NNN REIT (NNN) Financials

$43.52 +1.02 (+2.39%)

Closing price 06/23/2025 03:59 PM Eastern

Extended Trading

$43.67 +0.16 (+0.36%)

As of 04:01 AM Eastern

Annual Income Statements for NNN REIT

This table shows NNN REIT's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	162	201	217	258	258	211	264	335	392	397
Consolidated Net Income / (Loss)	198	240	265	292	300	229	290	335	392	397
Net Income / (Loss) Continuing Operations	188	240	265	292	300	229	290	335	392	397
Total Pre-Tax Income	198	240	265	292	300	229	290	335	392	397
Total Operating Income	289	336	374	425	417	374	449	483	555	578
Total Gross Profit	483	534	585	623	670	661	726	773	828	869
Total Revenue	483	534	585	623	670	661	726	773	828	869
Operating Revenue	483	534	585	623	670	661	726	773	828	869
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	194	197	211	198	254	286	277	291	273	291
Selling, General & Admin Expense	35	37	34	34	38	38	45	42	44	44
Depreciation Expense	135	149	174	174	189	197	205	224	239	250
Other Operating Expenses / (Income)	20	-6.33	-5.71	26	28	30	29	17	-15	-9.21
Impairment Charge	4.95	18	8.96	28	32	37	22	8.31	5.99	6.63
Total Other Income / (Expense), net	-91	-97	-109	-132	-117	-146	-159	-148	-163	-181
Interest Expense	90	96	109	134	120	146	159	148	164	184
Interest & Investment Income	0.11	0.17	0.32	1.81	3.11	0.42	0.22	0.15	1.13	2.98
Net Income / (Loss) Attributable to Noncontrolling Interest	0.13	0.01	0.40	0.04	0.43	-0.00	-0.00	-0.01	0.00	0.00
Basic Earnings per Share	$1.21	$1.39	$1.45	$1.65	$1.56	$1.22	$1.51	$1.89	$2.16	$2.16
Weighted Average Basic Shares Outstanding	134.00M	144.18M	149.11M	155.74M	164.69M	172.11M	174.71M	176.40M	181.20M	183.69M
Diluted Earnings per Share	$1.20	$1.38	$1.45	$1.65	$1.56	$1.22	$1.51	$1.89	$2.16	$2.15
Weighted Average Diluted Shares Outstanding	134.49M	144.66M	149.43M	156.30M	165.08M	172.22M	174.82M	177.07M	181.69M	184.04M
Weighted Average Basic & Diluted Shares Outstanding	141.05M	147.24M	153.58M	161.62M	171.70M	175.27M	175.64M	181.46M	182.47M	187.55M
Cash Dividends to Common per Share	$1.71	$1.78	$1.86	$1.95	$2.03	$2.07	$2.10	$2.16	$2.23	$2.29

This table shows NNN REIT's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	88	91	90	99	107	97	94	107	98	98	96
Consolidated Net Income / (Loss)	88	91	90	99	107	97	94	107	98	98	96
Net Income / (Loss) Continuing Operations	88	91	90	99	107	97	94	107	98	98	96
Total Pre-Tax Income	88	91	90	99	107	97	94	107	98	98	96
Total Operating Income	125	128	129	139	148	140	138	152	144	144	144
Total Gross Profit	193	199	204	203	205	216	215	217	219	218	231
Total Revenue	193	199	204	203	205	216	215	217	219	218	231
Operating Revenue	193	199	204	203	205	216	215	217	219	218	231
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	68	70	75	64	57	77	77	65	75	75	87
Selling, General & Admin Expense	10	11	12	11	10	11	13	12	11	8.71	13
Depreciation Expense	56	57	59	60	60	60	61	63	63	63	65
Other Operating Expenses / (Income)	6.53	-9.63	7.34	7.20	6.71	-37	7.50	6.93	7.44	-31	12
Impairment Charge	0.97	1.09	2.64	0.03	1.00	2.32	1.20	0.94	0.76	3.72	1.51
Other Special Charges / (Income)	-5.89	-	-6.30	-14	-20	-	-4.82	-18	-7.77	-	-3.81
Total Other Income / (Expense), net	-37	-38	-39	-40	-41	-43	-44	-46	-46	-46	-47
Interest Expense	37	38	39	40	42	43	44	47	46	47	48
Interest & Investment Income	0.03	0.03	0.03	0.07	0.64	0.38	0.12	0.98	0.85	1.04	0.33
Basic Earnings per Share	$0.50	$0.51	$0.50	$0.54	$0.59	$0.53	$0.52	$0.58	$0.53	$0.53	$0.52
Weighted Average Basic Shares Outstanding	176.90M	176.40M	180.85M	181.09M	181.40M	181.20M	181.79M	182.44M	184.01M	183.69M	186.86M
Diluted Earnings per Share	$0.50	$0.51	$0.50	$0.54	$0.59	$0.53	$0.52	$0.58	$0.53	$0.52	$0.51
Weighted Average Diluted Shares Outstanding	177.37M	177.07M	181.43M	181.63M	181.72M	181.69M	182.21M	182.81M	184.56M	184.04M	187.08M
Weighted Average Basic & Diluted Shares Outstanding	178.73M	181.46M	182.09M	182.41M	0.00	182.47M	183.35M	183.66M	187.53M	187.55M	187.95M

