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REITs · Real Estate · Fiscal year ends Dec 31
Netstreit reported revenue of $195M in the fiscal year ended Dec 2025, up 19.8% from the year before. Operating income was $50M, an operating margin of 25.7%, and net income was $7M. Operating cash flow of $110M less capital expenditure of $7M left free cash flow of $103M. Net debt was $1.1B.
Ranks among the 78 reits companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 59.1 | 96.3 | 132 | 163 | 195 |
| Operating incomederived: revenue − total costs | 3.5 | 13.5 | 24.1 | 18.4 | 50.2 |
| Interest expense | 3.7 | 9.2 | 19.1 | 30.3 | 51.3 |
| Pre-tax income | 3.2 | 8.6 | 6.8 | −12.0 | 7.0 |
| Income tax | 0.1 | 0.4 | −0.0 | 0.0 | 0.1 |
| Net income | 3.2 | 8.2 | 6.9 | −12.0 | 6.9 |
| Diluted EPS | 0.08 | 0.16 | 0.11 | −0.16 | 0.08 |
| Diluted shares | 38.7 | 50.4 | 64.7 | 76.5 | 84.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 7.6 | 70.5 | 29.9 | 14.3 | 14.5 |
| Total assets | 1,068 | 1,606 | 1,946 | 2,259 | 2,614 |
| Long-term debt | 238 | 492 | 608 | 868 | 1,095 |
| Total liabilities | 279 | 547 | 673 | 921 | 1,162 |
| Shareholders' equity | 779 | 1,049 | 1,265 | 1,331 | 1,446 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 31.5 | 50.6 | 80.2 | 90.2 | 110 |
| Capital expenditure | – | – | – | 29.8 | 6.9 |
| Free cash flow | – | – | – | 60.4 | 103 |
| Depreciation & amortisation | 30.8 | 50.1 | 63.7 | 76.9 | 86.4 |
| Stock-based compensation | 3.7 | 4.8 | 4.8 | 5.7 | 5.9 |
| Acquisitions | 0.0 | – | – | – | – |
| Share buybacks | 0.5 | 1.5 | 0.7 | 1.5 | 0.8 |
| Dividends paid | 30.2 | 39.5 | 51.7 | 63.5 | 70.2 |
| Dividend per share | 0.80 | 0.80 | 0.81 | 0.83 | 0.85 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 62.8% | 37.0% | 23.4% | 19.8% |
| Operating income growth (YoY) | – | 287.9% | 78.5% | −23.5% | 172.3% |
| EPS growth (YoY) | – | 100.0% | −31.3% | −245.5% | – |
| Operating margin | 5.9% | 14.0% | 18.3% | 11.3% | 25.7% |
| Net margin | 5.3% | 8.5% | 5.2% | −7.4% | 3.6% |
| Return on equityBlank when equity is negative | 0.4% | 0.8% | 0.5% | −0.9% | 0.5% |
| Free cash flow margin | – | – | – | 37.1% | 52.6% |
| Cash conversion (CFO ÷ net income) | 9.99x | 6.17x | 11.6x | −7.51x | 15.8x |
| Interest cover | 0.94x | 1.47x | 1.26x | 0.61x | 0.98x |
| Debt ÷ equity | 0.30x | 0.47x | 0.48x | 0.65x | 0.76x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 230 | 421 | 578 | 854 | 1,081 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.