NNN REIT (NNN) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

NNN REIT

NYSE•Real Estate•REIT - Retail

$44.63-0.55(-0.01%)Market closed

Market Cap

$7.88B

P/E

20.5x

P/S

8.3x

P/B

1.8x

NNN REIT, Inc. is a REIT that invests in high-quality properties subjected generally to long-term, net leases with minimal ongoing capital expenditures. As of June 30, 2026, the Company owned 3,774 properties across 50 states, the District of Columbia and Puerto Rico, encompassing approximately 40.4 million square feet of gross leasable area, with a weighted average remaining lease term of 10.1 years. NNN REIT, Inc. was incorporated in August 1984 in Maryland and is based in Orlando, Florida.

How this company scores

AverageMetricSide Score: 42/100

Strongest: Profitability (15/25); weakest: Cash & Earnings Quality (2/25).

Profitability15/25

Growth13/25

Balance Sheet & Red Flags12/25

Cash & Earnings Quality2/25

Strengths

Strong marginsConsistent growthImproving margins

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 20.5x5y range 16.6x – 28028.2x

Currently near its 20-quarter median.

P/S · 8.3x5y range 7.9x – 10926.3x

Currently near its 20-quarter median.

P/B · 1.8x5y range 1.5x – 2048.7x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Earnings Quality

Red Flag

Free cash flow has been negative in 6 of the last 8 quarters — earnings are not translating to cash.

Cash Burn

Red Flag

The last 5 consecutive quarters had negative FCF — the company is burning cash and may need external funding.

Price & Volume

Market Cap $7.88B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $953.25M
Q. Revenue: $244.27M
TTM EBITDA: $871.16M
TTM Op. Income: $593.86M
Q. Op. Income: $151.38M
TTM Net Income: $384.67M
Q. Net Income: $97.92M
EPS: $0.52
Shares Out.: $189.08M

$953.25M in TTM revenue grew 6.5% YoY, reaching $244.27M last quarter. TTM EBITDA of $871.16M and TTM operating income of $593.86M show growth is flowing through to the bottom line. TTM net income of $384.67M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 91.0%
Op. Margin: 62.0%
Net Margin: 40.1%

Op. margin of 62.0% is down 4.1% YoY — costs are rising relative to revenue. Net margin at 40.1% Over the past year, operating margin is down 6% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 20.5x
P/S Ratio: 8.3x
P/B Ratio: 1.8x

At 20.5x P/E, the stock trades within typical market levels. P/S of 8.3x and P/B of 1.8x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $9.61B
Cash: $4.22M
Long-Term Debt: $4.48B
Book Value: $4.46B
D/E Ratio: 1.0
Debt/EBITDA: 20.1

With $9.61B in assets and $4.48B in long-term debt, D/E is 1.0and book value is $4.46B — moderate leverage. Over the past year, debt/equity is up 0% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $141.55M
TTM Free Cash Flow: $-239.49M
FCF Margin: -25.1%
FCF / Net Income: -0.6

TTM FCF of $-239.49M on $141.55M in operating cash flow. The FCF / Net Income ratio of -0.6x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is down 55% — a weakening trend.