(NNN) National Retail Properties - Overview
Stock: Net Leased Retail, Commercial Real Estate
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 5.78% |
| Yield on Cost 5y | 7.59% |
| Yield CAGR 5y | 2.96% |
| Payout Consistency | 99.1% |
| Payout Ratio | 1.6% |
| Risk 5d forecast | |
|---|---|
| Volatility | 17.8% |
| Relative Tail Risk | -1.49% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.72 |
| Alpha | 9.58 |
| Character TTM | |
|---|---|
| Beta | 0.258 |
| Beta Downside | 0.185 |
| Drawdowns 3y | |
|---|---|
| Max DD | 24.52% |
| CAGR/Max DD | 0.11 |
Description: NNN National Retail Properties January 07, 2026
National Retail Properties (NYSE: NNN) is a retail-focused REIT that acquires high-quality, single-tenant properties typically leased on long-term, triple-net (NNN) contracts, which shift most operating expenses to tenants and limit the need for ongoing capital outlays.
As of September 30 2025, the company owned 3,697 properties across all 50 states, encompassing roughly 39.2 million square feet of gross leasable area, with a weighted-average remaining lease term of 10.1 years. NNN is distinguished by a 36-year streak of annual dividend increases, placing it among only three publicly traded REITs with such a record.
Recent performance highlights include a 2024 Funds-From-Operations (FFO) growth of 7.2% year-over-year, an occupancy rate that consistently exceeds 96%, and a dividend yield hovering around 5.1%-both metrics that underscore the REIT’s cash-flow stability. The sector’s outlook is driven by consumer discretionary spending trends, the resilience of essential-goods tenants, and the sensitivity of net-lease REITs to interest-rate movements, which affect both financing costs and the relative attractiveness of dividend yields.
For a deeper quantitative dive, the ValueRay platform provides granular FFO, payout-ratio and lease-expiry analytics that can help assess the sustainability of NNN’s dividend growth.
Piotroski VR‑10 (Strict, 0-10) 3.5
| Net Income: 391.7m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.07 > 0.02 and ΔFCF/TA -0.22 > 1.0 |
| NWC/Revenue: -28.57% < 20% (prev 16.46%; Δ -45.03% < -1%) |
| CFO/TA 0.07 > 3% & CFO 658.6m > Net Income 391.7m |
| Net Debt (4.71b) to EBITDA (847.7m): 5.56 < 3 |
| Current Ratio: 0.46 > 1.5 & < 3 |
| Outstanding Shares: last quarter (188.3m) vs 12m ago 2.04% < -2% |
| Gross Margin: error (current vs previous; cannot be calculated due to missing/invalid data or negative margin) |
| Asset Turnover: 9.85% > 50% (prev 9.72%; Δ 0.13% > 0%) |
| Interest Coverage Ratio: 3.02 > 6 (EBITDA TTM 847.7m / Interest Expense TTM 194.3m) |
Altman Z'' -0.23
| A: -0.03 (Total Current Assets 220.1m - Total Current Liabilities 479.0m) / Total Assets 9.48b |
| B: -0.09 (Retained Earnings -865.2m / Total Assets 9.48b) |
| C: 0.06 (EBIT TTM 586.0m / Avg Total Assets 9.20b) |
| D: -0.17 (Book Value of Equity -870.2m / Total Liabilities 5.06b) |
| Altman-Z'' Score: -0.23 = B |
Beneish M -3.34
| DSRI: 1.02 (Receivables 38.5m/36.1m, Revenue 906.3m/867.0m) |
| GMI: 1.01 (GM 95.75% / 96.61%) |
| AQI: 0.43 (AQ_t 0.01 / AQ_t-1 0.02) |
| SGI: 1.05 (Revenue 906.3m / 867.0m) |
| TATA: -0.03 (NI 391.7m - CFO 658.6m) / TA 9.48b) |
| Beneish M-Score: -3.34 (Cap -4..+1) = AA |
What is the price of NNN shares?
Over the past week, the price has changed by +3.52%, over one month by +5.69%, over three months by +7.44% and over the past year by +19.44%.
