Netstreit Corp. (NTST)
NYSE:NTST
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NETSTREIT
(NYSE:NTST)
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Rating:64Neutral
Price Target:
$22.00
▲(5.57% Upside)
Action:Reiterated
Date:05/16/26
The score is driven primarily by mixed financial performance—steady revenue and operating cash flow, but thin/volatile net income and sharply negative TTM free cash flow. Earnings call updates were a clear positive (raised investment and AFFO guidance, strong acquisition momentum and liquidity), while valuation is a notable drag due to the very high P/E; technicals are mildly supportive with neutral momentum.
Positive Factors
High portfolio occupancy & lease duration
Extremely high occupancy and a long weighted average lease term materially reduce near-term rollover and vacancy risk. With hundreds of freestanding net‑leased assets across states and multi‑year contractual rents, cash flow stability is structurally stronger and supports predictable AFFO over 2–6 months.
Negative Factors
Volatile free cash flow
A sharply negative trailing free cash flow figure signals timing mismatches or elevated investment funding that can constrain distributable cash and limit optionality. Persistent FCF volatility raises execution risk for dividends, growth or deleveraging if acquisitions or equity proceeds slow over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
High portfolio occupancy & lease duration
Extremely high occupancy and a long weighted average lease term materially reduce near-term rollover and vacancy risk. With hundreds of freestanding net‑leased assets across states and multi‑year contractual rents, cash flow stability is structurally stronger and supports predictable AFFO over 2–6 months.
Read all positive factors
NETSTREIT Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down income across different business areas, revealing which segments drive growth and profitability, and where strategic adjustments might be needed.
Breaks down income across different business areas, revealing which segments drive growth and profitability, and where strategic adjustments might be needed.
Data provided by:
The Fly
The FlyNETSTREIT (NTST) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.99B
Dividend Yield4.61%
Average Volume (3M)1.35M
Price to Earnings (P/E)79.1
Beta (1Y)0.38
Revenue Growth20.51%
EPS GrowthN/A
CountryUS
Employees22
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.12
Shares Outstanding97,260,605
10 Day Avg. Volume1,188,176
30 Day Avg. Volume1,345,925
Financial Highlights & Ratios
PEG Ratio-1.39
Price to Book (P/B)1.01
Price to Sales (P/S)7.48
P/FCF Ratio13.33
Enterprise Value/Market Cap1.47
Enterprise Value/Revenue14.36
Enterprise Value/Gross Profit15.91
Enterprise Value/Ebitda17.94
Forecast
1Y Price Target
$22.66Price Target Upside8.73% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)0.32
Revenue Forecast (FY)$226.16M
NETSTREIT Business Overview & Revenue Model
Company Description
NETSTREIT is an internally managed Real Estate Investment Trust (REIT) based in Dallas, Texas that specializes in acquiring single-tenant net lease retail properties nationwide. The growing portfolio consists of high-quality properties leased to e...
How the Company Makes Money
NETSTREIT makes money primarily by collecting rental income from tenants across its portfolio of single-tenant net-leased properties. Under net leases (often structured as triple-net leases), tenants are generally responsible for paying most prope...
NETSTREIT Earnings Call Summary
Earnings Call Date:Apr 20, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call conveyed a largely positive operational and financial picture: NETSTREIT reported strong Q1 acquisition activity with attractive yields and long lease terms, increased full-year investment and AFFO guidance, reported AFFO growth of 6.3% YoY, and demonstrated a conservative, liquid balance sheet with ample capital to fund growth. Key risks discussed include dilution from outstanding forward equity (included in guidance), a small set of watchlist tenants/assets, higher absolute G&A, and caution around macro/interest rate-driven cap rate movement. These lowlights were framed as manageable and known, while the company emphasized execution, discipline, and ample liquidity to pursue opportunities.Positive Updates
Strong Q1 Acquisition Activity
Closed $239 million of gross investment activity in Q1 at an attractive blended cash yield of 7.5% and a weighted average lease term (WALT) on acquisitions of 14.1 years; management noted continued momentum and a deep sourcing pipeline.
Negative Updates
Dilution Risk from Forward Equity / Treasury Stock Method
AFFO guidance includes estimated dilution of $0.03 to $0.06 per share due to outstanding forward equity; $606 million of unsettled forward equity remains in liquidity, and management expects ongoing treasury-method dilution as shares are settled and stock price is modeled to rise during the year.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Q1 Acquisition Activity
Closed $239 million of gross investment activity in Q1 at an attractive blended cash yield of 7.5% and a weighted average lease term (WALT) on acquisitions of 14.1 years; management noted continued momentum and a deep sourcing pipeline.