This table details how cash moves in and out of NNN REIT's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	3.66	280	-293	113	-113	266	-96	-165	-1.62	3.91
Net Cash From Operating Activities	341	415	422	472	502	450	568	578	612	636
Net Cash From Continuing Operating Activities	341	415	422	472	506	450	568	583	612	636
Net Income / (Loss) Continuing Operations	198	240	265	292	300	229	290	335	392	397
Consolidated Net Income / (Loss)	198	240	265	292	300	229	290	335	392	397
Depreciation Expense	135	149	174	174	189	197	205	224	239	250
Amortization Expense	5.92	7.14	7.14	11	6.69	10	10	8.71	9.49	11
Non-Cash Adjustments To Reconcile Net Income	-8.52	16	-27	-4.43	10	12	54	12	-36	-24
Changes in Operating Assets and Liabilities, net	11	3.38	2.23	-2.00	0.92	2.17	9.28	4.00	8.39	2.01
Net Cash From Investing Activities	-645	-780	-626	-609	-619	-143	-432	-778	-681	-424
Net Cash From Continuing Investing Activities	-645	-780	-626	-609	-619	-143	-432	-778	-681	-424
Purchase of Investments	-683	-886	-722	-757	-748	-196	-553	-843	-796	-573
Sale and/or Maturity of Investments	2.36	4.14	1.25	0.00	3.10	0.37	0.49	0.52	0.56	150
Other Investing Activities, net	-2.17	-2.24	-2.16	-0.88	1.02	-0.50	-2.39	-2.24	-1.76	-1.90
Net Cash From Financing Activities	307	645	-89	250	4.53	-41	-232	35	67	-207
Net Cash From Continuing Financing Activities	307	645	-89	250	4.53	-41	-232	35	67	-207
Repayment of Debt	-1,418	-1,344	-1,640	-2,046	-696	-795	-390	-523	-921	-1,041
Repurchase of Preferred Equity	0.00	0.00	-288	0.00	-288	0.00	-345	0.00	-	0.00
Repurchase of Common Equity	-4.20	-15	-3.84	-3.95	-18	-2.22	-0.33	-3.76	-0.97	-3.32
Payment of Dividends	-264	-296	-315	-337	-366	-374	-382	-381	-404	-420
Issuance of Debt	1,661	1,676	1,900	2,292	829	1,004	881	688	1,361	1,039
Issuance of Common Equity	332	278	257	345	542	126	4.05	254	32	218
Cash Interest Paid	84	91	104	108	116	119	123	140	148	183

This table details how cash moves in and out of NNN REIT's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-0.01	3.50	-1.45	-0.07	93	-93	-4.03	16	162	-169	-3.54
Net Cash From Operating Activities	190	113	181	118	192	122	191	120	207	118	203
Net Cash From Continuing Operating Activities	190	118	181	118	192	122	191	120	207	118	203
Net Income / (Loss) Continuing Operations	88	91	90	99	107	97	94	107	98	98	96
Consolidated Net Income / (Loss)	88	91	90	99	107	97	94	107	98	98	96
Depreciation Expense	56	57	59	60	60	60	61	63	63	63	65
Amortization Expense	2.18	2.21	2.22	2.26	2.41	2.60	2.59	3.12	2.67	2.69	2.72
Non-Cash Adjustments To Reconcile Net Income	-1.15	-2.11	-1.58	-12	-17	-6.45	-1.21	-13	-4.14	-5.37	1.16
Changes in Operating Assets and Liabilities, net	44	-31	31	-31	40	-31	34	-38	47	-41	38
Net Cash From Investing Activities	-197	-251	-142	-146	-148	-244	-98	-42	-106	-179	-215
Net Cash From Continuing Investing Activities	-197	-251	-142	-146	-148	-244	-98	-42	-106	-179	-215
Purchase of Investments	-219	-267	-154	-174	-197	-271	-116	-109	-126	-222	-232
Sale of Property, Plant & Equipment	22	16	12	28	49	27	19	67	20	-	16
Sale and/or Maturity of Investments	0.11	0.11	0.11	0.21	0.12	0.12	0.12	0.22	0.13	150	0.46
Other Investing Activities, net	-0.45	-0.29	-0.87	-0.28	-0.39	-0.23	-0.39	-0.59	-0.13	-0.80	-0.19
Net Cash From Financing Activities	7.38	141	-40	27	50	30	-97	-63	61	-108	8.48
Net Cash From Continuing Financing Activities	7.38	141	-40	27	50	30	-97	-63	61	-108	8.48
Repayment of Debt	-211	-226	-175	-182	-469	-95	-168	-723	-53	-97	-133
Repurchase of Common Equity	-1.30	-1.88	-0.29	-0.26	-0.22	-0.19	-0.17	-0.13	-2.91	-0.11	-0.09
Payment of Dividends	-97	-98	-99	-100	-103	-103	-103	-103	-106	-108	-108
Issuance of Debt	218	344	218	296	621	227	152	750	41	97	250
Issuance of Common Equity	98	123	17	14	0.76	0.80	22	13	182	0.65	0.66
Cash Interest Paid	0.85	69	2.69	72	4.37	69	2.22	90	0.63	91	0.93

This table presents NNN REIT's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	5,460	6,334	6,561	7,103	7,435	7,638	7,751	8,146	8,662	8,873
Total Current Assets	26	298	5.68	118	3.99	272	174	6.12	4.84	12
Cash & Equivalents	14	295	1.36	114	1.11	267	171	2.51	1.19	8.73
Accounts Receivable	3.34	3.42	4.32	3.80	2.87	4.34	3.15	3.61	3.65	2.98
Plant, Property, & Equipment, net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	8,021	8,536	8,746
Total Noncurrent Assets	5,434	6,036	6,555	6,985	7,431	7,366	7,577	115	117	115
Other Noncurrent Operating Assets	5,419	6,025	6,545	6,985	7,427	7,366	7,577	115	117	115
Total Liabilities & Shareholders' Equity	5,460	6,334	6,561	7,103	7,435	7,638	7,751	8,146	8,662	8,873
Total Liabilities	2,118	2,417	2,720	2,949	3,103	3,319	3,849	4,023	4,505	4,510
Total Current Liabilities	0.00	0.00	20	0.00	18	19	0.00	24	34	30
Accrued Expenses	-	-	-	-	-	-	-	24	34	30
Total Noncurrent Liabilities	2,118	2,417	2,699	2,949	3,085	3,299	3,849	3,999	4,470	4,481
Long-Term Debt	1,976	2,312	2,580	2,851	2,988	3,221	3,746	3,750	4,229	4,374
Other Noncurrent Operating Liabilities	142	106	119	97	97	78	103	249	242	107
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,342	3,917	3,841	4,155	4,332	4,319	3,902	4,124	4,157	4,362
Total Preferred & Common Equity	3,342	3,917	3,841	4,154	4,332	4,319	3,902	4,124	4,157	4,362
Total Common Equity	2,767	2,997	3,208	3,522	3,987	3,974	3,902	4,124	4,157	4,362
Common Stock	3,051	3,324	3,601	3,952	4,497	4,636	4,664	4,930	4,973	5,200
Retained Earnings	-263	-319	-379	-424	-499	-645	-748	-794	-806	-829
Accumulated Other Comprehensive Income / (Loss)	-20	-8.19	-14	-5.70	-11	-16	-15	-13	-10	-7.96

