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NETSTREIT
(NYSE:NTST)
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Rating:64Neutral
Price Target:
$23.00
▲(3.60% Upside)
Action:Reiterated
Date:07/23/26
The score is held back primarily by financial-quality concerns—especially the sharp TTM free-cash-flow swing negative and rising leverage/low ROE—despite solid revenue growth and improving profitability. Technicals are supportive with a clear multi-timeframe uptrend and neutral momentum. Guidance and sentiment from the earnings call were positive (raised AFFO and investment outlook with strong liquidity), but valuation is a meaningful headwind due to the very high P/E even with an attractive dividend yield.
Positive Factors
Portfolio Occupancy & Lease Duration
A $3B+ portfolio with ~10-year weighted lease terms and strong unit-level rent coverage materially reduces rollover risk and supports predictable contractual cash flow. Long leases and high coverage support stable rent collection and easier multi-year cashflow planning for dividends and reinvestment.
Negative Factors
Rising Leverage & Low ROE
Material balance sheet expansion financed by higher debt increases refinancing and interest risk if markets tighten, while very low trailing ROE indicates limited returns on equity capital. Over the medium term this mix pressures financial flexibility and implies returns may not cover cost of capital without continued accretive investing.
Read all positive and negative factors
Positive Factors
Negative Factors
Portfolio Occupancy & Lease Duration
A $3B+ portfolio with ~10-year weighted lease terms and strong unit-level rent coverage materially reduces rollover risk and supports predictable contractual cash flow. Long leases and high coverage support stable rent collection and easier multi-year cashflow planning for dividends and reinvestment.
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
$2.19B
Dividend Yield4.06%
Average Volume (3M)2.51M
Price to Earnings (P/E)150.3
Beta (1Y)0.32
Revenue Growth21.86%
EPS GrowthN/A
CountryUS
Employees29
SectorReal Estate
Sector Strength53
IndustryREIT - Retail
Share Statistics
EPS (TTM)0.14
Shares Outstanding101,528,000
10 Day Avg. Volume1,513,512
30 Day Avg. Volume2,511,965
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$23.55Price Target Upside6.08% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)0.3
Revenue Forecast (FY)$231.29M
NETSTREIT Business Overview & Revenue Model
Company Description
NETSTREIT is an internally managed Real Estate Investment Trust (REIT), headquartered in Dallas, Texas, specializing in the nationwide acquisition of single-tenant net lease retail properties. The company maintains an expanding portfolio of premiu...
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:Jul 22, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
Overall the call conveyed predominantly positive momentum: tangible growth in portfolio size and Q2 investment activity, stronger full-year investment and AFFO guidance, robust liquidity and conservative leverage, and successful capital markets execution (ATM and S&P 600 inclusion). Remaining risks discussed were manageable and mostly operational or timing-related (impairment from dispositions, G&A growth, forward-equity dilution, and limited visibility into the back half), and management emphasized disciplined underwriting and portfolio optimization to mitigate these.Positive Updates
Portfolio Scale and Composition
Portfolio grown to over $3.0 billion in assets with 859 investments leased to 156 tenants across 28 industries and 46 states; weighted average lease term ~10 years and unit-level rent coverage healthy at 3.8x.
Negative Updates
Small Net Income and One-Time Impairment
Reported GAAP net income of $6.3 million ($0.06 per share) in the quarter and recognized a $4.2 million impairment charge tied to dispositions; company noted impairments were largely offset by gains on sale but impairments reflect mark-to-market impacts on some legacy assets.
Read all updates
Q2-2026 Updates
Positive
Negative
Portfolio Scale and Composition
Portfolio grown to over $3.0 billion in assets with 859 investments leased to 156 tenants across 28 industries and 46 states; weighted average lease term ~10 years and unit-level rent coverage healthy at 3.8x.
