NNN REIT, Inc. (NNN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+264.9%

$151.04

vs $41.40 price

Levered DCF

$106.84

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.08

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	19.14×	18.91×	19.95×	24.21×	31.83×	33.54×	34.37×	29.4×
P/B	1.69×	1.72×	1.88×	1.94×	2.15×	1.63×	2.04×	1.82×
P/S	8.03×	8.63×	9.43×	10.34×	11.56×	10.66×	13.17×	12.13×
EV / EBITDA	14.24×	14.29×	15.31×	16.86×	18.91×	18.02×	19.42×	17.66×
Gross margin	38.0%	96.3%	96.6%	96.6%	96.1%	95.7%	95.9%	96.0%
Operating margin	61.5%	66.5%	67.0%	62.4%	61.8%	56.7%	62.2%	68.2%
Net margin	42.1%	45.7%	47.4%	43.3%	39.9%	34.6%	44.6%	47.0%
Current ratio	0.19×	1.86×	0.31×	0.23×	9.17×	17.17×	0.3×	8.26×
Debt / equity	1.09×	1×	1.05×	0.95×	0.96×	0.75×	0.69×	0.69×
Interest coverage	2.82×	3.14×	3.39×	3.26×	3.26×	2.89×	3.47×	3.67×
Dividend yield	6.0%	5.6%	5.2%	4.8%	4.6%	5.3%	4.1%	4.5%
Payout ratio	113.7%	105.9%	103.1%	113.7%	131.8%	163.6%	121.9%	115.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.8%	9.1%	9.4%	8.1%	7.4%	5.3%	6.9%	7.0%
Return on invested capital	6.1%	6.5%	6.4%	5.9%	5.8%	4.9%	5.6%	6.0%
Return on assets	4.2%	4.5%	4.5%	4.1%	3.7%	3.0%	4.0%	4.1%
Free cash flow yield	9.0%	8.5%	7.8%	7.2%	6.8%	6.4%	5.7%	6.2%
Earnings yield	5.2%	5.3%	5.0%	4.2%	3.5%	3.2%	3.4%	3.9%
Enterprise value	$12.3B	$11.9B	$12.2B	$11.9B	$12B	$10B	$11.8B	$10.3B
Net debt / EBITDA	5.6×	5.26×	5.48×	5.54×	5.65×	5.32×	4.91×	4.7×
Cash conversion cycle (days)	15	16	17	15	18	32	17	215