Latest Ratios: P/E Ratio 22.9x · EV/EBITDA 16.5x · ROE 8.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.0B | $7.4B | $7.5B | $7.8B | $8.0B | $8.4B | $7.0B | $8.9B | $7.6B | $6.4B | $6.4B |
| Enterprise Value | $13.8B | $12.3B | $11.9B | $12.2B | $11.9B | $12.0B | $10.0B | $11.8B | $10.3B | $9.0B | $8.4B |
| P/E Ratio → | 22.92 | 19.14 | 19.00 | 19.95 | 24.21 | 31.83 | 33.54 | 34.37 | 29.40 | 29.74 | 32.03 |
| P/S Ratio | 9.74 | 8.04 | 8.65 | 9.46 | 10.34 | 11.57 | 10.67 | 13.20 | 12.18 | 11.02 | 11.98 |
| P/B Ratio | 2.02 | 1.69 | 1.72 | 1.88 | 1.94 | 2.15 | 1.63 | 2.04 | 1.82 | 1.68 | 1.63 |
| P/FCF | 13.53 | 11.17 | 11.83 | 12.79 | 13.83 | 14.78 | 15.65 | 17.64 | 16.07 | 15.29 | 15.39 |
| P/OCF | 13.53 | 11.17 | 11.83 | 12.79 | 13.83 | 14.78 | 15.65 | 17.64 | 16.07 | 15.29 | 15.39 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 13.24 | 13.67 | 14.72 | 15.41 | 16.49 | 15.14 | 17.66 | 16.57 | 15.43 | 15.76 |
| EV / EBITDA | 16.51 | 14.63 | 14.36 | 15.36 | 16.86 | 18.31 | 17.51 | 19.55 | 17.22 | 17.65 | 18.36 |
| EV / EBIT | 24.29 | 20.72 | 20.46 | 21.92 | 24.67 | 27.99 | 27.92 | 28.21 | 25.27 | 24.10 | 25.04 |
| EV / FCF | — | 18.39 | 18.70 | 19.91 | 20.59 | 21.07 | 22.21 | 23.60 | 21.87 | 21.41 | 20.25 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.0% | 38.0% | 96.3% | 96.6% | 96.6% | 96.1% | 95.7% | 95.9% | 96.0% | 96.0% | 96.1% |
| Operating Margin | 61.5% | 61.5% | 66.5% | 67.0% | 62.4% | 61.8% | 56.7% | 62.2% | 68.2% | 57.7% | 57.9% |
| Net Profit Margin | 42.1% | 42.1% | 45.7% | 47.4% | 43.3% | 39.9% | 34.6% | 44.6% | 47.0% | 45.3% | 44.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.9% | 8.9% | 9.3% | 9.5% | 8.3% | 7.1% | 5.3% | 7.1% | 7.3% | 6.8% | 6.6% |
| ROA | 4.3% | 4.3% | 4.5% | 4.7% | 4.2% | 3.8% | 3.0% | 4.1% | 4.3% | 4.1% | 4.1% |
| ROIC | 4.8% | 4.8% | 5.0% | 5.0% | 4.7% | 4.6% | 3.8% | 4.4% | 4.8% | 4.1% | 4.1% |
| ROCE | 6.4% | 6.4% | 6.7% | 6.7% | 6.2% | 5.9% | 5.0% | 5.8% | 6.3% | 5.3% | 5.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.09 | 1.09 | 1.00 | 1.05 | 0.95 | 0.96 | 0.75 | 0.69 | 0.69 | 0.67 | 0.59 |
| Debt / EBITDA | 5.75 | 5.75 | 5.29 | 5.49 | 5.54 | 5.73 | 5.64 | 4.93 | 4.76 | 5.05 | 5.05 |
| Net Debt / Equity | — | 1.09 | 1.00 | 1.05 | 0.95 | 0.92 | 0.68 | 0.69 | 0.66 | 0.67 | 0.51 |
| Net Debt / EBITDA | 5.74 | 5.74 | 5.27 | 5.49 | 5.54 | 5.46 | 5.17 | 4.93 | 4.57 | 5.04 | 4.40 |
| Debt / FCF | — | 7.22 | 6.87 | 7.12 | 6.77 | 6.29 | 6.56 | 5.95 | 5.80 | 6.12 | 4.86 |
| Interest Coverage | 2.93 | 2.93 | 3.16 | 3.39 | 3.26 | 3.10 | 2.77 | 3.50 | 3.52 | 3.43 | 3.49 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.19 | 0.19 | 1.86 | 0.31 | 0.23 | 9.17 | 17.17 | 0.30 | 8.26 | 0.29 | 17.84 |
| Quick Ratio | 0.19 | 0.19 | 1.86 | 0.31 | 0.23 | 9.17 | 17.17 | 0.30 | 7.56 | 0.26 | 16.63 |
| Cash Ratio | 0.01 | 0.01 | 0.29 | 0.01 | 0.01 | 7.16 | 13.77 | 0.01 | 5.85 | 0.01 | 14.98 |
| Asset Turnover | — | 0.10 | 0.10 | 0.10 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.08 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 1.84 | 5.66 | 0.87 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.0% | 5.9% | 5.6% | 5.2% | 4.8% | 4.4% | 5.1% | 3.8% | 4.0% | 4.3% | 4.0% |
| Payout Ratio | 113.7% | 113.7% | 105.9% | 103.1% | 113.7% | 126.6% | 155.8% | 111.5% | 103.7% | 104.6% | 107.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.4% | 5.2% | 5.3% | 5.0% | 4.1% | 3.1% | 3.0% | 2.9% | 3.4% | 3.4% | 3.1% |
| FCF Yield | 7.4% | 9.0% | 8.5% | 7.8% | 7.2% | 6.8% | 6.4% | 5.7% | 6.2% | 6.5% | 6.5% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 3.2% | 0.0% | 4.5% | 0.0% |
| Total Shareholder Yield | 5.0% | 5.9% | 5.6% | 5.2% | 4.8% | 4.4% | 5.1% | 7.0% | 4.0% | 8.8% | 4.0% |
| Shares Outstanding | — | $188M | $184M | $182M | $175M | $175M | $172M | $165M | $156M | $149M | $145M |
Interest rate sensitivity
