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NNN REIT, INC. (NNN)
Price & fundamentals
Compound Annual Growth Rate(CAGR)
Historical valuation multiples
Ratio observations in the selected window
| Price date | EPS fiscal end | Basic P/E (×) | Diluted P/E (×) | P/S (×) | P/FCF (×) |
|---|
Profit margins
Calculation inputs, filings & unavailable observations
Yield, cash conversion & capital returns
Calculation inputs, filings & unavailable observations
Price & growth-based reference
Annual change in the selected reference metric
YEAR-OVER-YEAR
Annual metric change
Change from the previous reported fiscal year
Annual data and sources
Show annual tables and sources
NNN REIT, INC. (NNN) · NYSE · USD · Sector unavailable · SEC ID 0000751364
Annual coverage: 2008-12-31–2025-12-31 (18 periods). Data snapshot built 2026-10-09.
Tables include every stored fiscal period, even outside the selected chart range. Missing or unsupported values are marked “Unavailable,” not zero.
Earnings and per-share history
Annual EPS, cash flow and dividends
Per-share values are in USD; dividend yield is a percent.
Dividend-yield method and limitations
Revenue and debt per share
Revenue/share is annual revenue divided by average diluted shares. Debt/share is year-end borrowings divided by common shares; leases are excluded. Per-share values are in USD. Metric definitions.
| Fiscal end | Revenue / share | Total debt / share | Calculation inputs & SEC filings |
|---|---|---|---|
| 2025-12-31 | 4.93 | Unavailable | Calculation inputs & SEC filings
Revenue (2026-02-11) · Average diluted shares (2026-02-11) · Year-end common shares (2026-02-11) |
| 2024-12-31 | 4.72 | Unavailable | Calculation inputs & SEC filings
Revenue (2026-02-11) · Average diluted shares (2026-02-11) · Year-end common shares (2026-02-11) |
| 2023-12-31 | 4.56 | Unavailable | Calculation inputs & SEC filings
Revenue (2026-02-11) · Average diluted shares (2026-02-11) · Year-end common shares (2025-02-11) |
| 2022-12-31 | 4.37 | Unavailable | Calculation inputs & SEC filings
Revenue (2025-02-11) · Average diluted shares (2025-02-11) · Year-end common shares (2024-02-08) |
| 2021-12-31 | 4.16 | Unavailable | Calculation inputs & SEC filings
Revenue (2024-02-08) · Average diluted shares (2024-02-08) · Year-end common shares (2023-02-09) |
| 2020-12-31 | 3.84 | Unavailable | Calculation inputs & SEC filings
Revenue (2023-02-09) · Average diluted shares (2023-02-09) · Year-end common shares (2022-02-09) |
| 2019-12-31 | 4.06 | Unavailable | Calculation inputs & SEC filings
Revenue (2022-02-09) · Average diluted shares (2022-02-09) · Year-end common shares (2021-02-11) |
| 2018-12-31 | 3.98 | Unavailable | Calculation inputs & SEC filings
Revenue (2021-02-11) · Average diluted shares (2021-02-11) · Year-end common shares (2020-02-11) |
| 2017-12-31 | 3.91 | Unavailable | Calculation inputs & SEC filings
Revenue (2020-02-11) · Average diluted shares (2020-02-11) · Year-end common shares (2019-02-12) |
| 2016-12-31 | 3.69 | Unavailable | Calculation inputs & SEC filings
Revenue (2019-02-12) · Average diluted shares (2019-02-12) · Year-end common shares (2018-02-13) |
| 2015-12-31 | 3.59 | Unavailable | Calculation inputs & SEC filings
Revenue (2018-02-13) · Average diluted shares (2018-02-13) · Year-end common shares (2017-02-13) |
