NNN REIT (NNN) Financials

$41.74 +0.24 (+0.58%)

Closing price 05/30/2025 03:59 PM Eastern

Extended Trading

$41.72 -0.02 (-0.04%)

As of 05/30/2025 05:12 PM 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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	397	392	335	264	211	258	258	217	201	162
Consolidated Net Income / (Loss)	397	392	335	290	229	300	292	265	240	198
Net Income / (Loss) Continuing Operations	397	392	335	290	229	300	292	265	240	188
Total Pre-Tax Income	397	392	335	290	229	300	292	265	240	198
Total Operating Income	578	555	483	449	374	417	425	374	336	289
Total Gross Profit	869	828	773	726	661	670	623	585	534	483
Total Revenue	869	828	773	726	661	670	623	585	534	483
Operating Revenue	869	828	773	726	661	670	623	585	534	483
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	291	273	291	277	286	254	198	211	197	194
Selling, General & Admin Expense	44	44	42	45	38	38	34	34	37	35
Depreciation Expense	250	239	224	205	197	189	174	174	149	135
Other Operating Expenses / (Income)	-9.21	-15	17	29	30	28	26	-5.71	-6.33	20
Impairment Charge	6.63	5.99	8.31	22	37	32	28	8.96	18	4.95
Total Other Income / (Expense), net	-181	-163	-148	-159	-146	-117	-132	-109	-97	-91
Interest Expense	184	164	148	159	146	120	134	109	96	90
Interest & Investment Income	2.98	1.13	0.15	0.22	0.42	3.11	1.81	0.32	0.17	0.11
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.00	-0.01	-0.00	-0.00	0.43	0.04	0.40	0.01	0.13
Basic Earnings per Share	$2.16	$2.16	$1.89	$1.51	$1.22	$1.56	$1.65	$1.45	$1.39	$1.21
Weighted Average Basic Shares Outstanding	183.69M	181.20M	176.40M	174.71M	172.11M	164.69M	155.74M	149.11M	144.18M	134.00M
Diluted Earnings per Share	$2.15	$2.16	$1.89	$1.51	$1.22	$1.56	$1.65	$1.45	$1.38	$1.20
Weighted Average Diluted Shares Outstanding	184.04M	181.69M	177.07M	174.82M	172.22M	165.08M	156.30M	149.43M	144.66M	134.49M
Weighted Average Basic & Diluted Shares Outstanding	187.55M	182.47M	181.46M	175.64M	175.27M	171.70M	161.62M	153.58M	147.24M	141.05M
Cash Dividends to Common per Share	$2.29	$2.23	$2.16	$2.10	$2.07	$2.03	$1.95	$1.86	$1.78	$1.71

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

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

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

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

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

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

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

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

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

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 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%.

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This page (NYSE:NNN) was last updated on 6/1/2025 by MarketBeat.com Staff

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NNN REIT (NNN) Financials

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NNN REIT (NNN) Financials

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