NNN REIT, INC. financials

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SEC pipeline catching up: most recent reported quarter (2026-03-31) isn't incorporated yet — this page is anchored to 2025-12-31 (FY 2025 · 10-K). New filings land within a few weekday pipeline runs.
NNN CIK 0000751364

Source: EDGAR filings · Built 2026-06-04T02:28:53Z

Key metrics by reporting period

Up to six most-recent periods side-by-side. Rows are the curated key lines — revenue, margins, cash, debt, equity, cash-flow totals, plus the derived and valuation metrics we compute on top. For every tag a filer reported in one period, use the single-filing drilldown below.

Derived Metrics

Concept FY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
EBITDA 857.92M 827.55M 793.73M 706.37M 654.32M 571.11M
Net Debt 4.47B 4.37B 4.23B 3.74B 3.56B 2.94B
Operating Margin 63.64% 66.48% 67.03% 62.42% 61.82% 56.68%
Net Margin 42.08% 45.65% 47.38% 43.29% 39.94% 34.63%
Return on Equity (ROE) 8.84% 9.10% 9.44% 8.12% 7.44% 5.30%
Return on Assets (ROA) 4.16% 4.47% 4.53% 4.11% 3.74% 3.00%
Debt-to-Equity 1.01× 1.00× 1.02× 0.91× 0.96× 0.74×
Cash Conversion Ratio 1.71× 1.60× 1.56× 1.73× 1.96× 1.97×
Accruals Ratio -0.03× -0.03× -0.03× -0.03× -0.04× -0.03×
SBC % of Revenue 1.53% 1.36% 1.48% 2.00% 1.97% 2151.27%

Valuation Metrics

Concept FY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
P/E Trailing (Diluted) 19.14× 19.00× 19.95× 24.21× 31.83× 33.54×
EV / EBITDA 13.98× 14.53× 15.23× 17.04× 18.35× 17.71×
P/S 8.13× 8.81× 9.50× 10.74× 11.62× 10.85×
P/B 1.71× 1.76× 1.89× 2.01× 2.16× 1.80×

Income Statement

Concept FY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Revenues 926.21M 869.27M 828.11M 773.05M 726.41M 660.68M
Operating Expenses 384.95M 333.68M 320.49M 307.96M 300.40M 302.43M
Operating Income (Loss) 589.49M 577.87M 555.10M 482.54M 449.10M 374.49M
Income Tax Expense (Benefit) — — — — — 0
Net Income (Loss) Attributable to Parent 389.78M 396.83M 392.34M 334.63M 290.11M 228.80M
Earnings Per Share, Basic $2.07 $2.16 $2.16 $1.89 $1.51 $1.22
Weighted Average Number of Shares Outstanding, Basic 187.61M 183.69M 181.20M 176.40M 174.71B 172.11B
Earnings Per Share, Diluted $2.07 $2.15 $2.16 $1.89 $1.51 $1.22
Weighted Average Number of Shares Outstanding, Diluted 187.99M 184.04M 181.69M 177.07M 174.82B 172.22B

Balance Sheet

Concept FY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Cash and Cash Equivalents, at Carrying Value 5.05M 8.73M 1.19M 2.50M 171.32M 267.24M
Assets 9.38B 8.87B 8.66B 8.15B 7.75B 7.64B
Liabilities 4.97B 4.51B 4.50B 4.02B 3.85B 3.32B
Stockholders' Equity Attributable to Parent 4.41B 4.36B 4.16B 4.12B 3.90B 4.32B
Common Stock, Shares, Outstanding 189.94M 187.54M 182.47M 181.42M 175.64M 175.23M

Cash Flow Statement

Concept FY 2025FY 2024FY 2023FY 2022FY 2021FY 2020
Net Cash Provided by (Used in) Operating Activities 667.13M 635.50M 612.41M 578.36M 568.42M 450.19M
Net Cash Provided by (Used in) Investing Activities -748.06M -424.34M -680.66M -777.63M -432.18M -142.82M
Net Cash Provided by (Used in) Financing Activities 77.69M -207.26M 66.63M 34.73M -232.16M -41.25M

Raw XBRL tagging for a single filing

Every us-gaap and custom concept the filer tagged for one fiscal period, grouped by statement. Start here when a number in the trend table above surprises you and you want to see the exact tag behind it. Derived and valuation rows are omitted here because they already appear in the trend table.

Most recent filing shown by default.

Compare filings side-by-side

Diff any two filings with deltas and added / removed tags.

Immaterial rows are USD line items under 1% of the period's revenue — the noise floor below which a single tag rarely moves the investment thesis. Revenue is read from the filer's top-line concept (Revenues / RevenueFromContractWithCustomerExcludingAssessedTax, with a fallback chain). Non-USD rows, rows without a numeric value, and every row on a filing with no identifiable revenue anchor stay visible. Flip the switch off to see every tag the filer reported for the period.

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Methodology

All facts on this page come straight from SEC EDGAR XBRL company-facts filings (NNN CIK 0000751364), grouped by financial statement using FASB's base us-gaap presentation taxonomy. Filers may re-parent concepts onto different statements in their own extension taxonomy, so a handful of rows can show up under a different statement than on the actual 10-K / 10-Q; custom concepts and any we couldn't map fall into Other. Hover a cell to see the fully-qualified concept name and the filer's description.

For the full methodology — statement grouping, the Other bucket, derived metrics, and fact tooltips — see the methodology reference for the statement grouping, the "Other" bucket, derived metrics, and fact tooltips.

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