Netstreit (NTST)


Market Price (7/30/2026): $21.925 | Market Cap: $2.1 BilSector: Real Estate | Industry: Retail REITs

Netstreit (NTST)


Market Price (7/30/2026): $21.925
Market Cap: $2.1 Bil
Sector: Real Estate
Industry: Retail REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 24%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 58%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 58%

Attractive yield
Dividend Yield is 3.7%, FCF Yield is 5.6%

Low stock price volatility
Vol 12M is 20%

Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, E-commerce Logistics & Data Centers, and Sustainable & Green Buildings. Themes include Last-Mile Delivery, Show more.

Trading close to highs
Dist 52W High is -1.5%, Dist 3Y High is -1.5%

Weak multi-year price returns
3Y Excs Rtn is -23%

Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 66%

Expensive valuation multiples
P/SPrice/Sales ratio is 10x, P/EPrice/Earnings or Price/(Net Income) is 153x

Significant short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 22.16, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 34%

Key risks
NTST key risks include [1] a high tenant concentration in challenged dollar and drug store sectors and [2] industry-low average rent escalators that limit its ability to keep pace with inflation.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 24%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 58%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 58%
2 Attractive yield
Dividend Yield is 3.7%, FCF Yield is 5.6%
3 Low stock price volatility
Vol 12M is 20%
4 Megatrend and thematic drivers
Megatrends include E-commerce & Digital Retail, E-commerce Logistics & Data Centers, and Sustainable & Green Buildings. Themes include Last-Mile Delivery, Show more.
5 Trading close to highs
Dist 52W High is -1.5%, Dist 3Y High is -1.5%
6 Weak multi-year price returns
3Y Excs Rtn is -23%
7 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 66%
8 Expensive valuation multiples
P/SPrice/Sales ratio is 10x, P/EPrice/Earnings or Price/(Net Income) is 153x
9 Significant short interest
Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 22.16, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 34%
10 Key risks
NTST key risks include [1] a high tenant concentration in challenged dollar and drug store sectors and [2] industry-low average rent escalators that limit its ability to keep pace with inflation.

NTST in ETFs

Weight = NTST's share of each fund

VTI0.00%
ITOT0.00%
IWM0.07%
IJR0.12%
USRT0.16%
SCHH0.14%
VNQ0.13%
IJS0.13%
+13 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/22/2026

Netstreit (NTST) stock has gained about 20% since 3/31/2026 because of the following key factors:

1. Strong Investment Activity and Increased Fiscal Q1 2026 Guidance.

Netstreit reported robust gross investment activity of $239.0 million at a 7.5% blended cash yield during fiscal Q1 2026, which ended March 31, 2026. This strong performance led the company to increase its fiscal year 2026 Adjusted Funds from Operations (AFFO) per share guidance to a range of $1.36 to $1.39 and boost its net investment guidance range to $550 million to $650 million. This proactive expansion and optimistic outlook signaled positive growth prospects to investors.

2. Exceptional Fiscal Q2 2026 Results and Further Elevated Guidance.

The positive momentum continued into fiscal Q2 2026, which ended June 30, 2026, with Netstreit announcing a 6.1% year-over-year increase in AFFO per diluted share to $0.35. The company completed $298.9 million in gross investment activity at a 7.4% blended cash yield and maintained a 100% occupancy rate across its portfolio. Following these strong results, Netstreit again raised its full-year 2026 AFFO per share guidance to a new range of $1.37 to $1.39 and increased its net investment activity guidance to $700.0 million to $800.0 million, reflecting sustained operational strength and growth.

Show more
Updated on 7/22/2026

Netstreit (NTST) stock has gained about 20% since 3/31/2026 because of the following key factors:

1. Strong Investment Activity and Increased Fiscal Q1 2026 Guidance.

Netstreit reported robust gross investment activity of $239.0 million at a 7.5% blended cash yield during fiscal Q1 2026, which ended March 31, 2026. This strong performance led the company to increase its fiscal year 2026 Adjusted Funds from Operations (AFFO) per share guidance to a range of $1.36 to $1.39 and boost its net investment guidance range to $550 million to $650 million. This proactive expansion and optimistic outlook signaled positive growth prospects to investors.

