NNN REIT Inc (NNN) Balance Sheet
NNN balance sheet, 2025
December 31, 2025 · U.S. dollars$9.38B assets = $4.97B liabilities + $4.41B equity
Both columns are drawn to the same scale: what NNN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
NNN financial health
Descriptive bands, not a rating. Fiscal 2025.
NNN balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $6.33B2016 | $9.38B2025 | +4.5%/yr | |
| Total liabilities | $2.42B2016 | $4.97B2025 | +8.3%/yr | |
| Shareholders’ equity | $3.92B2016 | $4.41B2025 | +1.3%/yr | |
| Cash & short-term investments | $294.6M2016 | $5.0M2025 | −36.4%/yr | |
| Total debt | $2.56B2016 | $4.82B2025 | +7.3%/yr | |
| Net cash (debt) | −$2.27B2016 | −$4.82B2025 | −$2.5B | |
| Working capital | $331.2M2016 | −$314.6M2025 | −$645.9M | |
| Book value per share | $27.082016 | $23.452025 | −1.6%/yr | |
| Current ratio | 17.842016 | 0.192025 | −17.65 | |
| Debt / equity | 0.652016 | 1.092025 | +0.44 | |
| Shares outstanding | 144.7M2016 | 188.0M2025 | +3.0%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
NNN assets
NNN liabilities and equity
NNN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
NNN balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $5.0M | $8.7M | $1.2M | $2.5M | $171.3M | $267.2M | $1.1M | $114.3M | $1.4M | $294.6M |
| Cash & equivalents | $5.0M | $8.7M | $1.2M | $2.5M | $171.3M | $267.2M | $1.1M | $114.3M | $1.4M | $294.5M |
| Short-term investments | — | — | — | — | — | — | — | — | $0 | $36,000 |
| Receivables | $38.4M | $37.0M | $38.3M | $31.4M | $35.1M | $58.3M | $31.8M | $29.2M | $30.2M | $29.8M |
| Inventory | $0 | $0 | $8.5M | $4.3M | $5.6M | $5.7M | $7.0M | $13.6M | $4.1M | $23.9M |
| Other current assets | $30.6M | $9.6M | $3.2M | $6.1M | $7.4M | $1.9M | $5.7M | $4.1M | $5.4M | $2.7M |
| Total current assets | $74.0M | $55.3M | $51.2M | $44.3M | $219.4M | $333.1M | $45.6M | $161.1M | $41.1M | $350.9M |
| Property, plant & equipment (net) | $0 | $0 | $8.53B | $8.02B | $7.44B | $6.7M | $7.5M | $6.85B | $6.40B | $5.88B |
| Goodwill & intangible assets | $37.3M | $44.3M | $40.7M | $61.7M | $67.5M | $69.5M | $76.4M | $50.0M | $50.9M | $64.9M |
| Long-term investments | $0 | $0 | $0 | $0 | $5.6M | $5.7M | $7.0M | $21.7M | $13.7M | $36.3M |
| Other non-current assets | $9.27B | $8.77B | $41.8M | $23.4M | $17.9M | $7.22B | $7.30B | $25.2M | $51.2M | $3.0M |
| Total assets | $9.38B | $8.87B | $8.66B | $8.15B | $7.75B | $7.64B | $7.43B | $7.10B | $6.56B | $6.33B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $23.8M | $23.9M | $19.4M | $18.2M | $19.5M | $20.3M | $19.7M |
| Short-term debt | $348.1M | $0 | $132.0M | $166.2M | $664,000 | $630,000 | $133.6M | $652,000 | $120.5M | $250.5M |
| Total current liabilities | $388.7M | $29.7M | $166.4M | $190.0M | $23.9M | $19.4M | $151.8M | $19.5M | $140.8M | $19.7M |
| Long-term debt | $4.82B | $4.37B | $4.36B | $3.75B | $3.75B | $3.22B | $2.85B | $2.85B | $2.46B | $2.31B |
| Other long-term liabilities | $0 | $107.0M | $0 | $82.7M | $79.0M | $78.2M | $96.6M | $77.9M | $119.1M | $85.9M |
| Total liabilities | $4.97B | $4.51B | $4.50B | $4.02B | $3.85B | $3.32B | $3.10B | $2.95B | $2.72B | $2.42B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.9M | $1.9M | $1.8M | $1.8M | $1.8M | $1.8M | $1.7M | $1.6M | $3.60B | $3.32B |
