What is NNN REIT, Inc.'s earnings per share (EPS)?

NNN REIT, Inc. (NNN) reported diluted earnings per share of $2.07 for fiscal year 2025. This represents a -3.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

NNN REIT, Inc. (NNN) Financials

NNN

FY2025 annual

Revenue $926.2M +6.6% YoY

Net Income $389.8M -1.8% YoY

EPS (Diluted) $2.07 -3.7% YoY

Operating Cash Flow $667.1M +5.0% YoY

Market Cap $7.7B as of Oct 8, 2026

Price / Sales 8.3x on $926.2M revenue, FY2025

Price / Earnings 19.7x on $389.8M net income, FY2025

Price / Book 1.7x on $4.5B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 8, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 5, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the NNN SEC filings page.

NNN REIT, Inc. (NNN) reported $926.2M in revenue for fiscal year 2025, up 6.6% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI NNN FY2025 2026-10-03

The numbers describe an asset-heavy property business where operating cash exceeds accounting profit, while financing costs now restrain earnings.

In FY2025, operating cash flow of $667M exceeded net income of $390M, a pattern consistent with substantial noncash property depreciation suppressing reported earnings without consuming equivalent current-period cash. But interest expense rose from $184M in FY2024 to $204M in FY2025 while net income slipped, showing financing costs absorbed much of the operating progress.

With total assets of $9.4B generating revenue of $926M, this is not a high-turnover model; the reported 4.2% ROA reflects substantial property capital supporting each dollar of business.

Operating cash flow of $667M exceeded dividends paid of $443M, leaving internally generated cash ahead of distributions in FY2025. Total liabilities of $5.0B exceeded equity of $4.4B, so the reported debt-to-equity ratio of 0.0x should be read as a narrow debt measure rather than the balance sheet's full obligation load.

Financial Health Signals

Financial Health Score 75/100

Scored as: REITs peer group

Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of NNN REIT, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

FFO Margin

FFO Margin measures funds from operations against revenue, and funds from operations is net income with property depreciation added back, since a building written down a little further every year on paper is often worth more rather than less. NNN REIT, Inc. scores 96/100 on it among other REITs.

FFO Growth

FFO Growth follows the three-year path of funds from operations, which is net income with property depreciation added back. NNN REIT, Inc. scores 46/100 on it among other REITs.

Leverage

NNN REIT, Inc.'s net debt of $195.0M, being $200.0M of long-term debt less $5.0M of cash, came to 0.23 times its EBITDA in fiscal year 2025. REITs are ranked here on that debt against their EBITDA, where a lower multiple is the safer one, and NNN REIT, Inc. scores 95/100 among other REITs.

Interest Cov.

NNN REIT, Inc.'s operating income of $589.5M covered its interest expense of $204.0M 2.89 times over in fiscal year 2025. The interest coverage axis ranks REITs on operating income against interest owed, and NNN REIT, Inc. scores 69/100 among other REITs.

AFFO Margin

AFFO Margin takes funds from operations, subtracts the spending a REIT needs just to keep its properties in working order, and measures what is left against revenue. NNN REIT, Inc. scores 95/100 on it among other REITs.

Dividend Cov.

Dividend coverage measures funds from operations against the dividends actually paid, and a figure above 1 means the payout came out of operations. NNN REIT, Inc. scores 51/100 on it among other REITs.

Piotroski F-Score Partial

4/6

NNN REIT, Inc. passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.71x

For every $1 of reported earnings, NNN REIT, Inc. generates $1.71 in operating cash flow ($667.1M OCF vs $389.8M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

2.89x

NNN REIT, Inc. earns $2.89 in operating income for every $1 of interest expense ($589.5M vs $204.0M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue

$244.3M

YoY+7.7%

NNN REIT, Inc. generated $244.3M in revenue in Q2 2026. This represents an increase of 7.7% from the same quarter a year earlier.

EBITDA

$222.4M

YoY+2.0%

NNN REIT, Inc.'s EBITDA was $222.4M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 2.0% from the same quarter a year earlier.

Net Income

$97.9M

YoY-2.6%

NNN REIT, Inc. reported $97.9M in net income in Q2 2026. This represents a decrease of 2.6% from the same quarter a year earlier.

EPS (Diluted)

$0.52

YoY-3.7%

QoQ+2.0%

NNN REIT, Inc. earned $0.52 per diluted share (EPS) in Q2 2026. This represents a decrease of 3.7% from the same quarter a year earlier. Against the prior quarter it is up 2.0%.