2. Exceptional Fiscal Q2 2026 Results and Further Elevated Guidance.

The positive momentum continued into fiscal Q2 2026, which ended June 30, 2026, with Netstreit announcing a 6.1% year-over-year increase in AFFO per diluted share to $0.35. The company completed $298.9 million in gross investment activity at a 7.4% blended cash yield and maintained a 100% occupancy rate across its portfolio. Following these strong results, Netstreit again raised its full-year 2026 AFFO per share guidance to a new range of $1.37 to $1.39 and increased its net investment activity guidance to $700.0 million to $800.0 million, reflecting sustained operational strength and growth.

3. Quarterly Dividend Increase.

Netstreit's Board of Directors demonstrated confidence in the company's financial health and future cash flows by increasing the quarterly dividend by 2.3% to $0.225 per share (annualized $0.90) during fiscal Q2 2026. This dividend hike enhances the stock's appeal to income-focused investors and suggests a stable and growing income stream from the company's real estate portfolio.

4. Positive Analyst Sentiment and Price Target Upgrades.

Throughout the period, several analyst firms either reiterated "Buy" ratings or increased their price targets for NTST stock. For instance, Truist Financial raised its target price from $21.00 to $22.00 on May 11, 2026, and BTIG Research increased its target from $22.00 to $24.00 on June 26, 2026. Additionally, Jefferies Financial Group initiated coverage with a "buy" rating and a $23.00 price target on June 1, 2026. The consensus analyst rating remains a "Moderate Buy" with an average price target of $22.52 as of July 22, 2026, indicating strong market confidence.

5. Inclusion in S&P SmallCap 600 Index.

Netstreit was slated to join the S&P SmallCap 600 index on June 24, 2026. Inclusion in such a prominent index often leads to increased demand for the stock from institutional investors and passively managed funds that track the index, thereby contributing to upward price movement.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The 17.7% change in NTST stock from 3/31/2026 to 7/29/2026 was primarily driven by a 77.5% change in the company's Net Income Margin (%).
(LTM values as of)33120267292026Change
Stock Price ($)18.6321.9217.7%
Change Contribution By: 
Total Revenues ($ Mil)18120613.6%
Net Income Margin (%)3.8%6.8%77.5%
P/E Multiple226.1153.4-32.2%
Shares Outstanding (Mil)8497-13.9%
Cumulative Contribution17.7%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/29/2026
ReturnCorrelation
NTST17.7% 
Market (SPY)12.2%-16.0%
Sector (XLRE)12.6%58.1%

Fundamental Drivers

The 27.0% change in NTST stock from 12/31/2025 to 7/29/2026 was primarily driven by a 6213.0% change in the company's Net Income Margin (%).
(LTM values as of)123120257292026Change
Stock Price ($)17.2621.9227.0%
Change Contribution By: 
Total Revenues ($ Mil)17320619.1%
Net Income Margin (%)0.1%6.8%6213.0%
P/E Multiple7,787.3153.4-98.0%
Shares Outstanding (Mil)8397-14.3%
Cumulative Contribution27.0%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/29/2026
ReturnCorrelation
NTST27.0% 
Market (SPY)7.3%-17.7%
Sector (XLRE)14.7%50.7%

Fundamental Drivers

The 35.5% change in NTST stock from 6/30/2025 to 7/29/2026 was primarily driven by a 30.6% change in the company's Total Revenues ($ Mil).
(LTM values as of)63020257292026Change
Stock Price ($)16.1821.9235.5%
Change Contribution By: 
Total Revenues ($ Mil)15820630.6%
P/S Multiple8.410.423.7%
Shares Outstanding (Mil)8297-16.1%
Cumulative Contribution35.5%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/29/2026
ReturnCorrelation
NTST35.5% 
Market (SPY)19.1%-3.6%
Sector (XLRE)13.8%49.8%

Fundamental Drivers

The 42.2% change in NTST stock from 6/30/2023 to 7/29/2026 was primarily driven by a 106.1% change in the company's Total Revenues ($ Mil).
(LTM values as of)63020237292026Change
Stock Price ($)15.4221.9242.2%
Change Contribution By: 
Total Revenues ($ Mil)100206106.1%
Net Income Margin (%)7.7%6.8%-11.8%
P/E Multiple117.2153.430.9%
Shares Outstanding (Mil)5897-40.3%
Cumulative Contribution42.2%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/29/2026
ReturnCorrelation
NTST42.2% 
Market (SPY)70.4%20.7%
Sector (XLRE)33.9%64.3%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
NTST Return22%-17%2%-17%31%27%44%
Peers Return24%-4%-2%6%9%19%62%
S&P 500 Return27%-19%24%23%16%9%98%

