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NETSTREIT

NTST
55
REIT - Retail · Real Estate
Price
$22.26
+0.12 (+0.54%)
Market Cap
$1.84B
Exchange
New York Stock Exchange
Winston Score
55
Winston is curious
A decent business — some strong pillars, some weaker.

Share count rising — dilution

+117.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 38.7M (2021) → 84.2M (2025)

NETSTREIT is a real estate investment trust (REIT) that owns single-tenant retail properties across the United States. The company buys buildings and leases them to retailers and service businesses — tenants include pharmacy chains, dollar stores, home improvement retailers, and fast food restaurants. It focuses on properties leased to tenants with strong credit ratings, meaning tenants that are less likely to stop paying rent.

NETSTREIT makes money by collecting rent from its tenants under long-term net leases, where tenants pay most property expenses like taxes and maintenance. The company operates entirely in the U.S. and has a portfolio of several hundred properties spread across dozens of states. Its focus on investment-grade tenants gives it some protection against tenant defaults, but rising interest rates are a key risk because REITs typically borrow heavily to buy properties, and higher borrowing costs can squeeze profits and slow portfolio growth.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+17.3% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+187.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.0%ownership

Relatively low insider ownership

Cash Runway

~2 months

$141M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

NETSTREIT has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin
90.3%
Premium pricing power — 90.3% gross margin
Operating Margin
34.2%
Excellent — 34.2% operating margin
ROCE
0.7%
Weak — 0.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+18.8%
Fast-growing sales (18.8% YoY)
EPS YoY
N/A
Data not available
EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion
1044%
Turns 1044% of profit into real cash
FCF Margin
-61.9%
Burning cash (-61.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity
0.82
Moderate — manageable debt (0.82)
Interest Cover
1.20x
Dangerous — barely covers interest (1.2x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)
181.4x
Expensive — P/E 181.4

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward
+128.2
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (181.4 → 53.2)

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Dividends

Dividend Yield
4.07%
Healthy income — 4.07% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth
+3.6%
Dividend growing modestly (3.6% YoY)

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