NYSE : NTST
NETSTREIT Corp. — Financial statements
Real Estate · REIT - Retail · United States
Last price 17.52 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 2.21B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 224.43M | 182.14M | 150.82M | 123.97M | 93.93M | 59.14M |
| Other Revenue | 556.00K | 245.00K | 400.00K | 550.00K | ||
| Total Revenue | 237.11M | 195.01M | 162.78M | 131.91M | 96.28M | 59.14M |
| Property Expenses | 22.72M | 19.43M | 17.78M | 16.87M | 12.53M | 6.50M |
| Selling, General & Administrative | 24.09M | 21.72M | 19.72M | 20.18M | 19.05M | 14.81M |
| Depreciation & Amortization | 101.40M | 86.38M | 76.87M | 63.68M | 50.08M | 30.81M |
| Total Operating Expenses | 147.40M | 127.53M | 114.37M | 100.72M | 81.66M | 52.12M |
| Operating Income | 89.71M | 67.48M | 48.41M | 31.18M | 14.62M | 7.02M |
| Interest Expense | -62.09M | -51.30M | -30.32M | -19.06M | -9.18M | -3.70M |
| Other Non-Operating Income | 1.46M | 444.00K | 1.26M | 752.00K | 131.00K | 431.00K |
| EBT Excluding Unusual Items | 29.07M | 16.62M | 19.34M | 12.88M | 5.57M | 3.75M |
| Gain (Loss) on Sale of Assets | 4.10M | 7.69M | 1.88M | 1.18M | 4.15M | 3.00M |
| Asset Writedown | -12.68M | -17.27M | -29.97M | -7.08M | -1.11M | -3.54M |
| Other Unusual Items | -48.00K | -46.00K | -3.20M | -128.00K | ||
| Pretax Income | 22.04M | 6.99M | -11.95M | 6.84M | 8.60M | 3.21M |
| Income Tax Expense | 187.00K | 54.00K | 49.00K | -49.00K | 396.00K | 59.00K |
| Earnings From Continuing Operations | 21.86M | 6.94M | -12.00M | 6.89M | 8.21M | 3.15M |
| Minority Interest in Earnings | -88.00K | -37.00K | 63.00K | -53.00K | -88.00K | -104.00K |
| Net Income | 21.77M | 6.90M | -11.94M | 6.84M | 8.12M | 3.05M |
| Preferred Dividends & Other Adjustments | 137.00K | |||||
| Net Income to Common | 21.63M | 6.90M | -11.94M | 6.84M | 8.12M | 3.05M |
| Basic Shares Outstanding | 94.98M | 82.70M | 76.52M | 63.92M | 49.52M | 37.00M |
| Diluted Shares Outstanding | 99.17M | 84.20M | 76.52M | 64.67M | 50.43M | 38.67M |
| EPS (Basic) | 0.23 | 0.08 | -0.16 | 0.11 | 0.16 | 0.08 |
| EPS (Diluted) | 0.22 | 0.08 | -0.16 | 0.11 | 0.16 | 0.08 |
| Dividend Per Share | 0.88 | 0.85 | 0.83 | 0.81 | 0.80 | 0.80 |
| Operating Margin | 37.83% | 34.60% | 29.74% | 23.64% | 15.18% | 11.87% |
| Profit Margin | 9.12% | 3.54% | -7.33% | 5.18% | 8.43% | 5.15% |
| EBITDA | 192.44M | 154.86M | 126.50M | 96.26M | 64.41M | 37.53M |
| EBITDA Margin | 81.16% | 79.41% | 77.71% | 72.98% | 66.90% | 63.47% |
| D&A For Ebitda | 102.74M | 87.38M | 78.09M | 65.08M | 49.79M | 30.51M |
| EBIT | 89.71M | 67.48M | 48.41M | 31.18M | 14.62M | 7.02M |
| EBIT Margin | 37.83% | 34.60% | 29.74% | 23.64% | 15.18% | 11.87% |
