NNN vs O Stock Comparison: AI Score, Valuation, Performance and Upside
NNN and O are both long-established net lease REITs with exceptional dividend growth track records, with NNN being smaller and more concentrated in specific retail subcategories like convenience stores, while O is much larger, more diversified, and has expanded internationally. Both are considered among the most reliable dividend growth REITs in the sector.
NNN vs O compares two of the net lease REIT sector's most consistent dividend growers, contrasting National Retail Properties' smaller, more focused portfolio against Realty Income's larger, more diversified global scale.
NNN and O are closely matched — they split the tracked metrics evenly. NNN leads on both 1-year return (+11.62%) and forward P/E (21.44x vs 36.44x for O), a relatively favorable combination of momentum and valuation. Analyst consensus implies meaningfully more upside for O (+8.66%) than for NNN (+2.74%).
- →Want exposure to one of the REIT sector's longest dividend increase streaks
- →Value a conservative, disciplined underwriting approach
- →Prefer a more concentrated focus on resilient retail subcategories
- →Want exposure to the largest, most diversified net lease REIT
- →Value Realty Income's exceptional monthly dividend track record
- →Prefer broader diversification across property types and geographies
| Metric | NNN | O |
|---|---|---|
| AI score | 25.7 | 39.8 |
| AI rank | #2702 | #1127 |
| Latest close | $45.00 | $60.24 |
| 1M return | +0.36% | -2.98% |
| 6M return | +13.80% | +4.29% |
| 1Y return | +11.62% | +4.71% |
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | NNN | O |
|---|---|---|
| 1Y ago | $11.83K (+18.3%) started 2025-06-18 | $10.46K (+4.6%) started 2025-06-18 |
| 5Y ago | $16.8K (+68.0%) started 2021-06-18 | $13.81K (+38.1%) started 2021-06-21 |
| 10Y ago | $29.33K (+193.3%) started 2016-06-20 | $24.53K (+145.3%) started 2016-06-20 |
Hypothetical — past performance does not guarantee future results.
| Metric | NNN | O |
|---|---|---|
| Market cap | $8.56B | $58.49B |
| Trailing P/E | 21.95 | 51.41 |
| Forward P/E | 21.44 | 36.44 |
| Price/Sales | 9.15 | 9.36 |
| EV/Revenue | 14.57 | 15.26 |
| Analyst target | $46.23 | $68.15 |
| Target upside | +2.74% | +8.66% |
| Metric | NNN | O |
|---|---|---|
| Revenue growth | 4.10% | 12.00% |
| Earnings growth | -2.70% | 17.90% |
| EPS growth | -2.70% | +17.90% |
| FCF margin | -148.90% | +30.32% |
| Operating margin | N/A | 45.53% |
| Profit margin | 41.38% | 18.90% |
| ROIC proxy | 8.85% | 2.83% |
| Return on equity | 8.85% | 2.83% |
| Dividend yield | 5.27% | 5.18% |
| Beta | 0.79 | 0.73 |
| Debt/equity | 110.44 | 73.47 |
| Current ratio | 0.16 | 2.06 |
| Quick ratio | 0.11 | 1.05 |
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | NNN | O |
|---|---|---|---|
| 1Y | Growth | +11.62% | +4.62% |
| CAGR | +11.63% | +4.63% | |
| Sharpe ratio | 0.48 | 0.08 | |
| Max drawdown | 8.83% | 11.86% | |
| Max daily drop | 4.00% | 3.54% | |
| Max wkly drop | 6.01% | 6.27% | |
| 5Y | Growth | +24.57% | +11.17% |
| CAGR | +4.49% | +2.14% | |
| Sharpe ratio | 0.09 | -0.03 | |
| Max drawdown | 25.22% | 34.47% | |
| Max daily drop | 5.42% | 5.67% | |
| Max wkly drop | 11.62% | 8.54% | |
| 10Y | Growth | +56.61% | +47.29% |
| CAGR | +4.59% | +3.95% | |
| Sharpe ratio | 0.14 | 0.11 | |
| Max drawdown | 54.99% | 48.28% | |
| Max daily drop | 24.42% | 24.93% | |
| Max wkly drop | 43.12% | 42.22% |
| Category | NNN | O |
|---|---|---|
| Company | National Retail Properties, Inc. | Realty Income Corporation |
| Sector | Real Estate - Net Lease REIT | Real Estate |
| Industry | N/A | REIT - Retail |
| Core business | National Retail Properties is a net lease REIT focused on single-tenant retail properties, primarily in convenience stores, restaurants, and automotive service categories, leased under long-term net leases. | Realty Income is a large-cap net lease REIT, known as 'The Monthly Dividend Company,' owning thousands of single-tenant retail and industrial properties leased to mostly investment-grade tenants under long-term net leases. |
| Investor focus | Investors track National Retail Properties' long dividend increase streak (one of the longest in the REIT sector), acquisition cap rates, and tenant diversification across retail subcategories. | Investors track Realty Income's monthly dividend growth streak, acquisition volume and cap rates, and tenant credit quality and diversification across its massive property portfolio. |
- →One of the longest consecutive annual dividend increase streaks in the entire REIT sector
- →Conservative balance sheet and disciplined underwriting approach
- →Diversified across resilient retail subcategories like convenience and automotive services
- →Massive scale and diversification across thousands of properties and tenants
- →Long, consistent track record of monthly dividend payments and annual increases
- →Investment-grade balance sheet provides low-cost access to capital for acquisitions
- →Smaller scale than Realty Income limits some diversification and capital cost advantages
- →Retail-concentrated portfolio carries some exposure to e-commerce disruption in certain subcategories
- →Slower growth profile than some smaller, faster-growing net lease peers
- →Large scale can make it harder to find acquisitions that meaningfully move growth
- →Interest rate sensitivity affects both valuation and cost of capital for acquisitions
- →Increasing international expansion into Europe introduces some currency and market risk
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