This table presents NNN REIT's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	7,952	8,238	8,346	8,561	8,706	8,727	8,924	9,022
Total Current Assets	34	5.81	33	79	4.70	4.68	176	43
Cash & Equivalents	3.28	3.24	2.28	77	1.13	2.13	174	5.10
Accounts Receivable	31	2.57	31	2.14	3.57	2.55	2.22	38
Plant, Property, & Equipment, net	7,826	0.00	8,221	8,346	8,587	8,587	8,625	8,898
Total Noncurrent Assets	91	8,232	84	115	114	121	117	72
Other Noncurrent Operating Assets	91	8,232	84	115	114	121	117	72
Total Liabilities & Shareholders' Equity	7,952	8,238	8,346	8,561	8,706	8,727	8,924	9,022
Total Liabilities	3,945	4,103	4,196	4,403	4,531	4,532	4,555	4,665
Total Current Liabilities	57	58	25	61	75	31	75	75
Accrued Expenses	57	-	-	61	75	31	75	75
Total Noncurrent Liabilities	3,888	4,045	4,171	4,342	4,455	4,501	4,479	4,591
Long-Term Debt	3,749	3,751	3,742	4,227	4,230	4,371	4,372	4,375
Other Noncurrent Operating Liabilities	139	294	429	115	225	131	107	215
Total Equity & Noncontrolling Interests	4,007	4,135	4,150	4,158	4,175	4,195	4,369	4,356
Total Preferred & Common Equity	4,007	4,135	4,150	4,158	4,175	4,195	4,369	4,356
Total Common Equity	4,005	4,135	4,150	4,158	4,175	4,195	4,369	4,356
Common Stock	4,805	4,950	4,966	4,969	4,999	5,014	5,196	5,205
Retained Earnings	-787	-803	-804	-800	-814	-811	-819	-841
Accumulated Other Comprehensive Income / (Loss)	-13	-12	-11	-11	-9.48	-8.87	-8.42	-7.79

