NETSTREIT Corp. NTST

Real EstateResidential & Commercial REITsUnited States of America

Last close 17.57 USD on Nov 1, 2026, +2.6% year to date

Quant rating

Quant rating C Rank 118 of 175 in Real Estate

Growth A 3 of 175
Valuation D 133 of 175
Quality C 102 of 175
Revisions C 99 of 175
Momentum D 136 of 175

Wall Street consensus Buy (1.95)Average target 21.20 USD +20.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.2B
Enterprise value: 3.4B
52-week range: 16.23 – 22.47
3-year range: 13.64 – 22.47
Dividend yield: 5.08%
Beta (5 years): 0.81
Shares outstanding: 126M
Next earnings: Feb 8, 2027

About the company

NETSTREIT Corporation is structured as an umbrella partnership real estate investment trust. The Company is an internally managed real estate firm that acquires, owns, and manages a diversified portfolio of single-tenant commercial retail properties. The Company also invests in property developments and mortgage loans secured by real estate. It owns or has investments in 864 properties located in 46 states. It has a portfolio of high-performing properties leased by high-quality tenants in a variety of industries. The Company focuses on tenants in industries where a physical location is key to the generation of sales and profits, with a focus on necessity goods and essential services in the retail sector, including grocers, convenience stores, discount stores, home improvement, quick-service restaurants, general retail, and auto parts, all of which it refers to as defensive retail industries. Its tenants include Dollar General, Home Depot, and Tractor Supply.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	195	163	132	96.3	59.1	–
Revenue growth	19.8%	23.4%	37.0%	62.8%	75.3%	42.0%
EPS (basic, normalized)	0.08	−0.16	0.11	0.16	0.08	–
EPS growth	–	–	−31.2%	100.0%	–	–
Gross margin	90.1%	89.3%	87.6%	87.9%	90.2%	89.0%
Net margin	3.5%	−7.3%	5.2%	8.4%	5.2%	3.0%
ROE	0.5%	−0.9%	0.6%	0.9%	0.5%	0.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	39.8
Current ratio	–
Long-term debt (mil)	1,200
Net debt (mil)	1,165
Total equity (mil)	2,003
Net debt / equity	0.58x
Net debt / EBITDA	8.53x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	195	+19.8%	17.3x	137	+14.3%	24.6x	0.08	+150.0%	219.6x
2026	244	+25.2%	13.8x	203	+48.8%	16.6x	0.29	+260.9%	60.8x
2027	288	+17.9%	11.7x	247	+21.7%	13.6x	0.38	+29.9%	46.9x
2028	348	+20.9%	9.7x	312	+26.2%	10.8x	0.41	+8.0%	43.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	244	+1.2%	+1.4%	+5.6%	0.29	−4.1%	−2.3%	−10.7%
2027	288	+2.6%	+3.7%	+8.1%	0.38	−2.9%	−1.3%	−2.6%
2028	348	+3.1%	+7.3%	+17.0%	0.41	−4.7%	+2.5%	+3.2%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	37.7	39.6	41.4	44.1	45.9	48.3	48.3	52.5	57.1	61.3
Sales mean (mil)	37.0	37.6	38.9	41.0	43.7	44.7	46.2	48.6	53.1	59.3
Surprise	+1.9%	+5.2%	+6.6%	+7.5%	+5.2%	+7.9%	+4.5%	+7.9%	+7.4%	+3.3%
EPS reported	0.01	−0.03	−0.07	−0.07	0.02	0.04	0.01	0.02	0.06	0.06
EPS mean	0.04	0.04	0.06	0.05	0.06	0.06	0.06	0.06	0.07	0.07
Surprise	−72.7%	−169.2%	−209.4%	−235.5%	−65.2%	−30.4%	−84.4%	−69.0%	−14.3%	−18.7%

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
NTST NETSTREIT Corp.	2.2B	8.53x	3.5%	1.10x	60.8x	46.9x	16.6x	13.6x
WELL Welltower Inc.	172.1B	3.89x	−4.7%	3.53x	80.9x	71.9x	35.1x	29.1x
SPG Simon Property Group Inc	70.5B	6.33x	72.7%	15.89x	33.1x	30.8x	19.1x	18.2x
PSA Public Storage	60.7B	7.23x	32.9%	4.18x	32.5x	31.9x	21.5x	19.5x
O Realty Income Corporation	53.9B	6.26x	18.4%	1.36x	36.5x	32.0x	15.5x	14.2x
VMRK Vivmark Residential	47.9B	4.55x	36.2%	2.21x	47.2x	38.9x	21.5x	14.6x
Mean		6.13x	26.5%	4.71x	48.5x	42.1x	21.6x	18.2x
Median		6.30x	25.6%	2.87x	41.8x	35.5x	20.3x	16.4x

