NNN NNN REIT margins

Relative Growth: Rel. Growth:

Relative Strength: Rel. Strength:

Relative Valuation: Rel. Valuation:

Relative Profitability: Rel. Profitability: 82

Gross margin

100%

Operating margin

57.6%

EBITDA margin

92.2%

Net margin

40.9%

The NNN REIT shows a gross margin of 100%, an operating margin of 57.6%, an EBITDA margin of 92.2%, and a net margin of 40.9%. Net margin declined by 2.3 percentage points, while other available margins were stable.

NNN margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, NNN REIT's margins averaged 100% gross, 60.04% operating, 94.36% EBITDA, and 44.19% net. Currently, operating, EBITDA, and net margins are below their three-year averages.

NNN margin expansion

Year-over-year margin changes in percentage points

Operating margin contracted by 2 percentage points, EBITDA margin by 1.9 percentage points, and net margin by 2.3 percentage points, while gross margin was unchanged.

Gross margin expansion

0pp

Operating margin expansion

-2pp

EBITDA margin expansion

-1.9pp

Net margin expansion

-2.3pp

NNN Gross margin

NNN REIT recorded an average gross margin of 100% across the last 3 years. NNN REIT currently reports a gross margin of 100%, in line with its three-year average. The gross margin for NNN REIT moved between 100% in Dec 2023 and 100% in Sep 2026.

NNN Operating margin

NNN REIT's operating margin averaged 60.04% over the last 3 years. Compared with its three-year average, NNN REIT's current operating margin is 57.6% and is 2.4 percentage points below its three-year average. Over the last 3 years, NNN REIT's operating margin peaked at 61.9% in Sep 2024 and reached a low of 57.2% in Jun 2026.

NNN EBITDA margin

NNN REIT's EBITDA margin averaged 94.36% during the last 3 years. The current EBITDA margin stands at 92.2%, 2.2 percentage points below its three-year average. Over the last 3 years, NNN REIT's EBITDA margin peaked at 96.4% in Jun 2024 and reached a low of 91.8% in Jun 2026.

NNN Net margin

In the last 3 years, NNN REIT had an average net margin of 44.19%. NNN REIT currently reports a net margin of 40.9%, 3.3 percentage points below its three-year average. Looking back over the last 3 years, NNN REIT's net margin reached 47.4% at its highest point in Jun 2024 and 40.4% at its lowest in Jun 2026.

NNN margin group comparison

Margins compared with peer-group, industry and sector averages

With a gross margin of 100%, NNN is above the Real Estate sector and the industry average. Compared to its Real Estate sector average of 60.8%, NNN REIT's gross margin is 64% higher.

NNN margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is NNN REIT's gross margin?

As of Sep 30, 2026, NNN has a gross margin of 100%.

What is NNN REIT's operating margin?

As of Sep 30, 2026, NNN has an operating margin of 57.6%.

What is NNN REIT's EBITDA margin?

For the period ending Sep 30, 2026, NNN recorded an EBITDA margin of 92.2%.

What is NNN REIT's net margin?

For the period ending Sep 30, 2026, NNN recorded a net margin of 40.9%.

What are the average margins of NNN?

Over the last 3 years, NNN REIT's margins averaged 100.0% gross, 60.0% operating, 94.4% EBITDA, and 44.2% net.

What are the highest historical margins of NNN?

Looking back across 5 years, NNN reached 100% gross in Sep 2026, 61.9% operating in Sep 2024, 96.4% EBITDA in Jun 2024, and 47.7% net in Sep 2023.

What are the lowest historical margins of NNN?

Over this 5-year history, NNN REIT's margins fell as low as 100% gross in Dec 2021, 57.2% operating in Jun 2026, 87.2% EBITDA in Dec 2021, and 39.9% net in Dec 2021.