Nnn REIT, Inc. (NNN) intrinsic value & 10-year financials

Nnn REIT, Inc. (NNN) has a Graham intrinsic value of $31.43 per share. At $41.54 on Oct 17, 2026, the stock trades 32% above that value.

Graham intrinsic value
$31.43
Share price (Oct 17, 2026)
$41.54
Price vs Graham value
32% above
Market cap
$7.8B
Revenue (FY2026)
—
Revenue growth (10-yr CAGR)
5.9%
ROIC (10-yr avg)
9.0%
Free cash flow (FY2026)
—

NNN 10-year financial history

Fiscal year Revenue Net income EPS (diluted) Free cash flow Operating margin ROIC
FY2026 — — — — — —
FY2025 $926.2M $389.8M $2.07 — 63.6% 8.9%
FY2024 $869.3M $396.8M $2.15 — 66.5% 9.3%
FY2023 $828.1M $392.3M $2.16 — 67.0% 9.5%
FY2022 $773.1M $334.6M $1.89 — 62.4% 8.3%
FY2021 $726.4M $290.1M $1.51 — 61.8% 7.1%
FY2020 $660.7M $228.8M $1.22 — 56.7% 8.7%
FY2019 $670.5M $299.2M $1.56 — 62.2% 9.8%
FY2018 $622.7M $292.4M $1.65 — 68.2% 10.6%
FY2017 $584.9M $265.0M $1.45 — 57.7% 8.8%

Source: annual 10-K filings on SEC EDGAR. Figures in USD.

Executive summary

NNN REIT, INC. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.

NNN REIT, INC. returns on capital have been average, hovering around 9.0% ROIC over the decade.

NNN REIT, INC. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.

Benjamin Graham lens

Under Benjamin Graham's formula using SEC EDGAR fundamentals, NNN REIT, INC. is modeled at 4.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $31.43 per share.

NNN stock: frequently asked questions

What is the intrinsic value of Nnn REIT, Inc. (NNN) stock?

Using Benjamin Graham's revised formula, V = EPS × (8.5 + 2g) × 4.4 / Y, with reported diluted earnings per share, a 4.5% normalized growth rate (capped at 15%) and a 5.1% AAA corporate bond yield, NNN's intrinsic value is about $31.43 per share.

Is NNN stock undervalued?

At $41.54 (close on Oct 17, 2026), NNN trades 32% above its Graham value of $31.43. On Graham's terms the shares look fully priced. A formula is a starting point for research, not a recommendation.

What is NNN's return on invested capital?

Average ROIC over the last 10 fiscal years was 9.0%, and average return on equity was 7.7%. Sustained ROIC above about 15% usually points to a durable competitive advantage.

Where does this NNN data come from?

From Nnn REIT, Inc.'s annual 10-K filings on SEC EDGAR. Prices are end-of-day snapshots; valuations are formula outputs, not investment advice.

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