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National Retail Properties (National Retail Properties) Piotroski F-Score

: 6 (As of Today)
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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

National Retail Properties has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for National Retail Properties's Piotroski F-Score or its related term are showing as below:

NNNPRDCL.PFD' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 7
Current: 6

During the past 13 years, the highest Piotroski F-Score of National Retail Properties was 7. The lowest was 4. And the median was 6.


National Retail Properties Piotroski F-Score Historical Data

The historical data trend for National Retail Properties's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

National Retail Properties Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 4.00 6.00 7.00 6.00

National Retail Properties Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 7.00 7.00 7.00 6.00

Competitive Comparison

For the REIT - Retail subindustry, National Retail Properties's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


National Retail Properties Piotroski F-Score Distribution

For the REITs industry and Real Estate sector, National Retail Properties's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where National Retail Properties's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was 90.167 + 98.704 + 106.787 + 96.682 = $392.34 Mil.
Cash Flow from Operations was 180.822 + 118.472 + 191.519 + 121.597 = $612.41 Mil.
Revenue was 204.108 + 202.64 + 205.132 + 216.231 = $828.11 Mil.
Gross Profit was 197.262 + 195.804 + 198.673 + 207.994 = $799.73 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(8146.045 + 8238.114 + 8345.935 + 8561.308 + 8661.968) / 5 = $8390.674 Mil.
Total Assets at the begining of this year (Dec22) was $8,146.05 Mil.
Long-Term Debt & Capital Lease Obligation was $4,228.54 Mil.
Total Current Assets was $51.23 Mil.
Total Current Liabilities was $166.37 Mil.
Net Income was 81.372 + 74.171 + 88.421 + 90.662 = $334.63 Mil.

Revenue was 190.279 + 190.783 + 193.471 + 198.52 = $773.05 Mil.
Gross Profit was 183.081 + 184.61 + 187.596 + 191.485 = $746.77 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(7751.054 + 7771.813 + 7804.255 + 7951.847 + 8146.045) / 5 = $7885.0028 Mil.
Total Assets at the begining of last year (Dec21) was $7,751.05 Mil.
Long-Term Debt & Capital Lease Obligation was $3,749.85 Mil.
Total Current Assets was $44.32 Mil.
Total Current Liabilities was $190.03 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

National Retail Properties's current Net Income (TTM) was 392.34. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

National Retail Properties's current Cash Flow from Operations (TTM) was 612.41. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec22)
=392.34/8146.045
=0.04816325

ROA (Last Year)=Net Income/Total Assets (Dec21)
=334.626/7751.054
=0.04317168

National Retail Properties's return on assets of this year was 0.04816325. National Retail Properties's return on assets of last year was 0.04317168. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

National Retail Properties's current Net Income (TTM) was 392.34. National Retail Properties's current Cash Flow from Operations (TTM) was 612.41. ==> 612.41 > 392.34 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=4228.544/8390.674
=0.50395761

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=3749.854/7885.0028
=0.47556787

National Retail Properties's gearing of this year was 0.50395761. National Retail Properties's gearing of last year was 0.47556787. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Dec23)=Total Current Assets/Total Current Liabilities
=51.231/166.374
=0.30792672

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=44.323/190.026
=0.23324703

National Retail Properties's current ratio of this year was 0.30792672. National Retail Properties's current ratio of last year was 0.23324703. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

National Retail Properties's number of shares in issue this year was 0. National Retail Properties's number of shares in issue last year was 0. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=799.733/828.111
=0.96573165

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=746.772/773.053
=0.96600362

National Retail Properties's gross margin of this year was 0.96573165. National Retail Properties's gross margin of last year was 0.96600362. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec22)
=828.111/8146.045
=0.10165804

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=773.053/7751.054
=0.09973521

National Retail Properties's asset turnover of this year was 0.10165804. National Retail Properties's asset turnover of last year was 0.09973521. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+1+0+1+1+0+1
=7

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

National Retail Properties has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

National Retail Properties  (NYSE:NNNPRDCL.PFD) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


National Retail Properties Piotroski F-Score Related Terms

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National Retail Properties (National Retail Properties) Business Description

Traded in Other Exchanges
Address
450 South Orange Avenue, Suite 900, Orlando, FL, USA, 32801
NNN REIT Inc is a real estate investment trust that invests in and develops properties throughout the United States. The company generates revenue from leasing properties to tenants, including convenience stores, automotive services, fitness centers, theatres, restaurants, and banks. Rents from convenience stores and restaurants contribute the majority proportion of total revenue, followed by automotive services, entertainment venues, and others. maximum of the company's properties are located in the South and Southeast of the United States.