Basis: Latest reported fiscal quarter. Source: stored company filings and market data; unavailable inputs remain N/A.
Is the gross margin high or low?
The gross margin of 95.92% is in line with its 5-year average of 93.56%, near the high end of its 5-year range (38.56%–96.96%).
As of the fiscal period ended Tuesday, March 31, 2026. 13.50% above its 12-month average of 84.51%.
Reported quarterly gross margin; no daily interpolation.
GROSS MARGIN
95.92%
GROSS MARGIN AVG TTM
84.51%
GROSS MARGIN AVG 3Y
96.29%
GROSS MARGIN AVG 5Y
96.39%
GROSS MARGIN AVG 10Y
96.21%
GROSS MARGIN AVG 15Y
96.02%
GROSS MARGIN AVG 20Y
95.91%
CURRENT VS TTM AVG
+13.50%
CURRENT VS 3Y AVG
-0.38%
CURRENT VS 5Y AVG
-0.48%
CURRENT VS 10Y AVG
-0.30%
CURRENT VS 15Y AVG
-0.10%
CURRENT VS 20Y AVG
+0.01%
SECTOR MEDIAN · REAL ESTATE
40.59%
median of 40 covered companies
CURRENT VS SECTOR MEDIAN
+136.30%
vs the sector median at left
Market Cap
$9.68B
Gross Margin
87.64%
TTM Avg
87.80%
3Y Avg
87.76%
5Y Avg
87.69%
Market Cap
$8.88B
Gross Margin
22.60%
TTM Avg
47.65%
3Y Avg
60.43%
5Y Avg
64.59%
Market Cap
$8.88B
Gross Margin
68.25%
TTM Avg
69.56%
3Y Avg
69.63%
5Y Avg
70.15%
Market Cap
$10.89B
Gross Margin
9.73%
TTM Avg
38.58%
3Y Avg
52.97%
5Y Avg
57.31%
Market Cap
$7.73B
Gross Margin
75.84%
TTM Avg
75.10%
3Y Avg
75.20%
5Y Avg
74.87%
Market Cap
$11.30B
Gross Margin
77.40%
TTM Avg
77.41%
3Y Avg
78.96%
5Y Avg
79.81%
| NAME | MARKET CAP | GROSS MARGIN | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| NNN REIT, Inc. (NNN) | $9.39B | 95.92% | 84.51% | 96.29% | 96.39% |
| CubeSmart (CUBE)vs › | $9.55B | 22.74% | 46.47% | 58.95% | 62.46% |
| Agree Realty Corporation (ADC)vs › | $9.68B | 87.64% | 87.80% | 87.76% | 87.69% |
| First Industrial Realty Trust, Inc. (FR)vs › | $8.88B | 22.60% | 47.65% | 60.43% | 64.59% |
| Alexandria Real Estate Equities, Inc. (ARE)vs › | $8.88B | 68.25% | 69.56% | 69.63% | 70.15% |
| Federal Realty Investment Trust (FRT)vs › | $10.89B | 9.73% | 38.58% | 52.97% | 57.31% |
| BXP, Inc. (BXP)vs › | $11.02B | 60.20% | 60.88% | 62.02% | 62.51% |
| Terreno Realty Corporation (TRNO)vs › | $7.73B | 75.84% | 75.10% | 75.20% | 74.87% |
| CoStar Group, Inc. (CSGP)vs › | $11.30B | 77.40% | 77.41% | 78.96% | 79.81% |
| Camden Property Trust (CPT)vs › | $11.43B | 61.41% | 61.30% | 61.88% | 61.30% |
Gross Margin
95.9%
(Revenue - COGS) / Revenue
Gross Margin = Gross Profit / Revenue
