NNN
NNN REIT, Inc.
NNN's fundamentals are mixed: revenue grew 7.3%, but its operating margin fell 2 points to 63%. At 19x earnings, it's trading below its usual 22x. Analysts expect earnings to hold roughly steady.
NNN Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| N/A | |
| N/A |
NNN's profitability is currently healthy, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for real estate companies like NNN.
NNN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 19x | $40.75 | -0.4% |
| Current | 19x | $40.93 | — |
| Forward | 20x | $40.93 | — |
| Fair | 22x | $46.87 | +15% |
| Expensive | 32x | $68.16 | +67% |
Historical ranges are pointers, not guarantees.
NNN's PE is in its cheap range at 19x. On analysts' estimates for next year's earnings, today's price would be 20x.
NNN Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Stable | |
| Growth | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect NNN's revenue to grow, but its profitability to weaken.
NNN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.09 | -0.3% |
| Q3 2026 | $2.10 | +1% |
| Q2 2026 | $2.04 | -2.9% |
| Q1 2026 | $2.06 | -3.7% |
| Q4 2025 | $2.07 | -3.7% |
| Q3 2025 | $2.08 | -3.7% |
| Q2 2025 | $2.10 | -5.4% |
| Q1 2025 | $2.14 | -1.8% |
| Q4 2024 | $2.15 | -0.5% |
NNN earned $2.10 per share over the past year, about the same as the year before.
NNN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $249.7M | +8.5% |
| Q2 2026 | $244.3M | +7.7% |
| Q1 2026 | $240.4M | +4.1% |
| Q4 2025 | $238.4M | +9.1% |
| Q3 2025 | $230.2M | +5.3% |
| Q2 2025 | $226.8M | +4.6% |
| Q1 2025 | $230.9M | +7.2% |
| Q4 2024 | $218.5M | +1% |
NNN's revenue has grown year over year for 23 quarters in a row: $250M last quarter, up 8.5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 66% | +2.1 points |
| Q2 2026 | 62% | -4.1 points |
| Q1 2026 | 61% | -1.3 points |
| Q4 2025 | 62% | -3.5 points |
| Q3 2025 | 64% | -1.7 points |
| Q2 2025 | 66% | -4.2 points |
| Q1 2025 | 62% | -1.9 points |
| Q4 2024 | 66% | +1.2 points |
NNN's operating margin was 66% last quarter, up 2.1 points from the same quarter a year ago.
NNN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $220.1M | +0.8% |
| Q2 2026 | $141.5M | +19% |
| Q1 2026 | $187M | -8% |
| Q4 2025 | $126.2M | +7.2% |
| Q3 2025 | $218.3M | +5.6% |
| Q2 2025 | $119.4M | -0.9% |
| Q1 2025 | $203.3M | +6.6% |
| Q4 2024 | $117.7M | -3.2% |
NNN's free cash flow was $675M over the past year, up 2.5% from the year before. Free cash flow isn't a meaningful measure for real estate companies like NNN.
NNN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.9% | +1.7M shares |
| 1 year | +1.6% | +3M shares |
| 3 years | +5.3% | +9.6M shares |
| 5 years | +11% | +19.1M shares |
| Available history | +16% | +26.3M shares |
NNN has 191M diluted shares, up 1.6% from a year ago.
NNN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.0x | Very low |
| Q2 2026 | 0.0x | Very low |
| Q1 2026 | 0.1x | Very low |
| Q4 2025 | 0.4x | Very low |
| Q3 2025 | -0.2x | Net Cash |
| Q2 2025 | 0.3x | Very low |
| Q1 2025 | 0.1x | Very low |
| Q4 2024 | -0.0x | Net Cash |
NNN's net debt is less than a year of its operating earnings (EBITDA), after holding more cash than debt a year ago. Net leverage isn't a meaningful measure for real estate companies like NNN.
NNN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 38.0 | Neutral |
| Stochastic | 16.9 | Oversold |
NNN's weekly RSI is 38 (neutral) and its Stochastic is 17 (oversold).
NNN PE vs Real Estate Sector
| Metric | NNN | Sector median | Relative |
|---|---|---|---|
| PE | 19x | 24x | 18% below |
| PE % | 18 | 23 | 5 pts below |
NNN is trading at 19x earnings, a 18% discount to the Real Estate sector's median of 24x.
NNN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $41.1 | 0.4% below |
| 20 week MA | $44.2 | 7.4% below |
| 50 week MA | $43.7 | 6.3% below |
| 100 week MA | $42.6 | 4% below |
| 200 week MA | $42.6 | 3.9% below |
NNN is in a downtrend: it's below all five of its weekly moving averages, and 3.9% below its 200-week average.
NNN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $53.0 | $42.1 | -21% |
| 2021 | $42.1 | $46.4 | +10% |
| 2022 | $46.4 | $46.0 | -0.8% |
| 2023 | $46.0 | $43.1 | -6.3% |
| 2024 | $43.1 | $40.5 | -6% |
| 2025 | $40.5 | $39.5 | -2.5% |
| 2026 YTD | $39.5 | $40.9 | +3.6% |
NNN has finished four years in a row lower, and it's up 3.6% so far in 2026.