NNN Reit, Inc. key statistics and ratios

In fiscal 2025, NNN Reit, Inc. had return on equity of 8.9%, an operating margin of 63.6% and debt equal to 7.9% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

NNN Reit, Inc.: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Operating margin	48.2%	58.1%	61.4%	61.1%	61.0%	61.2%	59.8%	63.0%	64.0%	68.2%	62.1%	56.7%	61.8%	62.4%	67.0%	66.5%	63.6%
Net margin	24.0%	32.9%	35.7%	42.7%	40.7%	43.8%	41.0%	44.9%	45.3%	47.0%	44.6%	34.6%	39.9%	43.3%	47.4%	45.7%	42.1%
Return on equity	3.5%	4.7%	5.2%	6.6%	6.3%	6.5%	6.2%	6.6%	6.8%	7.3%	7.1%	5.3%	7.1%	8.3%	9.5%	9.3%	8.9%
Return on assets	2.1%	2.8%	3.0%	3.8%	3.8%	4.1%	3.8%	4.1%	4.1%	4.3%	4.1%	3.0%	3.8%	4.2%	4.7%	4.5%	4.3%
Asset turnover	0.09	0.08	0.08	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.10	0.10	0.10	0.10
Debt to equity	1.6%	23.7%	18.1%	10.4%	0.3%	0.8%	0.7%	0.4%	0.3%	0.3%	0.3%	0.3%	0.3%	4.3%	3.2%	—	7.9%
Interest cover (operating income ÷ interest)	1.8x	2.0x	2.1x	2.4x	2.8x	3.1x	3.2x	3.5x	3.4x	3.7x	3.5x	2.9x	3.3x	3.3x	3.4x	3.1x	2.9x
Effective tax rate	−2.1%	0.7%	1.1%	−5.7%	0.0%	−0.0%	5.2%	0.0%	0.0%	—	—	—	—	—	—	—	—
Dividends ÷ net income	219.4%	171.8%	144.8%	117.9%	118.1%	107.1%	115.6%	107.3%	104.6%	103.7%	111.5%	155.8%	126.6%	113.7%	103.1%	105.9%	113.7%

US$ thousands unless shown otherwise. Fiscal quarters.

NNN Reit, Inc.: financial ratios, quarterly
Quarter	2024 Q2Jun 2024	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q2Jun 2026
Operating margin	70.2%	65.7%	65.8%	62.3%	66.0%	64.0%	62.3%	62.0%
Net margin	49.2%	44.8%	44.8%	41.8%	44.3%	42.1%	40.2%	40.1%
Debt to equity	—	—	—	—	—	—	4.5%	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

61 /100

Moderate moat

How hard NNN Reit's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 4 / 20

Net income has been a median 4.1% of total assets over 10 years.
Durability 20 / 20

Operating margin has been a median 63.3%; its worst year was 56.7%.
Cash conversion 20 / 20

Free cash flow was positive in 10 of 10 years, at a median 45.5% of revenue.
Discipline 5 / 20

The diluted share count rose 20.3% over five years.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from NNN Reit, Inc.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to NNN Reit, Inc.