Monthly Win Rates [3]
NTST Win Rate75%33%50%58%67%71% 
Peers Win Rate62%52%42%57%58%71% 
S&P 500 Win Rate75%42%67%75%67%43% 

Max Drawdowns [4]
NTST Max Drawdown-21%-25%-31%-22%-11%-11% 
Peers Max Drawdown-12%-24%-27%-16%-12%-11% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: O, NNN, WPC, ADC, EPRT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/29/2026 (YTD)

How Low Can It Go

EventNTSTS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-24.1%-9.5%
  % Gain to Breakeven31.8%10.5%
  Time to Breakeven61 days24 days
2023 SVB Regional Banking Crisis
  % Loss-11.3%-6.7%
  % Gain to Breakeven12.8%7.1%
  Time to Breakeven810 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-22.8%-24.5%
  % Gain to Breakeven29.5%32.4%
  Time to Breakeven1102 days427 days

Compare to O, NNN, WPC, ADC, EPRT

In The Past

Netstreit's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventNTSTS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-24.1%-9.5%
  % Gain to Breakeven31.8%10.5%
  Time to Breakeven61 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-22.8%-24.5%
  % Gain to Breakeven29.5%32.4%
  Time to Breakeven1102 days427 days

Compare to O, NNN, WPC, ADC, EPRT

In The Past

Netstreit's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Netstreit (NTST)

Netstreit (NTST) is an internally managed Real Estate Investment Trust (REIT) that specializes in acquiring and owning single-tenant net lease retail properties throughout the United States. Its core business involves purchasing freestanding retail buildings and then leasing them to businesses, primarily under a net lease agreement. In a net lease, the tenant typically covers the property's operating expenses, such as property taxes, insurance, and maintenance, which helps provide a more predictable and stable income stream for Netstreit.

The company strategically targets properties leased to "e-commerce resistant" retail tenants, meaning businesses whose operations are less impacted by online competition. Furthermore, Netstreit emphasizes partnering with tenants that possess strong, healthy balance sheets to minimize risk and ensure lease obligations are met. Led by an experienced management team, Netstreit's strategy is to cultivate the highest quality net lease retail portfolio in the country, with the ultimate goal of generating consistent cash flows and reliable dividends for its investors.

AI Analysis | Feedback

1. It's like Realty Income (O), but specifically focused on owning "Amazon-proof" single-tenant retail properties.

2. Think of it as a landlord for essential neighborhood businesses, similar to how American Tower (AMT) is a landlord for cell towers, but for individual retail stores like pharmacies and coffee shops.

AI Analysis | Feedback

  • Retail Property Leasing: Netstreit specializes in acquiring and owning single-tenant net lease retail properties nationwide, which it leases to e-commerce resistant tenants to generate consistent cash flows.

AI Analysis | Feedback

Netstreit (NTST) is a Real Estate Investment Trust (REIT) that specializes in acquiring single-tenant net lease retail properties. Its major customers are the companies that lease these properties as tenants. Based on their portfolio composition, some of their major tenant customers include:

  • Walmart (WMT)
  • CVS Health (CVS)
  • Dollar General (DG)
  • O'Reilly Auto Parts (ORLY)
  • The Home Depot (HD)
  • McDonald's (MCD)

AI Analysis | Feedback

null

AI Analysis | Feedback

Mark Manheimer, President and Chief Executive Officer

Mark Manheimer has served as President and Chief Executive Officer of NETSTREIT since December 2019, leading the company's transformation into a net lease REIT. Prior to his role at NETSTREIT, Mr. Manheimer was Chief Investment Officer of EB Arrow and Fund Manager of EB Arrow's Single-Tenant Net-Lease Group from February 2018 to December 2019. From April 2012 through September 2016, he served as Executive Vice President — Head of Asset Management of Spirit Realty Capital (NYSE: SRC), where the company achieved a total return of 117% during his tenure. Before Spirit, he was Head of Sale-Leaseback Acquisitions at Cole Real Estate Investments from October 2009 to April 2012, where he sourced and structured over $2 billion in net lease real estate acquisitions. His experience also includes underwriting net lease real estate transactions at Realty Income Corporation, investing and managing distressed debt and equity investments at Patriarch Partners (a private investment firm), and working in the Leveraged Finance department at First Union Securities.