Based on the reported P/FFO of 23.20x in 2026Q1, NNN's valuation appears to trade at a premium relative to its historical averages, suggesting that investors are pricing in the durability of its long-term, triple-net lease cash flows despite the broader retail sector's ongoing sensitivity to interest rate volatility.
The current P/FFO multiple indicates that the market assigns a premium to NNN's predictable, relationship-driven acquisition model compared to more volatile retail peers. While the valuation appears elevated, it may be justified by the company's long-term dividend growth streak and the perceived stability of its middle-market tenant base.
As reported in the quarterly financial data, NNN maintained a robust NOI margin of 95.9% in 2026Q1, which underscores the effectiveness of the triple-net lease structure in shifting property-level operating expenses to tenants and insulating the REIT's bottom line from inflationary pressures in the retail environment.
The consistency of these margins over the last ten quarters suggests that NNN's profitability is driven by organic rent escalations rather than aggressive, potentially dilutive acquisitions. This high level of operational efficiency allows the company to maintain strong profitability even when external growth opportunities are constrained by higher capital costs.
According to recent SEC filings, NNN's FFO payout ratio of 68.9% in 2026Q1 indicates a comfortable margin of safety, allowing the company to retain significant cash flow for reinvestment while maintaining its long-term commitment to consistent dividend increases for its shareholders in a challenging macroeconomic environment.
The stability of the payout ratio, which has remained within a tight range over the last ten quarters, suggests that the dividend is well-covered by recurring cash flows. This conservative payout policy provides the company with the financial flexibility to navigate potential retail tenant credit issues without jeopardizing its dividend track record.
Based on reported figures, NNN's debt-to-equity ratio has remained near 1.0x throughout the last ten quarters, suggesting a disciplined approach to capital structure that provides a significant buffer against potential volatility and interest rate risks inherent in the retail real estate investment trust sector today.
The company's interest coverage ratio, which has remained consistently above 2.7x, indicates that NNN maintains adequate capacity to service its debt obligations. This conservative leverage profile appears to be a core component of management's strategy to preserve financial flexibility for future acquisition opportunities.
Investors frequently misapply the standard P/E ratio to NNN, which obscures the company's true cash-generating capacity by failing to account for significant non-cash depreciation charges that are inherent to the REIT business model and do not reflect the actual economic value of the retail portfolio.
Using P/E instead of P/FFO or P/AFFO leads to a distorted view of valuation, as depreciation is a non-cash accounting entry that artificially depresses net income. Analysts should prioritize FFO-based metrics to better understand the company's ability to fund dividends and capital expenditures from its recurring rental income.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying NNN stock.
NNN REIT, Inc.'s current P/E ratio is 22.9x. The historical average is 21.7x. This places it at the 53th percentile of its historical range.
NNN REIT, Inc.'s current EV/EBITDA is 16.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.6x.
NNN REIT, Inc.'s return on equity (ROE) is 8.9%. The historical average is 8.2%.
Based on historical data, NNN REIT, Inc. is trading at a P/E of 22.9x. This is at the 53th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
NNN REIT, Inc.'s current dividend yield is 4.97% with a payout ratio of 113.7%.
NNN REIT, Inc. has 38.0% gross margin and 61.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
NNN REIT, Inc.'s Debt/EBITDA ratio is 5.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.