This table displays calculated financial ratios and metrics derived from NNN REIT's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	11.05%	10.51%	9.61%	6.45%	7.68%	-1.46%	9.95%	6.42%	7.12%	4.97%
EBITDA Growth	10.97%	14.82%	12.83%	10.02%	0.24%	-5.02%	14.32%	7.59%	12.33%	4.41%
EBIT Growth	8.64%	16.67%	11.46%	13.52%	-1.94%	-10.09%	19.92%	7.45%	15.04%	4.10%
NOPAT Growth	2.72%	22.90%	11.27%	13.52%	-1.94%	-10.09%	19.92%	7.45%	15.04%	4.10%
Net Income Growth	3.55%	20.99%	10.80%	10.22%	2.44%	-23.63%	26.80%	15.34%	17.25%	1.15%
EPS Growth	-3.23%	15.00%	5.07%	13.79%	-5.45%	-21.79%	23.77%	25.17%	14.29%	-0.46%
Operating Cash Flow Growth	14.95%	21.77%	1.50%	11.94%	6.32%	-10.27%	26.26%	1.75%	5.89%	3.77%
Free Cash Flow Firm Growth	-35.03%	-22.54%	55.12%	79.59%	-7.50%	1,549.52%	-36.87%	-64.95%	-55.98%	467.40%
Invested Capital Growth	10.71%	11.88%	8.53%	7.01%	6.46%	-0.61%	2.53%	5.21%	6.54%	4.13%
Revenue Q/Q Growth	2.34%	2.86%	1.57%	1.42%	2.19%	-1.50%	3.41%	1.48%	2.19%	0.26%
EBITDA Q/Q Growth	2.09%	9.29%	2.17%	-4.31%	2.60%	-1.56%	3.95%	2.60%	1.84%	0.87%
EBIT Q/Q Growth	1.39%	12.59%	1.88%	-6.96%	3.92%	-2.75%	4.88%	3.01%	2.09%	0.71%
NOPAT Q/Q Growth	-4.12%	12.57%	1.88%	-6.96%	3.92%	-2.75%	4.88%	3.01%	2.09%	0.71%
Net Income Q/Q Growth	-5.40%	10.95%	2.34%	-10.85%	14.18%	-5.18%	5.95%	4.07%	1.56%	0.31%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-13.61%	13.04%	-0.81%	2.72%	8.00%	0.93%	-0.46%
Operating Cash Flow Q/Q Growth	-0.54%	10.08%	-2.27%	3.30%	-0.73%	-0.29%	2.51%	-0.38%	1.41%	-0.61%
Free Cash Flow Firm Q/Q Growth	-49.32%	-20.16%	-5.67%	-145.45%	73.26%	40.06%	48.37%	-47.90%	334.24%	-22.27%
Invested Capital Q/Q Growth	2.29%	3.59%	3.53%	4.14%	2.95%	1.11%	0.20%	1.47%	1.13%	1.92%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	88.72%	92.18%	94.89%	98.07%	91.29%	88.00%	91.49%	92.50%	96.99%	96.48%
Operating Margin	59.77%	63.01%	63.97%	68.22%	62.12%	56.68%	61.82%	62.42%	67.03%	66.48%
EBIT Margin	59.58%	62.90%	63.97%	68.22%	62.12%	56.68%	61.82%	62.42%	67.03%	66.48%
Profit (Net Income) Margin	40.99%	44.88%	45.37%	46.97%	44.69%	34.63%	39.94%	43.29%	47.38%	45.65%
Tax Burden Percent	100.07%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	68.76%	71.35%	70.92%	68.86%	71.93%	61.10%	64.60%	69.35%	70.68%	68.67%
Effective Tax Rate	5.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	5.42%	5.98%	6.05%	6.37%	5.85%	5.12%	6.08%	6.29%	6.83%	6.76%
ROIC Less NNEP Spread (ROIC-NNEP)	1.30%	1.12%	1.33%	1.41%	1.78%	0.25%	1.23%	2.25%	2.75%	2.54%
Return on Net Nonoperating Assets (RNNOA)	0.74%	0.61%	0.79%	0.94%	1.21%	0.17%	0.98%	2.05%	2.64%	2.56%
Return on Equity (ROE)	6.16%	6.60%	6.84%	7.32%	7.06%	5.29%	7.06%	8.34%	9.48%	9.32%
Cash Return on Invested Capital (CROIC)	-4.75%	-5.23%	-2.13%	-0.40%	-0.41%	5.73%	3.58%	1.21%	0.50%	2.71%
Operating Return on Assets (OROA)	5.55%	5.69%	5.80%	6.22%	5.73%	4.97%	5.84%	6.07%	6.61%	6.59%
Return on Assets (ROA)	3.82%	4.06%	4.12%	4.28%	4.12%	3.04%	3.77%	4.21%	4.67%	4.53%
Return on Common Equity (ROCE)	5.06%	5.24%	5.47%	6.16%	6.25%	4.87%	6.76%	8.34%	9.48%	9.32%
Return on Equity Simple (ROE_SIMPLE)	5.92%	6.11%	6.91%	7.04%	6.92%	5.30%	7.44%	8.12%	9.44%	9.10%
Net Operating Profit after Tax (NOPAT)	274	336	374	425	417	374	449	483	555	578
NOPAT Margin	56.66%	63.01%	63.97%	68.22%	62.12%	56.68%	61.82%	62.42%	67.03%	66.48%
Net Nonoperating Expense Percent (NNEP)	4.12%	4.86%	4.71%	4.96%	4.07%	4.87%	4.86%	4.04%	4.09%	4.22%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	6.13%	6.62%	6.61%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	7.19%	6.84%	5.78%	5.50%	5.62%	5.78%	6.15%	5.39%	5.28%	5.09%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	40.23%	36.99%	36.03%	31.78%	37.88%	43.32%	38.18%	37.58%	32.97%	33.52%
Earnings before Interest and Taxes (EBIT)	288	336	374	425	417	374	449	483	555	578
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	428	492	555	611	612	581	665	715	803	839
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.32	1.51	1.49	1.67	1.83	1.50	1.90	1.76	1.76	1.67
Price to Tangible Book Value (P/TBV)	1.32	1.51	1.49	1.67	1.83	1.50	1.90	1.76	1.76	1.67
Price to Revenue (P/Rev)	7.57	8.49	8.16	9.46	10.87	9.01	10.20	9.37	8.83	8.40
Price to Earnings (P/E)	22.50	22.55	21.98	22.81	28.23	28.24	28.04	21.64	18.63	18.41
Dividend Yield	6.37%	5.78%	5.92%	5.27%	4.78%	6.04%	4.98%	5.33%	5.54%	5.69%
Earnings Yield	4.44%	4.44%	4.55%	4.38%	3.54%	3.54%	3.57%	4.62%	5.37%	5.43%
Enterprise Value to Invested Capital (EV/IC)	1.17	1.26	1.24	1.34	1.45	1.27	1.47	1.40	1.38	1.34
Enterprise Value to Revenue (EV/Rev)	12.82	13.99	13.65	14.87	15.84	14.00	15.12	14.22	13.93	13.42
Enterprise Value to EBITDA (EV/EBITDA)	14.45	15.18	14.39	15.16	17.35	15.91	16.52	15.37	14.36	13.92
Enterprise Value to EBIT (EV/EBIT)	21.52	22.24	21.34	21.79	25.50	24.71	24.45	22.77	20.78	20.19
Enterprise Value to NOPAT (EV/NOPAT)	22.63	22.20	21.34	21.79	25.50	24.71	24.45	22.77	20.78	20.19
Enterprise Value to Operating Cash Flow (EV/OCF)	18.15	17.98	18.94	19.62	21.17	20.55	19.32	19.00	18.84	18.36
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	22.07	41.49	118.47	282.50	50.36
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.59	0.59	0.67	0.69	0.69	0.75	0.96	0.91	1.02	1.00
Long-Term Debt to Equity	0.59	0.59	0.67	0.69	0.69	0.75	0.96	0.91	1.02	1.00
Financial Leverage	0.57	0.55	0.60	0.67	0.68	0.69	0.80	0.91	0.96	1.01
Leverage Ratio	1.61	1.62	1.66	1.71	1.71	1.74	1.87	1.98	2.03	2.06