Daniel P. Donlan, Chief Financial Officer and Treasurer

Daniel P. Donlan was appointed Chief Financial Officer and Treasurer of NETSTREIT, effective April 10, 2023. In this role, he is responsible for all corporate finance, accounting, treasury, capital markets, investor relations, human resources, and information technology activities. Mr. Donlan joined NETSTREIT from Essential Properties Realty Trust, Inc. (NYSE: EPRT), where he was Senior Vice President and Head of Capital Markets, leading the company's corporate finance, capital raising, and investor relations efforts. Previously, he was a Managing Director at Ladenburg Thalmann & Co., where he served as the lead REIT research analyst. He also held various REIT research roles at Janney Capital Markets and BB&T Capital Markets.

Sofia Chernylo, SVP, Chief Accounting Officer

Sofia Chernylo serves as the Senior Vice President and Chief Accounting Officer for NETSTREIT. She is also identified as the Principal Accounting Officer.

Jeff Fuge, SVP, Acquisitions

Jeff Fuge holds the position of Senior Vice President, Acquisitions at NETSTREIT.

Chad Shafer, SVP, Real Estate and Underwriting

Chad Shafer is the Senior Vice President of Real Estate and Underwriting at NETSTREIT.

AI Analysis | Feedback

The primary risks to NETSTREIT's business operations stem from the inherent nature of its specialization in single-tenant net lease retail properties, exposing it to specific vulnerabilities within the real estate and financial markets.

  1. Tenant Credit and Vacancy Risk: NETSTREIT's business model relies on single-tenant net leases, meaning that if a tenant defaults or vacates a property, the occupancy rate for that specific asset immediately drops to 0%, resulting in a complete loss of rental income for that property. The loss of a single tenant can be catastrophic for the specific property, and re-leasing specialized retail buildings can be challenging and costly, particularly if the location is not strong. While NETSTREIT aims for high-credit quality tenants and maintains a diversified tenant base, issues related to the credit quality or concentration in certain retail segments, such as dollar stores and drug stores, have been highlighted as potential risks to its credit quality and diversification goals.

  2. Interest Rate Risk and Funding Costs: As a Real Estate Investment Trust (REIT), NETSTREIT is significantly exposed to fluctuations in interest rates. Rising interest rates directly increase borrowing costs for new acquisitions and refinancing existing debt, which can slow growth and raise the overall cost of capital. The net lease sector generally correlates closely with long-term borrowing rates. Furthermore, a potential downgrade in NETSTREIT's credit rating by agencies like Fitch could further increase its cost of funds, compress financing margins, strain liquidity, and make future debt market access more expensive or restricted.

  3. Retail Market Obsolescence and Economic Downturns: Despite specializing in properties leased to "e-commerce resistant" tenants, NETSTREIT remains exposed to the broader risks of the physical retail market and general economic conditions. Economic downturns or unforeseen shifts in consumer behavior can impact even resilient retail tenants, affecting their ability to meet rent obligations. There is an ongoing risk that physical retail demand could weaken, or that returns on acquisitions might disappoint, thereby challenging the projected cash flow. The risk of market obsolescence, where properties may become less desirable over time due to changing retail trends or demographics, also poses a long-term threat to property values and rental income.

AI Analysis | Feedback

null

AI Analysis | Feedback

The addressable market for NETSTREIT's main products and services, which involves acquiring single-tenant net lease retail properties, is primarily within the United States. In 2025, the total investment sales volume for the single-tenant net lease retail sector in the U.S. was approximately $10.75 billion. This figure is derived from quarterly sales volumes, with $3.05 billion in Q1 2025, $2.2 billion in Q2 2025, $2.2 billion in Q3 2025, and $3.3 billion in Q4 2025.

More broadly, the overall U.S. net-lease investment volume reached $51.4 billion in 2025, with the retail sector accounting for 21% of that volume. In 2024, annual investment sales for single-tenant net lease shops reached $20 billion.