| 2014-12-31 | 3.49 | Unavailable | Calculation inputs & SEC filings
Revenue (2017-02-13) · Average diluted shares (2017-02-13) · Year-end common shares (2016-02-12) |
| 2013-12-31 | 3.28 | Unavailable | Calculation inputs & SEC filings
Revenue (2016-02-12) · Average diluted shares (2016-02-12) · Year-end common shares (2015-02-20) |
| 2012-12-31 | 3.05 | Unavailable | Calculation inputs & SEC filings
Revenue (2015-02-20) · Average diluted shares (2015-02-20) · Year-end common shares (2014-02-19) |
| 2011-12-31 | 2.91 | Unavailable | Calculation inputs & SEC filings
Revenue (2014-02-19) · Average diluted shares (2014-02-19) · Year-end common shares (2013-02-22) |
| 2010-12-31 | 2.68 | Unavailable | Calculation inputs & SEC filings
Revenue (2013-02-22) · Average diluted shares (2013-02-22) · Year-end common shares (2012-02-24) |
| 2009-12-31 | 2.86 | Unavailable | Calculation inputs & SEC filings
Revenue (2012-02-24) · Average diluted shares (2012-02-24) · Year-end common shares (2011-02-24) |
| 2008-12-31 | 3.05 | Unavailable | Calculation inputs & SEC filings
|
Operating performance and returns
Revenue and profit margins
Operating margin is operating income divided by revenue; net margin is net income divided by revenue. Negative margins indicate a loss. Metric definitions.
| Fiscal end | Revenue (USD) | Operating margin (%) | Net margin (%) | Calculation inputs & SEC filings |
|---|---|---|---|---|
| 2025-12-31 | 926,213,000.00 | 63.64 | 42.08 | Calculation inputs & SEC filings
Revenue (2026-02-11) · Operating income (2026-02-11) · Net income (2026-02-11) |
| 2024-12-31 | 869,266,000.00 | 66.48 | 45.65 | Calculation inputs & SEC filings
Revenue (2026-02-11) · Operating income (2026-02-11) · Net income (2026-02-11) |
| 2023-12-31 | 828,111,000.00 | 67.03 | 47.38 | Calculation inputs & SEC filings
Revenue (2026-02-11) · Operating income (2026-02-11) · Net income (2026-02-11) |
| 2022-12-31 | 773,053,000.00 | 62.42 | 43.29 | Calculation inputs & SEC filings
Revenue (2025-02-11) · Operating income (2025-02-11) · Net income (2025-02-11) |
| 2021-12-31 | 726,407,000.00 | 61.82 | 39.94 | Calculation inputs & SEC filings
Revenue (2024-02-08) · Operating income (2024-02-08) · Net income (2024-02-08) |
| 2020-12-31 | 660,681,000.00 | 56.68 | 34.63 | Calculation inputs & SEC filings
Revenue (2023-02-09) · Operating income (2023-02-09) · Net income (2023-02-09) |
| 2019-12-31 | 670,487,000.00 | 62.12 | 44.69 | Calculation inputs & SEC filings
Revenue (2022-02-09) · Operating income (2022-02-09) · Net income (2022-02-09) |
| 2018-12-31 | 622,661,000.00 | 68.22 | 46.97 | Calculation inputs & SEC filings
Revenue (2021-02-11) · Operating income (2021-02-11) · Net income (2021-02-11) |
| 2017-12-31 | 584,933,000.00 | 63.97 | 45.37 | Calculation inputs & SEC filings
Revenue (2020-02-11) · Operating income (2020-02-11) · Net income (2020-02-11) |
| 2016-12-31 | 533,647,000.00 | 63.01 | 44.88 | Calculation inputs & SEC filings
Revenue (2019-02-12) · Operating income (2019-02-12) · Net income (2019-02-12) |
| 2015-12-31 | 482,916,000.00 | 59.77 | 40.99 | Calculation inputs & SEC filings
Revenue (2018-02-13) · Operating income (2018-02-13) · Net income (2018-02-13) |
| 2014-12-31 | 434,877,000.00 | 61.22 | 43.96 | Calculation inputs & SEC filings
