# NNN REIT, Inc. (NNN)

> Source: Nexqual · https://nexqual.com/NNN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, NNN REIT, Inc. (NNN), nexqual.com/NNN" · informational, not investment advice.

**Price:** USD 42.13 (+3.46% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 40.72 · day 40.79–42.17 · 52w 38.9–50 · market cap $8.02B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $940M, net income $391M (41.6% margin) (SEC filings).
- Valuation: P/E 20.5x (avg 19.3x at the last 3 fiscal year-ends).
- Total return with dividends: 1Y +5.4% vs S&P 500 +14.9%; 5Y +19.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.52, revenue estimate $247M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $726M | $773M | $828M | $869M | $926M | $940M |
| Operating income | $449M | $483M | $555M | $578M | $589M | $597M |
| Net income | $290M | $335M | $392M | $397M | $390M | $391M |
| EPS (diluted) | $1.51 | $1.89 | $2.16 | $2.15 | $2.07 | — |
| Operating margin | 61.8% | 62.4% | 67.0% | 66.5% | 63.6% | 63.5% |
| Net margin | 39.9% | 43.3% | 47.4% | 45.7% | 42.1% | 41.6% |
| Revenue growth | +9.9% | +6.4% | +7.1% | +5.0% | +6.6% | — |
| Cash + short-term investments | $171M | $2.5M | $1.2M | $8.7M | $5.0M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 20.5x · P/S 8.5x · P/B 1.8x · Earnings yield 4.88%
P/E at fiscal year-ends: Dec 2025 19.1x, Dec 2024 18.9x, Dec 2023 20.0x.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Barclays | Target lowered | Underweight | $47 → $43 |
| 2026-10-19 | Wells Fargo | Target lowered | Equal-Weight | $47 → $43 |
| 2026-10-02 | Truist Securities | Initiated | Hold | $45 |
| 2026-09-21 | Morgan Stanley | Upgrade | Equal-Weight → Overweight | $50 |
| 2026-09-21 | Evercore ISI Group | Target lowered | In-Line | $48 → $47 |
| 2026-09-04 | Barclays | Target raised | Underweight | $45 → $47 |
| 2026-09-01 | Wells Fargo | Target lowered | Equal-Weight | $49 → $47 |
| 2026-08-12 | B. Riley Securities | Target raised | Neutral | $46 → $47.5 |
| 2026-08-06 | RBC Capital | Target raised | Sector Perform | $44 → $47 |
| 2026-08-06 | Evercore ISI Group | Target raised | In-Line | $46 → $48 |
| 2026-07-20 | Morgan Stanley | Downgrade | Overweight → Equal-Weight | $50 |
| 2026-07-15 | Wells Fargo | Target raised | Equal-Weight | $45 → $49 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +5.4% | +19.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +5.4% | +3.6% |
| Volatility (annualized) | 17.5% | 18.9% |
| Max drawdown | -18.6% (Jul 2026→Oct 2026) | -24.6% (Jan 2023→Oct 2023) |

## Peers (REIT - Retail)
ADC (Agree Realty Corporation) USD 67.07 +4.00% · BRX (Brixmor Property Group Inc.) USD 28.26 +3.06% · MAC (Macerich Company (The)) USD 23.95 +3.10% · FRT (Federal Realty Investment Trust) USD 108.88 +2.94% · EPRT (Essential Properties Realty Tru) USD 26.26 +5.50% · PECO (Phillips Edison & Company, Inc.) USD 38.29 +2.74%

## More
Full page: https://nexqual.com/NNN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.52 | $0.51 | +2.2% | $247.0M | 5 |
| Next quarter (ends 2026-12-31) | $0.53 | $0.51 | +2.0% | $250.2M | 5 |
| Current fiscal year (ends 2026-12-31) | $2.06 | $2.04 | +1.1% | $979.6M | 2 |
| Next fiscal year (ends 2027-12-31) | $2.10 | $2.10 | -0.1% | $1.04B | 5 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±6.1%; last 8 reports averaged ±2.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 24.0% | ±6.1% |
| 2026-12-18 | 56 | 20.4% | ±6.4% |
| 2027-03-19 | 147 | 20.0% | ±10.4% |
| 2027-06-17 | 237 | 20.1% | ±12.8% |