A Business at a Glance
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Broadstone Net Lease, Inc.
BNL
$4.3B
Mkt Cap
$22.36
+0.00%
Broadstone Net Lease, Inc. (BNL) has a current P/E ratio of 44.7, 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 5-year average return on invested capital (ROIC) of 4.2%. This is below average and may indicate limited pricing power.
Broadstone Net Lease, Inc. (BNL) has a market capitalization of $4.3B. It is classified as a mid-cap stock.
Yes, Broadstone Net Lease, Inc. (BNL) pays a dividend with a trailing twelve-month yield of 5.09%.
Based on historical P/E analysis, Broadstone Net Lease, Inc. (BNL) appears expensive. The current P/E of 44.7 is 93% above its historical median of 23.1. The estimated fair value CAGR (P/E method) is 7.3%.
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.
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 | 467M | 454M | 432M | 443M | 408M | 383M |
| Net Income | 125M | 95M | 161M | 155M | 122M | 102M |
| EPS | $0.65 | $0.50 | $0.86 | $0.83 | $0.72 | $0.67 |
| Free Cash Flow | 287M | 270M | 259M | 225M | 225M | 243M |
| ROIC | 0.0% | 3.5% | 4.7% | 4.5% | 4.1% | 4.1% |
| Gross Margin | - | - | 63.9% | - | - | - |
| Debt/Equity | 1.05 | 0.96 | 0.67 | 0.66 | 0.72 | 0.70 |
| Dividends/Share | $1.14 | $1.16 | $1.16 | $1.12 | $1.07 | $1.01 |
| Operating Income | 0 | 191M | 237M | 236M | 200M | 166M |
| Operating Margin | 0.0% | 42.0% | 54.8% | 53.2% | 49.2% | 43.4% |
| ROE | 4.3% | 3.2% | 5.3% | 5.0% | 4.3% | 4.2% |
| Shares Outstanding | 192M | 191M | 188M | 187M | 169M | 152M |
| Metric | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||
| Revenue | 98M | 143M | 182M | 237M | 299M | 322M | 383M | 408M | 443M | 432M | 454M | 467M |
| Gross Margin | 69.4% | 67.5% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 63.9% | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 3.1M | 2.8M | 4.9M | 6.2M | 5.5M | 28M | 36M | 37M | 39M | 38M | 39M | 40M |
| EBIT | 42M | 64M | 85M | 122M | 152M | 127M | 166M | 200M | 236M | 237M | 191M | 0 |
| Op. Margin | 43.2% | 44.5% | 46.8% | 51.5% | 50.8% | 39.5% | 43.4% | 49.2% | 53.2% | 54.8% | 42.0% | 0.0% |
| Net Income | 19M | 36M | 55M | 69M | 79M | 51M | 102M | 122M | 155M | 161M | 95M | 125M |
| Net Margin | 19.7% | 25.4% | 30.2% | 29.2% | 26.6% | 15.9% | 26.6% | 29.9% | 35.0% | 37.3% | 21.0% | 26.7% |
| Non-Recurring | 0 | 0 | 2.6M | 2.1M | 3.5M | 19M | 28M | 5.5M | 31M | 49M | 40M | 40M |
| Returns on Capital | ||||||||||||
| ROIC | 7.9% | 6.0% | 4.5% | 4.3% | 4.4% | 3.4% | 4.1% | 4.1% | 4.5% | 4.7% | 3.5% | 0.0% |
| ROE | N/A | 4.4% | 5.2% | 5.3% | 5.1% | 2.6% | 4.2% | 4.3% | 5.0% | 5.3% | 3.2% | 4.3% |
