What is NETSTREIT's operating income?

NETSTREIT's total operating income in 2025 was $50.21 million, based on the following breakdown: Total Gross Profit: $195.01 million Total Operating Expenses: $144.80 million

NETSTREIT (NTST) Financials

$20.04 -0.65 (-3.14%)

As of 03:58 PM Eastern

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Annual Income Statements for NETSTREIT

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

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/22/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-8.07	0.69	3.05	8.12	6.84	-12	6.90
Consolidated Net Income / (Loss)	-8.07	0.21	3.15	8.21	6.89	-12	6.94
Net Income / (Loss) Continuing Operations	-8.07	0.21	3.15	8.21	6.89	-12	6.94
Total Pre-Tax Income	-8.07	0.21	3.21	8.60	6.84	-12	6.99
Total Operating Income	-2.95	-1.50	3.48	14	24	18	50
Total Gross Profit	20	34	53	96	132	163	195
Total Revenue	20	34	59	96	132	163	195
Operating Revenue	20	34	59	96	132	163	195
Total Cost of Revenue	0.00	0.00	5.80	0.00	0.00	0.00	0.00
Total Operating Expenses	23	35	50	83	108	144	145
Selling, General & Admin Expense	3.56	11	15	19	20	20	22
Depreciation Expense	10	15	31	50	64	77	86
Other Operating Expenses / (Income)	1.65	5.74	0.70	13	17	18	19
Impairment Charge	7.19	2.69	3.54	1.11	7.08	30	17
Total Other Income / (Expense), net	-5.07	1.71	-0.27	-4.90	-17	-30	-43
Interest Expense	11	4.74	3.70	9.18	19	30	51
Other Income / (Expense), net	5.65	6.45	3.43	4.28	1.93	-0.07	8.13
Income Tax Expense	0.00	0.00	0.06	0.40	-0.05	0.05	0.05
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	-0.52	0.10	0.09	0.05	-0.06	0.04
Basic Earnings per Share	$0.00	$0.04	$0.08	$0.16	$0.11	($0.16)	$0.08
Weighted Average Basic Shares Outstanding	0.00	17.32M	37.00M	49.52M	63.92M	76.52M	82.70M
Diluted Earnings per Share	$0.00	$0.01	$0.08	$0.16	$0.11	($0.16)	$0.08
Weighted Average Diluted Shares Outstanding	0.00	21.16M	38.67M	50.43M	64.67M	76.52M	84.20M
Weighted Average Basic & Diluted Shares Outstanding	-	28.39M	44.24M	58.03M	73.22M	81.66M	97.07M
Cash Dividends to Common per Share	-	$0.30	$0.80	$0.80	$0.81	$0.83	$0.85

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	1.94	1.05	-2.29	-5.30	-5.40	1.69	3.27	0.62	1.32	5.69	6.29
Consolidated Net Income / (Loss)	1.96	1.05	-2.31	-5.32	-5.42	1.70	3.29	0.62	1.33	5.71	6.31
Net Income / (Loss) Continuing Operations	1.96	1.05	-2.31	-5.32	-5.42	1.70	3.29	0.62	1.33	5.71	6.31
Total Pre-Tax Income	1.97	1.07	-2.29	-5.32	-5.41	1.72	3.30	0.63	1.34	5.73	6.39
Total Operating Income	6.95	6.53	7.89	2.36	1.66	11	12	12	15	19	20
Total Gross Profit	41	38	40	41	48	46	48	48	53	57	61
Total Revenue	37	38	40	41	44	46	48	48	53	57	61
Operating Revenue	37	38	40	41	44	46	48	48	53	57	61
Total Cost of Revenue	-3.94	0.00	0.00	0.00	-4.10	0.00	0.00	0.00	-	0.00	0.00
Total Operating Expenses	34	31	32	39	47	35	36	36	38	38	42
Selling, General & Admin Expense	4.87	5.71	5.27	4.29	4.46	5.17	5.48	5.13	5.95	5.76	5.84
Depreciation Expense	17	18	19	20	20	21	22	21	23	24	26
Other Operating Expenses / (Income)	9.19	4.23	4.03	4.52	9.10	4.85	4.56	4.32	5.70	5.34	5.72
Impairment Charge	2.71	3.66	3.84	9.84	13	3.62	4.42	5.49	3.74	2.06	4.20
Total Other Income / (Expense), net	-4.98	-5.46	-10	-7.68	-7.06	-9.64	-9.02	-11	-13	-14	-13
Interest Expense	5.65	6.18	7.60	7.97	8.58	11	13	13	15	14	16
Other Income / (Expense), net	0.67	0.72	-2.58	0.28	1.51	1.82	3.61	1.29	1.40	0.55	2.23
Income Tax Expense	0.01	0.02	0.01	0.00	0.02	0.02	0.01	0.01	0.01	0.01	0.08
Net Income / (Loss) Attributable to Noncontrolling Interest	0.02	0.01	-0.02	-0.03	-0.03	0.01	0.02	0.00	0.01	0.02	0.03
Basic Earnings per Share	$0.03	$0.01	($0.03)	($0.07)	($0.07)	$0.02	$0.04	$0.01	$0.01	$0.06	$0.06
Weighted Average Basic Shares Outstanding	63.92M	73.25M	73.59M	77.61M	76.52M	81.64M	81.90M	83.47M	82.70M	95.54M	97.35M
Diluted Earnings per Share	$0.03	$0.01	($0.03)	($0.07)	($0.07)	$0.02	$0.04	$0.01	$0.01	$0.06	$0.06
Weighted Average Diluted Shares Outstanding	64.67M	74.57M	73.59M	77.61M	76.52M	82.13M	82.49M	85.64M	84.20M	99.11M	102.79M
Weighted Average Basic & Diluted Shares Outstanding	73.22M	73.37M	77.38M	81.58M	81.66M	81.71M	83.47M	83.56M	97.07M	97.26M	101.53M

