NNN REIT Inc (NNN) Key Metrics
NNN valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $7.97B
- Enterprise value
- $12.93B
- P/E (TTM)
- 20.6 10-yr median 25.1
- Forward P/E
- 20.4
- PEG ratio
- 4.79
- Price / sales
- 8.4 10-yr median 10.8
- Price / book
- 1.8 10-yr median 1.8
- EV / EBITDA
- 14.8 10-yr median 17.3
- Dividend yield
- 5.97% $2.48 a year
- Beta
- 0.76
NNN key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsNNN valuation Price multiples at each fiscal year-end price.
NNN returns How much profit the business earns on the capital it uses.
NNN per-share figures Results divided by the shares outstanding at year-end.
NNN financial health Debt, liquidity and how easily interest is covered.
NNN efficiency & capital use Working capital cycle and where the cash goes.
NNN valuation history
NNN returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
NNN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
NNN cash returned to shareholders
NNN price vs earnings per share
NNN key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $7.45B | $7.52B | $7.83B | $8.00B | $8.40B | $7.05B | $8.85B | $7.58B | $6.45B | $6.39B |
| Enterprise value | $12.27B | $11.88B | $12.19B | $11.91B | $11.98B | $10.00B | $11.84B | $10.32B | $9.02B | $8.66B |
| P/E ratio | 19.1 | 18.9 | 20.0 | 23.9 | 29.0 | 30.8 | 29.6 | 25.9 | 24.3 | 26.7 |
| Price / sales | 8.0 | 8.6 | 9.5 | 10.3 | 11.6 | 10.7 | 13.2 | 12.2 | 11.0 | 12.0 |
| Price / book | 1.7 | 1.7 | 1.9 | 1.9 | 2.2 | 1.6 | 2.0 | 1.8 | 1.7 | 1.6 |
| Price / free cash flow | 11.2 | 11.8 | 12.8 | 13.8 | 14.8 | 15.7 | 17.6 | 16.1 | 15.3 | 15.4 |
| Price / operating cash flow | 11.2 | 11.8 | 12.8 | 13.8 | 14.8 | 15.7 | 17.6 | 16.1 | 15.3 | 15.4 |
| EV / sales | 13.2 | 13.7 | 14.7 | 15.4 | 16.5 | 15.1 | 17.7 | 16.6 | 15.4 | 16.2 |
| EV / EBITDA | 14.3 | 14.3 | 15.3 | 16.9 | 18.9 | 18.0 | 19.5 | 17.7 | 16.5 | 17.9 |
| EV / free cash flow | 18.4 | 18.7 | 19.9 | 20.6 | 21.1 | 22.2 | 23.6 | 21.9 | 21.4 | 20.9 |
| Earnings yield | 5.2% | 5.3% | 5.0% | 4.2% | 3.5% | 3.2% | 3.4% | 3.9% | 4.1% | 3.7% |
| Free cash flow yield | 9.0% | 8.5% | 7.8% | 7.2% | 6.8% | 6.4% | 5.7% | 6.2% | 6.5% | 6.5% |
| Dividend yield | 5.9% | 5.6% | 5.2% | 4.8% | 4.5% | 5.3% | 4.1% | 4.5% | 4.9% | 4.6% |
| Shareholder yield (dividends + buybacks) | 5.9% | 5.6% | 5.2% | 4.8% | 8.7% | 5.3% | 7.4% | 4.5% | 9.3% | 4.6% |
| Share price at fiscal year-end | $39.63 | $40.85 | $43.10 | $45.76 | $48.07 | $40.92 | $53.62 | $48.51 | $43.13 | $44.20 |
| Per share | ||||||||||
| Revenue per share | $4.93 | $4.72 | $4.56 | $4.42 | $4.16 | $3.84 | $4.06 | $3.98 | $3.91 | $3.69 |
| Earnings per share | $2.07 | $2.16 | $2.16 | $1.92 | $1.66 | $1.33 | $1.81 | $1.87 | $1.77 | $1.66 |
| Operating cash flow per share | $3.55 | $3.45 | $3.37 | $3.31 | $3.25 | $2.61 | $3.04 | $3.02 | $2.82 | $2.87 |
| Free cash flow per share | $3.55 | $3.45 | $3.37 | $3.31 | $3.25 | $2.61 | $3.04 | $3.02 | $2.82 | $2.87 |
| Cash per share | $0.03 | $0.05 | $0.01 | $0.01 | $0.98 | $1.55 | $0.01 | $0.73 | $0.01 | $2.04 |
| Book value per share | $23.45 | $23.70 | $22.88 | $23.60 | $22.32 | $25.08 | $26.24 | $26.58 | $25.70 | $27.08 |
| Tangible book value per share | $23.25 | $23.46 | $22.66 | $23.25 | $21.93 | $24.68 | $25.78 | $26.26 | $25.36 | $26.63 |
| Dividends per share | $2.36 | $2.28 | $2.23 | $2.18 | $2.19 | $2.17 | $2.21 | $2.16 | $2.11 | $2.04 |
| Capex per share | $4.98 | $3.11 | $4.38 | $4.82 | $3.17 | $1.14 | $3.78 | $3.89 | $4.18 | $5.40 |
