# Netstreit (NTST.US)

Canonical: https://gigainvestors.com/s/NTST

Analysis as of: 2026-10-16T07:30:43.848Z. Financial observations: FY2018–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $17.30 per share; close as of 2026-10-15.

Estimated value: low $13.14 per share, central $14.93 per share, high $17.32 per share. Buy at or below the central value $14.93 per share. Valuation as of 2026-10-16T07:30:43.848Z; scenarios are not confidence intervals.

Expected annual return: 9.0% at the stated quote. About 9.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 1

- Years with a net loss: 3

- Operating margin variation: 0.80×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.23×

- FY2019: -0.01×

- FY2020: -0.09×

- FY2021: 0.12×

- FY2022: 0.15×

- FY2023: 0.24×

- FY2024: 0.30×

- FY2025: 0.35×

- LTM to Jun 2026: 0.34×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 1.1%

- ROIC, second-lowest year: -0.1%

- Typical minus recent gross margin: -0.0 pp

- Typical gross margin (annual median): 89.0%

- Recent gross margin (lower of latest and 3-year median): 89.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.2%

- ROIC including acquisitions, ten-year median: 3.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 1.3%

- FY2019: -0.1%

- FY2020: -0.3%

- FY2021: 0.7%

- FY2022: 0.9%

- FY2023: 1.7%

- FY2024: 1.7%

- FY2025: 2.6%

### economics: pass

- Owner earnings / net income, 5-yr: 24.59×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $319M

- Net income, five-year total: $13M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 15.9 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 10.87×

- FY2022: 7.02×

- FY2023: 10.31×

- FY2024: -5.44×

- FY2025: 13.51×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -0.1% vs 1.7%

- Per-share earnings: -0.33 to 0.08 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 24.5%

- Diluted shares, 5-year annual growth: 24.5%

- Per-share value change: $0.41

- Per-share value, starting three-year median: -$0.33

- Per-share value, ending three-year median: $0.08

- Buybacks concentrated in cheaper years (correlation): 0.37

- Average buyback yield: 0.1%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: -0.1%

- ROIC, last three-year median: 1.7%

Chart: Earnings per share; fiscal year observations.

- FY2018: -$0.84

- FY2019: -$0.33

- FY2020: $0.03

- FY2021: $0.07

- FY2022: $0.16

- FY2023: $0.11

- FY2024: -$0.16

- FY2025: $0.08

### accounting: pass

- Sloan accruals: -3.9%

- Receivables to sales index (DSRI): 0.88×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 5.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 15.87×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.12×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -8.8%

- FY2019: -3.2%

- FY2020: -1.7%

- FY2021: -2.7%

- FY2022: -2.6%

- FY2023: -3.8%

- FY2024: -4.5%

- FY2025: -3.9%

## Holders

## Price story

Down 29% since Oct 2021 · sales +10.9%

Story as of 2026-10-16T09:59:17.290Z; price observation 2026-10-15.

Price needs cash profits to grow 2.8% a year for ten years

### Sales · FY2025–2026

sales +10.9%; source https://www.sec.gov/Archives/edgar/data/1011028/000114420407013457/v068716_10-k.htm; observed 2007-03-19.

- FY2018: $24M 

- FY2019: $20M 

- FY2020: $34M 

- FY2021: $59M 

- FY2022: $96M 

- FY2023: $132M 

- FY2024: $163M 

- FY2025: $195M 

- FY2026: $216M 

### Gross margin · FY2025

gross margin 90%; source https://www.sec.gov/Archives/edgar/data/1011028/000114420407013457/v068716_10-k.htm; observed 2007-03-19.

- FY2018: 92.7% 

- FY2019: 91.6% 

- FY2020: 83.0% 

- FY2021: 89.0% 

- FY2022: 87.0% 

- FY2023: 87.2% 

- FY2024: 89.1% 

- FY2025: 90.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are USD 195 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-03-19); FY2025: revenue 195006000; grossProfit 175577000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); NTST.US: NETSTREIT Corp. is an internally managed real estate investment trust 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-commerce resistant tenants with healthy balance sheets. Led by a management team of seasoned commercial real estate executives, NETSTREIT's strategy is to create the highest quality net lease retail portfolio in the country with the goal of generating consistent cash flows and dividends for its investors. NETSTREIT Corp. was incorporated in 2019 in Maryland and is based in Dallas, Texas.