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

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/22/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-0.39	-77	-85	63	-41	-16	0.15
Net Cash From Operating Activities	5.99	13	31	51	80	90	110
Net Cash From Continuing Operating Activities	5.99	13	31	51	80	90	110
Net Income / (Loss) Continuing Operations	-8.07	0.21	3.15	8.21	6.89	-12	6.94
Consolidated Net Income / (Loss)	-8.07	0.21	3.15	8.21	6.89	-12	6.94
Depreciation Expense	10	15	31	50	64	77	86
Amortization Expense	1.01	0.62	0.63	0.89	-0.28	-1.45	6.11
Non-Cash Adjustments To Reconcile Net Income	3.14	-7.86	-3.78	-3.55	7.41	29	9.70
Changes in Operating Assets and Liabilities, net	-0.51	1.86	0.68	-4.98	2.46	-2.15	0.39
Net Cash From Investing Activities	76	-362	-430	-468	-452	-433	-449
Net Cash From Continuing Investing Activities	76	-362	-430	-468	-452	-433	-449
Purchase of Property, Plant & Equipment	0.00	-0.05	-0.73	-1.21	-0.04	-0.01	-0.05
Purchase of Investments	-1.23	-409	-441	-425	-340	-479	-598
Sale of Property, Plant & Equipment	-	-	31	26	38	91	161
Sale and/or Maturity of Investments	78	48	-	-	0.00	0.00	10
Other Investing Activities, net	-0.45	-1.57	-19	-68	-150	-45	-22
Net Cash From Financing Activities	-82	273	314	481	331	327	339
Net Cash From Continuing Financing Activities	-82	273	314	481	331	327	339
Repayment of Debt	-78	-50	-86	-470	-397	-233	-644
Repurchase of Common Equity	0.00	-0.14	-0.50	-1.48	-0.69	-1.50	-0.75
Payment of Dividends	-5.62	-8.84	-31	-40	-52	-64	-71
Issuance of Debt	0.71	50	150	715	511	492	868
Issuance of Common Equity	0.00	282	283	278	271	135	188
Other Financing Activities, net	0.54	-0.01	-1.73	-0.80	-1.03	-1.89	-1.31
Cash Interest Paid	9.46	4.21	2.99	7.22	18	30	44
Cash Income Taxes Paid	-	-	0.00	0.13	0.63	-0.03	-0.06

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	22	-7.60	-8.61	15	-14	-0.12	5.54	34	-39	-3.41	8.99
Net Cash From Operating Activities	29	12	25	25	28	22	31	28	29	26	37
Net Cash From Continuing Operating Activities	29	12	25	25	28	22	31	28	29	26	37
Net Income / (Loss) Continuing Operations	1.96	1.05	-2.31	-5.32	-5.42	1.70	3.29	0.62	1.33	5.71	6.31
Consolidated Net Income / (Loss)	1.96	1.05	-2.31	-5.32	-5.42	1.70	3.29	0.62	1.33	5.71	6.31
Depreciation Expense	17	18	19	20	20	21	22	21	23	24	26
Amortization Expense	-0.40	-0.39	-0.39	-0.40	-0.26	1.40	1.49	1.51	1.72	1.71	1.71
Non-Cash Adjustments To Reconcile Net Income	2.67	4.25	5.20	9.91	9.52	1.75	1.35	4.17	2.44	1.42	1.10
Changes in Operating Assets and Liabilities, net	7.33	-11	4.32	0.49	3.85	-3.68	3.01	0.29	0.77	-6.99	1.81
Net Cash From Investing Activities	-106	-97	-107	-115	-113	-48	-48	-143	-209	-212	-236
Net Cash From Continuing Investing Activities	-106	-97	-107	-115	-113	-48	-48	-143	-209	-212	-236
Purchase of Property, Plant & Equipment	48	-0.01	-30	-7.31	37	-0.01	-3.50	-0.57	4.02	0.00	-0.01
Purchase of Investments	-86	-95	-96	-112	-177	-77	-97	-191	-233	-234	-234
Sale of Property, Plant & Equipment	14	20	12	10	48	39	47	36	39	10	39
Other Investing Activities, net	-82	-23	6.81	-6.91	-22	-9.39	4.46	2.52	-19	6.03	-40
Net Cash From Financing Activities	100	78	73	105	71	26	23	148	142	182	208
Net Cash From Continuing Financing Activities	100	78	73	105	71	26	23	148	142	182	208
Repayment of Debt	-35	-87	-85	-9.04	-52	-264	-41	-189	-150	-10	-132
Repurchase of Common Equity	0.14	-1.49	-0.35	-0.35	0.70	-0.63	-0.25	-0.70	0.83	-1.89	-1.13
Payment of Dividends	-14	-15	-15	-16	-17	-17	-17	-18	-18	-22	-22
Issuance of Debt	73	182	108	61	141	308	54	356	150	148	292
Issuance of Common Equity	77	-	65	70	-	0.00	-	-	160	68	71
Other Financing Activities, net	-0.88	-0.38	-0.06	-0.05	-1.40	-0.20	-0.02	-0.05	-1.04	-0.39	-0.41
Cash Interest Paid	5.56	6.54	6.90	9.34	7.52	10	11	11	12	13	13

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

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	434	726	1,068	1,606	1,946	2,259	2,614
Total Current Assets	8.53	15	2.10	23	52	49	41
Inventories, net	-	15	2.10	23	52	49	41
Plant, Property, & Equipment, net	224	538	914	1,263	1,539	1,834	2,180
Plant, Property & Equipment, gross	224	548	944	1,325	1,640	1,978	2,369
Accumulated Depreciation	0.13	10	31	63	101	143	189
Total Noncurrent Assets	201	173	153	320	355	376	393
Noncurrent Note & Lease Receivables	-	-	0.00	46	114	139	142
Intangible Assets	29	75	125	151	161	164	173
Other Noncurrent Operating Assets	173	98	28	123	79	73	78
Total Liabilities & Shareholders' Equity	434	726	1,068	1,606	1,946	2,259	2,614
Total Liabilities	181	198	279	547	673	921	1,162
Total Current Liabilities	2.91	6.31	17	23	36	30	43
Accounts Payable	2.72	6.31	17	23	36	30	43
Total Noncurrent Liabilities	179	191	262	525	636	892	1,119
Long-Term Debt	174	174	238	494	610	869	1,101
Other Noncurrent Operating Liabilities	4.67	17	23	30	25	20	17
Other Noncurrent Nonoperating Liabilities	-	0.40	0.00	0.41	1.16	1.91	1.02
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	252	528	790	1,058	1,273	1,338	1,453
Total Preferred & Common Equity	165	494	779	1,049	1,265	1,331	1,446
Total Common Equity	165	494	779	1,049	1,265	1,331	1,446
Common Stock	165	501	810	1,092	1,368	1,509	1,703
Retained Earnings	0.03	-7.46	-35	-67	-112	-188	-252
Accumulated Other Comprehensive Income / (Loss)	0.00	0.24	4.12	24	8.94	10	-4.57
Noncontrolling Interest	88	34	11	9.59	8.53	7.16	6.55