Cash & Balance Sheet

Cash & Debt

$4.2M

YoY-29.3%

QoQ-16.3%

5Y CAGR-57.7%

10Y CAGR-6.4%

NNN REIT, Inc. held $4.2M in cash as of Q2 2026; long-term debt is not reported for that period.

Dividends Per Share

$0.60

YoY+3.4%

QoQ0.0%

NNN REIT, Inc. paid $0.60 per share in dividends in Q2 2026. This represents an increase of 3.4% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

192M

YoY+1.7%

QoQ+1.0%

5Y CAGR+1.8%

10Y CAGR+2.9%

NNN REIT, Inc. had 192M shares outstanding in Q2 2026. This represents an increase of 1.7% from the same quarter a year earlier. Against the prior quarter it is up 1.0%.

Free Cash Flow

Not reported for Q2 2026.

Margins & Returns

Operating Margin

62.0%

YoY-4.1pp

NNN REIT, Inc.'s operating margin was 62.0% in Q2 2026, reflecting core business profitability. This is down 4.1 percentage points from the same quarter a year earlier.

Net Margin

40.1%

YoY-4.2pp

NNN REIT, Inc.'s net profit margin was 40.1% in Q2 2026, showing the share of revenue converted to profit. This is down 4.2 percentage points from the same quarter a year earlier.

Return on Equity

2.2%

YoY-0.1pp

NNN REIT, Inc.'s ROE was 2.2% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 0.1 percentage points from the same quarter a year earlier.

Gross Margin

Not reported for Q2 2026.

Capital Allocation

None of these metrics is reported for Q2 2026.

NNN Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

NNN quarterly income statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$926.2M+6.6%	$869.3M+5.0%	$828.1M+7.1%	$773.1M+6.4%	$726.4M+9.9%	$660.7M-1.5%	$670.5M+7.7%	$622.7M+6.4%	$584.9M+9.6%	$533.6M+10.5%	$482.9M+11.0%	$434.9M+10.5%	$393.5M+18.3%	$332.6M+28.6%	$258.7M
SG&A Expenses	$46.9M+6.0%	$44.3M+1.2%	$43.7M+4.9%	$41.7M-6.6%	$44.6M+17.0%	$38.2M+1.4%	$37.7M+9.9%	$34.2M+1.3%	$33.8M-7.4%	$36.5M+5.1%	$34.7M+6.8%	$32.5M+4.6%	$31.1M-2.3%	$31.8M+10.5%	$28.8M
Operating Income	$589.5M+2.0%	$577.9M+4.1%	$555.1M+15.0%	$482.5M+7.4%	$449.1M+19.9%	$374.5M-10.1%	$416.5M-1.9%	$424.8M+13.5%	$374.2M+11.3%	$336.3M+16.5%	$288.7M+8.4%	$266.2M+11.0%	$239.9M+18.0%	$203.3M+28.0%	$158.8M
EBITDA	$857.9M+3.7%	$827.6M+4.3%	$793.7M+12.4%	$706.4M+8.0%	$654.3M+14.6%	$571.1M-5.7%	$605.4M+1.0%	$599.2M+9.4%	$547.9M+12.9%	$485.4M+14.6%	$423.5M+10.7%	$382.4M+12.6%	$339.5M+21.8%	$278.7M+28.1%	$217.6M
Interest Expense	$204.0M+10.8%	$184.0M+12.3%	$163.9M+10.7%	$148.1M+7.4%	$137.9M+6.5%	$129.4M+7.8%	$120.0M+3.6%	$115.8M+6.2%	$109.1M+13.2%	$96.4M+7.0%	$90.0M+5.3%	$85.5M-0.4%	$85.8M+2.4%	$83.8M+10.9%	$75.5M
Income Tax	N/A	N/A	N/A	N/A	N/A	$0	$0	$0	$0	$0-100.0%	$10.3M+13857.3%	-$75K-201.4%	$74K+101.1%	-$6.9M-866.5%	$899K
Net Income	$389.8M-1.8%	$396.8M+1.1%	$392.3M+17.2%	$334.6M+15.3%	$290.1M+26.8%	$228.8M-23.5%	$299.2M+2.3%	$292.4M+10.4%	$265.0M+10.6%	$239.5M+21.1%	$197.8M+3.8%	$190.6M+19.0%	$160.1M+12.8%	$142.0M+53.8%	$92.3M
EPS (Basic)	$2.07-4.2%	$2.160.0%	$2.16+14.3%	$1.89+25.2%	$1.51+23.8%	$1.22-21.8%	$1.56-5.5%	$1.65+13.8%	$1.45+4.3%	$1.39+14.9%	$1.21-2.4%	$1.24+11.7%	$1.11-1.8%	$1.13+17.7%	$0.96
EPS (Diluted)	$2.07-3.7%	$2.15-0.5%	$2.16+14.3%	$1.89+25.2%	$1.51+23.8%	$1.22-21.8%	$1.56-5.5%	$1.65+13.8%	$1.45+5.1%	$1.38+15.0%	$1.20-3.2%	$1.24+12.7%	$1.10-0.9%	$1.11+15.6%	$0.96
Diluted Shares (Avg)	188M+2.1%	184M+1.3%	182M+2.6%	177M+1.3%	175M+1.5%	172M+4.3%	165M+5.6%	156M+4.6%	149M+3.3%	145M+7.6%	134M+7.8%	125M+4.0%	120M+9.8%	109M+22.8%	89M