### Why customers stay

Margins ranged from 87.2% to 90% during 2023–25; it earns 1.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-03-19); FY2023: grossProfit / revenue = 87.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-03-19); FY2024: grossProfit / revenue = 89.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-03-19); FY2025: grossProfit / revenue = 90%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-03-19); 8-year return on capital observations [[2018,0.013051707388379465],[2019,-0.0005681850873710436],[2020,-0.003476598761160526],[2021,0.006634476081509872],[2022,0.00921751457484239],[2023,0.016628920125403485],[2024,0.01729761390542915],[2025,0.026218983355810143]]; median 0.011134610981610928. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 8 years; bought back USD 753000 of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-03-19); FY2019: growth capex 0; upkeep 51000; owner earnings 2327000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-03-19); FY2020: growth capex 0; upkeep 51000; owner earnings 16138000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-03-19); FY2021: growth capex 0; upkeep 732000; owner earnings 33121000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-03-19); FY2022: growth capex 0; upkeep 1208000; owner earnings 56984000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-03-19); FY2023: growth capex 0; upkeep 35000; owner earnings 70479000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-03-19); FY2024: growth capex 0; upkeep 8000; owner earnings 64926000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-03-19); FY2025: growth capex 0; upkeep 52000; owner earnings 93225000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-03-19); Dividend observations: [[2018,10006000],[2019,5624000],[2020,8842000],[2021,31304000],[2022,39952000],[2023,51823000],[2024,63826000],[2025,70588000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-03-19); FY2025: cash repurchases 753000 USD.

### Are managers owners

Insiders own 0.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); NTST.US SharesStats.PercentInsiders = 0.634 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits grow 2.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2007-03-19); Ten-year compound average after fade. Initial solved rate 0.026497916889984485. Price 17.3; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2020-08: $18.34 per share

- 2020-09: $18.26 per share

- 2020-10: $17.54 per share

- 2020-11: $18.97 per share

- 2020-12: $19.49 per share

- 2021-01: $17.23 per share

- 2021-02: $17.57 per share

- 2021-03: $18.49 per share

- 2021-04: $20.83 per share

- 2021-05: $22.32 per share

- 2021-06: $23.06 per share

- 2021-07: $25.95 per share

- 2021-08: $25.86 per share

- 2021-09: $23.65 per share

- 2021-10: $24.24 per share

- 2021-11: $21.34 per share

- 2021-12: $22.90 per share

- 2022-01: $22.60 per share

- 2022-02: $22.14 per share

- 2022-03: $22.44 per share

- 2022-04: $21.62 per share

- 2022-05: $21.03 per share

- 2022-06: $18.87 per share

- 2022-07: $20.50 per share

- 2022-08: $19.66 per share

- 2022-09: $17.81 per share

- 2022-10: $18.82 per share

- 2022-11: $19.53 per share

- 2022-12: $18.33 per share

- 2023-01: $20.13 per share

- 2023-02: $20.19 per share

- 2023-03: $18.28 per share

- 2023-04: $18.22 per share

- 2023-05: $17.45 per share

- 2023-06: $17.87 per share

- 2023-07: $17.89 per share

- 2023-08: $16.93 per share

- 2023-09: $15.58 per share

- 2023-10: $14.25 per share

- 2023-11: $15.38 per share

- 2023-12: $17.85 per share

- 2024-01: $18.17 per share

- 2024-02: $16.81 per share

- 2024-03: $18.37 per share

- 2024-04: $16.85 per share

- 2024-05: $17.35 per share

- 2024-06: $16.10 per share

- 2024-07: $16.47 per share

- 2024-08: $16.69 per share

- 2024-09: $16.53 per share

- 2024-10: $15.50 per share

- 2024-11: $16.21 per share

- 2024-12: $14.15 per share

- 2025-01: $14.48 per share

- 2025-02: $14.96 per share

- 2025-03: $15.85 per share

- 2025-04: $16.27 per share

- 2025-05: $16.10 per share

- 2025-06: $16.93 per share

- 2025-07: $18.23 per share

- 2025-08: $18.29 per share

- 2025-09: $18.06 per share

- 2025-10: $18.62 per share

- 2025-11: $18.33 per share

- 2025-12: $17.64 per share

- 2026-01: $18.84 per share

- 2026-02: $20.77 per share

- 2026-03: $18.83 per share

- 2026-04: $20.57 per share

- 2026-05: $20.26 per share

- 2026-06: $21.13 per share

- 2026-07: $21.45 per share

- 2026-08: $20.36 per share

- 2026-09: $17.68 per share

- 2026-10: $17.30 per share

## Annual estimated value (USD per share)

- FY2022: low $11.25 per share, central $12.63 per share, high $14.46 per share

- FY2023: low $12.33 per share, central $13.98 per share, high $16.16 per share

- FY2024: low $12.57 per share, central $14.28 per share, high $16.56 per share

- FY2025: low $13.65 per share, central $15.52 per share, high $18.00 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1011028/000114420407013457/v068716_10-k.htm); period 2006-12-31, filed 2007-03-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.