NETSTREIT Corp. (NTST) 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

+131.9%

$41.26

vs $17.79 price

Levered DCF

$22.18

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.92

Distress zone

Rating

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	211.51×	-88.44×	162.27×	114.56×	278.25×	490.93×	-21.13×	-21.13×
P/B	1.01×	0.81×	0.9×	0.87×	1.09×	0.68×	2.62×	5.21×
P/S	7.48×	6.65×	8.65×	9.43×	14.33×	10.01×	21.23×	18.1×
EV / EBITDA	17.03×	17.31×	16.5×	19.32×	29.49×	26.19×	29.73×	36.98×
Gross margin	90.0%	89.1%	87.2%	87.0%	89.0%	83.0%	91.6%	92.7%
Operating margin	34.6%	29.7%	23.6%	15.2%	11.9%	-9.4%	-0.6%	0.0%
Net margin	3.5%	-7.3%	5.2%	8.4%	5.2%	2.2%	-39.6%	-85.2%
Current ratio	7.06×	0.87×	2.02×	1.24×	0.23×	22.72×	74.86×	23.64×
Debt / equity	0.78×	0.67×	0.51×	0.51×	0.34×	0.39×	1.09×	2.98×
Interest coverage	1.18×	1×	0.88×	1.19×	2×	-0.67×	-0.01×	0×
Dividend yield	4.8%	5.9%	4.5%	4.4%	3.6%	2.6%	1.3%	2.3%
Payout ratio	1022.9%	-534.7%	758.0%	492.2%	992.4%	1211.2%	-69.9%	-49.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.5%	-0.9%	0.5%	0.8%	0.4%	0.1%	-4.9%	-24.5%
Return on invested capital	2.6%	2.2%	1.6%	0.9%	0.7%	-0.4%	-0.0%	0.0%
Return on assets	0.3%	-0.5%	0.4%	0.5%	0.3%	0.1%	-1.9%	-6.1%
Free cash flow yield	7.5%	8.3%	7.0%	5.4%	3.6%	3.8%	0.7%	-5.3%
Earnings yield	0.5%	-1.1%	0.6%	0.9%	0.4%	0.2%	-1.9%	-4.7%
Enterprise value	$2.6B	$2B	$1.8B	$1.4B	$1.1B	$436M	$440.5M	$676.9M
Net debt / EBITDA	7.35×	7.76×	5.75×	6.53×	6.91×	5.91×	0.63×	13.42×
Cash conversion cycle (days)	300	305	268	185	8	-27	-238	-14