| Retained earnings (deficit) | −$882.7M | −$829.3M | −$805.9M | −$793.8M | −$747.9M | −$644.8M | −$499.2M | −$424.2M | −$379.2M | −$319.3M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$6.3M | −$8.0M | −$10.1M | −$12.6M | −$15.0M | −$16.4M | −$11.1M | −$5.7M | −$13.7M | −$8.2M |
| Minority interest | — | — | — | $0 | $1,000 | $4,000 | $7,000 | $355,000 | $317,000 | $129,000 |
| Total shareholders' equity | $4.41B | $4.36B | $4.16B | $4.12B | $3.90B | $4.32B | $4.33B | $4.15B | $3.84B | $3.92B |
| Key figures | ||||||||||
| Total debt | $4.82B | $4.37B | $4.36B | $3.92B | $3.75B | $3.22B | $2.99B | $2.85B | $2.58B | $2.56B |
| Net cash (debt) | −$4.82B | −$4.37B | −$4.36B | −$3.91B | −$3.58B | −$2.95B | −$2.99B | −$2.74B | −$2.58B | −$2.27B |
| Working capital | −$314.6M | $25.6M | −$115.1M | −$145.7M | $195.5M | $313.7M | −$106.2M | $141.6M | −$99.8M | $331.2M |
| Tangible book value | $4.37B | $4.32B | $4.12B | $4.06B | $3.83B | $4.25B | $4.26B | $4.10B | $3.79B | $3.85B |
| Book value per share | $23.45 | $23.70 | $22.88 | $23.60 | $22.32 | $25.08 | $26.24 | $26.58 | $25.70 | $27.08 |
| Shares outstanding | 188.0M | 184.0M | 181.7M | 174.7M | 174.8M | 172.2M | 165.1M | 156.3M | 149.4M | 144.7M |
| Current ratio | 0.19 | 1.86 | 0.31 | 0.23 | 9.17 | 17.17 | 0.30 | 8.26 | 0.29 | 17.84 |
| Quick ratio | 0.11 | 1.54 | 0.24 | 0.18 | 8.63 | 16.78 | 0.22 | 7.35 | 0.22 | 16.49 |
| Debt / equity | 1.09 | 1.00 | 1.05 | 0.95 | 0.96 | 0.75 | 0.69 | 0.69 | 0.67 | 0.65 |
| Equity / assets | 47.0% | 49.2% | 48.0% | 50.6% | 50.3% | 56.6% | 58.3% | 58.5% | 58.5% | 61.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $4.2M | $4.6M | $5.0M | $157.9M | $6.0M | $5.1M | $8.7M | $173.5M | $2.1M | $1.1M | $1.2M | $77.1M |
| Cash & equivalents | $4.2M | $4.6M | $5.0M | $157.9M | $6.0M | $5.1M | $8.7M | $173.5M | $2.1M | $1.1M | $1.2M | $77.1M |
| Receivables | $39.5M | $39.8M | $38.4M | $36.2M | $36.1M | $37.8M | $37.0M | $36.1M | $36.5M | $38.0M | $38.3M | $30.9M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $180.7M | $0 | $0 | $8.5M | $121.5M |
| Other current assets | $0 | $28.0M | $30.6M | $30.6M | $17.7M | $9.7M | $9.6M | $0 | $24.1M | $22.2M | $3.2M | $0 |
| Total current assets | $43.8M | $72.4M | $74.0M | $224.7M | $59.7M | $52.6M | $55.3M | $218.1M | $62.8M | $61.3M | $51.2M | $129.2M |
| Property, plant & equipment (net) | $9.46B | $0 | $0 | $9.18B | $0 | $0 | $0 | $0 | $8.57B | $8.56B | $8.53B | $8.34B |
| Goodwill & intangible assets | $47.4M | $36.5M | $37.3M | $37.1M | $45.0M | $35.9M | $44.3M | $46.5M | $48.4M | $50.7M | $52.8M | $54.8M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $51.7M | $9.31B | $9.27B | $38.8M | $9.04B | $8.93B | $8.77B | $8.66B | $41.3M | $32.0M | $29.7M | $34.4M |
| Total assets | $9.61B | $9.42B | $9.38B | $9.48B | $9.15B | $9.02B | $8.87B | $8.92B | $8.73B | $8.71B | $8.66B | $8.56B |
| Liabilities | ||||||||||||
| Short-term debt | $28.5M | $80.0M | $348.1M | $399.0M | $267.7M | $116.3M | $0 | $0 | — | $116.2M | $132.0M | $0 |
| Total current liabilities | $66.5M | $152.3M | $388.7M | $479.0M | $298.4M | $191.0M | $29.7M | $75.4M | $30.9M | $191.7M | $166.4M | $60.8M |
| Long-term debt | $4.97B | $4.77B | $4.82B | $4.87B | $4.64B | $4.49B | $4.37B | $4.37B | $4.38B | $4.23B | $4.23B | $4.23B |
| Other long-term liabilities | $106.5M | $100.6M | $0 | $0 | $0 | $0 | $107.0M | $107.0M | $118.6M | $109.3M | $109.6M | $115.3M |
| Total liabilities | $5.15B | $5.03B | $4.97B | $5.06B | $4.79B | $4.67B | $4.51B | $4.55B | $4.53B | $4.53B | $4.50B | $4.40B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.9M | $1.8M | $1.8M | $1.8M | $1.8M |