Is NNN a buy, sell or hold?
- StrongBuy: 1
- Buy: 3
- Hold: 12
- Sell: 2
- StrongSell: 0
What are the forecasts/targets for the NNN price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 44.3 | 3.3% |
| Analysts Target Price | 44.3 | 3.3% |
| ValueRay Target Price | 46.7 | 8.8% |
NNN Fundamental Data Overview February 05, 2026
P/E Forward = 20.0803
P/S = 8.7825
P/B = 1.8007
P/EG = 4.92
Revenue TTM = 906.3m USD
EBIT TTM = 586.0m USD
EBITDA TTM = 847.7m USD
Long Term Debt = 4.87b USD (from longTermDebt, last quarter)
Short Term Debt = 399.0m USD (from shortTermDebt, last quarter)
Debt = 4.87b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 4.71b USD (from netDebt column, last quarter)
Enterprise Value = 12.67b USD (7.96b + Debt 4.87b - CCE 157.9m)
Interest Coverage Ratio = 3.02 (Ebit TTM 586.0m / Interest Expense TTM 194.3m)
EV/FCF = 19.24x (Enterprise Value 12.67b / FCF TTM 658.6m)
FCF Yield = 5.20% (FCF TTM 658.6m / Enterprise Value 12.67b)
FCF Margin = 72.67% (FCF TTM 658.6m / Revenue TTM 906.3m)
Net Margin = 43.22% (Net Income TTM 391.7m / Revenue TTM 906.3m)
Gross Margin = unknown ((Revenue TTM 906.3m - Cost of Revenue TTM 38.5m) / Revenue TTM)
Tobins Q-Ratio = 1.34 (Enterprise Value 12.67b / Total Assets 9.48b)
Interest Expense / Debt = 1.04% (Interest Expense 50.4m / Debt 4.87b)
Taxrate = 21.0% (US default 21%)
NOPAT = 463.0m (EBIT 586.0m * (1 - 21.00%))
Current Ratio = 0.46 (Total Current Assets 220.1m / Total Current Liabilities 479.0m)
Debt / Equity = 1.10 (Debt 4.87b / totalStockholderEquity, last quarter 4.42b)
Debt / EBITDA = 5.56 (Net Debt 4.71b / EBITDA 847.7m)
Debt / FCF = 7.15 (Net Debt 4.71b / FCF TTM 658.6m)
Total Stockholder Equity = 4.38b (last 4 quarters mean from totalStockholderEquity)
RoA = 4.26% (Net Income 391.7m / Total Assets 9.48b)
RoE = 8.95% (Net Income TTM 391.7m / Total Stockholder Equity 4.38b)
RoCE = 6.34% (EBIT 586.0m / Capital Employed (Equity 4.38b + L.T.Debt 4.87b))
RoIC = 5.16% (NOPAT 463.0m / Invested Capital 8.97b)
WACC = 4.57% (E(7.96b)/V(12.83b) * Re(6.87%) + D(4.87b)/V(12.83b) * Rd(1.04%) * (1-Tc(0.21)))
Discount Rate = 6.87% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: 100.0 | Cagr: 1.74%
[DCF Debug] Terminal Value 86.70% ; FCFF base≈651.0m ; Y1≈676.0m ; Y5≈772.0m
Fair Price DCF = 95.92 (EV 22.93b - Net Debt 4.71b = Equity 18.22b / Shares 189.9m; r=5.90% [WACC]; 5y FCF grow 4.04% → 2.90% )
EPS Correlation: 36.57 | EPS CAGR: 6.28% | SUE: 0.53 | # QB: 0
Revenue Correlation: 98.23 | Revenue CAGR: 5.65% | SUE: 0.28 | # QB: 0
EPS next Quarter (2026-03-31): EPS=0.49 | Chg30d=-0.002 | Revisions Net=-1 | Analysts=4
EPS next Year (2026-12-31): EPS=2.02 | Chg30d=-0.002 | Revisions Net=-1 | Growth EPS=+2.2% | Growth Revenue=+5.4%