This table presents NETSTREIT'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 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	1,627	1,748	1,863	2,026	2,098	2,185	2,285	2,312	2,468	2,810	3,036
Total Current Assets	5.80	38	39	59	68	46	80	58	86	58	52
Inventories, net	5.80	38	39	59	68	46	80	58	86	58	52
Plant, Property, & Equipment, net	1,318	1,374	1,474	1,593	1,660	1,744	1,827	1,872	1,976	2,358	2,538
Plant, Property & Equipment, gross	1,391	1,455	1,565	1,703	1,782	1,881	1,980	2,037	2,149	2,564	2,760
Accumulated Depreciation	73	81	91	111	122	137	153	166	174	206	222
Total Noncurrent Assets	303	335	350	374	370	395	378	382	406	394	446
Noncurrent Note & Lease Receivables	92	108	109	125	130	142	145	153	138	130	151
Intangible Assets	154	158	164	166	162	165	159	155	158	182	196
Other Noncurrent Operating Assets	57	70	77	84	78	88	75	75	110	82	99
Total Liabilities & Shareholders' Equity	1,627	1,748	1,863	2,026	2,098	2,185	2,285	2,312	2,468	2,810	3,036
Total Liabilities	532	543	633	756	780	838	972	988	1,162	1,298	1,457
Total Current Liabilities	121	135	76	26	27	34	32	37	42	42	41
Accounts Payable	25	29	34	26	27	34	32	37	42	42	41
Total Noncurrent Liabilities	411	408	557	730	753	804	939	951	1,120	1,256	1,416
Long-Term Debt	381	381	530	704	728	780	918	931	1,101	1,239	1,399
Other Noncurrent Operating Liabilities	29	27	27	25	24	23	19	18	18	16	16
Other Noncurrent Nonoperating Liabilities	0.03	0.08	1.02	1.11	1.14	0.73	1.92	1.82	1.95	1.03	1.02
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,096	1,205	1,230	1,269	1,318	1,347	1,314	1,324	1,306	1,511	1,580
Total Preferred & Common Equity	1,086	1,195	1,221	1,261	1,310	1,340	1,306	1,317	1,299	1,505	1,572
Total Common Equity	1,086	1,195	1,221	1,261	1,310	1,340	1,306	1,317	1,299	1,505	1,572
Common Stock	1,146	1,262	1,290	1,369	1,436	1,508	1,510	1,539	1,541	1,770	1,843
Retained Earnings	-77	-90	-100	-126	-144	-165	-204	-218	-235	-268	-283
Accumulated Other Comprehensive Income / (Loss)	18	24	30	18	18	-2.45	0.39	-5.22	-6.62	2.38	13
Noncontrolling Interest	9.35	9.29	8.91	8.36	7.65	7.21	7.03	6.93	6.74	6.33	7.17

