NNN REIT

NNN

REIT - Retail · Real Estate

Price

$49.59

+0.37 (+0.75%)

Market Cap

$9.43B

Exchange

NYSE

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+7.5% over 4y

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

Diluted shares outstanding: 174.8M (2021) → 188.0M (2025)

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.

Winston Score History

Politician Trades

1 trades / 12mo

0 Congressional buys and 1 sell on NNN in the last 12 months.

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Growth Profile

For growth stock investors

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

Revenue Growth

+4.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-3.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

1.0%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$5M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

NNN REIT is growing revenue at 4% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

95.9%

Premium pricing power — 95.9% gross margin

Operating Margin

60.4%

Excellent — 60.4% operating margin

ROCE

1.6%

Weak — 1.6% 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

+5.8%

Slow sales growth (5.8% YoY)

EPS YoY

-4.2%

Earnings shrinking (-4.2% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

168%

Turns 168% of profit into real cash

FCF Margin

69.6%

Converts sales into free cash efficiently (69.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

1.10

Elevated debt (1.10)

Interest Cover

2.84x

Tight — interest eats into profit (2.8x)

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

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Valuation

P/E Ratio (TTM)

24.1x

Growth-priced — P/E 24.1

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+2.0

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

5.22%

Healthy income — 5.22% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+3.4%

Dividend growing modestly (3.4% YoY)

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