AI Analysis | Feedback

Netstreit (NTST) is expected to drive future revenue growth over the next 2-3 years through several key strategies centered around its core business of acquiring and managing single-tenant net lease retail properties. Here are the expected drivers of future revenue growth: * **Strategic Acquisitions of High-Quality Net Lease Retail Properties:** Netstreit's primary growth engine is the acquisition of single-tenant net lease retail properties. The company consistently reports significant investment activity, with $480.5 million in gross investments in 2023 and a record $657.1 million in 2025, achieved at a blended cash yield of 7.5%. For 2026, Netstreit anticipates net investment activity to be between $350 million and $450 million, indicating a continued focus on expanding its portfolio through new property acquisitions. * **Rental Growth and High Occupancy from Existing Portfolio:** The company aims to maximize rental income from its current properties through contractual rent escalations within existing leases and by actively seeking better rent bumps in new and extended lease agreements. Maintaining a consistently high occupancy rate, often reported at 100%, ensures a stable and predictable revenue stream from its existing asset base. * **Enhanced Portfolio Quality and Diversification:** Netstreit focuses on acquiring properties leased to e-commerce resistant tenants with strong balance sheets, prioritizing investment-grade rated tenants or those with investment-grade profiles. This strategy improves the overall quality and resilience of its portfolio, reaching 70.5% investment-grade tenancy at the end of 2023 and 58.3% of annualized base rent (ABR) from investment-grade or investment-grade-profile tenants in 2025. This focus ensures stable and reliable rental income, attracting further capital for growth. * **Optimized Capital Deployment and Improved Investment Spreads:** The company effectively utilizes various capital market activities, including forward equity offerings and at-the-market (ATM) programs, to fund accretive acquisitions. A lower cost of equity has led to improved investment spreads, enhancing financial flexibility and profitability potential, which enables Netstreit to make financially beneficial acquisitions that contribute positively to revenue growth.

AI Analysis | Feedback

Share Issuance

  • In February 2026, NETSTREIT completed a public offering of approximately 12.63 million common shares at $19.00 per share, generating approximately $240 million in gross proceeds, primarily intended for debt repayment, property acquisitions, and development activities.
  • In July 2025, the company completed an upsized follow-on offering of 12.42 million shares of common stock at $17.70 per share, generating approximately $219.8 million in gross proceeds.
  • As reported in February 2026 filings, the company issued common stock under its at-the-market (ATM) equity program, generating net proceeds of $51.6 million, and settled shares of common stock through forward sale agreements, receiving net proceeds of $137 million.

Capital Expenditures

  • In 2025, NETSTREIT completed $657.1 million of gross investment activity, primarily property acquisitions, at a blended cash yield of 7.5%. This included the acquisition of 140 properties for a total purchase price of $603.0 million.
  • For 2026, the company anticipates net investment activity (property acquisitions) to be in the range of $350.0 million to $450.0 million.
  • The primary focus of these capital expenditures is on acquiring high-quality, single-tenant net lease retail properties with e-commerce resistant tenants, often in necessity-based and essential services industries, and with investment-grade credit ratings.

Better Bets vs. Netstreit (NTST)

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

NTSTONNNWPCADCEPRTMedian
NameNetstreitRealty I.NNN REIT W.P. Car.Agree Re.Essentia. 
Mkt Price21.9265.5448.8574.7180.3932.0057.20
Mkt Cap2.161.19.216.99.66.99.4
Rev LTM2065,8829361,791750615843
Op Inc LTM692,660571947362394483
FCF LTM1204,0826511,221523414587
FCF 3Y Avg1033,5576401,425460345550
CFO LTM1204,0826511,221523414587
CFO 3Y Avg1033,5576401,425460345550