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

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/22/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-
Revenue Growth	0.00%	69.82%	75.35%	62.80%	37.00%	23.41%	19.79%
EBITDA Growth	0.00%	48.87%	82.30%	79.30%	30.08%	4.89%	60.80%
EBIT Growth	0.00%	83.78%	39.49%	157.37%	46.37%	-29.41%	217.53%
NOPAT Growth	0.00%	27.39%	327.80%	276.98%	88.43%	-46.82%	285.96%
Net Income Growth	0.00%	102.63%	1,385.85%	160.48%	-16.03%	-274.17%	157.82%
EPS Growth	0.00%	0.00%	700.00%	100.00%	-31.25%	-245.45%	150.00%
Operating Cash Flow Growth	0.00%	0.00%	0.00%	60.90%	58.26%	12.49%	21.46%
Free Cash Flow Firm Growth	0.00%	0.00%	-12.61%	-58.93%	40.02%	-1.67%	5.38%
Invested Capital Growth	0.00%	68.08%	46.34%	51.05%	21.34%	17.25%	15.62%
Revenue Q/Q Growth	0.00%	0.00%	7.32%	13.99%	7.82%	4.65%	4.50%
EBITDA Q/Q Growth	0.00%	0.00%	-0.59%	16.88%	4.32%	-1.10%	12.68%
EBIT Q/Q Growth	0.00%	0.00%	-40.22%	45.22%	5.24%	-19.50%	28.07%
NOPAT Q/Q Growth	0.00%	0.00%	-13.22%	48.91%	13.18%	-22.29%	75.88%
Net Income Q/Q Growth	0.00%	0.00%	-43.40%	9.55%	-10.96%	-160.08%	3,630.11%
EPS Q/Q Growth	0.00%	0.00%	-70.37%	-5.88%	-15.38%	-166.67%	0.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	-0.65%	26.32%	-0.67%	0.71%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	-2.41%	18.36%	-1.00%	-17.24%
Invested Capital Q/Q Growth	0.00%	0.00%	14.72%	10.55%	4.55%	3.82%	6.07%
Profitability Metrics	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	90.19%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	71.14%	62.36%	64.83%	71.41%	67.79%	57.62%	77.34%
Operating Margin	-14.86%	-4.45%	5.89%	14.02%	18.27%	11.33%	25.75%
EBIT Margin	13.57%	14.69%	11.68%	18.47%	19.73%	11.29%	29.92%
Profit (Net Income) Margin	-40.64%	0.63%	5.33%	8.52%	5.22%	-7.37%	3.56%
Tax Burden Percent	100.00%	100.00%	98.16%	95.40%	100.72%	100.41%	99.23%
Interest Burden Percent	-299.52%	4.28%	46.45%	48.37%	26.28%	-65.05%	11.98%
Effective Tax Rate	0.00%	0.00%	1.84%	4.60%	-0.72%	0.00%	0.77%
Return on Invested Capital (ROIC)	-0.49%	-0.27%	0.39%	1.00%	1.41%	0.63%	2.09%
ROIC Less NNEP Spread (ROIC-NNEP)	-4.12%	0.74%	0.27%	-0.28%	-1.73%	-2.73%	-2.25%
Return on Net Nonoperating Assets (RNNOA)	-2.70%	0.32%	0.08%	-0.11%	-0.82%	-1.55%	-1.59%
Return on Equity (ROE)	-3.20%	0.05%	0.48%	0.89%	0.59%	-0.92%	0.50%
Cash Return on Invested Capital (CROIC)	0.00%	-51.06%	-37.23%	-39.67%	-17.87%	-15.25%	-12.40%
Operating Return on Assets (OROA)	0.62%	0.85%	0.77%	1.33%	1.47%	0.87%	2.39%
Return on Assets (ROA)	-1.86%	0.04%	0.35%	0.61%	0.39%	-0.57%	0.28%
Return on Common Equity (ROCE)	-2.08%	0.05%	0.46%	0.88%	0.59%	-0.91%	0.49%
Return on Equity Simple (ROE_SIMPLE)	-4.91%	0.04%	0.40%	0.78%	0.54%	-0.90%	0.00%
Net Operating Profit after Tax (NOPAT)	-2.07	-1.50	3.42	13	24	13	50
NOPAT Margin	-10.40%	-4.45%	5.78%	13.38%	18.40%	7.93%	25.55%
Net Nonoperating Expense Percent (NNEP)	3.63%	-1.01%	0.13%	1.28%	3.14%	3.36%	4.35%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	0.83%	1.29%	0.58%	1.95%
Cost of Revenue to Revenue	0.00%	0.00%	9.81%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	17.90%	33.62%	25.04%	19.79%	15.30%	12.12%	11.14%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	114.86%	104.45%	84.30%	85.98%	81.73%	88.67%	74.25%
Earnings before Interest and Taxes (EBIT)	2.70	4.95	6.91	18	26	18	58
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	14	21	38	69	89	94	151
Valuation Ratios	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.37	0.95	1.04	0.87	0.92	0.87	1.02
Price to Tangible Book Value (P/TBV)	1.66	1.12	1.24	1.02	1.06	0.99	1.16
Price to Revenue (P/Rev)	11.33	13.95	13.74	9.48	8.85	7.09	7.56
Price to Earnings (P/E)	0.00	683.94	266.75	112.45	170.70	0.00	213.60
Dividend Yield	0.00%	1.78%	3.90%	4.81%	4.77%	5.87%	4.82%
Earnings Yield	0.00%	0.15%	0.37%	0.89%	0.59%	0.00%	0.47%
Enterprise Value to Invested Capital (EV/IC)	1.16	0.97	1.03	0.91	0.95	0.92	1.01
Enterprise Value to Revenue (EV/Rev)	24.51	20.12	17.95	14.71	13.54	12.48	13.24
Enterprise Value to EBITDA (EV/EBITDA)	34.46	32.27	27.68	20.61	19.97	21.65	17.12
Enterprise Value to EBIT (EV/EBIT)	180.64	137.01	153.64	79.66	68.60	110.54	44.25
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	310.65	109.97	73.56	157.34	51.82
Enterprise Value to Operating Cash Flow (EV/OCF)	81.28	0.00	33.72	27.97	22.27	22.53	23.58
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-
Debt to Equity	0.69	0.33	0.30	0.47	0.48	0.65	0.76
Long-Term Debt to Equity	0.69	0.33	0.30	0.47	0.48	0.65	0.76
Financial Leverage	0.66	0.44	0.31	0.40	0.47	0.57	0.71