| Funds From Operations (FFO) | 130.15M | 101.24M | 92.65M | 76.18M | 54.67M | 34.18M |
| FFO Per Share | 1.31 | 1.20 | 1.20 | 1.18 | ||
| Adjusted Funds From Operations (AFFO) | 134.38M | 109.92M | 97.41M | 79.07M | 58.52M | 36.23M |
| AFFO Per Share | 1.31 | 1.26 | 1.22 | |||
| FFO Payout Ratio | 64.59% | 69.64% | 69.14% | 68.03% | 72.93% | 88.43% |
| Effective Tax Rate | 0.85% | 0.77% | 4.60% | 1.84% | ||
| Revenue as Reported | 237.11M | 195.01M | 162.78M | 131.91M | 96.28M | 59.14M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 2.75B | 2.18B | 1.84B | 1.54B | 1.27B | 919.86M |
| Cash & Equivalents | 39.80M | 14.37M | 6.42M | 18.43M | 65.84M | 7.60M |
| Accounts Receivable | 34.61M | 26.27M | 21.60M | 17.82M | 12.80M | 5.06M |
| Other Receivables | 4.98M | 3.96M | 3.03M | 1.40M | 256.00K | |
| Other Intangible Assets | 206.40M | 173.44M | 164.39M | 161.35M | 151.01M | 124.77M |
| Restricted Cash | 2.50M | 100.00K | 7.90M | 11.50M | 4.70M | |
| Other Current Assets | 60.64M | 50.74M | 51.30M | 54.29M | 27.26M | 4.42M |
| Trading Asset Securities | 38.26M | 5.57M | 16.43M | 14.44M | 24.07M | 4.31M |
| Deferred Long-Term Charges | 9.63M | 7.83M | 2.84M | 3.75M | 3.48M | 1.41M |
| Other Long-Term Assets | 5.30M | 5.42M | 6.76M | 4.50M | 1.20M | 1.00M |
| Total Assets | 3.28B | 2.61B | 2.26B | 1.95B | 1.61B | 1.07B |
| Current Portion of Long-Term Debt | 45.00K | 7.03M | 3.07M | |||
| Current Portion of Leases | 166.00K | 653.00K | ||||
| Long-Term Debt | 1.20B | 1.10B | 869.46M | 609.79M | 494.19M | 238.33M |
| Long-Term Leases | 3.60M | 3.50M | 4.65M | 5.10M | 5.46M | 5.44M |
| Accounts Payable | 790.00K | 1.22M | 3.05M | 4.69M | 1.39M | 419.00K |
| Accrued Expenses | 35.74M | 15.93M | 9.71M | 14.32M | 8.83M | 8.35M |
| Other Current Liabilities | 1.61M | 3.38M | 1.91M | 1.16M | 406.00K | |
| Long-Term Unearned Revenue | 12.70M | 11.76M | 10.39M | 7.15M | 4.69M | 1.92M |
| Other Long-Term Liabilities | 16.74M | 17.18M | 22.04M | 27.51M | 32.29M | 24.16M |
| Total Liabilities | 1.27B | 1.16B | 921.21M | 672.80M | 547.27M | 278.63M |
| Common Stock | 1.26M | 931.00K | 816.00K | 732.00K | 580.00K | 442.00K |
| Additional Paid-In Capital | 2.26B | 1.70B | 1.51B | 1.37B | 1.09B | 809.72M |
| Distributions in Excess of Earnings | -297.53M | -251.93M | -188.05M | -112.28M | -66.94M | -35.12M |
| Comprehensive Income & Other | 36.97M | -4.57M | 10.21M | 8.94M | 23.67M | 4.12M |
| Total Common Equity | 2.00B | 1.45B | 1.33B | 1.26B | 1.05B | 779.17M |
| Minority Interest | 5.57M | 6.55M | 7.16M | 8.53M | 9.59M | 10.64M |
| Shareholders' Equity | 2.01B | 1.45B | 1.34B | 1.27B | 1.06B | 789.82M |
