Company / Operating Margin
NNN Reit Operating Margin History
FY2016-FY2025 · Annual data · Source: SEC filings
At a glance
Latest annual filing availableLatest Operating Margin
63.6%
FY2025
5-year range
61.8% / 67.0%
FY2021-FY2025
Trend
-4.3%
vs FY2024
Sector context
#11 of 70
Real Estate
What the data says
NNN Reit's operating margin of 63.6% is higher than 84% of companies in the Real Estate sector (FY2025). Operating Margin has fluctuated over the past 10 years, ranging from 56.7% in FY2020 to 68.2% in FY2018.
Based on SEC 10-K filings.
63.6% in FY2025 with a 5-year CAGR of +7.0%. Top quartile in the Real Estate sector.
Declined from 67.0% to 63.6% over the past 2 years.
Real Estate sector context is included.
Operating Margin over time
Growth rates
- 3-Year Change
- +1.2pp
- 5-Year Change
- +7.0pp
- 10-Year Change
- -
Sector benchmark
Top 16% in Real EstateTop 16% of 70This company 63.6% Sector average 27.0%
▼
+135.4% above sector average
Key checks
Key Insights
- In FY2025, operating margin decreased 4.3% year-over-year.
- Currently 36.6pp above the Real Estate sector average.
- Peak operating margin was recorded in FY2018.
- Lowest operating margin in the period was in FY2020.
Company context
Key Data Points
- Altman Z-Score 0.59 (distress zone, below 1.8 threshold)
- Strong profit margin: 43.2%
- High earnings quality (cash-backed earnings)
Data sourced from SEC EDGAR filings. Not investment advice.
Annual data
| Year | Operating MarginValue | YoY GrowthYoY |
|---|---|---|
| FY2025 | 63.6% | -4.3% |
| FY2024 | 66.5% | -0.8% |
| FY2023 | 67.0% | +7.4% |
| FY2022 | 62.4% | +1.0% |
| FY2021 | 61.8% | +9.1% |
| FY2020 | 56.7% | -8.8% |
| FY2019 | 62.1% | -8.9% |
| FY2018 | 68.2% | +6.6% |
| FY2017 | 64.0% | +1.5% |
| FY2016 | 63.0% | +5.4% |
As of FY2025 · SEC 10-K · Updated Mar 29, 2026