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 holds the edge across 3 of 5 key metrics in this comparison. NNN leads on both 1-year return (+3.06%) and forward P/E quality (21.42x vs 39.10x for O), a relatively favorable combination of momentum and valuation. On fundamentals, O is growing revenue faster (9.60%), while NNN maintains the higher operating margin (61.70%) — a classic growth-versus-profitability split. Analyst consensus implies meaningfully more upside for O (+10.06%) than for NNN (+5.76%).
Human Wall Street analysts' price targets, typically implying a ~12-month view — a separate signal from this site's own AI Prediction Signal further down the page, which is a 5-/30-day machine-learning forecast based on price history alone.
- 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 scorei | 26.6 | 40.1 |
| AI ranki | #2478 | #1184 |
| Latest closei | $41.70 | $57.58 |
| 1M returni | +1.83% | +6.37% |
| 3M returni | -12.19% | -9.29% |
| 6M returni | -5.36% | -9.25% |
| 1Y returni | +3.06% | -0.69% |
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 | $10.2K (+2.0%) started 2025-11-03 | $9.89K (-1.1%) started 2025-11-03 |
| 5Y ago | $8.98K (-10.2%) started 2021-11-03 | $11.97K (+19.7%) started 2021-11-03 |
| 10Y ago | $9.63K (-3.7%) started 2016-11-03 | $25.44K (+154.4%) started 2016-11-03 |
Hypothetical — past performance does not guarantee future results.
| Metric | NNN | O |
|---|---|---|
| Market capi | $8.57B | $58.65B |
| Trailing P/Ei | 22.20 | 45.24 |
| Forward P/Ei | 21.42 | 39.10 |
| Price/Salesi | N/A | 9.36 |
| EV/Revenuei | 14.35 | 15.13 |
| Analyst targeti | $47.67 | $68.21 |
| Target upsidei | +5.76% | +10.06% |
| Metric | NNN | O |
|---|---|---|
| Revenue growthi | 7.70% | 9.60% |
| Earnings growthi | -3.70% | 69.20% |
| EPS growthi | -3.70% | +69.20% |
| FCF margini | -143.91% | +26.08% |
| Operating margini | 61.70% | 46.97% |
| Profit margini | 40.35% | 20.90% |
| ROIC proxyi | 8.72% | 3.23% |
| Return on equityi | 8.72% | 3.23% |
| Dividend yieldi | 5.48% | 5.25% |
| Payout ratioi | 118.81% | 234.71% |
| Dividend growth streaki | N/A | No increase yet |
| Betai | 0.78 | 0.72 |
| Debt/equityi | 112.12 | 74.72 |
| Current ratioi | 0.18 | 1.53 |
| Quick ratioi | 0.12 | 0.74 |
Over the past year, NNN and O have moved strongly in the same direction (correlation of 0.83), based on daily returns.
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 | Growthi | +1.98% | -1.07% |
| CAGRi | +1.99% | -1.07% | |
| Volatilityi | 17.46% | 17.09% | |
| Sharpe ratioi | -0.06 | -0.24 | |
| Sortino ratioi | -0.08 | -0.33 | |
| Max drawdowni | 19.66% | 21.03% | |
| Current drawdowni | 15.91% | 14.77% | |
| Avg drawdowni | 5.00% | 6.74% | |
| Ulcer Indexi | 7.38% | 8.63% | |
| Max daily dropi | 4.00% | 3.54% | |
| Max wkly dropi | 6.01% | 6.27% | |
| 5Y | Growthi | -10.23% | -1.63% |
| CAGRi | -2.14% | -0.33% | |
| Volatilityi | 19.73% | 18.96% | |
| Sharpe ratioi | -0.24 | -0.16 | |
| Sortino ratioi | -0.33 | -0.22 | |
| Max drawdowni | 28.35% | 34.47% | |
| Current drawdowni | 15.91% | 14.77% | |
| Avg drawdowni | 11.65% | 12.56% | |
| Ulcer Indexi | 13.06% | 14.31% | |
| Max daily dropi | 5.52% | 5.67% | |
| Max wkly dropi | 11.62% | 8.54% | |
| 10Y | Growthi | -3.65% | +56.31% |
| CAGRi | -0.37% | +4.57% | |
| Volatilityi | 28.06% | 25.52% | |
| Sharpe ratioi | -0.03 | 0.13 | |
| Sortino ratioi | -0.04 | 0.17 | |
| Max drawdowni | 55.19% | 48.28% | |
| Current drawdowni | 29.21% | 14.77% | |
| Avg drawdowni | 20.93% | 11.78% | |
| Ulcer Indexi | 24.04% | 14.38% | |
| Max daily dropi | 24.42% | 24.93% | |
| Max wkly dropi | 43.12% | 42.22% |
| Category | NNN | O |
|---|---|---|
| Company | National Retail Properties, Inc. | Realty Income Corporation |
| Sector | Real Estate | Real Estate |
| Industry | REIT - Retail | 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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