Leverage Ratio	1.72	1.49	1.36	1.45	1.52	1.61	1.75
Compound Leverage Factor	-5.15	0.06	0.63	0.70	0.40	-1.05	0.21
Debt to Total Capital	40.79%	24.80%	23.18%	31.83%	32.38%	39.39%	43.12%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	40.79%	24.80%	23.18%	31.83%	32.38%	39.39%	43.12%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	20.62%	4.84%	1.04%	0.62%	0.45%	0.32%	0.26%
Common Equity to Total Capital	38.59%	70.33%	75.78%	67.55%	67.17%	60.29%	56.62%
Debt to EBITDA	12.31	8.28	6.22	7.19	6.82	9.27	7.30
Net Debt to EBITDA	12.31	8.28	6.22	7.19	6.82	9.27	7.30
Long-Term Debt to EBITDA	12.31	8.28	6.22	7.19	6.82	9.27	7.30
Debt to NOPAT	-84.19	-116.07	69.75	38.37	25.12	67.35	22.10
Net Debt to NOPAT	-84.19	-116.07	69.75	38.37	25.12	67.35	22.10
Long-Term Debt to NOPAT	-84.19	-116.07	69.75	38.37	25.12	67.35	22.10
Altman Z-Score	0.83	1.50	1.76	1.04	1.08	0.74	0.77
Noncontrolling Interest Sharing Ratio	34.82%	15.65%	3.41%	1.10%	0.78%	0.60%	0.49%
Liquidity Ratios	-	-	-	-	-	-	-
Current Ratio	2.94	2.35	0.12	1.03	1.44	1.64	0.96
Quick Ratio	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Flow Metrics	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-286	-322	-512	-307	-312	-295
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	-60.34	-87.07	-55.77	-16.01	-10.30	-5.75
Operating Cash Flow to Interest Expense	0.56	0.00	8.51	5.52	4.18	2.97	2.13
Operating Cash Flow Less CapEx to Interest Expense	0.56	0.00	16.72	8.16	6.18	5.97	5.26
Efficiency Ratios	-	-	-	-	-	-	-
Asset Turnover	0.05	0.06	0.07	0.07	0.07	0.08	0.08
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.69	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.09	0.09	0.08	0.09	0.09	0.10	0.10
Accounts Payable Turnover	0.00	0.00	0.50	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	531.43	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	732.39	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	-200.96	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-
Invested Capital	418	703	1,028	1,553	1,884	2,210	2,555
Invested Capital Turnover	0.05	0.06	0.07	0.07	0.08	0.08	0.08
Increase / (Decrease) in Invested Capital	0.00	285	326	525	331	325	345
Enterprise Value (EV)	487	679	1,061	1,417	1,785	2,031	2,582
Market Capitalization	225	471	813	913	1,167	1,154	1,474
Book Value per Share	$13.16	$17.65	$19.66	$19.11	$18.41	$16.31	$17.30
Tangible Book Value per Share	$10.86	$14.97	$16.51	$16.36	$16.06	$14.30	$15.23
Total Capital	426	702	1,028	1,553	1,883	2,208	2,554
Total Debt	174	174	238	494	610	869	1,101
Total Long-Term Debt	174	174	238	494	610	869	1,101
Net Debt	174	174	238	494	610	869	1,101
Capital Expenditures (CapEx)	0.00	0.05	-30	-24	-38	-91	-161
Debt-free, Cash-free Net Working Capital (DFCFNWC)	5.63	8.49	-15	0.67	16	19	-1.58
Debt-free Net Working Capital (DFNWC)	5.63	8.49	-15	0.67	16	19	-1.58
Net Working Capital (NWC)	5.63	8.49	-15	0.67	16	19	-1.58
Net Nonoperating Expense (NNE)	6.01	-1.71	0.27	4.68	17	25	43
Net Nonoperating Obligations (NNO)	166	175	238	495	611	871	1,102
Total Depreciation and Amortization (D&A)	11	16	31	51	63	75	92
Debt-free, Cash-free Net Working Capital to Revenue	28.33%	25.18%	-25.17%	0.69%	12.09%	11.66%	-0.81%
Debt-free Net Working Capital to Revenue	28.33%	25.18%	-25.17%	0.69%	12.09%	11.66%	-0.81%
Net Working Capital to Revenue	28.33%	25.18%	-25.17%	0.69%	12.09%	11.66%	-0.81%
Earnings Adjustments	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.04	$0.08	$0.16	$0.11	($0.16)	$0.08
Adjusted Weighted Average Basic Shares Outstanding	0.00	17.32M	37.00M	49.52M	63.92M	76.52M	82.70M
Adjusted Diluted Earnings per Share	$0.00	$0.01	$0.08	$0.16	$0.11	($0.16)	$0.08
Adjusted Weighted Average Diluted Shares Outstanding	0.00	21.16M	38.67M	50.43M	64.67M	76.52M	84.20M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	28.39M	44.24M	58.03M	73.22M	81.66M	97.07M
Normalized Net Operating Profit after Tax (NOPAT)	2.96	0.83	6.89	14	22	34	67
Normalized NOPAT Margin	14.93%	2.47%	11.65%	14.48%	16.55%	20.82%	34.34%
Pre Tax Income Margin	-40.64%	0.63%	5.43%	8.93%	5.19%	-7.34%	3.59%
Debt Service Ratios	-	-	-	-	-	-	-
EBIT to Interest Expense	0.25	1.04	1.87	1.94	1.36	0.61	1.14
NOPAT to Interest Expense	-0.19	-0.32	0.92	1.40	1.27	0.43	0.97
EBIT Less CapEx to Interest Expense	0.25	1.03	10.08	4.58	3.36	3.60	4.26
NOPAT Less CapEx to Interest Expense	-0.19	-0.33	9.14	4.05	3.27	3.42	4.10
Payout Ratios	-	-	-	-	-	-	-
Dividend Payout Ratio	-69.67%	4,170.75%	993.78%	486.92%	755.91%	-531.88%	1,017.41%
Augmented Payout Ratio	-69.67%	4,235.38%	1,009.78%	504.94%	765.89%	-544.37%	1,028.26%

