NNN REIT, Inc. (NNN) Fair Value & Analysis
Real Estate · US · Market cap $8.6B · ISIN US6374171063
What is NNN REIT, Inc. really worth?
NNN REIT, Inc.
NNN · US
Below-average quality, and trading another 31% above our fair value of $34.53.
Strengths
Risks
For context
Fair value as of: Sep 1, 2026
From 15 valuation models · updated 4 days ago
Share price −4.2% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case ($43.17). The favourable scenario is already priced in.
- Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range ($21.17 to $43.17) leaves room in how you read the outcome.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 1, 2026.
How to read this chart
60‑month range $29.68 – $49.59 · fair‑value band $21.17 – $43.17 · the $45.18 price screens above the $34.53 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 1, 2026.
Analysis
NNN REIT, Inc. (NNN) currently trades at $45.18, while our model-based Fair Value estimate is $34.53, implying the stock looks roughly 30.8% overvalued today. The Quality Score stands at 48/100 (below-average quality), in the Real Estate sector. Bull case: the DCF Models group reads highest at a median of $54.29 per share, and 5 of the 15 models we run sit above the $45.18 price. Bear case: the Asset-Based group reads lowest at $15.52, and 10 of the 15 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, NNN REIT, Inc. generated revenue of $936M at a net margin of 41.4%. Revenue grew 4.1% year over year. It earns a return on equity of 8.9%. Net debt stands at $4.8B. Fundamentals as of Sep 1, 2026
Our scenario range runs from $21.17 (bear case) to $43.17 (bull case); at $45.18, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 4% below its 52-week high and 19% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −51% fair-value upside, at −24%, NNN screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 15 models by family
Widest divergence: DCF Models ($54.29) versus Asset-Based ($15.52). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 1, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 47 · Market factors (momentum, volatility) 64
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
NNN REIT, Inc. invests in high-quality properties subject generally to long-term, net leases with minimal ongoing capital expenditures.
Full company description
NNN REIT, Inc. invests in high-quality properties subject generally to long-term, net leases with minimal ongoing capital expenditures. As of December 31, 2025, the Company owned 3,692 properties in all 50 states, the District of Columbia and Puerto Rico with a gross leasable area of approximately 39.6 million square feet and a weighted average remaining lease term of 10.2 years. NNN is one of only three publicly traded real estate investment trusts to have increased annual dividends for 36 or more consecutive years. NNN REIT, Inc. was incorporated in August 1984 in Maryland and is based in Orlando, United States.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
NNN REIT, Inc. reported revenue of $926M in FY2025 versus $726M in FY2021, a compound +6.3%/yr. Reported net income was $390M in FY2025, compounding +7.7%/yr from FY2021.
of which total revenue +7.9 % · buybacks/dilution −4.4 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
NNN screens 31% overvalued. Compare with Simon Property Group →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- These 2 REIT Dividends Look Equally Safe—Until You Dig Into the Numbers
- NNN REIT (NNN) Offers Dividend Stability, Is The Stock A Bargain?
- 4 Legendary REITs With Dividends Built to Weather Every Market Storm
- How a 78-Year-Old Collects $5,300 a Month From Just Three Tickers: SCHD, HTGC, and NNN
Peer Group
REIT - Retail · 94 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs REIT - Retail median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Insider activity: 44/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more REIT - Retail stocks, each showing price versus our Fair Value estimate (as of Sep 1, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Simon Property Group SPG | $212.32 | $84.26 | −60% |
| Realty Income Corporation O | $61.98 | $30.45 | −51% |
| Unibail-Rodamco-Westfield SE URW | €103.40 | €98.09 | −5% |
| Kimco Realty Corporation KIM | $23.71 | $12.49 | −47% |
| CapitaLand Integrated Commercial Trust (CICT or the Trust) C38U | 2.38 SGD | 0.9100 SGD | −62% |
| Scentre Group SCG | A$3.56 | A$3.34 | −6% |
| Regency Centers Corporation REG | $75.92 | $33.37 | −56% |
| Link Real Estate Investment Trust (Link REIT) 0823 | HK$39.76 | HK$41.98 | +6% |
| Federal Realty Investment Trust FRT | $116.75 | $41.47 | −64% |
| Brixmor Property Group BRX | $29.50 | $12.34 | −58% |
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