Metric	Q2'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Revenue	$244.3M+7.7%	N/A	$230.2M+5.3%	$226.8M+4.6%	N/A	$218.5M+1.0%	$218.6M+6.5%	$216.8M+7.0%
SG&A Expenses	$14.1M+25.3%	N/A	$11.1M-1.4%	$11.2M-4.9%	N/A	$8.7M-17.3%	$11.2M+9.6%	$11.8M+9.8%
Operating Income	$151.4M+1.1%	N/A	$147.3M+2.6%	$149.8M-1.6%	N/A	$143.7M+2.9%	$143.6M-2.8%	$152.3M+9.8%
EBITDA	$222.4M+2.0%	N/A	$214.5M+3.7%	$218.1M+1.6%	N/A	$206.9M+3.6%	$206.9M-0.1%	$214.8M+8.1%
Interest Expense	$53.5M+8.5%	N/A	$53.4M+14.8%	$49.3M+5.8%	N/A	$46.9M+8.0%	$46.5M+12.0%	$46.6M+16.2%
Net Income	$97.9M-2.6%	N/A	$96.8M-1.1%	$100.5M-5.8%	N/A	$97.9M+1.3%	$97.9M-8.3%	$106.7M+8.1%
EPS (Basic)	$0.52-3.7%	$0.50-5.7%	$0.51-3.8%	$0.54-6.9%	N/A	$0.530.0%	$0.53-10.2%	$0.58+7.4%
EPS (Diluted)	$0.52-3.7%	$0.51-1.9%	$0.51-3.8%	$0.54-6.9%	N/A	$0.52-1.9%	$0.53-10.2%	$0.58+7.4%
Diluted Shares (Avg)	190M+1.4%	N/A	188M+2.0%	187M+2.3%	N/A	N/A	185M+1.6%	183M+0.6%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Income Tax.

NNN Balance Sheet

NNN quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$9.4B+5.7%	$8.9B+2.4%	$8.7B+6.3%	$8.1B+5.1%	$7.8B+1.5%	$7.6B+2.7%	$7.4B+4.7%	$7.1B+8.3%	$6.6B+3.6%	$6.3B+16.0%	$5.5B+11.1%	$4.9B+10.3%	$4.5B+11.7%	$4.0B+16.1%	$3.4B
Cash & Equivalents	$5.0M-42.2%	$8.7M+634.3%	$1.2M-52.5%	$2.5M-98.5%	$171.3M-35.9%	$267.2M+23932.0%	$1.1M-99.0%	$114.3M+8277.3%	$1.4M-99.5%	$294.5M+2056.4%	$13.7M+28.8%	$10.6M+614.1%	$1.5M-28.5%	$2.1M-0.3%	$2.1M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$5.0B+10.2%	$4.5B+0.1%	$4.5B+12.0%	$4.0B+4.5%	$3.8B+16.0%	$3.3B+6.9%	$3.1B+5.2%	$2.9B+8.4%	$2.7B+12.5%	$2.4B+14.1%	$2.1B+15.6%	$1.8B+9.3%	$1.7B-0.8%	$1.7B+18.1%	$1.4B
Long-Term Debt	$200.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$4.4B+1.1%	$4.4B+4.9%	$4.2B+0.8%	$4.1B+5.7%	$3.9B-9.7%	$4.3B-0.3%	$4.3B+4.3%	$4.2B+8.2%	$3.8B-1.9%	$3.9B+17.2%	$3.3B+8.4%	$3.1B+11.0%	$2.8B+20.9%	$2.3B+14.7%	$2.0B
Retained Earnings	-$882.7M-6.4%	-$829.3M-2.9%	-$805.9M-1.5%	-$793.8M-6.1%	-$747.9M-16.0%	-$644.8M-29.2%	-$499.2M-17.7%	-$424.2M-11.9%	-$379.2M-18.8%	-$319.3M-21.3%	-$263.1M-33.7%	-$196.8M-33.1%	-$147.8M-62.5%	-$91.0M-102.4%	-$44.9M