Read all positive updates
Company Guidance
NETSTREIT raised its full‑year 2026 net investment activity guidance to $550–$650 million and bumped the bottom end of AFFO per share guidance to $1.36–$1.39 (guidance now includes $0.03–$0.06 of estimated dilution from outstanding forward equity), while maintaining cash G&A guidance of $16–$17 million and modeling bad‑debt/credit losses around ~50 bps; the company emphasized it has ample liquidity ($1.1 billion: ~$11 million cash, $412 million revolver availability, $606 million unsettled forward equity, $100 million undrawn term loan), raised $304.1 million net from 16.6 million forward/ATM shares in Q1, and noted a conservative balance sheet with adjusted net debt ~$629 million, adjusted net debt / annualized EBITDAre of 3.2x (vs. 4.5–5.5x target), weighted average debt maturity ~3.8 years, weighted average interest rate ~4.27%, no material maturities until Feb 2028 (including extensions), and a declared quarterly dividend of $0.22 per share payable June 15 (record June 1).NETSTREIT Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
64
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 203.21M | 195.01M | 162.78M | 131.91M | 96.28M | 59.14M |
| Gross Profit | 183.38M | 175.58M | 145.00M | 115.04M | 83.75M | 52.64M |
| EBITDA | 162.61M | 154.86M | 126.50M | 96.26M | 64.41M | 37.53M |
| Net Income | 10.90M | 6.90M | -11.94M | 6.84M | 8.12M | 3.05M |
Balance Sheet | ||||||
| Total Assets | 2.81B | 2.61B | 2.26B | 1.95B | 1.61B | 1.07B |
| Cash, Cash Equivalents and Short-Term Investments | 11.06M | 14.47M | 14.32M | 29.93M | 65.84M | 7.60M |
| Total Debt | 1.24B | 1.12B | 894.28M | 640.25M | 529.79M | 267.09M |
| Total Liabilities | 1.30B | 1.16B | 921.21M | 672.80M | 547.27M | 278.63M |
| Stockholders Equity | 1.51B | 1.45B | 1.33B | 1.26B | 1.05B | 779.17M |
Cash Flow | ||||||
| Free Cash Flow | -125.72M | 109.46M | 90.16M | 80.12M | 49.44M | 30.75M |
| Operating Cash Flow | 113.73M | 109.51M | 90.16M | 80.16M | 50.65M | 31.48M |
| Investing Cash Flow | -612.23M | -448.84M | -432.88M | -451.95M | -468.36M | -430.13M |
| Financing Cash Flow | 495.35M | 339.48M | 327.10M | 331.18M | 480.65M | 313.61M |
NETSTREIT Technical Analysis
Neutral
20.84
Price Trends
20.08
Negative
19.58
Positive
18.70
Positive
Market Momentum
0.03
Positive
42.26
Neutral
15.31
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NTST, the sentiment is Neutral. The current price of 20.84 is above the 20-day moving average (MA) of 20.47, above the 50-day MA of 20.08, and above the 200-day MA of 18.70, indicating a neutral trend. The MACD of 0.03 indicates Positive momentum. The RSI at 42.26 is Neutral, neither overbought nor oversold. The STOCH value of 15.31 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for NTST.
NETSTREIT Risk Analysis
NETSTREIT disclosed 55 risk factors in its most recent earnings report. NETSTREIT reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
NETSTREIT Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $2.02B | 17.87 | 8.76% | 6.77% | 8.23% | 24.98% | |
74 Outperform | $2.78B | 21.30 | 7.39% | 6.10% | 10.16% | 3.37% | |
71 Outperform | $1.46B | 6.24 | 49.14% | 6.79% | 10.29% | 160.54% | |
69 Neutral | $1.95B | 50.09 | 11.26% | 3.97% | 5.91% | 59.55% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $1.99B | 79.09 | 0.78% | 4.61% | 20.51% | ― | |
54 Neutral | $323.55M | 32.01 | 0.27% | 7.01% | 19.95% | -181.87% |
* Real Estate Sector Average
NTST
NETSTREIT
20.06
4.78
31.26%
GTY
Getty Realty
33.12
6.00
22.11%
WSR
Whitestone REIT
18.99
7.24
61.69%
FCPT
Four Corners Property
24.97
-0.66
-2.58%
PINE
Alpine Income Property Trust Inc
19.34
5.18
36.57%
CBL
CBL & Associates Properties
47.81
24.47
104.82%
NETSTREIT Corporate Events
Executive/Board ChangesShareholder Meetings
NETSTREIT Shareholders Back Board, Pay and Auditor Slate
Positive
May 15, 2026
On May 14, 2026, NETSTREIT Corp. held its annual meeting of stockholders, where shareholders elected all seven director nominees, including CEO Mark Manheimer and chair Lori Wittman, with strong majorities despite slightly higher opposition to dir...
Business Operations and StrategyFinancial Disclosures
NETSTREIT Highlights Resilient Retail Net-Lease Portfolio Strength
Positive
May 5, 2026
On May 5, 2026, NETSTREIT released an investor presentation outlining a highly occupied and diversified retail net-lease portfolio, with 99.9% occupancy, 88.1% exposure to necessity, discount and service tenants, and 58.3% of annual base rent from...
Business Operations and StrategyPrivate Placements and Financing
NETSTREIT Launches New $400 Million ATM Equity Program
Positive
Apr 21, 2026
On April 21, 2026, NETSTREIT Corp. and its operating partnership launched a new at-the-market equity offering program, entering into a $400 million common stock sales agreement with a broad syndicate of banks and brokers that can act as sales agen...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
NETSTREIT Raises 2026 AFFO Guidance After Strong Quarter
Positive
Apr 20, 2026
On April 20, 2026, NETSTREIT reported first-quarter 2026 results, posting net income of $0.06 per diluted share and adjusted funds from operations of $0.34, reflecting year-over-year AFFO growth alongside improved FFO metrics. The company executed...
Business Operations and StrategyFinancial Disclosures
NETSTREIT Highlights Strong Portfolio, Liquidity in Investor Update
Positive
Mar 2, 2026
On March 2, 2026, NETSTREIT Corp. released an investor presentation highlighting the strength of its retail net lease portfolio, which was 99.9% occupied at year-end 2025 with a weighted average lease term of 10.1 years and 87% of rent coming from...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.