Read all positive updates
Company Guidance
NETSTREIT raised its 2026 guidance, increasing net investment activity to $700–$800 million and setting AFFO per share at $1.37–$1.39 (which now includes $0.05–$0.08 of estimated dilution from outstanding forward equity, equal to ~3.6–5.9 million shares); management also expects cash G&A of $16.5–$17.0 million (exclusive of transaction costs and severance), has prefunded equity for the remainder of 2026, and declared a quarterly dividend of $0.225 per share payable September 15 (record September 1); the company highlights a conservative balance sheet with adjusted net debt of $672.2 million, adjusted net debt/annualized adjusted EBITDA of 3.2x (below its 4.5–5.5x target range), total liquidity of approximately $1.1 billion (≈$20M cash, $301M revolver availability, $714M unsettled forward equity, $50M undrawn term loan), a weighted average debt maturity of ~3.6 years, and a weighted average interest rate of ~4.3%.NETSTREIT Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
61
Positive
Cash Flow
49
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 216.21M | 195.01M | 162.78M | 131.91M | 96.28M | 59.14M |
| Gross Profit | 195.22M | 175.58M | 145.00M | 115.04M | 83.75M | 52.64M |
| EBITDA | 168.77M | 151.70M | 114.60M | 107.53M | 70.72M | 37.24M |
| Net Income | 13.91M | 6.90M | -11.94M | 6.84M | 8.12M | 3.05M |
Balance Sheet | ||||||
| Total Assets | 3.04B | 2.61B | 2.26B | 1.95B | 1.61B | 1.07B |
| Cash, Cash Equivalents and Short-Term Investments | 20.05M | 14.47M | 14.32M | 29.93M | 65.84M | 7.60M |
| Total Debt | 1.42B | 1.12B | 894.28M | 640.25M | 529.79M | 267.09M |
| Total Liabilities | 1.46B | 1.16B | 921.21M | 672.80M | 547.27M | 278.63M |
| Stockholders Equity | 1.57B | 1.45B | 1.33B | 1.26B | 1.05B | 779.17M |
Cash Flow | ||||||
| Free Cash Flow | -361.70M | 109.46M | 90.16M | 80.12M | 49.44M | 30.75M |
| Operating Cash Flow | 119.84M | 109.51M | 90.16M | 80.16M | 50.65M | 31.48M |
| Investing Cash Flow | -799.35M | -448.84M | -432.88M | -451.95M | -468.36M | -430.13M |
| Financing Cash Flow | 679.82M | 339.48M | 327.10M | 331.18M | 480.65M | 313.61M |
NETSTREIT Technical Analysis
Positive
22.20
Price Trends
20.86
Positive
20.35
Positive
19.26
Positive
Market Momentum
0.20
Positive
48.86
Neutral
16.30
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NTST, the sentiment is Positive. The current price of 22.2 is above the 20-day moving average (MA) of 21.76, above the 50-day MA of 20.86, and above the 200-day MA of 19.26, indicating a neutral trend. The MACD of 0.20 indicates Positive momentum. The RSI at 48.86 is Neutral, neither overbought nor oversold. The STOCH value of 16.30 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $2.81B | 23.06 | 7.39% | 5.58% | 9.65% | 2.28% | |
71 Outperform | $2.11B | 20.44 | 9.27% | 5.53% | 9.28% | 41.75% | |
71 Outperform | $1.82B | 10.44 | 49.14% | 3.73% | 10.29% | 160.54% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $2.19B | 150.32 | 0.96% | 3.92% | 21.86% | ― | |
55 Neutral | $355.59M | 93.47 | 1.86% | 5.71% | 24.02% | ― |
* Real Estate Sector Average
NTST
NETSTREIT
21.39
3.63
20.42%
GTY
Getty Realty
33.95
7.27
27.24%
FCPT
Four Corners Property
25.30
1.36
5.69%
PINE
Alpine Income Property Trust Inc
20.29
6.89
51.45%
CBL
CBL & Associates Properties
58.46
32.05
121.36%
NETSTREIT Corporate Events
Business Operations and StrategyDividendsFinancial DisclosuresPrivate Placements and Financing
NETSTREIT Reports Strong Q2 Results and Dividend Increase
Positive
Jul 22, 2026
NETSTREIT Corp. is a Dallas-based real estate investment trust that specializes in net lease properties, generating rental income from a portfolio that is currently 100% occupied. The company focuses on investments with attractive cash yields and ...
Business Operations and StrategyFinancial Disclosures
NETSTREIT Highlights Strong Portfolio Quality and Capital Position
Positive
Jun 16, 2026
On June 16, 2026, NETSTREIT Corp. released an updated investor presentation outlining its current portfolio composition, credit quality and capital position. The company highlighted that 88.1% of its tenants are necessity, discount or service-orie...
Business Operations and StrategyFinancial Disclosures
NETSTREIT Highlights Strong Portfolio and Balance Sheet Position
Positive
Jun 2, 2026
On June 2, 2026, NETSTREIT released an updated investor presentation outlining its portfolio composition, balance sheet strength and recent investment activity for use in meetings with investors. The materials highlight that 88.1% of annual base r...
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...
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.