A Business at a Glance
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The Company We are an industrial-focused, diversified net lease real estate investment trust (“REIT”) that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. As of December 31, 2025, our portfolio includes 771 properties, with 764 properties located in 44 U.S. states and seven properties located in four Canadian provinces. We expect to achieve growth in revenues and earnings through our three core building blocks, which are (1) embedded same store net operating income growth through best-in-class portfolio rent escalations, stable rent collections, minimal credit losses, strong lease rollover outcomes, accretive recycling, and revenue generating capital expenditures with existing tenants, (2) build-to-suit developments, and (3) a diversified acquisition pipeline.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 454M | 454M | 432M | 443M | 408M | 383M |
| Net Income | 96M | 96M | 162M | 155M | 122M | 102M |
| EPS | $0.50 | $0.50 | $0.86 | $0.83 | $0.72 | $0.67 |
| Free Cash Flow | 270M | 270M | 259M | 225M | 225M | 243M |
| ROIC | 0.0% | - | - | - | - | - |
| Gross Margin | - | - | 63.9% | - | - | 66.3% |
| Debt/Equity | 0.50 | 0.50 | 0.31 | 0.32 | 0.35 | 0.29 |
| Dividends/Share | $1.13 | $1.16 | $1.15 | $1.11 | $1.07 | $1.01 |
| Operating Income | 0 | - | - | - | - | - |
| Operating Margin | 0.0% | - | - | - | - | - |
| ROE | 3.3% | 3.3% | 5.4% | 5.1% | 3.9% | 4.0% |
| Shares Outstanding | 193M | 193M | 189M | 187M | 170M | 153M |
Broadstone Net Lease, Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
Broadstone Net Lease, Inc. trades at 40.2x trailing earnings, compared to its 15-year median P/E of 23.1x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 14.3x vs a median of 11.2x. The company's 5-year average gross margin is 65.1%. Total shareholder yield (dividends) is 5.6%. At current prices, the estimated annualized return to fair value is -2.2%.
Broadstone Net Lease, Inc. (BNL) has a current P/E ratio of 40.2, compared to its historical median P/E of 23.1. The stock is currently considered Expensive based on its historical valuation range.
Broadstone Net Lease, Inc. (BNL) has a market capitalization of $3.9B. It is classified as a mid-cap stock.
Yes, Broadstone Net Lease, Inc. (BNL) pays a dividend with a trailing twelve-month yield of 5.64%.
Based on historical P/E analysis, Broadstone Net Lease, Inc. (BNL) appears expensive. The current P/E of 40.2 is 74% above its historical median of 23.1. The estimated fair value CAGR (P/E method) is 8.0%.
Broadstone Net Lease, Inc. (BNL) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
Broadstone Net Lease, Inc. (BNL) reported annual revenue of $454 million in its most recent fiscal year, based on SEC EDGAR filings.
Broadstone Net Lease, Inc. (BNL) has a net profit margin of 21.2%. This is a strong margin indicating high profitability.
Broadstone Net Lease, Inc. (BNL) generated $270 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Broadstone Net Lease, Inc. (BNL) has a debt-to-equity ratio of 0.50. This indicates moderate leverage.
Broadstone Net Lease, Inc. (BNL) reported earnings per share (EPS) of $0.50 in its most recent fiscal year.
Broadstone Net Lease, Inc. (BNL) has a return on equity (ROE) of 3.3%. This indicates moderate shareholder returns.
Broadstone Net Lease, Inc. (BNL) has a 5-year average gross margin of 65.1%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 10 years of financial data for Broadstone Net Lease, Inc. (BNL), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Broadstone Net Lease, Inc. (BNL) has a book value per share of $15.04, based on its most recent annual SEC filing.