At a glance
Netstreit Corp is worth $2.16B, about 215 times its fiscal 2025 earnings. Revenue grew 19.8% to $195.0M in fiscal 2025, with 3.5% kept as profit; over 5 years it has grown 42.0% a year. It pays a 5.19% dividend yield, raised every year for at least 3 years, and returned $260.0M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −4.4% over the past year with dividends reinvested and −3.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 24.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 40 months after the low.
The business in plain English
NETSTREIT is a real estate investment trust (REIT), a company that must pay out most of its taxable income as dividends. It owns single-tenant retail buildings across the United States and rents them on long-term net leases. Under a net lease, the tenant usually pays property taxes, insurance and upkeep on top of rent. As of December 31, 2025, it owned or had investments in 761 properties, with 129 tenants across 28 retail sectors in 45 states.
Tenants include grocers, convenience and discount stores, home improvement and auto parts retailers, and quick-service restaurants. The company views these businesses as resistant to online shopping. As of that date, about 44% of annualized base rent (yearly contracted rent) came from tenants with investment-grade credit ratings. Another 14% came from tenants with similar finances but no published rating. Occupancy was 99.9%, with leases averaging 10.1 years remaining. NETSTREIT also earns interest on loans secured by properties and funds new store developments. Revenue was $195.0 million in fiscal 2025, up 19.8%.
It targets smaller deals of $1 million to $10 million, a niche it sees as overlooked by large buyers. Its average purchase price was $3.7 million. The 10-K gives no revenue split by segment or region. The company aims to hold any one tenant to 5% of rent and any sector or state to 15%.
Price history
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NTST -4.4% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $66.3M, up 37.2% from a year earlier, and net income was $8.5M (+1271.7%).
- For fiscal 2025, revenue was $195.0M (+19.8% year over year; +42.0% a year from FY2020 to FY2025) with a 3.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +42.0% good |
|---|---|
| Free cash flow margin | 56.1% good |
| Return on equity (FY2025) | 0.5% weak |
| Return on assets (FY2025) | 0.3% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $33.7M | $688K | $12.7M |
| FY2021 | $59.1M | $3.0M | $30.7M |
| FY2022 | $96.3M | $8.1M | $49.4M |
| FY2023 | $131.9M | $6.8M | $80.1M |
| FY2024 | $162.8M | $-11.9M | $90.2M |
| FY2025 | $195.0M | $6.9M | $109.5M |
Valuation snapshot
| Market value | $2.16B |
|---|---|
| P/E ratio | 214.5 |
| Dividend yield | 5.19% |
Rank among 1514 US companies
Market value at each year end
Netstreit’s market value went from $545.3M at the end of 2020 to $2.16B on Oct 28, 2026, about 4.0 times as much; since the end of 2025 it is up 46%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.16B | +46.3% |
| 2025 | $1.47B | +27.7% |
| 2024 | $1.15B | -5.9% |
| 2023 | $1.23B | +21.9% |
| 2022 | $1.01B | +10.9% |
| 2021 | $907.4M | +66.4% |
| 2020 | $545.3M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| NTST price data to Oct 28, 2026 | +0.6% | -4.4% | +13.0% | -3.3% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +0.6% |
| 2025 | +31.2% |
| 2024 | -16.6% |
| 2023 | +2.1% |
| 2022 | -16.8% |
| 2021 | +21.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 18.3% over that stretch · deepest drop along the way 24.9%, back to its old high 40.2 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 2 open-market purchases ($120K) and 1 sales ($150K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 23, 2026 | Robin McBride Zeigler Director | sell | $150K |
| Jun 18, 2026 | Mark Manheimer President, CEO and Secretary, Director | buy | $96K |
| Sep 4, 2026 | Daniel P Donlan CFO and Treasurer | buy | $24K |
Who owns it
Large shareholders (13G filings)
| Cohen & Steers, Inc. | 16.75% | Jun 30, 2026 |
| BlackRock, Inc. | 13.9% | Jun 30, 2026 |
| PRINCIPAL REAL ESTATE INVESTORS, LLC | 8.8% | Jun 30, 2026 |
| Vanguard Portfolio Management | 6.15% | Jun 30, 2026 |
| COHEN & STEERS, INC. | 5.97% | Jun 30, 2025 |
| THE GOLDMAN SACHS GROUP, INC. | 5.7% | Jun 30, 2026 |
| STATE STREET CORPORATION | 5.3% | Jun 30, 2026 |
| Vanguard Capital Management | 5.25% | Jun 30, 2026 |
| BlackRock Portfolio Management LLC | 4.96% | Sep 30, 2026 |
| T. Rowe Price Investment Management, Inc. | 4.2% | Sep 30, 2025 |
| BANK OF AMERICA CORP /DE/ | 3.5% | Jun 30, 2026 |
| Millennium Management LLC | 3.1% | Sep 30, 2026 |
| TEACHERS ADVISORS, LLC | 2.47% | Jun 30, 2026 |
| PRUDENTIAL FINANCIAL INC | 1.8% | Mar 31, 2026 |
| TIAA CREF INVESTMENT MANAGEMENT LLC | 1.64% | Jun 30, 2026 |
| Nuveen Asset Management, LLC | 1.35% | Jun 30, 2026 |
ETFs with the most weight in NTST
| NETL NETLease Corporate Real Estate ETF | 4.42% |
| TXSS Texas Capital Texas Small Cap Equity Index ETF | 2.51% |
| RDOG ALPS REIT Dividend Dogs ETF | 2.43% |
| SMLV SPDR SSGA US Small Cap Low Volatility Index ETF | 0.48% |
| PPTY US Diversified Real Estate ETF | 0.4% |
| IWC iShares Micro-Cap ETF | 0.38% |
| FYC First Trust Small Cap Growth AlphaDEX Fund | 0.25% |
| SMMV iShares MSCI USA Small-Cap Min Vol Factor ETF | 0.22% |
What could go wrong
- Its store-based retail bet could prove wrong. NETSTREIT's strategy assumes grocers, discount stores and similar tenants will keep needing physical locations. The company itself warns that its view that these businesses resist online shopping and recessions may prove wrong.
