Current Price
$39.84
PE Ratio (TTM)
19.9x
Intrinsic Value
$43.11
+7.6% margin of safety
COMPETITIVE MOAT
↑Long-term Net Lease Agreements
NNN's extensive portfolio of properties leased under long-term net lease agreements provide predictable, stable rental income. This structure shifts property operating expenses to tenants, enhancing cash flow predictability.
↑Diversified Tenant Base
A broad range of tenants across various industries and geographies reduces reliance on any single tenant or sector. This diversification mitigates risk from individual tenant defaults or industry downturns.
↑Scale and Property Portfolio
NNN's significant scale and a large, well-maintained portfolio of retail properties offer operational efficiencies. This size can also provide leverage in tenant negotiations and property acquisitions.
INVESTMENT RISKS
↓E-commerce Competition
The ongoing shift to online retail continues to challenge traditional brick-and-mortar stores. This can lead to increased tenant vacancies or pressure on rental rates for NNN's retail properties.
↓Economic Downturn Impact
A significant economic recession could lead to tenant defaults, reduced consumer spending, and decreased demand for retail space. This would negatively affect NNN's rental income and property values.
↓Lease Expirations and Renewals
While leases are long-term, eventual expirations present risks. Tenants may not renew, or renewals could be at lower rates, especially if market conditions have deteriorated.
Base case
NNN base case PE valuation
A base case PE valuation for NNN estimates a fair value of about $43.11 per share, against a current price of $39.84. The model assumes 6.6% annual earnings growth, a 19.92x target PE multiple, and a 10% discount rate.
Intrinsic Value
$43.11
Margin of safety
+7.6%
Expected annual return
+1.6%
Base case assumptions: 6.6% annual earnings growth, 19.92x target PE, 10% discount rate, 5 year projection. Data as of 2026-10-07.
This base case uses default assumptions and is not financial advice. The fair value changes significantly when the target PE or earnings growth rate changes. Open the calculator to set your own assumptions and see the full sensitivity range.
Customize the NNN PE valuation
Adjust the target PE, earnings growth, and discount rate to see how the fair value and margin of safety for NNN REIT, Inc. respond.
Open PE Calculator for NNNCompany Overview
NNN REIT, Inc. is a REIT that invests in high-quality properties subjected generally to long-term, net leases with minimal ongoing capital expenditures. As of June 30, 2026, the Company owned 3,774 properties across 50 states, the District of Columbia and Puerto Rico, encompassing approximately 40.4 million square feet of gross leasable area, with a weighted average remaining lease term of 10.1 years. NNN REIT, Inc. was incorporated in August 1984 in Maryland and is based in Orlando, Florida.
Financial Metrics — NNN PE Stock Valuation Data
PE Ratio (TTM)
19.9x
PEG Ratio
n/m
Earnings Yield
5.02%
ROE (TTM)
8.7%
Revenue/Share (TTM)
$5.04
Dividend Yield
5.97%
Debt/Equity
1.12x
Frequently Asked Questions
What is the PE ratio of NNN?
The trailing twelve-month PE ratio of NNN reflects how much investors pay per dollar of NNN REIT, Inc.'s earnings. This metric is most useful when compared to REIT - Retail peers and the company's own historical range.
Is NNN overvalued based on PE ratio?
NNN's PE of 19.9x combined with a PEG ratio of -5.99 provides a growth-adjusted perspective. NNN has negative earnings, so its PE and PEG ratios are not meaningful here and cannot tell you whether the stock is over or undervalued. Keep in mind that PE-based valuation works best for profitable, mature companies — for high-growth or cyclical REIT - Retail, a DCF analysis may be more appropriate.
How do I value NNN stock using PE ratio?
To value NNN REIT, Inc. using PE: (1) Compare the current PE (19.9x) against the REIT - Retail median to assess relative pricing, (2) check the PEG ratio (-5.99) to adjust for growth expectations, (3) review the 5-year PE range to identify where the stock sits historically, and (4) estimate fair value by multiplying a target PE by forward EPS estimates. This relative approach complements DCF's absolute valuation.
What is the PEG ratio of NNN?
NNN's PEG ratio is -5.99, calculated by dividing the PE ratio (19.9x) by the expected earnings growth rate. Because NNN has negative earnings, its PEG ratio is not meaningful and should not be read as a sign of under or overvaluation. Note that PEG accuracy depends on the reliability of growth estimates.
Should I use PE ratio or DCF for NNN stock valuation?
PE ratio gives a quick relative read — how NNN is priced versus REIT - Retail peers. DCF provides an absolute value based on projected free cash flows. For the most reliable valuation, use PE as a quick comparability screen and DCF for a deeper fundamental analysis. Each method has blind spots: PE ignores capital structure and cash flow quality, while DCF is sensitive to growth and discount rate assumptions.
Learn More
- See NNN DCF Valuation → — Intrinsic value via Discounted Cash Flow analysis
- PE Methodology — Step-by-step guide to PE ratio stock valuation
- DCF Methodology — Guide to discounted cash flow analysis
- PE Ratio — Understanding the price-to-earnings ratio
- Intrinsic Value — How to evaluate stock fair value
Related PE Valuations
All Real Estate valuationsP/E and DCF value NNN with different methods and assumptions, so the two conclusions can differ. Compare the DCF intrinsic value.
Price as of 2026-10-07. Financial data from Financial Modeling Prep (trailing twelve months) · Valuation methodology by Charlie Wang.
This is an estimate, not investment advice.