What is the 13F Pro Quality Score for NNN?

13F Pro ranks NNN REIT, INC. (NNN) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View NNN's current score at https://13fpro.ai/research/NNN (free sign-up required for the full ranking).

Which hedge funds own the most NNN stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of NNN include BlackRock,, FMR, VANGUARD PORTFOLIO MANAGEMENT. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/research/NNN as soon as new 13F filings post.

Where does 13F Pro source NNN data?

All NNN REIT, INC. fundamentals and ownership data come directly from SEC EDGAR. NNN REIT, INC. files with the SEC under CIK 751364. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is NNN in?

NNN REIT, INC. (NNN) is classified in the Real Estate sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/real-estate.

What are NNN's largest expenses?

NNN REIT, INC.'s latest 10-Q reports these as the largest expense items: Depreciation and amortization ($70.8M, +9.6% YoY); Interest expense ($52.7M, +10.5% YoY); General and administrative ($14.1M, +8.4% YoY). Sourced directly from SEC EDGAR filing text for Q1 2026 (quarter ended March 31, 2026).

How often is NNN research updated on 13F Pro?

NNN's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

NNN REIT, INC.(NNN)Stock Analysis

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13F Pro Quality Score

67.9/100

Rank #440 of 2,879 stocksTOP 25%

View Real Estate peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

53.4/100

Profitability

92.9/100

Balance Sheet

65.7/100

Earnings Quality

39.1/100

Free Cash Flow

96.1/100

Institutional Flow

57.6/100

Revenue Scale

47.7/100

Dilution Risk

46.6/100

NNN Stock Analysis & AI Quality Score

AI stock analysis and institutional research for NNN REIT, INC. (NNN), a Real Estate sector company. 13F Pro's AI-powered ranking engine scores NNN at 67.9/100 on a 32-signal composite quality model, placing it at rank #440 of 2,879 stocks — the top 25% of the AI-ranked universe. NNN scores in the top quartile across free cash flow (96.1), profitability (92.9). Areas of concern include earnings quality (39.1), which score below median versus the broader universe. Shareholder dilution risk is elevated at 46.6/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q4 2025), NNN REIT, INC. reports quarterly revenue of $238.4M, net income of $96.0M, an operating margin of 62.3%. Top institutional holders of NNN by reported 13-F value include BlackRock,, FMR, VANGUARD PORTFOLIO MANAGEMENT, based on the most recent SEC filings. NNN trades on the NYSE exchange and files with the SEC under CIK 751364. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate NNN daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for NNN REIT, INC. directly from SEC EDGAR. NNN REIT, INC.'s 13F Pro composite quality score has ranged between 8 and 73 since 2023, currently 67.9 — a stable long-term trajectory across 47 quarterly and live scoring snapshots.

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Fun facts about NNN REIT, INC.

Quirks, history, and lore behind NNN — the kind of stuff that makes a stock memorable.

1
The Basics
A real estate investment trust listed on the NYSE, headquartered in Florida, focused entirely on commercial net lease properties.
2
The Numbers
Owns more than 3,000 single-tenant properties across the U.S., collecting rent from retailers, restaurants, and service businesses — and has paid consecutive monthly dividends for decades.
3
The History
Founded in the 1960s, it pioneered the triple-net lease structure, where the tenant — not the landlord — foots the bill for taxes, insurance, and maintenance.
4
The Secret
In a triple-net lease, the landlord's job is basically to cash checks — tenants handle nearly all the property expenses, making it one of the most passive income models in real estate.
5
The Lore
Its tenants read like a strip-mall greatest hits — convenience stores, auto parts retailers, and fast-food chains — businesses that stay open whether the economy booms or busts.
6
The Giveaway
Its ticker is literally just its lease structure typed three times — NNN — because when your whole identity is the triple-net lease, why hide it?

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What's Driving NNN's Business? Latest 10-Q Breakdown

AI-extracted from NNN REIT, INC.'s 10-Q filed 2026-04-30 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Biggest Revenue Drivers

Total revenue: $240.4M+4.1% YoY

Rental income from operating leases$233.6M+4.2% YoY

Increase driven by recent property acquisitions (41 properties acquired in Q1 2026)

Real estate expense reimbursement from tenants$6.0M+9.5% YoY

Increase from expanded portfolio

Largest Expense Items

Depreciation and amortization$70.8M+9.6% YoY

Increase attributable to growth from recent acquisitions, partially offset by dispositions

Interest expense$52.7M+10.5% YoY

Increase from new $300M term loan (4.10% all-in fixed via swaps) and higher Credit Facility usage ($132.6M avg vs $70.3M prior year)

General and administrative$14.1M+8.4% YoY

Increase primarily attributable to increase in incentive compensation costs

Margins: Gross margin on rental operations remained stable, with non-reimbursed real estate expenses declining to 1.6% of revenues from 1.7% YoY, benefiting from fewer vacant properties. Operating margin pressure arose from elevated impairment charges and rising interest costs, offsetting operational gains from portfolio expansion.