| Total Liabilities & Equity | 3.28B | 2.61B | 2.26B | 1.95B | 1.61B | 1.07B |
| Total Debt | 1.20B | 1.11B | 874.11M | 617.97M | 499.66M | 243.77M |
| Net Cash (Debt) | -1.13B | -1.09B | -851.26M | -585.10M | -409.75M | -231.86M |
| Net Cash Per Share | -11.35 | -12.97 | -11.13 | -9.05 | -8.12 | -6.00 |
| Filing Date Shares Outstanding | 125.63M | 97.07M | 81.66M | 73.22M | 58.03M | 44.24M |
| Total Common Shares Outstanding | 125.63M | 93.07M | 81.60M | 73.21M | 58.03M | 44.22M |
| Book Value Per Share | 15.95 | 15.54 | 16.31 | 17.28 | 18.07 | 17.62 |
| Tangible Book Value | 1.80B | 1.27B | 1.17B | 1.10B | 897.82M | 654.40M |
| Tangible Book Value Per Share | 14.30 | 13.67 | 14.30 | 15.07 | 15.47 | 14.80 |
| Land | 1.00B | 772.42M | 571.27M | 460.90M | 401.15M | 299.94M |
| Buildings | 1.95B | 1.59B | 1.40B | 1.15B | 907.08M | 626.46M |
| Construction In Progress | 28.35M | 5.50M | 6.12M | 29.20M | 16.80M | 17.90M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 21.77M | 6.90M | -11.94M | 6.84M | 8.12M | 3.05M |
| Depreciation & Amortization | 102.74M | 87.38M | 78.09M | 65.08M | 49.79M | 30.51M |
| Other Amortization | 3.77M | 3.14M | 2.23M | 1.73M | 862.00K | 627.00K |
| Gain (Loss) on Sale of Assets | -4.10M | -7.69M | -1.88M | -1.18M | -4.15M | -3.00M |
| Gain (Loss) on Sale of Investments | 2.86M | 2.86M | -3.79M | -2.12M | ||
| Asset Writedown | 11.88M | 17.27M | 29.97M | 7.08M | 1.40M | 3.83M |
| Stock-Based Compensation | 6.85M | 5.90M | 5.66M | 4.82M | 4.76M | 3.70M |
| Change in Accounts Payable | 3.70M | 494.00K | -946.00K | 3.70M | 1.22M | 1.74M |
| Change in Other Net Operating Assets | -4.39M | -769.00K | -2.87M | -2.98M | -8.87M | -6.88M |
| Other Operating Activities | -11.44M | -5.97M | -4.36M | -2.81M | -2.48M | -2.10M |
| Operating Cash Flow | 133.63M | 109.51M | 90.16M | 80.16M | 50.65M | 31.48M |
| Acquisition of Real Estate Assets | -988.00M | -607.55M | -519.38M | -419.28M | -448.40M | -461.96M |
| Sale of Real Estate Assets | 126.69M | 160.63M | 90.84M | 38.47M | 25.52M | 31.12M |
| Net Sale / Acq. of Real Estate Assets | -861.32M | -446.92M | -428.54M | -380.82M | -422.89M | -430.84M |
| Other Investing Activities | 1.35M | -6.23M | 336.00K | -187.00K | 994.00K | 709.00K |
| Investing Cash Flow | -865.25M | -448.84M | -432.88M | -451.95M | -468.36M | -430.13M |
| Long-Term Debt Issued | 867.67M | 492.00M | 511.00M | 715.00M | 150.00M | |
| Long-Term Debt Repaid | -631.84M | -233.16M | -394.14M | -466.05M | -86.00M | |
| Net Debt Issued (Repaid) | 99.83M | 235.84M | 258.85M | 116.86M | 248.95M | 64.00M |
| Issuance of Common Stock | 724.56M | 196.79M | 138.33M | 280.91M | 296.16M | 283.14M |