| Debt per share | $25.64 | $23.76 | $24.00 | $22.41 | $21.43 | $18.71 | $18.10 | $18.25 | $17.27 | $17.71 |
| Shares outstanding | 188.0M | 184.0M | 181.7M | 174.7M | 174.8M | 172.2M | 165.1M | 156.3M | 149.4M | 144.7M |
| Change in shares outstanding | +2.1% | +1.3% | +4.0% | −0.0% | +1.5% | +4.3% | +5.6% | +4.6% | +3.3% | +7.6% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 8.9% | 9.3% | 9.5% | 8.3% | 7.1% | 5.3% | 7.1% | 7.3% | 6.8% | 6.6% |
| Return on invested capital (ROIC) | 5.0% | 5.3% | 3.9% | 3.5% | 3.2% | 2.6% | 3.5% | 6.4% | 4.5% | 4.7% |
| Return on assets (ROA) | 4.3% | 4.5% | 4.7% | 4.2% | 3.8% | 3.0% | 4.1% | 4.3% | 4.1% | 4.1% |
| Return on tangible assets | 4.2% | 4.5% | 4.6% | 4.1% | 3.8% | 3.0% | 4.1% | 4.1% | 4.1% | 3.8% |
| Free cash flow margin | 72.0% | 73.1% | 74.0% | 74.8% | 78.3% | 68.1% | 74.8% | 75.8% | 72.1% | 77.8% |
| Income quality (OCF / net income) | 1.71 | 1.60 | 1.56 | 1.73 | 1.96 | 1.97 | 1.68 | 1.61 | 1.59 | 1.73 |
| Financial health | ||||||||||
| Total debt | $4.82B | $4.37B | $4.36B | $3.92B | $3.75B | $3.22B | $2.99B | $2.85B | $2.58B | $2.56B |
| Cash & short-term investments | $5.0M | $8.7M | $1.2M | $2.5M | $171.3M | $267.2M | $1.1M | $114.3M | $1.4M | $294.6M |
| Net debt | $4.82B | $4.37B | $4.36B | $3.91B | $3.58B | $2.95B | $2.99B | $2.74B | $2.58B | $2.27B |
| Debt / equity | 1.09 | 1.00 | 1.05 | 0.95 | 0.96 | 0.75 | 0.69 | 0.69 | 0.67 | 0.65 |
| Debt / assets | 0.51 | 0.49 | 0.50 | 0.48 | 0.48 | 0.42 | 0.40 | 0.40 | 0.39 | 0.40 |
| Net debt / EBITDA | 5.60 | 5.26 | 5.48 | 5.54 | 5.65 | 5.32 | 4.91 | 4.70 | 4.70 | 4.68 |
| Current ratio | 0.19 | 1.86 | 0.31 | 0.23 | 9.17 | 17.17 | 0.30 | 8.26 | 0.29 | 17.84 |
| Quick ratio | 0.19 | 1.86 | 0.26 | 0.21 | 8.94 | 16.88 | 0.25 | 7.56 | 0.26 | 16.63 |
| Interest coverage | 2.8 | 3.1 | 3.4 | 3.3 | 3.3 | 2.9 | 3.5 | 3.7 | 3.1 | 3.2 |
| Working capital | −$314.6M | $25.6M | −$115.1M | −$145.7M | $195.5M | $313.7M | −$106.2M | $141.6M | −$99.8M | $331.2M |
| Invested capital | $9.22B | $8.73B | $8.52B | $8.04B | $7.48B | $7.27B | $7.32B | $6.89B | $6.42B | $6.18B |
| Tangible asset value | $4.37B | $4.32B | $4.12B | $4.06B | $3.83B | $4.25B | $4.26B | $4.10B | $3.79B | $3.85B |
| Net current asset value | −$4.90B | −$4.46B | −$4.45B | −$3.98B | −$3.63B | −$2.99B | −$3.06B | −$2.79B | −$2.68B | −$2.07B |
| Graham number | $33.08 | $33.91 | $33.34 | $31.89 | $28.87 | $27.38 | $32.71 | $33.45 | $32.02 | $31.76 |
| Graham net-net per share | −$26.26 | −$24.31 | −$24.60 | −$22.86 | −$20.87 | −$17.45 | −$18.63 | −$17.95 | −$18.03 | −$14.44 |
| Capital allocation | ||||||||||
| Dividends paid | $443.2M | $420.2M | $404.5M | $380.5M | $382.3M | $374.3M | $364.8M | $337.5M | $315.0M | $295.6M |
| Share buybacks (net) | $0 | $0 | $0 | $0 | $345.0M | $0 | $287.5M | $0 | $287.5M | $0 |
| Dividend payout ratio | 113.7% | 105.9% | 103.1% | 113.7% | 131.8% | 163.6% | 121.9% | 115.4% | 118.9% | 123.4% |
| Dividends + buybacks / free cash flow | 66.4% | 66.1% | 66.0% | 65.8% | 127.9% | 83.2% | 130.0% | 71.5% | 142.9% | 71.2% |
| Capex / revenue | 101.2% | 65.9% | 96.1% | 109.0% | 76.2% | 29.7% | 93.0% | 97.7% | 106.8% | 146.5% |
| Capex / operating cash flow | 140.5% | 90.1% | 129.9% | 145.7% | 97.3% | 43.5% | 124.3% | 128.9% | 148.2% | 188.2% |
| Capex / depreciation | 3.49 | 2.29 | 3.33 | 3.77 | 2.70 | 1.00 | 3.30 | 3.49 | 3.60 | 5.24 |
| Stock-based compensation / revenue | — | — | 1.5% | 2.2% | 2.0% | 2.2% | 1.7% | 1.7% | 2.4% | 2.1% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 5.1% | 5.3% | 5.7% | 6.4% | 11.0% | 5.8% | 5.7% | 5.5% | 5.8% | 6.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 14.8 | 15.8 | 15.4 | 15.7 | 23.5 | 24.9 | 16.6 | 17.4 | 18.7 | 23.0 |