Gross margin is the percentage of revenue remaining after the cost of goods sold, reflecting core product profitability.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
| DATE | GROSS MARGIN |
|---|---|
| 2026-03-31 | 95.92% |
| 2025-12-31 | 38.56% |
| 2025-09-30 | 96.03% |
| 2025-06-30 | 96.10% |
| 2025-03-31 | 95.94% |
| 2024-12-31 | 94.90% |
| 2024-09-30 | 96.68% |
| 2024-06-30 | 96.88% |
| 2024-03-31 | 96.68% |
| 2023-12-31 | 96.19% |
| 2023-09-30 | 96.85% |
| 2023-06-30 | 96.63% |
| 2023-03-31 | 96.65% |
| 2022-12-31 | 96.46% |
| 2022-09-30 | 96.96% |
| 2022-06-30 | 96.76% |
| 2022-03-31 | 96.22% |
| 2021-12-31 | 95.98% |
| 2021-09-30 | 96.38% |
| 2021-06-30 | 96.30% |
| 2021-03-31 | 95.70% |
| 2020-12-31 | 95.07% |
| 2020-09-30 | 96.00% |
| 2020-06-30 | 96.14% |
| 2020-03-31 | 95.64% |
| 2019-12-31 | 95.81% |
| 2019-09-30 | 96.02% |
| 2019-06-30 | 95.99% |
| 2019-03-31 | 95.67% |
| 2018-12-31 | 95.19% |
| 2018-09-30 | 96.29% |
| 2018-06-30 | 96.25% |
| 2018-03-31 | 96.16% |
| 2017-12-31 | 95.70% |
| 2017-09-30 | 96.24% |
| 2017-06-30 | 96.27% |
| 2017-03-31 | 96.00% |
| 2016-12-31 | 95.36% |
| 2016-09-30 | 96.33% |
| 2016-06-30 | 96.51% |
| 2016-03-31 | 96.23% |
| 2015-12-31 | 95.59% |
| 2015-09-30 | 96.12% |
| 2015-06-30 | 96.03% |
| 2015-03-31 | 95.90% |
| 2014-12-31 | 95.46% |
| 2014-09-30 | 95.83% |
| 2014-06-30 | 95.51% |
| 2014-03-31 | 95.83% |
| 2013-12-31 | 94.27% |
| 2013-09-30 | 95.64% |
| 2013-06-30 | 95.64% |
| 2013-03-31 | 95.61% |
| 2012-12-31 | 113.39% |
| 2012-09-30 | 94.75% |
| 2012-06-30 | 93.83% |
| 2012-03-31 | 93.49% |
| 2011-12-31 | 67.82% |
| 2011-09-30 | 78.92% |
| 2011-06-30 | 78.22% |
| 2011-03-31 | 81.74% |
| 2010-12-31 | 82.02% |
| 2010-09-30 | 86.44% |
| 2010-06-30 | 82.54% |
| 2010-03-31 | 83.74% |
| 2009-12-31 | 76.22% |
| 2009-09-30 | 88.41% |
| 2009-06-30 | 93.86% |
| 2009-03-31 | 100.39% |
| 2008-12-31 | 100.00% |
| 2008-09-30 | 99.87% |
| 2008-06-30 | 98.85% |
| 2008-03-31 | 97.88% |
| 2007-12-31 | 100.00% |
| 2007-09-30 | 97.45% |
| 2007-06-30 | 96.93% |
| 2007-03-31 | 93.96% |
| 2006-12-31 | 100.00% |
| 2006-09-30 | 92.15% |
| 2006-06-30 | 92.07% |
| 2006-03-31 | 81.68% |
| 2005-12-31 | 100.00% |
| 2005-09-30 | 90.20% |
| 2005-06-30 | 84.82% |
| 2005-03-31 | 83.11% |
| 2004-12-31 | 100.00% |
| 2004-09-30 | 97.89% |
| 2004-06-30 | 97.86% |
| 2004-03-31 | 82.50% |
| 2003-12-31 | 100.00% |
| 2003-09-30 | 102.81% |
| 2003-06-30 | 101.43% |
| 2003-03-31 | 107.97% |
| 2002-12-31 | 100.00% |
| 2002-09-30 | 100.00% |
| 2002-06-30 | 101.81% |
