average
- -8.7%
- RSI (14)
- 25.8
- Relative volume
- 1.25×
Risk and drawdowns
- Volatility, 60 days (annualized)
- 16.8%
- Volatility vs own 5-year history
- 24th percentile · Normal for this stock
- Beta vs S&P 500 (2 years, weekly)
- 0.23
- Correlation with S&P 500
- 0.18
- Current drawdown from 1-year high
- -18.6%
- Maximum drawdown, 3 years
- -23.9%
Largest declines in the past six years
| From peak | To low | Decline | Length | Recovery |
|---|---|---|---|---|
| Jun 10, 2021 | Oct 6, 2023 | -30.6% | 585 days | Not yet recovered |
| Oct 2, 2020 | Oct 30, 2020 | -12.8% | 20 days | 6 days (Nov 9, 2020) |
Declines of 10% or more from a closing high, measured on daily closes.
Financial statements
- Market cap
- $7.79B
- P/E (TTM)
- 19.8
- EPS, diluted (TTM)
- $2.04
- Revenue (TTM)
- $953.2M
- Dividend yield
- 5.99%
- 52-week range
- $38.90 – $50.00
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $726.4M | $773.1M | $828.1M | $869.3M | $926.2M |
| Gross profit | $698.0M | $746.8M | $799.7M | $836.9M | $352.0M |
| Operating income | $449.1M | $482.5M | $555.1M | $577.9M | $569.9M |
| Net income | $290.1M | $334.6M | $392.3M | $396.8M | $389.8M |
| EPS (diluted) | $1.51 | $1.89 | $2.16 | $2.15 | $2.07 |
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $218.6M | $218.5M | $230.9M | $226.8M | $230.2M | $238.4M | $240.4M | $244.3M |
| Net income | $97.9M | $97.9M | $96.5M | $100.5M | $96.8M | $96.0M | $94.0M | $97.9M |
| EPS (diluted) | $0.53 | $0.52 | $0.51 | $0.54 | $0.51 | $0.51 | $0.50 | $0.52 |
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Operating cash flow | $568.4M | $578.4M | $612.4M | $635.5M | $667.1M |
| Capital expenditure | $0 | $0 | $0 | $0 | $0 |
| Free cash flow | $568.4M | $578.4M | $612.4M | $635.5M | $667.1M |
| Dividends paid | -$367.3M | -$380.5M | -$404.5M | -$420.2M | -$443.2M |
| Net share buybacks | $4.1M | $250.2M | $31.4M | $214.3M | $85.4M |
Cash outflows are shown as negative numbers.
- Cash and short-term investments
- $4.2M
- Total assets
- $9.61B
- Total liabilities
- $5.15B
- Total debt
- $5.00B
- Net debt
- $5.00B
- Shareholders’ equity
- $4.46B
As of Jun 30, 2026 (filed Aug 5, 2026).
Dividends
| Ex-date | Amount | Paid |
|---|---|---|
| Jul 31, 2026 | $0.62 | Aug 14, 2026 |
| Apr 30, 2026 | $0.60 | May 15, 2026 |
| Jan 30, 2026 | $0.60 | Feb 13, 2026 |
| Oct 31, 2025 | $0.60 | Nov 14, 2025 |
| Jul 31, 2025 | $0.60 | Aug 15, 2025 |
| Apr 30, 2025 | $0.58 | May 15, 2025 |
| Jan 31, 2025 | $0.58 | Feb 14, 2025 |
| Oct 31, 2024 | $0.58 | Nov 15, 2024 |
Short interest
- Shares sold short
- 6,359,974
- Days to cover
- 4.38
- Change vs previous report
- -20.5%
FINRA short interest, settlement date Sep 15, 2026.