Start with its own history
At 20.41×, NNN is 25.2% below its 10-observation annual average. A lower multiple can reflect a lower price, higher earnings, or weaker growth expectations—not necessarily a bargain.
NYSE · NNNREIT - RetailUpdated Nov 5, 2026
NNN REIT, Inc. P/E ratio
Current valuation, historical context, and peer comparisons.
Current P/E ratio
20.41×
25.2% belowthe 10-year annual average
Share price41.63
÷Earnings per share2.04
Price and EPS in quote currency. Calculation details
Investors are paying 20.41 for every 1 of reported earnings per share.
P/E over time
2016 – 2025
Annual P/ESelected-period average 27.29×
3-year average19.34×3 positive annual observations
5-year average22.81×5 positive annual observations
10-year average27.29×10 positive annual observations
Peer median · TTM38.45×8 peers with positive P/E
Historical P/E ratios
Annual period-end data · 25 observations
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2025 | 19.14× | +1.2% |
| Dec 31, 2024 | 18.91× | -5.2% |
| Dec 31, 2023 | 19.95× | -17.6% |
| Dec 31, 2022 | 24.21× | -23.9% |
| Dec 31, 2021 | 31.83× | -5.1% |
| Dec 31, 2020 | 33.54× | -2.4% |
| Dec 31, 2019 | 34.37× | +16.9% |
| Dec 31, 2018 | 29.40× | -1.2% |
View all 25 annual observations +
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2017 | 29.74× | -6.5% |
| Dec 31, 2016 | 31.80× | -3.9% |
| Dec 31, 2015 | 33.10× | +4.2% |
| Dec 31, 2014 | 31.75× | +16.2% |
| Dec 31, 2013 | 27.32× | -1.0% |
| Dec 31, 2012 | 27.61× | +0.5% |
| Dec 31, 2011 | 27.48× | -17.0% |
| Dec 31, 2010 | 33.13× | -6.3% |
| Dec 31, 2009 | 35.37× | +223.0% |
| Dec 31, 2008 | 10.95× | +6.3% |
| Dec 31, 2007 | 10.30× | +38.2% |
| Dec 31, 2006 | 7.45× | -42.2% |
| Dec 31, 2005 | 12.89× | -28.0% |
| Dec 31, 2004 | 17.91× | +14.7% |
| Dec 31, 2003 | 15.61× | +11.0% |
| Dec 31, 2002 | 14.06× | -0.5% |
| Dec 31, 2001 | 14.13× | N/M |
Change is relative to the preceding observation. N/M values are excluded from averages.
How NNN compares
Company P/E vs. peer trailing-12-month ratios
| Company | P/E ratio |
|---|---|
 NNN This stockNNN REIT, Inc. | 20.41× |
 ADCAgree Realty Corporation | 36.06× |
 ORealty Income Corporation | 40.84× |
 NTSTNETSTREIT Corp. | 86.58× |
 REGRegency Centers Corporation | 21.77× |
 KIMKimco Realty Corporation | 23.53× |
 SKTTanger Inc. | 46.34× |
 IVTInvenTrust Properties Corp. | 85.12× |
 UEUrban Edge Properties | 25.47× |
Peers are selected by the data provider. Business models and earnings definitions can differ.
Put the numbers in context
What does NNN’s P/E tell you?
Compare like with like
The median of the 8 positive peer ratios above is 38.45×. Check growth, margins, debt, and earnings quality before interpreting the gap. A faster-growing business may justify a higher multiple.
Check what drives earnings
One-off gains can temporarily lower P/E; unusual charges can raise it. Reported earnings and forward estimates answer different questions. Pair this view with return on equity and liquidity for a fuller picture.
Keep your research connected
Take NNN into your spreadsheet
Pull historical P/E into Excel or Google Sheets with Wisesheets. Build your own comparisons alongside the rest of your financial model.
Explore WisesheetsQuarterly P/E · latest quarterLQ selects the latest reported quarter. Requires the Wisesheets add-in. See available data
=WISE("NNN", "PE Ratio", "LQ")Sources & calculation methodology
Current P/E
Share price 41.63 ÷ EPS 2.04 = 20.41×. Data is supplied by Financial Modeling Prep through Wisesheets. Quote feed updated Nov 5, 2026; this is not a real-time trading quote.
History & averages
Annual and quarterly P/E observations are provided separately from the current quote. Averages use the latest 3, 5, or 10 annual observations, excluding missing and nonpositive ratios. Pre-IPO observations are omitted. These are period-end observations, not daily averages.
Data definitions and limitations
The current quote feed does not specify the exact EPS filing-period end or whether EPS is basic or diluted. We do not label it as forward P/E. Peer ratios are explicitly trailing-12-month (TTM) values. Historical observations do not include independently verified price and EPS inputs. Sources may update on different schedules; rounded inputs can produce small calculation differences. Historical comparisons describe past pricing, not an estimate of fair value.
NNN P/E ratio: common questions
The essentials behind the numbers.
NNN REIT, Inc.'s current P/E is 20.41× based on the quote data last updated Nov 5, 2026. It represents the share price divided by reported earnings per share. Prices and earnings may refresh on different schedules.
Annual P/E uses earnings for a completed fiscal year. Trailing-12-month (TTM) P/E uses the latest four quarters, while forward P/E uses forecast earnings. These are not interchangeable. This page labels peer ratios as TTM and shows dated annual or quarterly historical observations; it does not show forward estimates.
N/M means not meaningful: the feed has no positive P/E for that observation. Negative or zero earnings should not be ranked as a low positive valuation multiple. N/M observations are excluded from the averages shown above.
Divide the share price by earnings per share (EPS). For example, a share price of 100 and EPS of 5 gives a P/E of 20×. This page uses the price and EPS supplied together in the quote when both are positive.
Price timestamps, EPS definitions, share classes, adjustments, and fiscal periods can differ. A forward P/E also uses forecast earnings rather than reported earnings. Compare the inputs and as-of dates before comparing two displayed ratios.
Not necessarily. The average describes previous market pricing, not fair value. Changes in earnings quality, growth expectations, debt, accounting, and business risk can justify a different multiple today.