Growth & Margins

NTSTONNNWPCADCEPRTMedian
NameNetstreitRealty I.NNN REIT W.P. Car.Agree Re.Essentia. 
Rev Chg LTM24.1%9.4%5.8%9.0%17.8%22.3%13.6%
Rev Chg 3Y Avg24.2%19.3%5.9%2.5%17.9%25.0%18.6%
Rev Chg Q29.7%10.2%4.1%7.0%18.7%18.1%14.1%
QoQ Delta Rev Chg LTM6.9%2.3%1.0%1.7%4.4%4.2%3.3%
Op Inc Chg LTM49.9%12.8%4.1%16.4%17.9%23.3%17.1%
Op Inc Chg 3Y Avg59.3%24.9%5.8%7.2%17.3%28.5%21.1%
Op Mgn LTM33.4%45.2%61.0%52.9%48.3%64.1%50.6%
Op Mgn 3Y Avg28.0%44.0%61.8%49.9%48.4%63.5%49.1%
QoQ Delta Op Mgn LTM1.5%0.1%-0.2%0.2%0.0%-0.2%0.1%
CFO/Rev LTM58.2%69.4%69.6%68.2%69.7%67.3%68.8%
CFO/Rev 3Y Avg60.8%68.1%72.3%84.7%70.9%68.3%69.6%
FCF/Rev LTM58.2%69.4%69.6%68.2%69.7%67.3%68.8%
FCF/Rev 3Y Avg60.7%68.1%72.3%84.7%70.9%68.3%69.6%

Valuation

NTSTONNNWPCADCEPRTMedian
NameNetstreitRealty I.NNN REIT W.P. Car.Agree Re.Essentia. 
Mkt Cap2.161.19.216.99.66.99.4
P/S10.410.49.99.412.811.210.4
P/Op Inc31.023.016.217.826.617.520.4
P/EBIT31.925.915.516.926.717.821.8
P/E153.454.523.825.943.925.834.9
P/CFO17.815.014.213.818.416.715.8
Total Yield4.4%6.7%9.0%8.7%5.9%7.5%7.1%
Dividend Yield3.7%4.9%4.9%4.8%3.7%3.7%4.3%
FCF Yield 3Y Avg6.8%7.0%7.8%10.5%6.0%5.9%6.9%
D/E0.70.50.50.50.40.40.5
Net D/E0.70.50.50.50.40.40.5

Returns

NTSTONNNWPCADCEPRTMedian
NameNetstreitRealty I.NNN REIT W.P. Car.Agree Re.Essentia. 
1M Rtn2.5%4.4%3.2%3.0%4.9%6.0%3.8%
3M Rtn7.7%4.9%13.8%5.0%6.4%3.8%5.7%
6M Rtn23.2%12.0%21.5%13.0%15.5%10.8%14.3%
12M Rtn23.1%20.6%21.4%21.9%14.1%6.6%21.0%
3Y Rtn43.1%26.0%33.3%33.0%39.4%47.8%36.3%
1M Excs Rtn4.1%6.1%4.9%4.6%6.5%7.6%5.5%
3M Excs Rtn5.0%2.0%10.0%1.7%3.2%0.7%2.6%
6M Excs Rtn18.8%5.6%14.3%6.1%8.0%3.4%7.0%
12M Excs Rtn10.1%7.2%8.5%8.7%1.2%-5.1%7.8%
3Y Excs Rtn-23.3%-38.4%-31.4%-36.4%-25.9%-20.4%-28.7%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment19516313296 
Above/below market lease amortization, net    1
Fixed lease income    54
Interest income on loans receivable    0
Lease incentives    -0
Other revenue    0
Variable lease income    5
Total1951631329659


Price Behavior

Price Behavior
Market Price$21.92 
Market Cap ($ Bil)2.1 
First Trading Date08/13/2020 
Distance from 52W High-1.5% 
   50 Days200 Days
DMA Price$20.79$19.21
DMA Trendupup
Distance from DMA5.4%14.1%
 3M1YR
Volatility22.5%20.0%
Downside Capture-67.70-35.28
Upside Capture-24.43-4.32
Correlation (SPY)-24.0%-4.8%
NTST Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta-0.55-0.29-0.20-0.23-0.010.32
Up Beta-0.79-0.23-0.28-0.27-0.070.32
Down Beta-0.10-0.34-0.310.080.170.29
Up Capture-33%-10%13%-5%8%12%
Bmk +ve Days11244067140429
Stock +ve Days12233671134370
Down Capture-93%-49%-53%-83%-39%55%
Bmk -ve Days10172358112321
Stock -ve Days9172551113359