Compound Leverage Factor	1.11	1.16	1.18	1.18	1.23	1.06	1.21	1.37	1.43	1.41
Debt to Total Capital	37.15%	37.11%	40.18%	40.70%	40.82%	42.72%	48.99%	47.63%	50.42%	50.07%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	37.15%	37.11%	40.18%	40.70%	40.82%	42.72%	48.99%	47.63%	50.42%	50.07%
Preferred Equity to Total Capital	10.81%	14.77%	9.85%	9.03%	4.71%	4.58%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	52.03%	48.11%	49.96%	50.27%	54.46%	52.71%	51.01%	52.37%	49.58%	49.93%
Debt to EBITDA	4.61	4.70	4.65	4.67	4.88	5.54	5.64	5.24	5.26	5.22
Net Debt to EBITDA	4.58	4.10	4.65	4.48	4.88	5.08	5.38	5.24	5.26	5.21
Long-Term Debt to EBITDA	4.61	4.70	4.65	4.67	4.88	5.54	5.64	5.24	5.26	5.22
Debt to NOPAT	7.22	6.87	6.90	6.71	7.17	8.60	8.34	7.77	7.62	7.57
Net Debt to NOPAT	7.17	6.00	6.89	6.44	7.17	7.89	7.96	7.77	7.62	7.55
Long-Term Debt to NOPAT	7.22	6.87	6.90	6.71	7.17	8.60	8.34	7.77	7.62	7.57
Altman Z-Score	1.24	1.37	1.25	1.42	1.59	1.25	1.33	1.23	1.15	1.15
Noncontrolling Interest Sharing Ratio	17.93%	20.60%	20.02%	15.83%	11.52%	7.98%	4.20%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.00	0.28	0.00	0.22	14.00	0.00	0.26	0.14	0.39
Quick Ratio	0.00	0.00	0.28	0.00	0.22	14.00	0.00	0.26	0.14	0.39
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-240	-294	-132	-27	-29	419	265	93	41	232
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-2.66	-3.05	-1.21	-0.20	-0.24	2.87	1.66	0.63	0.25	1.26
Operating Cash Flow to Interest Expense	3.79	4.31	3.86	3.52	4.18	3.08	3.57	3.91	3.74	3.45
Operating Cash Flow Less CapEx to Interest Expense	4.22	5.39	4.75	4.63	5.21	3.45	4.34	4.36	4.45	3.45
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.10	0.10	0.10
Accounts Receivable Turnover	30.17	157.84	151.24	153.48	201.02	183.22	193.92	228.51	228.10	262.46
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.10	0.10
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	12.10	2.31	2.41	2.38	1.82	1.99	1.88	1.60	1.60	1.39
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	12.10	2.31	2.41	2.38	1.82	1.99	1.88	1.60	1.60	1.39
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,304	5,934	6,440	6,892	7,337	7,292	7,477	7,867	8,381	8,727
Invested Capital Turnover	0.10	0.10	0.09	0.09	0.09	0.09	0.10	0.10	0.10	0.10
Increase / (Decrease) in Invested Capital	513	630	506	452	445	-45	184	390	514	346
Enterprise Value (EV)	6,191	7,466	7,986	9,257	10,621	9,252	10,982	10,990	11,536	11,669
Market Capitalization	3,654	4,529	4,775	5,888	7,288	5,954	7,407	7,242	7,309	7,304
Book Value per Share	$20.32	$20.37	$21.10	$22.13	$23.23	$22.88	$22.22	$23.07	$22.94	$23.26
Tangible Book Value per Share	$20.32	$20.37	$21.10	$22.13	$23.23	$22.88	$22.22	$23.07	$22.94	$23.26
Total Capital	5,318	6,229	6,421	7,006	7,320	7,540	7,648	7,873	8,386	8,736
Total Debt	1,976	2,312	2,580	2,851	2,988	3,221	3,746	3,750	4,229	4,374
Total Long-Term Debt	1,976	2,312	2,580	2,851	2,988	3,221	3,746	3,750	4,229	4,374
Net Debt	1,962	2,017	2,579	2,737	2,987	2,954	3,575	3,747	4,227	4,365
Capital Expenditures (CapEx)	-39	-104	-97	-148	-124	-53	-123	-67	-116	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	12	3.42	-16	3.80	-15	-15	3.15	-20	-31	-27
Debt-free Net Working Capital (DFNWC)	26	298	-15	118	-14	252	174	-18	-30	-18
Net Working Capital (NWC)	26	298	-15	118	-14	252	174	-18	-30	-18
Net Nonoperating Expense (NNE)	76	97	109	132	117	146	159	148	163	181
Net Nonoperating Obligations (NNO)	1,962	2,017	2,599	2,737	3,005	2,973	3,575	3,743	4,223	4,365
Total Depreciation and Amortization (D&A)	141	156	181	186	196	207	216	233	248	261
Debt-free, Cash-free Net Working Capital to Revenue	2.49%	0.64%	-2.73%	0.61%	-2.29%	-2.28%	0.43%	-2.61%	-3.71%	-3.07%
Debt-free Net Working Capital to Revenue	5.44%	55.83%	-2.50%	18.96%	-2.13%	38.17%	24.02%	-2.29%	-3.57%	-2.07%
Net Working Capital to Revenue	5.44%	55.83%	-2.50%	18.96%	-2.13%	38.17%	24.02%	-2.29%	-3.57%	-2.07%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.21	$1.39	$1.45	$1.65	$1.56	$1.22	$1.51	$1.89	$2.16	$2.16
Adjusted Weighted Average Basic Shares Outstanding	134.00M	144.18M	149.11M	155.74M	164.69M	172.11M	174.71M	176.40M	181.20M	183.69M
Adjusted Diluted Earnings per Share	$1.20	$1.38	$1.45	$1.65	$1.56	$1.22	$1.51	$1.89	$2.16	$2.15
Adjusted Weighted Average Diluted Shares Outstanding	134.49M	144.66M	149.43M	156.30M	165.08M	172.22M	174.82M	177.07M	181.69M	184.04M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	141.05M	147.24M	153.58M	161.62M	171.70M	175.27M	175.64M	181.46M	182.47M	187.55M
Normalized Net Operating Profit after Tax (NOPAT)	278	248	268	272	291	277	314	344	393	409
Normalized NOPAT Margin	57.63%	46.48%	45.85%	43.61%	43.44%	41.92%	43.17%	44.45%	47.43%	47.07%
Pre Tax Income Margin	40.97%	44.88%	45.37%	46.97%	44.69%	34.63%	39.94%	43.29%	47.38%	45.65%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.20	3.48	3.43	3.17	3.47	2.56	2.82	3.26	3.39	3.14
NOPAT to Interest Expense	3.04	3.49	3.43	3.17	3.47	2.56	2.82	3.26	3.39	3.14
EBIT Less CapEx to Interest Expense	3.62	4.56	4.32	4.28	4.50	2.93	3.59	3.71	4.10	3.14
NOPAT Less CapEx to Interest Expense	3.47	4.57	4.32	4.28	4.50	2.93	3.59	3.71	4.10	3.14
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	133.61%	123.49%	118.75%	115.39%	122.03%	163.62%	131.77%	113.81%	103.09%	105.90%
Augmented Payout Ratio	135.73%	129.84%	120.20%	116.74%	127.88%	164.59%	131.89%	114.93%	103.33%	106.73%