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	97,073,872.00	97,260,607.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	97,073,872.00	97,260,607.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.06	0.06
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	35.03%	27.91%	25.09%	22.03%	19.64%	21.86%	22.04%	16.56%	19.05%	24.29%	26.92%
EBITDA Growth	17.97%	18.05%	11.68%	-3.28%	-4.28%	45.49%	65.95%	59.45%	72.96%	30.04%	27.05%
EBIT Growth	20.49%	34.69%	10.05%	-67.74%	-58.41%	81.76%	200.19%	401.66%	403.47%	51.72%	37.66%
NOPAT Growth	65.24%	12.48%	90.49%	-77.77%	-83.20%	74.95%	122.30%	610.95%	1,141.94%	72.42%	58.61%
Net Income Growth	-30.18%	-28.97%	-191.16%	-225.55%	-376.45%	61.60%	242.63%	111.67%	124.48%	235.94%	91.88%
EPS Growth	-40.00%	-66.67%	-200.00%	-216.67%	-333.33%	100.00%	233.33%	114.29%	114.29%	200.00%	50.00%
Operating Cash Flow Growth	139.87%	-21.31%	29.50%	46.70%	-2.12%	89.61%	20.77%	11.41%	2.76%	19.11%	19.93%
Free Cash Flow Firm Growth	37.69%	3.06%	4.66%	16.94%	0.15%	37.40%	43.66%	17.14%	-2.11%	-101.60%	-257.20%
Invested Capital Growth	21.34%	25.54%	21.02%	18.07%	17.25%	13.10%	10.23%	13.17%	15.62%	23.20%	32.08%
Revenue Q/Q Growth	8.54%	2.20%	5.03%	4.74%	6.41%	4.10%	5.18%	0.05%	8.68%	8.69%	7.40%
EBITDA Q/Q Growth	3.63%	0.40%	-3.85%	-3.32%	2.57%	52.60%	9.67%	-7.11%	11.26%	14.73%	7.16%
EBIT Q/Q Growth	-7.07%	-4.87%	-26.75%	-50.19%	19.81%	315.78%	20.98%	-16.76%	20.24%	25.30%	9.76%
NOPAT Q/Q Growth	-7.04%	-6.98%	-14.08%	-70.08%	-29.78%	868.99%	9.17%	-4.30%	22.67%	34.53%	0.43%
Net Income Q/Q Growth	-53.72%	-46.38%	-319.20%	-130.79%	-1.92%	131.34%	93.47%	-81.12%	113.85%	330.05%	10.51%
EPS Q/Q Growth	-50.00%	-66.67%	-400.00%	-133.33%	0.00%	128.57%	100.00%	-75.00%	0.00%	500.00%	0.00%
Operating Cash Flow Q/Q Growth	67.34%	-59.32%	117.72%	-1.01%	11.65%	-21.20%	38.68%	-8.69%	2.98%	-8.67%	39.64%
Free Cash Flow Firm Q/Q Growth	16.84%	-21.82%	11.46%	7.39%	0.04%	23.62%	20.32%	-36.21%	-23.18%	-50.79%	-41.18%
Invested Capital Q/Q Growth	4.55%	4.79%	3.65%	3.98%	3.82%	1.08%	1.02%	6.75%	6.07%	7.70%	8.30%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	110.68%	100.00%	100.00%	100.00%	109.30%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	65.92%	64.76%	59.29%	54.72%	52.75%	77.32%	80.63%	74.86%	76.63%	80.89%	80.71%
Operating Margin	18.85%	17.34%	19.94%	5.70%	3.76%	24.73%	25.53%	24.79%	27.72%	34.06%	32.17%
EBIT Margin	20.67%	19.24%	13.42%	6.38%	7.19%	28.70%	33.01%	27.47%	30.39%	35.03%	35.81%
Profit (Net Income) Margin	5.32%	2.79%	-5.83%	-12.84%	-12.30%	3.70%	6.81%	1.29%	2.53%	10.01%	10.30%
Tax Burden Percent	99.44%	98.41%	100.52%	100.04%	100.33%	99.07%	99.61%	98.10%	99.03%	99.76%	98.78%
Interest Burden Percent	25.89%	14.75%	-43.20%	-201.13%	-170.59%	13.02%	20.72%	4.77%	8.40%	28.64%	29.12%
Effective Tax Rate	0.56%	1.59%	0.00%	0.00%	0.00%	0.93%	0.39%	1.90%	0.97%	0.24%	1.22%
Return on Invested Capital (ROIC)	1.44%	1.35%	1.11%	0.32%	0.21%	1.99%	2.12%	2.00%	2.25%	2.81%	2.66%
ROIC Less NNEP Spread (ROIC-NNEP)	0.54%	0.44%	-0.18%	-0.72%	-0.68%	0.82%	1.04%	0.82%	0.92%	1.54%	1.53%
Return on Net Nonoperating Assets (RNNOA)	0.26%	0.22%	-0.09%	-0.38%	-0.39%	0.51%	0.66%	0.58%	0.65%	1.18%	1.23%
Return on Equity (ROE)	1.70%	1.57%	1.02%	-0.06%	-0.18%	2.50%	2.78%	2.58%	2.90%	3.99%	3.89%
Cash Return on Invested Capital (CROIC)	-17.87%	-21.23%	-17.49%	-15.73%	-15.25%	-11.52%	-8.83%	-11.11%	-12.40%	-18.46%	-25.16%
Operating Return on Assets (OROA)	1.54%	1.48%	1.03%	0.49%	0.56%	2.28%	2.69%	2.20%	2.43%	2.84%	2.93%
Return on Assets (ROA)	0.40%	0.21%	-0.45%	-0.99%	-0.95%	0.29%	0.56%	0.10%	0.20%	0.81%	0.84%
Return on Common Equity (ROCE)	1.68%	1.56%	1.01%	-0.06%	-0.18%	2.49%	2.76%	2.57%	2.88%	3.97%	3.87%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.51%	0.38%	-0.34%	0.00%	-0.87%	-0.44%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	6.91	6.43	5.52	1.65	1.16	11	12	12	14	19	19
NOPAT Margin	18.75%	17.06%	13.96%	3.99%	2.63%	24.50%	25.43%	24.32%	27.45%	33.98%	31.78%
Net Nonoperating Expense Percent (NNEP)	0.90%	0.91%	1.29%	1.03%	0.89%	1.17%	1.08%	1.18%	1.33%	1.27%	1.13%
Return On Investment Capital (ROIC_SIMPLE)	0.37%	0.33%	-	-	0.05%	0.50%	0.54%	0.49%	0.56%	0.71%	0.65%
Cost of Revenue to Revenue	-10.68%	0.00%	0.00%	0.00%	-9.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	13.22%	15.15%	13.31%	10.34%	10.11%	11.26%	11.34%	10.62%	11.33%	10.09%	9.53%
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	91.83%	82.66%	80.06%	94.30%	105.54%	75.27%	74.47%	75.21%	72.28%	65.94%	67.83%
Earnings before Interest and Taxes (EBIT)	7.62	7.25	5.31	2.65	3.17	13	16	13	16	20	22
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	24	24	23	23	23	35	39	36	40	46	49
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.92	0.95	0.90	0.95	0.87	0.99	1.05	1.16	1.02	1.21	1.31
Price to Tangible Book Value (P/TBV)	1.06	1.09	1.03	1.09	0.99	1.13	1.19	1.32	1.16	1.38	1.49
Price to Revenue (P/Rev)	8.85	8.55	7.98	8.22	7.09	7.57	7.70	8.08	7.56	8.87	9.38
Price to Earnings (P/E)	170.70	186.97	240.57	0.00	0.00	0.00	0.00	8,148.27	213.60	167.74	147.74
Dividend Yield	4.77%	4.67%	5.09%	4.99%	5.87%	5.27%	4.96%	4.68%	4.82%	4.57%	4.12%
Earnings Yield	0.59%	0.53%	0.42%	0.00%	0.00%	0.00%	0.00%	0.01%	0.47%	0.60%	0.68%
Enterprise Value to Invested Capital (EV/IC)	0.95	0.97	0.94	0.97	0.92	0.99	1.03	1.09	1.01	1.12	1.16
Enterprise Value to Revenue (EV/Rev)	13.54	13.64	12.94	13.28	12.48	12.98	12.91	14.01	13.24	14.91	15.79
Enterprise Value to EBITDA (EV/EBITDA)	19.97	20.52	20.05	21.79	21.65	21.16	19.28	19.53	17.12	19.03	20.12
Enterprise Value to EBIT (EV/EBIT)	68.60	68.52	67.54	90.53	110.54	91.33	66.45	57.40	44.25	47.17	48.65
Enterprise Value to NOPAT (EV/NOPAT)	73.56	76.32	67.22	124.39	157.34	136.30	119.72	92.30	51.82	52.97	53.14
Enterprise Value to Operating Cash Flow (EV/OCF)	22.27	24.82	23.15	22.76	22.53	22.06	21.92	24.05	23.58	27.02	28.89
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.48	0.56	0.55	0.58	0.65	0.70	0.70	0.84	0.76	0.82	0.89