Revenue (2017-02-13) · Operating income (2017-02-13) · Net income (2017-02-13) |
| 2013-12-31 | 393,525,000.00 | 60.96 | 40.68 | Calculation inputs & SEC filings
Revenue (2016-02-12) · Operating income (2016-02-12) · Net income (2016-02-12) |
| 2012-12-31 | 332,646,000.00 | 61.13 | 42.67 | Calculation inputs & SEC filings
Revenue (2015-02-20) · Operating income (2015-02-20) · Net income (2015-02-20) |
| 2011-12-31 | 258,690,000.00 | 61.39 | 35.72 | Calculation inputs & SEC filings
Revenue (2014-02-19) · Operating income (2014-02-19) · Net income (2014-02-19) |
| 2010-12-31 | 222,084,000.00 | 58.14 | 33.03 | Calculation inputs & SEC filings
Revenue (2013-02-22) · Operating income (2013-02-22) · Net income (2013-02-22) |
| 2009-12-31 | 228,827,000.00 | 48.25 | 24.65 | Calculation inputs & SEC filings
Revenue (2012-02-24) · Operating income (2012-02-24) · Net income (2012-02-24) |
| 2008-12-31 | 226,964,000.00 | 64.46 | 52.86 | Calculation inputs & SEC filings
Revenue (2011-02-24) · Operating income (2011-02-24) · Net income (2011-02-24) |
Cash generation and capital returns
FCF margin is free cash flow as a share of revenue. FCF / net income compares free cash flow with positive net income. ROCE divides operating income by average capital employed and requires positive opening and closing balances. Metric definitions.
| Fiscal end | FCF margin (%) | FCF / net income (%) | ROCE (%) | Calculation inputs & SEC filings |
|---|---|---|---|---|
| 2025-12-31 | Unavailable | Unavailable | Unavailable | Calculation inputs & SEC filings
FCF margin input 1 (2026-02-11) · FCF / net income input 1 (2026-02-11) · Operating income (2026-02-11) · Total assets as of 2024-12-31 (2026-02-11) · Total assets as of 2025-12-31 (2026-02-11) |
| 2024-12-31 | Unavailable | Unavailable | Unavailable | Calculation inputs & SEC filings
FCF margin input 1 (2026-02-11) · FCF / net income input 1 (2026-02-11) · Operating income (2026-02-11) · Total assets as of 2023-12-31 (2025-02-11) · Total assets as of 2024-12-31 (2026-02-11) |
| 2023-12-31 | Unavailable | Unavailable | Unavailable | Calculation inputs & SEC filings
FCF margin input 1 (2026-02-11) · FCF / net income input 1 (2026-02-11) · Operating income (2026-02-11) · Total assets as of 2022-12-31 (2024-02-08) · Total assets as of 2023-12-31 (2025-02-11) |
| 2022-12-31 | Unavailable | Unavailable | Unavailable | Calculation inputs & SEC filings
FCF margin input 1 (2025-02-11) · FCF / net income input 1 (2025-02-11) · Operating income (2025-02-11) · Total assets as of 2021-12-31 (2023-02-09) · Total assets as of 2022-12-31 (2024-02-08) |
| 2021-12-31 | Unavailable | Unavailable | Unavailable | Calculation inputs & SEC filings
FCF margin input 1 (2024-02-08) · FCF / net income input 1 (2024-02-08) · Operating income (2024-02-08) · Total assets as of 2020-12-31 (2022-02-09) · Total assets as of 2021-12-31 (2023-02-09) |
| 2020-12-31 | Unavailable | Unavailable | Unavailable | Calculation inputs & SEC filings
FCF margin input 1 (2023-02-09) · FCF / net income input 1 (2023-02-09) · Operating income (2023-02-09) · Total assets as of 2019-12-31 (2021-02-11) · Total assets as of 2020-12-31 (2022-02-09) |
| 2019-12-31 | Unavailable | Unavailable | Unavailable | Calculation inputs & SEC filings