This table displays calculated financial ratios and metrics derived from NNN REIT's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.27%	6.01%	7.27%	6.21%	6.03%	8.92%	5.54%	6.99%	6.55%	1.04%	7.17%
EBITDA Growth	8.56%	10.67%	10.14%	17.83%	13.96%	7.74%	5.85%	8.48%	-0.01%	3.58%	4.79%
EBIT Growth	7.70%	12.35%	9.31%	25.14%	17.80%	8.88%	7.20%	9.76%	-2.79%	2.90%	4.00%
NOPAT Growth	7.70%	12.35%	9.31%	25.14%	17.80%	8.88%	7.20%	9.76%	-2.79%	2.90%	4.00%
Net Income Growth	6.62%	16.88%	10.81%	33.09%	20.77%	6.64%	4.66%	8.07%	-8.32%	1.25%	2.21%
EPS Growth	11.11%	37.84%	8.70%	28.57%	18.00%	3.92%	4.00%	7.41%	-10.17%	-1.89%	-1.92%
Operating Cash Flow Growth	10.19%	-1.90%	10.03%	6.76%	0.82%	7.53%	5.47%	1.69%	7.89%	-3.22%	6.59%
Free Cash Flow Firm Growth	-23.70%	-272.37%	-17.69%	50.29%	-134.27%	-43.26%	-47.46%	-351.57%	65.81%	45.96%	47.50%
Invested Capital Growth	3.89%	5.21%	4.60%	3.23%	6.89%	6.54%	5.83%	8.11%	3.33%	4.13%	3.74%
Revenue Q/Q Growth	1.41%	2.61%	2.81%	-0.72%	1.23%	5.41%	-0.38%	0.65%	0.81%	-0.04%	5.66%
EBITDA Q/Q Growth	7.89%	2.13%	1.36%	5.50%	4.36%	-3.45%	-0.40%	8.12%	-3.81%	0.02%	0.75%
EBIT Q/Q Growth	13.08%	2.35%	0.57%	7.52%	6.45%	-5.40%	-0.98%	10.08%	-5.72%	0.13%	0.08%
NOPAT Q/Q Growth	13.08%	2.35%	0.57%	7.52%	6.45%	-5.40%	-0.98%	10.08%	-5.72%	0.13%	0.08%
Net Income Q/Q Growth	19.22%	2.53%	-0.55%	9.47%	8.19%	-9.46%	-2.39%	13.03%	-8.21%	-0.01%	-1.47%
EPS Q/Q Growth	19.05%	2.00%	-1.96%	8.00%	9.26%	-10.17%	-1.89%	11.54%	-8.62%	-1.89%	-1.92%
Operating Cash Flow Q/Q Growth	71.18%	-40.47%	59.90%	-34.48%	61.66%	-36.51%	56.84%	-36.83%	71.51%	-43.05%	72.74%
Free Cash Flow Firm Q/Q Growth	24.27%	-58.43%	15.77%	50.81%	-256.89%	3.12%	12.54%	-50.63%	72.98%	-53.13%	15.78%
Invested Capital Q/Q Growth	1.20%	1.47%	0.94%	-0.42%	4.80%	1.13%	0.31%	1.73%	0.16%	1.92%	-0.10%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	95.06%	94.62%	93.28%	99.12%	102.18%	93.59%	93.56%	100.50%	95.89%	95.94%	91.48%
Operating Margin	64.79%	64.63%	63.21%	68.46%	71.99%	64.60%	64.21%	70.23%	65.68%	65.79%	62.31%
EBIT Margin	64.79%	64.63%	63.21%	68.46%	71.99%	64.60%	64.21%	70.23%	65.68%	65.79%	62.31%
Profit (Net Income) Margin	45.70%	45.67%	44.18%	48.71%	52.06%	44.71%	43.81%	49.20%	44.79%	44.81%	41.78%
Tax Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	70.54%	70.67%	69.88%	71.15%	72.32%	69.21%	68.23%	70.05%	68.20%	68.11%	67.05%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	6.49%	6.51%	6.41%	7.02%	7.27%	6.59%	6.60%	7.29%	6.76%	6.69%	6.44%
ROIC Less NNEP Spread (ROIC-NNEP)	5.42%	5.48%	5.37%	5.96%	6.24%	5.51%	5.50%	6.16%	5.66%	5.62%	5.34%
Return on Net Nonoperating Assets (RNNOA)	4.56%	5.00%	5.01%	5.54%	6.01%	5.30%	5.32%	5.99%	5.53%	5.66%	5.37%
Return on Equity (ROE)	11.05%	11.51%	11.42%	12.57%	13.29%	11.88%	11.92%	13.27%	12.29%	12.35%	11.81%
Cash Return on Invested Capital (CROIC)	2.34%	1.21%	1.86%	3.52%	0.12%	0.50%	1.24%	-0.77%	3.54%	2.71%	3.14%
Operating Return on Assets (OROA)	6.14%	6.29%	6.21%	6.77%	7.07%	6.37%	6.36%	7.02%	6.51%	6.52%	6.22%
Return on Assets (ROA)	4.33%	4.44%	4.34%	4.82%	5.11%	4.41%	4.34%	4.92%	4.44%	4.44%	4.17%
Return on Common Equity (ROCE)	10.58%	11.51%	11.42%	12.56%	13.29%	11.88%	11.92%	13.27%	12.29%	12.35%	11.81%
Return on Equity Simple (ROE_SIMPLE)	8.02%	0.00%	8.31%	8.87%	9.29%	0.00%	9.50%	9.64%	9.06%	0.00%	9.16%
Net Operating Profit after Tax (NOPAT)	125	128	129	139	148	140	138	152	144	144	144
NOPAT Margin	64.79%	64.63%	63.21%	68.46%	71.99%	64.60%	64.21%	70.23%	65.68%	65.79%	62.31%
Net Nonoperating Expense Percent (NNEP)	1.06%	1.03%	1.04%	1.07%	1.04%	1.08%	1.09%	1.12%	1.10%	1.07%	1.10%
Return On Investment Capital (ROIC_SIMPLE)	-	1.63%	-	-	-	1.67%	-	-	-	1.65%	1.65%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	5.23%	5.43%	6.00%	5.30%	4.98%	4.87%	5.84%	5.44%	5.13%	3.98%	5.63%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	35.21%	35.37%	36.79%	31.54%	28.01%	35.40%	35.79%	29.77%	34.32%	34.21%	37.69%
Earnings before Interest and Taxes (EBIT)	125	128	129	139	148	140	138	152	144	144	144
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	184	188	190	201	210	202	202	218	210	210	211
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.60	1.76	1.81	1.75	1.44	1.76	1.83	1.82	1.99	1.67	1.75
Price to Tangible Book Value (P/TBV)	1.60	1.76	1.81	1.75	1.44	1.76	1.83	1.82	1.99	1.67	1.75
Price to Revenue (P/Rev)	8.43	9.37	9.49	9.07	7.38	8.83	9.11	8.94	10.02	8.40	8.63
Price to Earnings (P/E)	20.77	21.64	21.75	19.68	15.49	18.63	19.29	18.87	21.96	18.41	19.13
Dividend Yield	5.90%	5.33%	5.30%	5.51%	6.72%	5.54%	5.33%	5.37%	4.75%	5.69%	5.48%
Earnings Yield	4.81%	4.62%	4.60%	5.08%	6.46%	5.37%	5.18%	5.30%	4.55%	5.43%	5.23%
Enterprise Value to Invested Capital (EV/IC)	1.31	1.40	1.41	1.39	1.22	1.38	1.41	1.40	1.51	1.34	1.38
Enterprise Value to Revenue (EV/Rev)	13.35	14.22	14.26	13.75	12.51	13.93	14.15	14.06	14.86	13.42	13.57
Enterprise Value to EBITDA (EV/EBITDA)	14.59	15.37	15.31	14.39	12.85	14.36	14.58	14.44	15.50	13.92	14.15
Enterprise Value to EBIT (EV/EBIT)	21.70	22.77	22.73	21.06	18.64	20.78	21.04	20.77	22.46	20.19	20.57
Enterprise Value to NOPAT (EV/NOPAT)	21.70	22.77	22.73	21.06	18.64	20.78	21.04	20.77	22.46	20.19	20.57
Enterprise Value to Operating Cash Flow (EV/OCF)	17.51	19.00	18.86	18.23	16.78	18.84	19.09	19.22	20.15	18.36	18.52
Enterprise Value to Free Cash Flow (EV/FCFF)	57.10	118.47	77.76	40.03	1,077.63	282.50	117.24	0.00	43.23	50.36	44.60
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.94	0.91	0.91	0.90	1.02	1.02	1.01	1.04	1.00	1.00	1.00
Long-Term Debt to Equity	0.94	0.91	0.91	0.90	1.02	1.02	1.01	1.04	1.00	1.00	1.00
Financial Leverage	0.84	0.91	0.93	0.93	0.96	0.96	0.97	0.97	0.98	1.01	1.01
Leverage Ratio	1.95	1.98	1.99	2.00	2.02	2.03	2.04	2.05	2.05	2.06	2.08