Metric	Q2'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Total Assets	$9.6B+5.0%	$9.4B+5.7%	$9.5B+6.2%	$9.1B+4.8%	$9.0B+3.6%	$8.9B+2.4%	$8.9B+4.2%	$8.7B+4.6%
Cash & Equivalents	$4.2M-29.3%	$5.0M-42.2%	$157.9M-9.0%	$6.0M+180.4%	$5.1M+351.9%	$8.7M+634.3%	$173.5M+125.0%	$2.1M-6.6%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$5.1B+7.5%	$5.0B+10.2%	$5.1B+11.1%	$4.8B+5.6%	$4.7B+3.0%	$4.5B+0.1%	$4.6B+3.4%	$4.5B+8.0%
Long-Term Debt	N/A	$200.0M	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$4.5B+2.3%	$4.4B+1.1%	$4.4B+1.2%	$4.4B+4.0%	$4.4B+4.4%	$4.4B+4.9%	$4.4B+5.1%	$4.2B+1.1%
Retained Earnings	-$918.0M-8.1%	-$882.7M-6.4%	-$865.2M-5.7%	-$849.2M-4.8%	-$841.2M-3.3%	-$829.3M-2.9%	-$818.9M-2.4%	-$810.7M-0.8%

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Non-Current Liabilities.

NNN Cash Flow Statement

NNN quarterly cash flow statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$667.1M+5.0%	$635.5M+3.8%	$612.4M+5.9%	$578.4M+1.7%	$568.4M+26.3%	$450.2M-10.3%	$501.7M+6.3%	$471.9M+11.9%	$421.6M+1.5%	$415.3M+21.8%	$341.1M+15.0%	$296.7M+8.1%	$274.4M+20.3%	$228.1M+28.4%	$177.7M
Depreciation & Amortization	$268.4M+7.5%	$249.7M+4.6%	$238.6M+6.6%	$223.8M+9.1%	$205.2M+4.4%	$196.6M+4.1%	$188.9M+8.3%	$174.4M+0.4%	$173.7M+16.5%	$149.1M+10.6%	$134.8M+16.0%	$116.2M+16.6%	$99.6M+32.2%	$75.3M+28.1%	$58.8M
Stock-Based Compensation	$14.2M+20.2%	$11.8M-3.4%	$12.2M-20.8%	$15.4M+8.1%	$14.3M-99.9%	$14.2B+32.4%	$10.7B+115575.5%	$9.3M-28.4%	$13.0M+20.6%	$10.8M+11.2%	$9.7M+4.8%	$9.2M+23.7%	$7.5M-8.3%	$8.1M+27.2%	$6.4M
Investing Cash Flow	-$748.1M-76.3%	-$424.3M+37.7%	-$680.7M+12.5%	-$777.6M-79.9%	-$432.2M-202.6%	-$142.8M+76.9%	-$619.4M-1.6%	-$609.4M+2.6%	-$625.6M+19.8%	-$779.9M-21.0%	-$644.5M-19.0%	-$541.6M+4.7%	-$568.0M+5.6%	-$601.8M+20.0%	-$752.1M
Financing Cash Flow	$77.7M+137.5%	-$207.3M-411.1%	$66.6M+91.8%	$34.7M+115.0%	-$232.2M-462.8%	-$41.3M-1011.5%	$4.5M-98.2%	$250.4M+380.8%	-$89.2M-113.8%	$644.9M+110.0%	$307.1M+20.9%	$253.9M-13.3%	$293.0M-21.6%	$373.6M-35.0%	$574.4M
Dividends Paid	$443.2M+5.5%	$420.2M+3.9%	$404.5M+6.3%	$380.5M+3.6%	$367.3M+3.1%	$356.4M+6.8%	$333.7M+10.1%	$303.2M+9.4%	$277.1M+7.8%	$257.0M+12.4%	$228.7M+12.0%	$204.2M+8.0%	$189.1M+12.9%	$167.5M+25.3%	$133.7M