Technical analysis

1M−3.4%
3M−19.3%
1Y−2.5%
3Y+47.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, NETSTREIT Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	195	163	132	96.3	59.1	33.7
Cost of revenue	19.2	17.4	16.4	11.7	5.8	2.6
Gross profit	176	145	115	84.6	53.3	31.2
Selling, general & administrative expenses	21.7	19.7	20.2	19.1	14.8	11.3
Research & development	–	–	–	–	–	–
Depreciation/amortization	86.4	76.9	44.5	34.2	21.4	15.5
Interest expense (income), operating	–	–	–	9.2	3.7	4.7
Unusual expense (income)	17.5	30.3	7.7	2.0	4.2	5.6
Other operating expenses	0	0	19.2	15.9	9.4	0
Operating income	50.2	18.4	24.0	4.3	−0.2	−6.0
Net interest income (expense)	−51.3	−30.3	−19.1	–	–	–
Gain (loss) on sale of assets	7.7	1.9	1.2	4.1	3.0	6.2
Other non-operating income (expense)	0.4	−1.9	0.8	0.1	0.4	0
Net income before taxes	7.0	−12.0	6.8	8.6	3.2	0.2
Provision for taxes	0.1	0	0	0.4	0.1	–
Minority interest	0	0.1	−0.1	−0.1	−0.1	0.5
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	6.9	−11.9	6.8	8.1	3.0	0.7
Extraordinary items	–	–	–	–	–	–
Net income	6.9	−11.9	6.8	8.1	3.0	0.7
EBIT, normalized	69.6	54.7	32.2	16.2	7.7	4.4
EBITDA, normalized	156	132	76.6	50.4	29.1	19.8
Basic EPS, normalized	0.08	−0.16	0.11	0.16	0.08	–

Balance sheet in millions of USD, fiscal years

Balance sheet, NETSTREIT Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	14.4	6.4	29.9	70.5	7.6	92.6
Receivables	169	161	132	59.2	5.1	2.9
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	2,184	1,839	1,544	1,269	918	538
Goodwill	–	–	–	–	–	–
Intangibles	173	164	161	151	125	75.0
Long-term investments	–	–	–	–	–	–
Note receivable	4.0	3.0	1.4	0.3	–	–
Other long-term assets	253	253	239	186	25.5	113
Total assets	2,614	2,259	1,946	1,606	1,068	726
Liabilities
Accounts payable	1.2	3.1	4.7	1.4	0.4	0.9
Payable/accrued	–	–	–	–	–	–
Accrued expenses	16.1	14.4	19.4	12.5	13.4	3.6
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	1,101	869	610	494	238	174
Minority interest	6.6	7.2	8.5	9.6	10.6	34.0
Other liabilities	60.5	51.8	63.0	53.1	40.3	23.6
Total liabilities	1,168	928	681	557	289	232
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.9	0.8	0.7	0.6	0.4	0.3
Additional paid-in capital	1,702	1,508	1,368	1,092	810	501
Retained earnings (accumulated deficit)	−252	−188	−112	−66.9	−35.1	−7.5
Treasury stock	–	–	–	–	–	–
Other equity	−4.6	10.2	8.9	23.7	4.1	0.2
Total equity	1,446	1,331	1,265	1,049	779	494
Total liabilities & shareholders' equity	2,614	2,259	1,946	1,606	1,068	726

Cash flow statement in millions of USD, fiscal years

Cash flow statement, NETSTREIT Corp., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	6.9	−12.0	6.9	8.2	3.1	0.2
Depreciation, depletion & amortization	86.4	76.9	63.7	50.1	30.8	15.5
Deferred taxes	–	–	–	–	–	–
Non-cash items	16.5	29.1	8.9	0	2.7	−2.9
Changes in working capital	−0.3	−3.8	0.7	−7.7	−5.1	0
Cash from operations	110	90.2	80.2	50.6	31.5	12.7
Investing activities
Capital expenditures	−608	−519	−419	−448	−462	−411
Other investing cash flows	159	86.5	−32.7	−20.0	31.8	48.5
Cash from investing	−449	−433	−452	−468	−430	−362
Financing activities
Financing cash flow items	−13.7	−2.3	−4.7	−5.0	−2.8	−0.9
Cash dividends paid	−70.2	−63.5	−51.7	−39.5	−30.2	−8.1
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	423	393	388	525	347	282
Cash from financing	339	327	331	481	314	273
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	0.1	−15.6	−40.6	62.9	−85.0	−76.7
Free cash flow	−498	−429	−339	−398	−430	−398

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.