Compound Leverage Factor	1.37	1.40	1.39	1.42	1.46	1.40	1.39	1.43	1.40	1.40	1.39
Debt to Total Capital	48.34%	47.63%	47.56%	47.41%	50.41%	50.42%	50.33%	51.03%	50.02%	50.07%	50.11%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	48.34%	47.63%	47.56%	47.41%	50.41%	50.42%	50.33%	51.03%	50.02%	50.07%	50.11%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	51.64%	52.37%	52.44%	52.59%	49.59%	49.58%	49.67%	48.97%	49.98%	49.93%	49.89%
Debt to EBITDA	5.38	5.24	5.12	4.90	5.36	5.26	5.19	5.26	5.26	5.22	5.16
Net Debt to EBITDA	5.37	5.24	5.12	4.90	5.26	5.26	5.19	5.25	5.05	5.21	5.15
Long-Term Debt to EBITDA	5.38	5.24	5.12	4.90	5.36	5.26	5.19	5.26	5.26	5.22	5.16
Debt to NOPAT	8.00	7.77	7.60	7.18	7.77	7.62	7.49	7.56	7.62	7.57	7.50
Net Debt to NOPAT	8.00	7.77	7.59	7.17	7.63	7.62	7.49	7.56	7.32	7.55	7.49
Long-Term Debt to NOPAT	8.00	7.77	7.60	7.18	7.77	7.62	7.49	7.56	7.62	7.57	7.50
Altman Z-Score	0.98	1.09	1.10	1.05	0.84	0.99	1.02	1.03	1.18	0.99	1.00
Noncontrolling Interest Sharing Ratio	4.19%	0.00%	0.02%	0.02%	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.60	0.26	0.10	1.33	1.30	0.14	0.06	0.15	2.33	0.39	0.57
Quick Ratio	0.60	0.26	0.10	1.33	1.30	0.14	0.06	0.15	2.33	0.39	0.57
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-165	-261	-220	-108	-387	-375	-325	-489	-132	-202	-170
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-4.47	-6.94	-5.66	-2.70	-9.31	-8.63	-7.37	-10.50	-2.84	-4.32	-3.57
Operating Cash Flow to Interest Expense	5.14	3.00	4.65	2.95	4.61	2.80	4.33	2.59	4.44	2.51	4.26
Operating Cash Flow Less CapEx to Interest Expense	5.73	3.43	4.96	3.66	5.79	3.42	4.76	4.03	4.89	2.51	4.59
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.09	0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.10
Accounts Receivable Turnover	45.70	228.51	292.30	48.00	48.60	228.10	273.56	51.39	397.17	262.46	42.75
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.00	0.00	0.10	0.10	0.10	0.00	0.10	0.10	0.10	0.10
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	7.99	1.60	1.25	7.60	7.51	1.60	1.33	7.10	0.92	1.39	8.54
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	7.99	1.60	1.25	7.60	7.51	1.60	1.33	7.10	0.92	1.39	8.54
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,753	7,867	7,941	7,907	8,287	8,381	8,404	8,549	8,563	8,727	8,718
Invested Capital Turnover	0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.10	0.10
Increase / (Decrease) in Invested Capital	290	390	349	247	534	514	463	641	276	346	314
Enterprise Value (EV)	10,167	10,990	11,218	10,983	10,134	11,536	11,877	12,002	12,887	11,669	12,001
Market Capitalization	6,421	7,242	7,470	7,243	5,984	7,309	7,648	7,633	8,688	7,304	7,631
Book Value per Share	$22.61	$23.07	$22.79	$22.79	$22.80	$22.94	$22.96	$22.88	$23.79	$23.26	$23.23
Tangible Book Value per Share	$22.61	$23.07	$22.79	$22.79	$22.80	$22.94	$22.96	$22.88	$23.79	$23.26	$23.23
Total Capital	7,756	7,873	7,886	7,892	8,385	8,386	8,405	8,566	8,741	8,736	8,732
Total Debt	3,749	3,750	3,751	3,742	4,227	4,229	4,230	4,371	4,372	4,374	4,375
Total Long-Term Debt	3,749	3,750	3,751	3,742	4,227	4,229	4,230	4,371	4,372	4,374	4,375
Net Debt	3,746	3,747	3,747	3,740	4,150	4,227	4,229	4,369	4,199	4,365	4,370
Capital Expenditures (CapEx)	-22	-16	-12	-28	-49	-27	-19	-67	-20	0.00	-16
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-26	-20	-56	5.89	-59	-31	-72	-28	-73	-27	-37
Debt-free Net Working Capital (DFNWC)	-23	-18	-52	8.17	19	-30	-71	-26	100	-18	-32
Net Working Capital (NWC)	-23	-18	-52	8.17	19	-30	-71	-26	100	-18	-32
Net Nonoperating Expense (NNE)	37	38	39	40	41	43	44	46	46	46	47
Net Nonoperating Obligations (NNO)	3,746	3,743	3,806	3,757	4,129	4,223	4,229	4,354	4,194	4,365	4,362
Total Depreciation and Amortization (D&A)	59	60	61	62	62	63	63	66	66	66	67
Debt-free, Cash-free Net Working Capital to Revenue	-3.44%	-2.61%	-7.07%	0.74%	-7.23%	-3.71%	-8.57%	-3.32%	-8.44%	-3.07%	-4.17%
Debt-free Net Working Capital to Revenue	-3.01%	-2.29%	-6.66%	1.02%	2.28%	-3.57%	-8.43%	-3.08%	11.57%	-2.07%	-3.59%
Net Working Capital to Revenue	-3.01%	-2.29%	-6.66%	1.02%	2.28%	-3.57%	-8.43%	-3.08%	11.57%	-2.07%	-3.59%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.50	$0.51	$0.50	$0.54	$0.59	$0.53	$0.52	$0.58	$0.53	$0.53	$0.52
Adjusted Weighted Average Basic Shares Outstanding	176.90M	176.40M	180.85M	181.09M	181.40M	181.20M	181.79M	182.44M	184.01M	183.69M	186.86M
Adjusted Diluted Earnings per Share	$0.50	$0.51	$0.50	$0.54	$0.59	$0.53	$0.52	$0.58	$0.53	$0.52	$0.51
Adjusted Weighted Average Diluted Shares Outstanding	177.37M	177.07M	181.43M	181.63M	181.72M	181.69M	182.21M	182.81M	184.56M	184.04M	187.08M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	178.73M	181.46M	182.09M	182.41M	0.00	182.47M	183.35M	183.66M	187.53M	187.55M	187.95M
Normalized Net Operating Profit after Tax (NOPAT)	84	91	88	87	90	99	94	95	96	103	99
Normalized NOPAT Margin	43.57%	45.62%	42.99%	43.12%	43.91%	45.97%	43.77%	43.78%	43.73%	47.24%	42.92%
Pre Tax Income Margin	45.70%	45.67%	44.18%	48.71%	52.06%	44.71%	43.81%	49.20%	44.79%	44.81%	41.78%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.39	3.41	3.32	3.46	3.56	3.22	3.14	3.27	3.09	3.07	3.01
NOPAT to Interest Expense	3.39	3.41	3.32	3.46	3.56	3.22	3.14	3.27	3.09	3.07	3.01
EBIT Less CapEx to Interest Expense	3.98	3.83	3.63	4.17	4.74	3.84	3.57	4.71	3.53	3.07	3.35
NOPAT Less CapEx to Interest Expense	3.98	3.83	3.63	4.17	4.74	3.84	3.57	4.71	3.53	3.07	3.35
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	117.31%	113.81%	112.83%	107.09%	103.46%	103.09%	102.82%	101.64%	104.79%	105.90%	106.76%
Augmented Payout Ratio	117.91%	114.93%	113.99%	108.11%	104.15%	103.33%	103.04%	101.82%	105.65%	106.73%	107.57%