Metric	Q2'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Operating Cash Flow	N/A	$126.2M+7.2%	$218.3M+5.6%	N/A	N/A	$117.7M-3.2%	$206.6M+7.9%	$120.5M+1.7%
Depreciation & Amortization	$71.0M+3.9%	$68.2M+8.0%	$67.3M+6.1%	$68.3M+9.4%	N/A	$63.2M+5.2%	$63.4M+6.5%	$62.5M+4.4%
Investing Cash Flow	N/A	-$113.2M+36.9%	-$247.9M-134.6%	N/A	N/A	-$179.3M+26.6%	-$105.7M+28.7%	-$41.6M+71.4%
Financing Cash Flow	N/A	-$165.8M-53.8%	$181.6M+198.9%	N/A	N/A	-$107.8M-463.2%	$60.7M+22.3%	-$63.2M-332.2%
Dividends Paid	N/A	$113.5M+4.8%	$112.8M+6.3%	N/A	N/A	$108.3M+5.5%	$106.1M+3.3%	$103.2M+3.4%

Not reported in any period shown, so not listed: Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Share Buybacks.

NNN Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

NNN quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Margin	63.6%-2.8pp	66.5%-0.6pp	67.0%+4.6pp	62.4%+0.6pp	61.8%+5.1pp	56.7%-5.4pp	62.1%-6.1pp	68.2%+4.2pp	64.0%+1.0pp	63.0%+3.2pp	59.8%-1.4pp	61.2%+0.3pp	61.0%-0.2pp	61.1%-0.3pp	61.4%
Net Margin	42.1%-3.6pp	45.6%-1.7pp	47.4%+4.1pp	43.3%+3.4pp	39.9%+5.3pp	34.6%-10.0pp	44.6%-2.4pp	47.0%+1.7pp	45.3%+0.4pp	44.9%+3.9pp	41.0%-2.9pp	43.8%+3.1pp	40.7%-2.0pp	42.7%+7.0pp	35.7%
Return on Equity	8.8%-0.3pp	9.1%-0.3pp	9.4%+1.3pp	8.1%+0.7pp	7.4%+2.1pp	5.3%-1.6pp	6.9%-0.1pp	7.0%+0.1pp	6.9%+0.8pp	6.1%+0.2pp	5.9%-0.3pp	6.2%+0.4pp	5.8%-0.4pp	6.2%+1.6pp	4.6%
Return on Assets	4.2%-0.3pp	4.5%-0.1pp	4.5%+0.4pp	4.1%+0.4pp	3.7%+0.7pp	3.0%-1.0pp	4.0%-0.1pp	4.1%+0.1pp	4.0%+0.3pp	3.8%+0.2pp	3.6%-0.3pp	3.9%+0.3pp	3.6%0.0pp	3.6%+0.9pp	2.7%
Debt-to-Equity	0.05-1.0x	1.030.0x	1.08+0.1x	0.980.0x	0.99+0.2x	0.77+0.1x	0.720.0x	0.710.0x	0.71+0.1x	0.620.0x	0.630.0x	0.590.0x	0.60-0.1x	0.740.0x	0.71
Asset Turnover	0.100.0x	0.100.0x	0.100.0x	0.090.0x	0.090.0x	0.090.0x	0.090.0x	0.090.0x	0.090.0x	0.080.0x	0.090.0x	0.090.0x	0.090.0x	0.080.0x	0.08

Metric	Q2'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Operating Margin	62.0%-4.1pp	N/A	64.0%-1.7pp	66.0%-4.2pp	N/A	65.8%+1.2pp	65.7%-6.3pp	70.2%+1.8pp
Net Margin	40.1%-4.2pp	N/A	42.1%-2.7pp	44.3%-4.9pp	N/A	44.8%+0.1pp	44.8%-7.3pp	49.2%+0.5pp
Return on Equity	2.2%-0.1pp	N/A	2.2%-0.1pp	2.3%-0.2pp	N/A	2.2%-0.1pp	2.2%-0.3pp	2.5%+0.2pp
Return on Assets	1.0%-0.1pp	N/A	1.0%-0.1pp	1.1%-0.1pp	N/A	1.1%0.0pp	1.1%-0.2pp	1.2%0.0pp
Debt-to-Equity	1.15+0.1x	0.05-1.0x	1.14+0.1x	1.100.0x	1.070.0x	1.030.0x	1.040.0x	1.08+0.1x
Asset Turnover	0.030.0x	N/A	0.020.0x	0.020.0x	N/A	0.020.0x	0.020.0x	0.020.0x