Long-Term Debt to Equity	0.48	0.56	0.55	0.58	0.65	0.70	0.70	0.84	0.76	0.82	0.89
Financial Leverage	0.47	0.50	0.48	0.53	0.57	0.63	0.63	0.71	0.71	0.76	0.80
Leverage Ratio	1.52	1.54	1.52	1.57	1.61	1.67	1.67	1.75	1.75	1.80	1.84
Compound Leverage Factor	0.39	0.23	-0.66	-3.16	-2.75	0.22	0.35	0.08	0.15	0.52	0.54
Debt to Total Capital	32.38%	35.69%	35.58%	36.67%	39.39%	41.13%	41.29%	45.73%	43.12%	45.05%	46.97%
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	32.38%	35.69%	35.58%	36.67%	39.39%	41.13%	41.29%	45.73%	43.12%	45.05%	46.97%
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	0.45%	0.42%	0.37%	0.34%	0.32%	0.32%	0.31%	0.28%	0.26%	0.23%	0.24%
Common Equity to Total Capital	67.17%	63.89%	64.05%	62.99%	60.29%	58.55%	58.40%	53.99%	56.62%	54.72%	52.79%
Debt to EBITDA	6.82	7.56	7.61	8.23	9.27	8.75	7.73	8.22	7.30	7.67	8.13
Net Debt to EBITDA	6.82	7.56	7.61	8.23	9.27	8.75	7.73	8.22	7.30	7.67	8.13
Long-Term Debt to EBITDA	6.82	7.56	7.61	8.23	9.27	8.75	7.73	8.22	7.30	7.67	8.13
Debt to NOPAT	25.12	28.13	25.52	46.96	67.35	56.37	48.01	38.85	22.10	21.36	21.48
Net Debt to NOPAT	25.12	28.13	25.52	46.96	67.35	56.37	48.01	38.85	22.10	21.36	21.48
Long-Term Debt to NOPAT	25.12	28.13	25.52	46.96	67.35	56.37	48.01	38.85	22.10	21.36	21.48
Altman Z-Score	1.05	0.96	0.91	0.89	0.72	0.79	0.82	0.76	0.72	0.81	0.82
Noncontrolling Interest Sharing Ratio	0.78%	0.75%	0.67%	0.63%	0.60%	0.60%	0.55%	0.53%	0.49%	0.47%	0.49%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.44	2.24	2.49	1.35	1.64	2.46	1.55	2.05	0.96	1.37	1.28
Quick Ratio	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-324	-395	-350	-324	-324	-247	-197	-269	-331	-499	-704
Operating Cash Flow to CapEx	0.00%	0.00%	141.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-57.46	-63.96	-46.02	-40.69	-37.78	-21.59	-15.60	-21.25	-22.64	-34.97	-45.28
Operating Cash Flow to Interest Expense	5.07	1.89	3.34	3.15	3.27	1.93	2.42	2.21	1.97	1.84	2.36
Operating Cash Flow Less CapEx to Interest Expense	15.95	5.20	0.98	3.53	13.22	5.29	5.88	5.02	4.91	2.57	4.87
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.07	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.31	0.39	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed 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 Payable Turnover	0.00	0.00	0.59	0.49	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	1,166.96	930.73	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	621.20	742.80	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	545.76	187.93	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,884	1,975	2,047	2,128	2,210	2,233	2,256	2,408	2,555	2,752	2,980
Invested Capital Turnover	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08
Increase / (Decrease) in Invested Capital	331	402	355	326	325	259	209	280	345	518	724
Enterprise Value (EV)	1,785	1,911	1,917	2,066	2,031	2,219	2,321	2,615	2,582	3,073	3,462
Market Capitalization	1,167	1,198	1,181	1,279	1,154	1,294	1,383	1,507	1,474	1,828	2,055
Book Value per Share	$18.41	$17.21	$17.86	$17.32	$16.31	$16.00	$16.11	$15.57	$17.30	$15.50	$16.17
Tangible Book Value per Share	$16.06	$14.95	$15.65	$15.19	$14.30	$14.06	$14.22	$13.68	$15.23	$13.63	$14.15
Total Capital	1,883	1,974	2,046	2,127	2,208	2,231	2,254	2,407	2,554	2,751	2,979
Total Debt	610	704	728	780	869	918	931	1,101	1,101	1,239	1,399
Total Long-Term Debt	610	704	728	780	869	918	931	1,101	1,101	1,239	1,399
Net Debt	610	704	728	780	869	918	931	1,101	1,101	1,239	1,399
Capital Expenditures (CapEx)	-61	-20	18	-2.99	-85	-39	-44	-35	-43	-10	-39
Debt-free, Cash-free Net Working Capital (DFCFNWC)	16	33	41	12	19	47	21	44	-1.58	16	12
Debt-free Net Working Capital (DFNWC)	16	33	41	12	19	47	21	44	-1.58	16	12
Net Working Capital (NWC)	16	33	41	12	19	47	21	44	-1.58	16	12
Net Nonoperating Expense (NNE)	4.95	5.38	7.83	6.97	6.58	9.55	8.99	11	13	14	13
Net Nonoperating Obligations (NNO)	611	705	729	781	871	920	933	1,103	1,102	1,240	1,400
Total Depreciation and Amortization (D&A)	17	17	18	20	20	22	23	23	24	26	28
Debt-free, Cash-free Net Working Capital to Revenue	12.09%	23.26%	27.51%	7.69%	11.66%	27.69%	11.43%	23.63%	-0.81%	7.61%	5.25%
Debt-free Net Working Capital to Revenue	12.09%	23.26%	27.51%	7.69%	11.66%	27.69%	11.43%	23.63%	-0.81%	7.61%	5.25%
Net Working Capital to Revenue	12.09%	23.26%	27.51%	7.69%	11.66%	27.69%	11.43%	23.63%	-0.81%	7.61%	5.25%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.03	$0.01	($0.03)	($0.07)	($0.07)	$0.02	$0.04	$0.01	$0.01	$0.06	$0.06
Adjusted Weighted Average Basic Shares Outstanding	63.92M	73.25M	73.59M	77.61M	76.52M	81.64M	81.90M	83.47M	82.70M	95.54M	97.35M
Adjusted Diluted Earnings per Share	$0.03	$0.01	($0.03)	($0.07)	($0.07)	$0.02	$0.04	$0.01	$0.01	$0.06	$0.06
Adjusted Weighted Average Diluted Shares Outstanding	64.67M	74.57M	73.59M	77.61M	76.52M	82.13M	82.49M	85.64M	84.20M	99.11M	102.79M
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	73.22M	73.37M	77.38M	81.58M	81.66M	81.71M	83.47M	83.56M	97.07M	97.26M	101.53M
Normalized Net Operating Profit after Tax (NOPAT)	9.60	10	8.21	8.54	10	15	17	17	18	21	24
Normalized NOPAT Margin	26.05%	26.63%	20.75%	20.60%	22.68%	32.30%	34.55%	35.48%	34.50%	37.59%	38.54%
Pre Tax Income Margin	5.35%	2.84%	-5.80%	-12.84%	-12.26%	3.74%	6.84%	1.31%	2.55%	10.03%	10.43%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.35	1.17	0.70	0.33	0.37	1.15	1.26	1.05	1.09	1.40	1.41
NOPAT to Interest Expense	1.22	1.04	0.73	0.21	0.14	0.98	0.97	0.93	0.99	1.36	1.25
EBIT Less CapEx to Interest Expense	12.23	4.48	-1.66	0.71	10.32	4.51	4.72	3.85	4.03	2.13	3.92
NOPAT Less CapEx to Interest Expense	12.10	4.35	-1.63	0.58	10.08	4.35	4.43	3.73	3.92	2.09	3.76
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	755.91%	858.38%	1,178.84%	-1,317.47%	-531.88%	-580.89%	-1,182.20%	37,502.15%	1,017.41%	683.57%	566.28%
Augmented Payout Ratio	765.89%	886.32%	1,218.82%	-1,361.90%	-544.37%	-586.52%	-1,191.45%	37,976.88%	1,028.26%	701.88%	586.93%