| Retained earnings (deficit) | −$918.0M | −$902.3M | −$882.7M | −$865.2M | −$849.2M | −$841.2M | −$829.3M | −$818.9M | −$810.7M | −$814.2M | −$805.9M | −$799.9M |
| Accumulated other comprehensive income | −$671,000 | −$4.4M | −$6.3M | −$7.0M | −$7.4M | −$7.8M | −$8.0M | −$8.4M | −$8.9M | −$9.5M | −$10.1M | −$10.7M |
| Total shareholders' equity | $4.46B | $4.40B | $4.41B | $4.42B | $4.36B | $4.36B | $4.36B | $4.37B | $4.19B | $4.17B | $4.16B | $4.16B |
| Key figures | ||||||||||||
| Total debt | $5.00B | $4.85B | $4.82B | $4.87B | $4.64B | $4.49B | $4.37B | $4.37B | $4.38B | $4.35B | $4.36B | $4.23B |
| Net cash (debt) | −$5.00B | −$4.85B | −$4.82B | −$4.71B | −$4.64B | −$4.49B | −$4.37B | −$4.20B | −$4.38B | −$4.35B | −$4.36B | −$4.15B |
| Working capital | −$22.7M | −$79.9M | −$314.6M | −$254.3M | −$238.6M | −$138.4M | $25.6M | $142.8M | $31.8M | −$130.3M | −$115.1M | $68.4M |
| Tangible book value | $4.41B | $4.36B | $4.37B | $4.38B | $4.32B | $4.32B | $4.32B | $4.32B | $4.15B | $4.12B | $4.10B | $4.10B |
| Book value per share | $23.52 | $23.20 | $23.30 | $23.47 | $23.32 | $23.29 | $23.35 | $23.67 | $22.95 | $22.91 | $22.85 | $22.88 |
| Shares outstanding | 189.6M | 189.5M | 189.2M | 188.3M | 187.1M | 187.1M | 186.8M | 184.6M | 182.8M | 182.2M | 181.9M | 181.7M |
| Current ratio | 0.66 | 0.48 | 0.19 | 0.47 | 0.20 | 0.28 | 1.86 | 2.89 | 2.03 | 0.32 | 0.31 | 2.13 |
| Quick ratio | 0.66 | 0.29 | 0.11 | 0.41 | 0.14 | 0.22 | 1.54 | 2.78 | 1.25 | 0.20 | 0.24 | 1.78 |
| Debt / equity | 1.12 | 1.10 | 1.09 | 1.10 | 1.06 | 1.03 | 1.00 | 1.00 | 1.04 | 1.04 | 1.05 | 1.02 |
| Equity / assets | 46.4% | 46.6% | 47.0% | 46.6% | 47.7% | 48.3% | 49.2% | 49.0% | 48.1% | 48.0% | 48.0% | 48.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 11, 2026); data from EODHD.
NNN financial position
At the end of fiscal 2025 (December 31, 2025), NNN REIT had total assets of $9.4 billion (up 5.7% from a year earlier), total liabilities of $5.0 billion and shareholders' equity of $4.4 billion. It held $5.0 million in cash and short-term investments against $4.8 billion of debt, net debt of $4.8 billion. Its current ratio was 0.19. In the latest quarter (ended June 30, 2026) total assets were $9.6 billion and equity $4.5 billion.
Related: NNN income statement, NNN cash flow statement, NNN key metrics. See the NNN stock overview for the latest quote and news.
NNN balance sheet FAQ
What are NNN REIT's total assets?
NNN REIT reported total assets of $9.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $8.9 billion a year earlier.
How much debt does NNN REIT have?
NNN REIT had $4.8 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.09.
How much cash does NNN REIT have?
NNN REIT held $5.0 million in cash and short-term investments at the end of fiscal 2025; with $4.8 billion of debt that is net debt of $4.8 billion.
What is NNN REIT's book value?
NNN REIT's shareholders' equity (book value) was $4.4 billion at the end of fiscal 2025, or $23.45 per share.
What is NNN REIT's current ratio?
NNN REIT had current assets of $74.0 million and current liabilities of $388.7 million, a current ratio of 0.19 (current liabilities exceed current assets).
How much goodwill does NNN REIT have?
NNN REIT carried $37.3 million of goodwill and intangible assets, 0.4% of total assets, at the end of fiscal 2025.