| Days of inventory on hand | — | — | 82.4 | 68.3 | 72.2 | 81.6 | 136.0 | 128.6 | 220.6 | 494.6 |
| Days payables outstanding | — | — | — | 331.6 | 278.5 | 242.3 | 249.2 | 289.6 | 315.8 | 348.1 |
| Cash conversion cycle (days) | — | — | — | -247.6 | -182.9 | -135.8 | -96.6 | -143.6 | -76.4 | 169.5 |
| Receivables turnover | 24.58 | 23.11 | 23.77 | 23.25 | 15.56 | 14.67 | 22.00 | 20.96 | 19.50 | 15.85 |
| Payables turnover | — | — | — | 1.10 | 1.31 | 1.51 | 1.46 | 1.26 | 1.16 | 1.05 |
| Inventory turnover | — | — | 4.43 | 5.35 | 5.06 | 4.47 | 2.68 | 2.84 | 1.65 | 0.74 |
| Asset turnover | 0.10 | 0.10 | 0.10 | 0.10 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 |
| Average receivables | $37.7M | $37.6M | $34.8M | $33.3M | $46.7M | $45.0M | $30.5M | $29.7M | $30.0M | $33.7M |
| Average payables | — | — | — | $23.9M | $21.7M | $18.8M | $18.9M | $19.9M | $20.0M | $19.9M |
| Average inventory | — | — | $6.4M | $4.9M | $5.6M | $6.3M | $10.3M | $8.8M | $14.0M | $28.3M |
| Intangibles / total assets | 0.4% | 0.5% | 0.5% | 0.8% | 0.9% | 0.9% | 1.0% | 0.7% | 0.8% | 1.0% |
Computed from NNN's annual financial statements (latest annual report filed February 11, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
NNN valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), NNN REIT traded at 19.1 times earnings, against a 10-year median of 25.1. Based on the latest twelve months, the trailing P/E is 20.6 and the forward P/E is 20.4. NNN REIT earned a return on equity of 8.9% and a return on invested capital of 5.0% in fiscal 2025. It ended the year with $4.8 billion of debt and $5.0 million in cash and short-term investments, net debt of $4.8 billion. It returned $443.2 million to shareholders: $443.2 million in dividends and $0 in share buybacks, 66% of free cash flow. The share count rose 30.0% from 144.7M to 188.0M over 9 years.
See the NNN income statement, the NNN chart for price history, or the NNN stock overview for the latest quote and news.
NNN key metrics FAQ
What is NNN REIT's P/E ratio?
NNN REIT's trailing P/E ratio is 20.6 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 20.4. At the end of fiscal 2025 it was 19.1, compared with a 10-year median of 25.1.
What is NNN REIT's EV/EBITDA?
NNN REIT's enterprise value was 14.3 times EBITDA at the end of fiscal 2025 (enterprise value $12.3 billion, EBITDA $860.5 million); the current EV/EBITDA is 14.8.
What is NNN REIT's return on equity?
NNN REIT's return on equity (ROE) was 8.9% in fiscal 2025: net income of $389.8 million on average shareholders' equity of $4.4 billion.
What is NNN REIT's ROIC?
NNN REIT's return on invested capital was 5.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does NNN REIT have?
NNN REIT had total debt of $4.8 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.09 and $4.8 billion of net debt (5.60 times EBITDA).
What is NNN REIT's dividend yield?
NNN REIT's forward dividend yield is 5.97%. NNN REIT paid $443.2 million in dividends in fiscal 2025 ($2.36 per share), a payout ratio of 113.7%.
What is NNN REIT's free cash flow yield?
NNN REIT generated $667.1 million of free cash flow in fiscal 2025, a free cash flow yield of 9.0% on its market value at year-end ($7.4 billion).
What is NNN REIT's current ratio?
NNN REIT's current ratio was 0.19 at the end of fiscal 2025: current assets were 0.19 times current liabilities.