Financials Breakdown Chart

Key Financial Trends

NETSTREIT’s latest quarter shows continued revenue growth and solid operating cash flow, but earnings remain thin and the company is still relying on debt and equity financing to support its portfolio. Over the last several years, the company has expanded meaningfully, but that growth has come with higher leverage, recurring impairment charges, and persistent pressure from interest expense.

Q1 2026 revenue rose to $57.1 million from $52.5 million in Q4 2025 and $45.9 million in Q1 2025, showing continued top-line growth.
Operating cash flow was strong at $26.3 million in Q1 2026, versus $28.8 million in Q4 2025 and $22.1 million in Q1 2025.
Net income improved year over year, reaching $5.7 million in Q1 2026 compared with $1.3 million in Q4 2025 and $1.7 million in Q1 2025.
The company has maintained positive cash generation from operations for most of the last four years, which is important for a REIT.
Real estate assets continue to grow, with net property, plant & equipment rising to $2.36 billion in Q1 2026 from $1.83 billion in Q1 2025.
Equity increased to $1.51 billion in Q1 2026, up from $1.31 billion a year earlier, reflecting balance-sheet expansion.
Earnings remain modest relative to revenue: Q1 2026 diluted EPS was just $0.06, while Q1 2025 and Q4 2025 were $0.02 and $0.01, respectively.
Dividend coverage appears manageable on a quarterly basis, with Q1 2026 dividends per share at $0.22 versus diluted EPS of $0.06, but REIT investors should remember that GAAP EPS is not the best metric for REIT payout analysis.
Cash and equivalents were not provided in the Q1 2026 balance sheet excerpt, so liquidity cannot be fully assessed from this dataset alone.
Long-term debt increased to $1.24 billion in Q1 2026 from $1.10 billion in Q3 2025 and $918.0 million in Q1 2025, showing leverage has risen.
Interest expense remains a major drag, at $14.3 million in Q1 2026 versus $11.5 million in Q1 2025.
The company continues to record impairment charges, including $2.1 million in Q1 2026, after $3.7 million in Q4 2025 and $3.6 million in Q1 2025.
Net change in cash was negative in Q1 2026 at -$3.4 million despite strong operating cash flow, because investing and financing needs were substantial.
Shares have trended higher over time, with weighted average diluted shares rising to 99.1 million in Q1 2026 from 82.1 million in Q1 2025, which can dilute per-share results.
The company’s financing mix shows ongoing dependence on debt issuance and common equity issuance, suggesting internal cash flow alone is not funding all growth.

Bottom line: NETSTREIT looks like a growing REIT with improving revenue and steady operating cash flow, but investors should watch leverage, interest expense, and dilution closely. The business is expanding, yet profitability at the GAAP level remains limited and the balance sheet is increasingly debt-heavy.

08/10/26 11:37 PM ETAI Generated. May Contain Errors.

NETSTREIT Financials - Frequently Asked Questions

According to the most recent income statement we have on file, NETSTREIT's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

NETSTREIT's net income appears to be on an upward trend, with a most recent value of $6.94 million in 2025, falling from -$8.07 million in 2019. The previous period was -$12 million in 2024. Find out what analysts predict for NETSTREIT in the coming months.

NETSTREIT's total operating income in 2025 was $50.21 million, based on the following breakdown:

Total Gross Profit: $195.01 million
Total Operating Expenses: $144.80 million

Over the last 6 years, NETSTREIT's total revenue changed from $19.86 million in 2019 to $195.01 million in 2025, a change of 881.9%.

NETSTREIT's total liabilities were at $1.16 billion at the end of 2025, a 26.1% increase from 2024, and a 540.1% increase since 2019.

Over the last 6 years, NETSTREIT's book value per share changed from 13.16 in 2019 to 17.30 in 2025, a change of 31.5%.

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Financial statements for NYSE:NTST last updated on 2/11/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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NETSTREIT (NTST) Financials

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NETSTREIT (NTST) Financials

Annual Income Statements for NETSTREIT

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Quarterly Metrics And Ratios for NETSTREIT

Financials Breakdown Chart

Key Financial Trends

NETSTREIT Financials - Frequently Asked Questions

When does NETSTREIT's financial year end?

How has NETSTREIT's net income changed over the last 6 years?

What is NETSTREIT's operating income?

How has NETSTREIT's revenue changed over the last 6 years?

How much debt does NETSTREIT have?

How has NETSTREIT's book value per share changed over the last 6 years?

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