Not reported in any period shown, so not listed: Gross Margin, Current Ratio, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
NNN REIT, Inc. NNN	FY2025	$926.2M	$389.8M	42.1%	$7.7B	75/100
Agree Realty Corporation ADC	FY2025	$718.4M	$204.3M	28.4%	$8.1B	47/100
BRIXMOR PROPERTY GROUP INC. BRX	FY2025	$1.4B	$386.2M	28.2%	$8.2B	36/100
Federal Realty Investment Trust FRT	FY2025	$1.3B	$411.1M	32.1%	$9.1B	63/100
Essential Properties Realty Trust, Inc. EPRT	FY2025	$561.2M	$253.0M	45.1%	$5.4B	79/100
Kite Realty Group Trust KRG	FY2025	$844.4M	$298.7M	35.4%	$4.8B	41/100

Where NNN REIT, Inc. Ranks

Frequently Asked Questions

What is NNN REIT, Inc.'s annual revenue?

NNN REIT, Inc. (NNN) reported $926.2M in total revenue for fiscal year 2025. This represents a 6.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is NNN REIT, Inc.'s revenue growing?

NNN REIT, Inc. (NNN) revenue grew by 6.6% year-over-year, from $869.3M to $926.2M in fiscal year 2025.

Is NNN REIT, Inc. profitable?

Yes, NNN REIT, Inc. (NNN) reported a net income of $389.8M in fiscal year 2025, with a net profit margin of 42.1%.

What is NNN REIT, Inc.'s EBITDA?

NNN REIT, Inc. (NNN) had EBITDA of $857.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does NNN REIT, Inc. have?

As of fiscal year 2025, NNN REIT, Inc. (NNN) had $5.0M in cash and equivalents against $200.0M in long-term debt.

What is NNN REIT, Inc.'s operating margin?

NNN REIT, Inc. (NNN) had an operating margin of 63.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is NNN REIT, Inc.'s net profit margin?

NNN REIT, Inc. (NNN) had a net profit margin of 42.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does NNN REIT, Inc. pay dividends?

Yes, NNN REIT, Inc. (NNN) paid $2.36 per share in dividends during fiscal year 2025.

What is NNN REIT, Inc.'s return on equity (ROE)?

NNN REIT, Inc. (NNN) has a return on equity of 8.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is NNN REIT, Inc.'s operating cash flow?

NNN REIT, Inc. (NNN) generated $667.1M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are NNN REIT, Inc.'s total assets?

NNN REIT, Inc. (NNN) had $9.4B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does NNN REIT, Inc. have outstanding?

NNN REIT, Inc. (NNN) had 190M shares outstanding as of fiscal year 2025.

What is NNN REIT, Inc.'s debt-to-equity ratio?

NNN REIT, Inc. (NNN) had a debt-to-equity ratio of 0.05 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is NNN REIT, Inc.'s return on assets (ROA)?

NNN REIT, Inc. (NNN) had a return on assets of 4.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is NNN REIT, Inc.'s P/E ratio?

NNN REIT, Inc. (NNN) trades at 19.7x earnings, its market capitalization divided by net income of $389.8M net income, FY2025. The market capitalization is $7.7B as of Oct 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is NNN REIT, Inc.'s price-to-sales ratio?

NNN REIT, Inc. (NNN) trades at 8.3x sales, its market capitalization divided by revenue of $926.2M revenue, FY2025. The market capitalization is $7.7B as of Oct 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is NNN REIT, Inc.'s Piotroski F-Score?

NNN REIT, Inc. (NNN) has a Piotroski F-Score of 4 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are NNN REIT, Inc.'s earnings high quality?

NNN REIT, Inc. (NNN) has an earnings quality ratio of 1.71x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can NNN REIT, Inc. cover its interest payments?

NNN REIT, Inc. (NNN) has an interest coverage ratio of 2.89x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is NNN REIT, Inc.?

NNN REIT, Inc. (NNN) scores 75 out of 100 on our Financial Health Score, indicating strong standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.