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with NTST
NTST24.7%20.0%0.99-
Sector ETF (XLRE)12.1%14.2%0.5850.8%
Equity (SPY)15.6%12.8%0.86-4.9%
Gold (GLD)21.6%28.1%0.68-4.2%
Commodities (DBC)31.5%19.7%1.27-3.6%
Real Estate (VNQ)15.9%14.0%0.8252.4%
Bitcoin (BTCUSD)-46.1%42.9%-1.32-1.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with NTST
NTST1.3%23.3%0.01-
Sector ETF (XLRE)3.1%19.1%0.0665.3%
Equity (SPY)12.4%17.1%0.5535.2%
Gold (GLD)17.1%18.4%0.758.0%
Commodities (DBC)9.3%19.5%0.365.6%
Real Estate (VNQ)2.9%18.9%0.0567.4%
Bitcoin (BTCUSD)14.7%53.3%0.4615.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with NTST
NTST4.8%23.9%0.32-
Sector ETF (XLRE)6.5%20.4%0.2763.0%
Equity (SPY)14.7%17.9%0.7035.5%
Gold (GLD)11.3%16.1%0.578.3%
Commodities (DBC)7.1%18.0%0.326.0%
Real Estate (VNQ)5.1%20.7%0.2165.2%
Bitcoin (BTCUSD)57.7%66.2%0.9812.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date7152026
Short Interest: Shares Quantity33.1 Mil
Short Interest: % Change Since 6302026-0.6%
Average Daily Volume1.5 Mil
Days-to-Cover Short Interest22.2 days
Basic Shares Quantity97.4 Mil
Short % of Basic Shares34.0%

Earnings Returns History

Updated 7/30/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/22/20261.1%1.5% 
4/20/20260.1%-1.9%-2.0%
2/10/2026-0.1%3.2%4.7%
11/18/20250.7%-0.6%-4.0%
7/23/20250.6%3.4%5.6%
4/28/20251.9%2.8%2.4%
2/24/20253.9%5.4%9.1%
11/4/20245.3%6.7%5.6%
...
SUMMARY STATS   
# Positive141715
# Negative12910
Median Positive1.1%2.4%5.6%
Median Negative-1.4%-5.8%-4.1%
Max Positive5.3%6.7%13.6%
Max Negative-4.9%-8.2%-14.2%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/22/20261.1%1.5% 
4/20/20260.1%-1.9%-2.0%
2/10/2026-0.1%3.2%4.7%
11/18/20250.7%-0.6%-4.0%
7/23/20250.6%3.4%5.6%
4/28/20251.9%2.8%2.4%
2/24/20253.9%5.4%9.1%
11/4/20245.3%6.7%5.6%
7/29/20240.7%-7.7%1.7%
4/29/2024-2.4%1.2%-2.4%
2/14/20244.8%1.5%3.1%
10/25/2023-0.1%4.8%13.6%
7/26/2023-2.8%-5.8%-7.7%
4/26/20232.7%2.4%1.3%
2/23/2023-0.4%1.9%-9.6%
10/27/20220.5%0.9%3.4%
7/28/2022-1.1%-2.1%-1.0%
4/28/2022-4.5%-6.4%-6.0%
2/24/20224.5%4.9%5.7%
1/5/2022-0.4%1.6%-4.3%
10/28/2021-4.9%-6.0%-14.2%
7/29/20211.2%3.9%1.1%
4/29/20210.0%0.8%8.1%
3/4/2021-1.7%-1.0%7.1%
1/5/2021-2.0%-8.2%-3.6%
10/29/2020-0.6%1.7%8.7%
SUMMARY STATS   
# Positive141715
# Negative12910
Median Positive1.1%2.4%5.6%
Median Negative-1.4%-5.8%-4.1%
Max Positive5.3%6.7%13.6%
Max Negative-4.9%-8.2%-14.2%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202607/22/202610-Q
03/31/202604/20/202610-Q
12/31/202502/10/202610-K
09/30/202510/27/202510-Q
06/30/202507/23/202510-Q
03/31/202504/28/202510-Q
12/31/202402/24/202510-K
09/30/202411/04/202410-Q
06/30/202407/29/202410-Q
03/31/202404/29/202410-Q
12/31/202302/14/202410-K
09/30/202310/25/202310-Q
06/30/202307/26/202310-Q
03/31/202304/26/202310-Q
12/31/202202/23/202310-K
09/30/202210/27/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202607/22/202610-Q
03/31/202604/20/202610-Q
12/31/202502/10/202610-K
09/30/202510/27/202510-Q
06/30/202507/23/202510-Q
03/31/202504/28/202510-Q
12/31/202402/24/202510-K
09/30/202411/04/202410-Q
06/30/202407/29/202410-Q
03/31/202404/29/202410-Q
12/31/202302/14/202410-K
09/30/202310/25/202310-Q
06/30/202307/26/202310-Q
03/31/202304/26/202310-Q
12/31/202202/23/202310-K
09/30/202210/27/202210-Q
06/30/202207/28/202210-Q
03/31/202204/28/202210-Q
12/31/202102/24/202210-K
09/30/202110/28/202110-Q
06/30/202107/29/202110-Q
03/31/202104/29/202110-Q
12/31/202003/04/202110-K
09/30/202010/30/202010-Q
06/30/202008/14/2020424B4
03/31/202007/17/2020S-11

