NNN - NYSE

NNN REIT, Inc.

NNN·NYSE

$43.74

-0.72%

Real EstateREIT - Retail

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of September 30, 2020, the company owned 3,114 properties in 48 states with a gross leasable area of approximately 32.4 million square feet and with a weighted average remaining lease term of 10.7 years.

Statements Value Model

At a Glance

Live Snapshot

Market Cap$8.32B

EPS2.0700

P/E Ratio21.13

Earnings Date08/04/2026

667.13M

Operating Cash Flow

3Y+15.0%

5Y+48.0%

10Y+61.0%

-748.06M

Investing Cash Flow

76%

3Y-4.0%

5Y+424.0%

10Y-4.0%

77.69M

Financing Cash Flow

-137%

3Y+124.0%

5Y-288.0%

10Y-88.0%

NNN REIT, Inc. Cash Conversion Engine

NNN · NYSE

FCF Components

Net Income389.78M

Depreciation & Amortization268.44M

Stock-Based Compensation0.00

Change in Working Capital4.17M

Others4.74M

Capital Expenditures0.00

Free Cash Flow667.13M

Cash Flow Quality Analysis

FCF Conversion Rate

171.2%

Excellent cash generation. The company converts earnings to cash at or above 100%, indicating high-quality earnings.

FCF Growth Trend

+5.0%

Flat FCF growth. Stable but not expanding—monitor for signs of business maturity or temporary headwinds.

Working Capital Impact

+$4.17M

Working capital inflow boosted cash flow. Efficient management of receivables, inventory, and payables contributing positively.

Cash Flow Quality Insight

Asset-light with strong cash conversion: Low capital requirements combined with efficient cash generation creates significant shareholder value through dividends, buybacks, or strategic investments.