- Trouble at a large tenant. Problems at one of its biggest tenants could cut rental income. The company targets no more than 5% of rent from any single tenant but says it may accept higher concentrations for a time.
- One tenant per building means all-or-nothing rent. If a tenant defaults, its building may earn no rent until it is leased again. A bankrupt tenant's lease can be terminated, and finding a replacement on good terms may take time or fail.
- Loans to property owners could go bad. NETSTREIT also lends money backed by real estate. If a borrower stops paying, the company may have to take over the property and could recover less than it lent.
- Growth relies on new shares and debt. Expansion depends on outside money that may not always be available on good terms. Shares outstanding rose about 217% from October 2021 to October 2026, and issuing more shares can shrink each holder's stake.
- Debt and rising interest rates. Total debt was about $1.20 billion as of September 30, 2026. Higher interest rates raise the cost of new and refinanced debt, and a credit rating downgrade could make borrowing more expensive.
Recent events
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Investor presentation or announcement
- Executive or board change
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Investor presentation or announcement
- Shareholder vote results
- Investor presentation or announcement
For income and retirement investors
NETSTREIT has raised its regular dividend for 3 straight fiscal years, from $0.80 per share in fiscal 2022 to $0.85 in fiscal 2025. The yield was 5.19% as of October 28, 2026. Dividends used about 64% of free cash flow (cash from operations after capital spending) in fiscal 2025. Measured against net income, the payout topped 1,000%. But depreciation, a non-cash charge, shrinks REIT earnings, so cash flow is the better gauge. Buybacks were small: $4.9 million over fiscal 2021–2025, against $255.1 million in dividends. Meanwhile, the share count rose about 217% from October 2021 to October 2026.
The stock began trading in August 2020, so it has no record in the 2008 crisis or the 2020 COVID crash. In the 2022 bear market, it fell 24.9% from April 13 to September 29, 2022. It did not regain that peak until February 5, 2026, about 40 months later. Single stocks carry more risk than diversified funds.
Questions investors ask
How does NETSTREIT make money?
NETSTREIT makes money mainly by collecting rent on single-tenant retail properties under long-term net leases, where tenants usually cover taxes, insurance and maintenance. It also earns interest on loans secured by real estate and funds new store developments. As of December 31, 2025, it owned or had investments in 761 properties in 45 states. Its annualized base rent, including loan interest, was $198.3 million. Revenue was $195.0 million in fiscal 2025, up 19.8% from fiscal 2024.
Does NETSTREIT raise its dividend every year?
Not every year. Dividends per share were $0.80 in both fiscal 2021 and 2022. They then rose for 3 straight fiscal years, to $0.81, $0.83 and $0.85 in 2023, 2024 and 2025. Dividends used about 64% of free cash flow in fiscal 2025, and the yield was 5.19% as of October 28, 2026. The 10-K cautions that the form, timing and amount of future dividends may vary, so past increases do not guarantee future ones.
What kind of tenants does NETSTREIT have?
NETSTREIT focuses on retailers selling necessities and essential services. These include grocers, convenience stores, discount stores, home improvement, quick-service restaurants, general retail and auto parts. As of December 31, 2025, it had 129 tenants across 28 retail sectors, and occupancy was 99.9%. About 44% of annualized base rent came from tenants with investment-grade credit ratings (BBB- or higher). Another 14% came from tenants the company judges to have investment-grade finances but no published rating.
Why is NETSTREIT's P/E ratio so high?
Largely because depreciation, a non-cash accounting charge for wear on buildings, shrinks REIT earnings. NETSTREIT's price-to-earnings ratio was 214.5 as of October 28, 2026, based on fiscal 2025 diluted earnings of $0.08 per share. Cash generation tells a different story: free cash flow was $109.5 million in fiscal 2025, compared with net income of $6.9 million. For this reason, many REIT investors look at cash-based measures rather than P/E.
How has NETSTREIT stock performed?
Unevenly. As of October 28, 2026, the share price was down 4.4% over one year and down 15% over five years, but up 44% over three years. Calendar-year price changes ranged from drops of 16.8% in 2022 and 16.7% in 2024 to a 31.2% gain in 2025. These figures leave out dividends, which yielded 5.19% as of the same date. The largest peak-to-trough drop since the shares began trading was 43.7%.