Watch Items from the Filing

Impairment losses of $10.7M in Q1 2026 vs $1.5M in Q1 2025; management noted 'reasonably possible' future impairments due to long-term net lease business model and market/economic uncertainty.
14 tenants (4.1% of ABR) classified as cash basis; $66M in receivables written off Q1 2026. Tenant credit pressure evident with 1.7% of properties vacant.
Interest expense rose 10.5% YoY despite unchanged debt levels; new $300M term loan (4.10% fixed via hedges) and higher Credit Facility usage ($132.6M avg) driving increase.
Strong acquisition activity: 41 properties acquired in Q1 2026 vs 82 in Q1 2025; 25 properties sold with $12.2M gain, supporting portfolio optimization.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q4 2025

$238.4M

Net Income

Q4 2025

$96.0M

Free Cash Flow

Q4 2025

$126.2M

Operating Margin

Q4 2025

62.3%

ROIC

Q4 2025

3.4%

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+6.6% YoY

$926.2MFY 2025

FY21 $726.4MFY23 $828.1MFY24 $869.3MFY25 $926.2M

Net Income

-1.8% YoY

$389.8MFY 2025

FY21 $290.1MFY23 $392.3MFY24 $396.8MFY25 $389.8M

Operating Income

+2.0% YoY

$589.5MFY 2025

FY21 $449.1MFY23 $555.1MFY24 $577.9MFY25 $589.5M

EPS (Diluted)

-3.7% YoY

$2.07FY 2025

FY21 $1.51FY23 $2.16FY24 $2.15FY25 $2.07

Total Assets

+5.7% YoY

$9.38BFY 2025

FY21 $7.75BFY23 $8.66BFY24 $8.87BFY25 $9.38B

Op. Cash Flow

+5.0% YoY

$667.1MFY 2025

FY21 $568.4MFY23 $612.4MFY24 $635.5MFY25 $667.1M

Metric	FY 2025	FY 2024	FY 2023	FY 2021	FY 2020	FY 2019
Revenue	$926.2M +6.6%	$869.3M +5.0%	$828.1M +14.0%	$726.4M +9.9%	$660.7M -1.5%	$670.5M
Net Income	$389.8M -1.8%	$396.8M +1.1%	$392.3M +35.2%	$290.1M +26.8%	$228.8M -23.5%	$299.2M
Operating Income	$589.5M +2.0%	$577.9M +4.1%	$555.1M +23.6%	$449.1M +19.9%	$374.5M -10.1%	$416.5M
EPS (Diluted)	$2.07 -3.7%	$2.15 -0.5%	$2.16 +43.0%	$1.51 +23.8%	$1.22 -21.8%	$1.56
Total Assets	$9.38B +5.7%	$8.87B +2.4%	$8.66B +11.8%	$7.75B +1.5%	$7.64B +2.7%	$7.43B
Operating Cash Flow	$667.1M +5.0%	$635.5M +3.8%	$612.4M +7.7%	$568.4M +26.3%	$450.2M -10.3%	$501.7M

AI Insight: NNN Financial Trends

Revenue grew 11% from Q1 2024 to Q1 2026 but net income remained flat at $96M despite higher operating income.

• Revenue increased from $215M in Q1 2024 to $238M in Q1 2026, representing 11% growth over two years.

• Operating income remained relatively stable, ranging between $138M-$152M across all quarters with latest at $149M.

• Net income fluctuated between $94M-$107M but ended flat at $96M in Q1 2026 versus $94M in Q1 2024.

⚠ Operating cash flow shows high volatility, swinging from $218M in Q3 2025 to $126M in Q1 2026.

⚠ Total debt of $200M appeared for the first time in Q1 2026 after no reported debt in prior quarters.

AI Insight: NNN Ratio Trends

Operating margin compressed from 70.2% in Q2 2024 to 62.3% in Q1 2026, while ROIC declined from peak of 14.5% to 12.9%.

• Operating margin fell from 64.2% in Q1 2024 to 62.3% in Q1 2026, with volatility throughout the period.

• Net profit margin declined from 43.8% in Q1 2024 to 40.2% in Q1 2026.

• ROIC peaked at 14.5% in Q2 2024 but has since declined to 12.9% in Q1 2026.

• Debt-to-equity ratio remains extremely low at 0.05 in Q1 2026.

⚠ ROE has declined from 10.2% in Q2 2024 to 8.7% in Q1 2026, showing consistent downward pressure.

⚠ ROA compressed from 4.9% in Q2 2024 to 4.1% in Q1 2026, indicating deteriorating asset efficiency.

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Available Research

13F Pro tracks comprehensive data for NNN REIT, INC. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of NNN

BlackRock, Inc.
$1.1B25,928,608 sh
FMR LLC
$808.5M19,236,585 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$698.1M16,608,781 sh
STATE STREET CORP
$476.3M11,331,794 sh
VANGUARD CAPITAL MANAGEMENT LLC
$356.2M8,473,909 sh
VICTORY CAPITAL MANAGEMENT INC
$349.6M8,318,682 sh
GEODE CAPITAL MANAGEMENT, LLC
$182.9M4,350,059 sh
AQR CAPITAL MANAGEMENT LLC
$161.5M3,857,367 sh
MASSACHUSETTS FINANCIAL SERVICES CO /MA/
$133.6M2,974,695 sh
RUSH ISLAND MANAGEMENT, LP
$130.3M3,099,284 sh

Fund	Value	Shares
BlackRock, Inc.	$1.1B	25,928,608
FMR LLC	$808.5M	19,236,585
VANGUARD PORTFOLIO MANAGEMENT LLC	$698.1M	16,608,781
STATE STREET CORP	$476.3M	11,331,794
VANGUARD CAPITAL MANAGEMENT LLC	$356.2M	8,473,909
VICTORY CAPITAL MANAGEMENT INC	$349.6M	8,318,682
GEODE CAPITAL MANAGEMENT, LLC	$182.9M	4,350,059
AQR CAPITAL MANAGEMENT LLC	$161.5M	3,857,367
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	$133.6M	2,974,695
RUSH ISLAND MANAGEMENT, LP	$130.3M	3,099,284

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Is NNN a good stock to buy?

13F Pro's AI-powered analysis of NNN REIT, INC. (NNN) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Real Estate sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for NNN are available on the NNN stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own NNN?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling NNN. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of NNN REIT, INC.'s investment landscape.