NNN REIT, Inc. Cash Flow Statement

NNN • NYSE

NNN REIT, Inc. Cash Flow Statement	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017	Dec 2016	Dec 2015	Dec 2014	Dec 2013	Dec 2012	Dec 2011	Dec 2010	Dec 2009	Dec 2008	Dec 2007	Dec 2006
OPERATING ACTIVITIES
Net Income	389.8M	396.8M	392.3M	334.6M	290.1M	228.8M	299.6M	292.5M	265.4M	239.5M	198M	191.2M	160.1M	141.9M	92.4M	73.4M	56.4M	123.1M	157.1M	182.5M
Depreciation & Amortization	268.4M	249.7M	238.6M	223.8M	205.2M	196.6M	188.9M	174.4M	173.7M	149.1M	134.8M	116.2M	99.6M	75.3M	58.8M	49.1M	48.5M	45.4M	33M	24.5M
Change in Deferred Taxes	0.0	0.0	0.0	0.0	23.3M	40.2M	836K	-15M	-29.8M	-6.3M	10.5M	58K	800K	-6.9M	884K	-2.5M	-16.6M	-5.6M	-4.6M	-8.4M
Stock-Based Compensation	0.0	0.0	0.0	17.3M	14.5M	14.5M	11.5M	10.4M	14.2M	11.4M	10.5M	9.8M	8.5M	10.1M	0.0	122K	4.2M	2.6M	0.0	3.2M
Other Non-Cash Items	4.7M	-13M	-19.6M	-525K	4.9M	-6M	4.6M	11.4M	-3.3M	17.1M	-14M	-14.7M	254K	12.7M	8.3M	24.6M	56.9M	-18.8M	-63.2M	-103.7M
Cash Taxes Paid	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(234K)	(59K)	(360K)	(201K)	(561K)	(472K)	(63K)	(0.0)	(0.0)	(0.0)
Change in Working Capital	4.2M	2M	1M	3.1M	30.4M	-23.9M	-3.7M	-1.9M	1.4M	4.5M	1.4M	-5.8M	5.1M	-5M	13.8M	43.3M	183K	90M	7.2M	-79.6M
Cash from Operating Activities	667.1M	635.5M	612.4M	578.4M	568.4M	450.2M	501.7M	471.9M	421.6M	415.3M	341.1M	296.7M	274.4M	228.1M	182.9M	187.9M	149.5M	236.7M	129.6M	18.6M
INVESTING ACTIVITIES
Investments in Property, Plant, and Equipment	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	-758.4M	-230.9M	-44.4M	-352.6M	-677.1M	-352.5M
Acquisitions, Net	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(1.2M)	(10.7M)	(10.3M)	(0.0)	(60M)	(136.3M)	(222.8M)
Purchase of Investments	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	-11.4M	-9.9M	-1.4M	-31.8M	-52M	-18.4M
Sale/Maturity of Investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	13.8M	4M	68.2M	26.1M	49.3M
Other Investing Items	-748.1M	-424.3M	-680.7M	-777.6M	-432.2M	-142.8M	-619.4M	-609.4M	-625.6M	-779.9M	-644.5M	-541.6M	-568M	-603M	17.7M	6.7M	13.8M	59.9M	166.3M	231.5M
Cash from Investing Activities	-748.1M	-424.3M	-680.7M	-777.6M	-432.2M	-142.8M	-619.4M	-609.4M	-625.6M	-779.9M	-644.5M	-541.6M	-568M	-601.8M	-752.1M	-220.3M	-28.1M	-256.3M	-536.7M	-107M
FINANCING ACTIVITIES
Net Issuance of Common Stock	85.4M	214.3M	31.4M	250.2M	4.1M	124.3M	237.3M	341.4M	-34.6M	607.8M	327.9M	349.3M	541.6M	368.5M	521.2M	17.7M	68M	118.7M	297.2M	159.1M
Net Issuance of Debt	444M	11.8M	439.7M	165.3M	530.5M	225.5M	132.9M	264.7M	260.5M	332.8M	243.3M	145.4M	-31.5M	190.1M	193.7M	134.5M	-43.1M	-1.6M	283.2M	10.3M
Cash Paid for Dividends	-443.2M	-420.2M	-404.5M	-380.5M	-382.3M	-374.3M	-364.8M	-337.5M	-315M	-295.6M	-264.1M	-239.6M	-217M	-184.9M	-140.5M	-133M	-127.6M	-116.9M	-93M	-80.8M
Share Repurchases	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	(0.0)	-287.5M	(0.0)	-287.5M	(0.0)	(0.0)	(0.0)	(0.0)	-92M	(0.0)	(0.0)	-104K	(0.0)	-44.5M	(0.0)
Other Financing Items	-8.5M	-13.1M	0.0	-278K	-39.5M	-16.7M	-776K	-18.2M	-84K	-136K	-28K	-1.2M	0.0	0.0	-5.2M	-893K	-6.7M	-5.4M	-47.7M	-5.8M
Cash from Financing Activities	77.7M	-207.3M	66.6M	34.7M	-232.2M	-41.3M	4.5M	250.4M	-89.2M	644.9M	307.1M	253.9M	293M	373.6M	569.2M	19.2M	-108.8M	-5.3M	432.9M	81.9M
CASH FLOW SUMMARY
Net Change in Cash	-3.2M	3.9M	-1.6M	-164.5M	-95.9M	266.1M	-113.2M	112.9M	-293.2M	280.3M	3.7M	9.1M	-591K	-6K	34K	-13.2M	12.6M	-24.9M	25.8M	-6.6M
Cash at Beginning of Period	9.1M	5.2M	6.8M	171.3M	267.2M	1.1M	114.3M	1.4M	294.5M	14.3M	10.6M	1.5M	2.1M	2.1M	2M	15.2M	2.6M	27.5M	1.7M	8.2M
Cash at End of Period	5.8M	9.1M	5.2M	6.8M	171.3M	267.2M	1.1M	114.3M	1.4M	294.5M	14.3M	10.6M	1.5M	2.1M	2.1M	2M	15.2M	2.6M	27.5M	1.7M
Free Cash Flow	667.1M	635.5M	612.4M	578.4M	568.4M	450.2M	501.7M	471.9M	421.6M	415.3M	341.1M	296.7M	274.4M	228.1M	-575.4M	-43M	105.1M	-115.9M	-547.5M	-334M

SEC Filings

NNN - Filing history and reports

Filing Type	Filing Date	Period Ending	Fiscal Year	Actions
8-K 8-K 2026 N/A	May 12, 2026	May 12, 2026	2026	View Filing
10-Q 10-Q 2026 Q1 Q1	April 30, 2026	March 31, 2026	2026	View Filing
8-K 8-K 2026 N/A	April 30, 2026	April 30, 2026	2026	View Filing
DEF 14A DEF 14A 2026 N/A	March 23, 2026	May 12, 2026	2026	View Filing
8-K 8-K 2026 N/A	February 19, 2026	February 18, 2026	2026	View Filing
10-K 10-K 2025 FY FY	February 11, 2026	December 31, 2025	2025	View Filing
8-K 8-K 2026 N/A	February 11, 2026	February 11, 2026	2026	View Filing
8-K 8-K 2025 N/A	December 17, 2025	December 17, 2025	2025	View Filing
10-Q 10-Q 2025 Q3 Q3	November 04, 2025	September 30, 2025	2025	View Filing
8-K 8-K 2025 N/A	November 04, 2025	November 04, 2025	2025	View Filing

Showing 1 to 10 of 448 filings

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