FCF margin input 1 (2022-02-09) · FCF / net income input 1 (2022-02-09) · Operating income (2022-02-09) · Total assets as of 2018-12-31 (2020-02-11) · Total assets as of 2019-12-31 (2021-02-11) |
| 2018-12-31 | Unavailable | Unavailable | Unavailable | Calculation inputs & SEC filings
FCF margin input 1 (2021-02-11) · FCF / net income input 1 (2021-02-11) · Operating income (2021-02-11) · Total assets as of 2017-12-31 (2019-02-12) · Total assets as of 2018-12-31 (2020-02-11) |
| 2017-12-31 | Unavailable | Unavailable | Unavailable | Calculation inputs & SEC filings
FCF margin input 1 (2020-02-11) · FCF / net income input 1 (2020-02-11) · Operating income (2020-02-11) · Total assets as of 2016-12-31 (2018-02-13) · Total assets as of 2017-12-31 (2019-02-12) |
| 2016-12-31 | Unavailable | Unavailable | Unavailable | Calculation inputs & SEC filings
FCF margin input 1 (2019-02-12) · FCF / net income input 1 (2019-02-12) · Operating income (2019-02-12) · Total assets as of 2015-12-31 (2017-02-13) · Total assets as of 2016-12-31 (2018-02-13) |
| 2015-12-31 | Unavailable | Unavailable | Unavailable | Calculation inputs & SEC filings
FCF margin input 1 (2018-02-13) · FCF / net income input 1 (2018-02-13) · Operating income (2018-02-13) · Total assets as of 2014-12-31 (2016-02-12) · Total assets as of 2015-12-31 (2017-02-13) |
| 2014-12-31 | Unavailable | Unavailable | Unavailable | Calculation inputs & SEC filings
FCF margin input 1 (2017-02-13) · FCF / net income input 1 (2017-02-13) · Operating income (2017-02-13) · Total assets as of 2013-12-31 (2015-02-20) · Total assets as of 2014-12-31 (2016-02-12) |
| 2013-12-31 | Unavailable | Unavailable | Unavailable | Calculation inputs & SEC filings
FCF margin input 1 (2016-02-12) · FCF / net income input 1 (2016-02-12) · Operating income (2016-02-12) · Total assets as of 2012-12-31 (2014-02-19) · Total assets as of 2013-12-31 (2015-02-20) |
| 2012-12-31 | Unavailable | Unavailable | Unavailable | Calculation inputs & SEC filings
FCF margin input 1 (2015-02-20) · FCF / net income input 1 (2015-02-20) · Operating income (2015-02-20) · Total assets as of 2011-12-31 (2013-02-22) · Total assets as of 2012-12-31 (2014-02-19) |
| 2011-12-31 | Unavailable | Unavailable | Unavailable | Calculation inputs & SEC filings
FCF margin input 1 (2014-02-19) · FCF / net income input 1 (2014-02-19) · Operating income (2014-02-19) · Total assets as of 2010-12-31 (2012-02-24) · Total assets as of 2011-12-31 (2013-02-22) |
| 2010-12-31 | Unavailable | Unavailable | Unavailable | Calculation inputs & SEC filings
FCF margin input 1 (2013-02-22) · FCF / net income input 1 (2013-02-22) · Operating income (2013-02-22) · Total assets as of 2009-12-31 (2012-02-24) · Total assets as of 2010-12-31 (2012-02-24) |
| 2009-12-31 | Unavailable | Unavailable | Unavailable | Calculation inputs & SEC filings
FCF margin input 1 (2012-02-24) · FCF / net income input 1 (2012-02-24) · Operating income (2012-02-24) · Total assets as of 2009-12-31 (2012-02-24) |
| 2008-12-31 | Unavailable | Unavailable | Unavailable | Calculation inputs & SEC filings
FCF margin input 1 (2011-02-24) · FCF / net income input 1 (2011-02-24) · Operating income (2011-02-24) |
Valuation history
P/E ratio history
The P/E chart uses 1129 weekly price points (2005-02-25–2026-10-08); 928 have a basic or diluted P/E ratio. Annual EPS carries forward between fiscal year-ends.
