NNNNNN REIT, INC.
Real Estate Investment Trusts
- Revenue
- $926M
- 6.6% YoY
- Operating margin
- 63.6%
- 4.3% YoY
- EBITDA
- $858M
- 3.7% YoY
- Market cap
- $7.9B
- Employees
- —
- Net debt / EBITDA
- 0.2×
- $196M net debt
- AI in 10-K
- 1.8
- mentions per 10K words
Takeover score 0 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo171% of net incomeCash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo66% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo97% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo1.8 per 10K words · 52nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.2× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$7.9B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$2M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $726M | $773M | $828M | $869M | $926M | 6.6% |
| Operating income | $449M | $483M | $555M | $578M | $589M | 2.0% |
| Net income | $290M | $335M | $392M | $397M | $390M | 1.8% |
| Operating cash flow | $568M | $578M | $612M | $636M | $667M | 5.0% |
| Stock-based comp | $14M | $15M | $12M | $12M | $14M | 20% |
| Dividends | $367M | $381M | $404M | $420M | $443M | 5.5% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $2M · 3
- Net
- −$2M
Pay vs performance
No pay-versus-performance disclosure yet.