NNN REIT, Inc.

Valuation Analysis

About the Company

NNN REIT, Inc. invests in high-quality properties subject generally to long-term, net leases with minimal ongoing capital expenditures. As of December 31, 2025, the Company owned 3,692 properties in all 50 states, the District of Columbia and Puerto Rico with a gross leasable area of approximately 39.6 million square feet and a weighted average remaining lease term of 10.2 years. NNN is one of only three publicly traded real estate investment trusts to have increased annual dividends for 36 or more consecutive years. NNN REIT, Inc. was incorporated in August 1984 in Maryland and is based in Orlando, United States.

NNN REIT, Inc. Stock at a Glance

NNN REIT, Inc. (NNN) is currently trading at $46.59 with a market capitalization of $8.9B. The trailing P/E ratio stands at 22.73x, with a forward P/E of 22.19x. The 52-week range spans from $38.90 to $46.90; the current price is 0.7% below the yearly high. Year-over-year revenue growth stands at +4.1%. The net profit margin stands at 41.38%.

💰 Dividend

NNN REIT, Inc. pays an annual dividend of $2.40 per share, representing a yield of 5.15%. The payout ratio stands at 116.1%. The elevated payout ratio reflects a mature dividend policy.

📊 Analyst Rating

15 analysts rate NNN REIT, Inc. (NNN) on consensus: Hold. The average price target is $46.23, implying -0.77% from the current price. Analyst price targets range from $44.00 to $50.00.

NNN REIT, Inc.: The Investment Case in Detail

NNN REIT, Inc. (NNN) operates in the Real Estate — specifically REIT - Retail — and is headquartered in United States. Below is a structured read of the investment case built directly from the latest fundamentals, valuation multiples, analyst positioning and smart-money flows. Each section translates raw numbers into the investment logic they imply, so you can decide whether the risk/reward fits your portfolio.

The Bull Case

With a gross margin near 95.96%, the company sits in the top tier of its industry — these are the kinds of structural margins that protect earnings during downturns.

The Bear Case

Revenue growth has slowed to just 4.1%, which is below nominal GDP — the business is no longer outgrowing the broader economy.

Valuation in Context

At a PEG of 4.79, investors are paying more than three times the growth rate for each unit of earnings — that pricing assumes growth not only continues but accelerates from here.

What to Watch Next

• The share is trading at 96.1% of its 52-week range — a break above the recent high opens technical upside, a failure here often invites profit-taking.

Investment Thesis: Strengths & Weaknesses

Technical Snapshot

Price trades above both the 50- and 200-day moving averages, with 50d above 200d — a classic bullish setup (golden-cross alignment).

Risk Profile

The data points to relatively defensive market behavior, elevated short interest (5.5%), higher leverage relative to equity.

Trading Data

💵 Dividend Info

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