Fiscal-year-end snapshots
18 fiscal-year-end periods with an eligible ratio (2008-12-31–2025-12-31). Most recent: diluted 19.09× and basic 19.09× (fiscal end 2025-12-31; price date 2025-12-26).
Annual P/E = fiscal-year-end closing price ÷ reported annual EPS. It is a historical annual ratio, not TTM or forward P/E. Zero or negative EPS and missing eligible prices produce no ratio. Why we use annual data.
Open the interactive P/E chart · How P/E history is calculated.
Show all annual P/E values (18 fiscal years)
| Fiscal end | Price date | Close | Price basis | Basic P/E | Diluted P/E | EPS filings |
|---|---|---|---|---|---|---|
| 2025-12-31 | 2025-12-26 | 39.51 | Adjusted close | 19.09 | 19.09 | Basic EPS (2026-02-11) Diluted EPS (2026-02-11) |
| 2024-12-31 | 2024-12-27 | 40.51 | Adjusted close | 18.75 | 18.84 | Basic EPS (2026-02-11) Diluted EPS (2026-02-11) |
| 2023-12-31 | 2023-12-29 | 43.10 | Adjusted close | 19.95 | 19.95 | Basic EPS (2026-02-11) Diluted EPS (2026-02-11) |
| 2022-12-31 | 2022-12-30 | 45.76 | Adjusted close | 24.21 | 24.21 | Basic EPS (2025-02-11) Diluted EPS (2025-02-11) |
| 2021-12-31 | 2021-12-31 | 45.76 | Adjusted close | 30.31 | 30.31 | Basic EPS (2024-02-08) Diluted EPS (2024-02-08) |
| 2020-12-31 | 2020-12-31 | 37.18 | Adjusted close | 30.48 | 30.48 | Basic EPS (2023-02-09) Diluted EPS (2023-02-09) |
| 2019-12-31 | 2019-12-27 | 45.50 | Adjusted close | 29.17 | 29.17 | Basic EPS (2022-02-09) Diluted EPS (2022-02-09) |
| 2018-12-31 | 2018-12-28 | 40.06 | Adjusted close | 24.28 | 24.28 | Basic EPS (2021-02-11) Diluted EPS (2021-02-11) |
| 2017-12-31 | 2017-12-29 | 34.06 | Adjusted close | 23.49 | 23.49 | Basic EPS (2020-02-11) Diluted EPS (2020-02-11) |
| 2016-12-31 | 2016-12-30 | 33.40 | Adjusted close | 24.03 | 24.20 | Basic EPS (2019-02-12) Diluted EPS (2019-02-12) |
| 2015-12-31 | 2015-12-31 | 29.11 | Adjusted close | 24.06 | 24.26 | Basic EPS (2018-02-13) Diluted EPS (2018-02-13) |
| 2014-12-31 | 2014-12-26 | 27.82 | Adjusted close | 22.44 | 22.44 | Basic EPS (2017-02-13) Diluted EPS (2017-02-13) |
| 2013-12-31 | 2013-12-27 | 20.21 | Adjusted close | 18.21 | 18.37 | Basic EPS (2016-02-12) Diluted EPS (2016-02-12) |
| 2012-12-31 | 2012-12-28 | 19.82 | Adjusted close | 17.54 | 17.86 | Basic EPS (2015-02-20) Diluted EPS (2015-02-20) |
| 2011-12-31 | 2011-12-30 | 15.86 | Adjusted close | 16.52 | 16.52 | Basic EPS (2014-02-19) Diluted EPS (2014-02-19) |
| 2010-12-31 | 2010-12-31 | 15.25 | Adjusted close | 19.06 | 19.06 | Basic EPS (2013-02-22) Diluted EPS (2013-02-22) |
| 2009-12-31 | 2009-12-31 | 12.21 | Adjusted close | 20.35 | 20.35 | Basic EPS (2012-02-24) Diluted EPS (2012-02-24) |
| 2008-12-31 | 2008-12-26 | 9.56 | Adjusted close | 6.46 | 6.46 | Basic EPS (2011-02-24) Diluted EPS (2011-02-24) |
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