Recent Forward Guidance

Updated 7/23/2026

Latest: Q2 2026 Earnings Reported 7/22/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 AFFO per share1.371.381.39  RaisedGuidance: 1.38 for 2026
2026 Net Investment Activity700.00 Mil750.00 Mil800.00 Mil  RaisedGuidance: 600.00 Mil for 2026
2026 Cash G&A16.50 Mil16.75 Mil17.00 Mil1.5% RaisedGuidance: 16.50 Mil for 2026

Prior: Q1 2026 Earnings Reported 4/20/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 AFFO per share1.361.381.390.4% RaisedGuidance: 1.37 for 2026
2026 Net Investment Activity550.00 Mil600.00 Mil650.00 Mil50.0% RaisedGuidance: 400.00 Mil for 2026
2026 Cash G&A16.00 Mil16.50 Mil17.00 Mil0 AffirmedGuidance: 16.50 Mil for 2026

Q4 2025 Earnings Reported 2/10/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2026 AFFO per share1.351.371.39  AffirmedGuidance: 1.3 for 2025
2026 Net Investment Activity350.00 Mil400.00 Mil450.00 Mil6.7% Higher NewGuidance: 375.00 Mil for 2025
2026 Cash G&A16.00 Mil16.50 Mil17.00 Mil8.2% Higher NewGuidance: 15.25 Mil for 2025
2026 Estimated Dilution0.010.020.0312.5% Higher NewGuidance: 0.02 for 2025

Q3 2025 Earnings Reported 11/18/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2025 AFFO per share1.31.31.310.4% RaisedGuidance: 1.3 for 2025
2025 Net investment activity350.00 Mil375.00 Mil400.00 Mil150.0% AffirmedGuidance: 150.00 Mil for 2025
2025 Cash G&A15.00 Mil15.25 Mil15.50 Mil0 AffirmedGuidance: 15.25 Mil for 2025
2025 Estimated dilution from forward equity0.010.020.03   

Insider Activity

Updated 6/22/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Manheimer, MarkPresident, CEO and SecretaryDirectBuy622202619.195,00095,9507,968,839Form
2Zeigler, Robin McBride DirectSell427202620.857,192149,958382,485Form
3Donlan, Daniel PCFO and TreasurerDirectBuy1222202517.401,00017,396436,197Form
4Donlan, Daniel PCFO and TreasurerDirectBuy1208202517.341,00017,343417,538Form
5Manheimer, MarkPresident, CEO and SecretaryDirectBuy908202517.935,600100,4365,674,239Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Manheimer, MarkPresident, CEO and SecretaryDirectBuy622202619.195,00095,9507,968,839Form
2Zeigler, Robin McBride DirectSell427202620.857,192149,958382,485Form
3Donlan, Daniel PCFO and TreasurerDirectBuy1222202517.401,00017,396436,197Form
4Donlan, Daniel PCFO and TreasurerDirectBuy1208202517.341,00017,343417,538Form
5Manheimer, MarkPresident, CEO and SecretaryDirectBuy908202517.935,600100,4365,674,239Form

Investor Activity (13F)

Updated Jul 30, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
GRS Advisors, LLC$42.3 Mil4.2%32New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
GRS Advisors, LLC$42.3 Mil4.2%32New13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
GRS Advisors, LLC$42.3 Mil4.2%32New13F
Core Cache Last Updated: 7/29/2026