| Repurchase of Common Stock | -1.91M | -753.00K | -1.50M | -688.00K | -1.48M | -504.00K |
| Common Dividends Paid | -84.07M | -70.51M | -64.06M | -51.82M | -39.87M | -30.23M |
| Total Dividends Paid | -84.07M | -70.51M | -64.06M | -51.82M | -39.87M | -30.23M |
| Other Financing Activities | -17.81M | -21.89M | -4.52M | -14.07M | -23.11M | -2.80M |
| Net Cash Flow | -11.02M | 147.00K | -15.61M | -40.61M | 62.94M | -85.04M |
| Levered Free Cash Flow | 167.42M | 115.10M | 92.95M | 48.72M | 23.94M | 64.05M |
| Unlevered Free Cash Flow | 202.46M | 144.03M | 109.67M | 58.90M | 28.82M | 65.74M |
| Cash Interest Paid | 54.45M | 44.03M | 30.30M | 18.34M | 7.22M | 2.99M |
| Cash Income Tax Paid | 28.00K | -64.00K | -31.00K | 628.00K | 129.00K | |
| Change in Working Capital | -694.00K | -275.00K | -3.81M | 719.00K | -7.66M | -5.14M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.26B | 1.47B | 1.15B | 1.23B | 1.01B | 907.41M |
| Enterprise Value | 3.38B | 2.53B | 1.92B | 1.77B | 1.39B | 1.09B |
| Last Close Price | 17.93 | 17.07 | 13.01 | 15.62 | 15.30 | 18.38 |
| Price/FFO Ratio | 13.47 | 14.22 | 10.84 | 13.24 | ||
| Price/AFFO Ratio | 13.03 | 10.33 | 12.80 | |||
| PE Ratio | 81.87 | 213.60 | 179.37 | 123.92 | 297.90 | |
| PS Ratio | 9.53 | 7.56 | 7.09 | 9.30 | 10.45 | 15.34 |
| PB Ratio | 1.12 | 1.01 | 0.86 | 0.96 | 0.95 | 1.15 |
| P/OCF Ratio | 16.90 | 13.46 | 12.80 | 15.30 | 19.86 | 28.83 |
| EV/Sales Ratio | 14.27 | 13.00 | 11.78 | 13.43 | 14.44 | 18.48 |
| EV/EBITDA Ratio | 17.58 | 16.37 | 15.16 | 18.41 | 21.59 | 29.12 |
| EV/EBIT Ratio | 37.72 | 37.57 | 39.62 | 56.83 | 95.11 | 155.71 |
| Debt / Equity Ratio | 0.60 | 0.77 | 0.65 | 0.48 | 0.47 | 0.31 |
| Debt / EBITDA Ratio | 6.23 | 7.14 | 6.86 | 6.36 | 7.68 | 6.49 |
| Net Debt / Equity Ratio | 0.56 | 0.75 | 0.64 | 0.46 | 0.39 | 0.29 |
| Net Debt / EBITDA Ratio | 5.85 | 7.05 | 6.73 | 6.08 | 6.36 | 6.18 |
| Asset Turnover | 0.08 | 0.08 | 0.08 | 0.07 | 0.07 | 0.07 |
| Quick Ratio | 3.07 | 1.78 | 3.24 | 2.24 | 9.68 | 1.94 |
| Current Ratio | 4.71 | 3.58 | 7.27 | 5.07 | 12.69 | 2.44 |
| Return on Equity (ROE) | 1.32% | 0.50% | -0.92% | 0.59% | 0.89% | 0.48% |
| Return on Assets (ROA) | 1.95% | 1.73% | 1.44% | 1.10% | 0.68% | 0.49% |
| Return on Invested Capital (ROIC) | 2.87% | 2.80% | 2.36% | 1.81% | 1.08% | 0.79% |
| Earnings Yield | 1.22% | 0.47% | -1.03% | 0.56% | 0.81% | 0.34% |
| Dividend Yield | 5.02% | 5.37% | 5.87% | 4.83% | 4.61% | 3.90% |
| Payout Ratio | 406.37% | 1,021.69% | 757.98% | 491.22% | 992.42% | |
| Buyback Yield / Dilution | -19.52% | -10.05% | -18.33% | -28.22% | -30.41% | -82.78% |
| Total Shareholder Return | -14.50% | -4.68% | -12.46% | -23.39% | -25.79% | -78.88% |