Key Financial Trends

NNN REIT’s Q1 2025 results continue to show steady revenue growth, solid operating cash flow and a strong dividend, while free cash flow and balance‐sheet metrics warrant close monitoring.

Revenue Growth: Operating revenue rose 7.17% year-over-year to $230.9 M in Q1 2025 from $215.4 M in Q1 2024.
Net Income: Net income increased to $96.5 M in Q1 2025, up from $94.4 M in the year-ago quarter, reflecting resilient profitability.
Operating Cash Flow: Net cash from operating activities climbed to $203.3 M, a 6.6% year-over-year gain.
Dividend Yield: A 5.48% dividend yield continues to support income-oriented investors.
EPS Consistency: Diluted EPS of $0.51 in Q1 2025 is in line with $0.52 in Q1 2024, demonstrating earnings stability.
Leverage Ratio: Debt-to-equity remains near 1.00×, consistent with the REIT’s capital structure policy.
Valuation Multiples: P/E of 19.1× and P/B of 1.75× in Q1 2025 are near historical averages.
EBITDA Margin: Maintained a high 91.5% margin in Q1 2025, underscoring operational efficiency.
Free Cash Flow: Free cash flow to firm was still negative at –$170.5 M in Q1 2025, though improved from –$202.4 M in Q4 2024.
Altman Z-Score: A Z-Score below 1.0 (0.9973) in Q1 2025 may signal elevated financial distress risk.

06/24/25 02:41 AMAI Generated. May Contain Errors.

Frequently Asked Questions About NNN REIT's Financials

When does NNN REIT's financial year end?

According to the most recent income statement we have on file, NNN REIT's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has NNN REIT's net income changed over the last 9 years?

NNN REIT's net income appears to be on an upward trend, with a most recent value of $396.84 million in 2024, rising from $197.96 million in 2015. The previous period was $392.34 million in 2023. Find out what analysts predict for NNN REIT in the coming months.

What is NNN REIT's operating income?

NNN REIT's total operating income in 2024 was $577.87 million, based on the following breakdown:

Total Gross Profit: $869.27 million
Total Operating Expenses: $291.39 million

How has NNN REIT's revenue changed over the last 9 years?

Over the last 9 years, NNN REIT's total revenue changed from $482.92 million in 2015 to $869.27 million in 2024, a change of 80.0%.

How much debt does NNN REIT have?

NNN REIT's total liabilities were at $4.51 billion at the end of 2024, a 0.1% increase from 2023, and a 113.0% increase since 2015.

How much cash does NNN REIT have?

In the past 9 years, NNN REIT's cash and equivalents has ranged from $1.11 million in 2019 to $294.54 million in 2016, and is currently $8.73 million as of their latest financial filing in 2024.

How has NNN REIT's book value per share changed over the last 9 years?

Over the last 9 years, NNN REIT's book value per share changed from 20.32 in 2015 to 23.26 in 2024, a change of 14.5%.

Related Companies

This page (NYSE:NNN) was last updated on 6/24/2025 by MarketBeat.com Staff

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NNN REIT (NNN) Financials

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NNN REIT (NNN) Financials

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