| ROA | 3.6% | 2.9% | 2.4% | 2.4% | 2.3% | 1.2% | 2.3% | 2.4% | 2.9% | 3.1% | 1.7% | 2.1% |
| Cash Flow | ||||||||||||
| Op. Cash Flow | 39M | 67M | 98M | 128M | 147M | 179M | 245M | 256M | 271M | 276M | 299M | 304M |
| Free Cash Flow | 28M | 65M | 91M | 123M | 142M | 168M | 243M | 225M | 225M | 259M | 270M | 287M |
| Owner Earnings | 9.8M | 21M | 35M | 44M | 42M | 45M | 111M | 101M | 112M | 117M | 130M | 132M |
| CapEx | 11M | 1.9M | 6.8M | 5.2M | 5.1M | 11M | 1.6M | 31M | 46M | 17M | 30M | 17M |
| Maint. CapEx | 29M | 46M | 63M | 84M | 105M | 132M | 129M | 150M | 153M | 152M | 160M | 162M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 29M | 46M | 63M | 84M | 105M | 132M | 129M | 150M | 153M | 152M | 160M | 162M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | 6.0% | 0.7% | 12.3% | 17.1% | 6.1% | 9.9% | 5.5% |
| Capital Allocation | ||||||||||||
| Dividends Paid | 24M | 36M | 45M | 52M | 62M | 72M | 154M | 181M | 208M | 217M | 219M | 218M |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | 4.9% | 6.0% | 6.8% | 8.2% | 7.8% | 7.1% | 5.1% |
| Share Buybacks | 3.1M | 8.2M | 9.4M | 10M | 35M | 35K | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | N/A | N/A | N/A | N/A | N/A | 2.0M | 4.7M | 5.3M | 6.4M | 7.4M | 9.6M | 10M |
| Debt Repayment | 5.7M | 11M | 386M | 35M | 378M | 389M | 255M | 800M | 324M | 248M | 634M | 634M |
| Balance Sheet | ||||||||||||
| Net Debt | 253M | 194M | 1.4B | 1.6B | 2.2B | 1.4B | 1.8B | 2.2B | 2.0B | 2.0B | 2.8B | 3.0B |
| Cash & Equiv. | 27M | 22M | 9.4M | 19M | 12M | 100M | 22M | 22M | 19M | 15M | 31M | 20M |
| Long-Term Debt | 280M | 114M | 1.2B | 1.5B | 2.0B | 1.5B | 1.7B | 2.0B | 1.9B | 1.9B | 2.5B | 2.7B |
| Debt/Equity | N/A | 0.24 | 1.23 | 1.12 | 1.31 | 0.67 | 0.70 | 0.72 | 0.66 | 0.67 | 0.96 | 1.05 |
| Interest Coverage | 1.9 | 2.1 | 2.4 | 2.3 | 2.1 | 1.7 | 2.6 | 2.5 | 2.9 | 3.2 | 2.0 | 2.0 |
| Equity | N/A | 912M | 1.2B | 1.4B | 1.7B | 2.3B | 2.6B | 3.1B | 3.0B | 3.0B | 2.9B | 2.9B |
| Total Assets | 537M | 2.0B | 2.6B | 3.1B | 3.9B | 4.3B | 4.6B | 5.5B | 5.3B | 5.2B | 5.7B | 5.8B |
| Total Liabilities | N/A | 954M | 1.3B | 1.6B | 2.1B | 1.8B | 1.9B | 2.2B | 2.1B | 2.1B | 2.7B | 2.8B |
| Intangibles | N/A | 168M | 243M | 286M | 332M | 291M | 304M | 330M | 288M | 268M | 268M | 262M |
| Retained Earnings | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | 91M | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | ||||||||||||
| EPS | 0.54 | 0.69 | 0.80 | 0.79 | 0.21 | 0.44 | 0.67 | 0.72 | 0.83 | 0.86 | 0.50 | 0.65 |
| Owner EPS | 0.27 | 0.41 | 0.52 | 0.50 | 0.11 | 0.39 | 0.73 | 0.60 | 0.60 | 0.62 | 0.68 | 0.69 |
| Book Value | N/A | 17.31 | 17.38 | 16.09 | 4.36 | 19.82 | 16.92 | 18.30 | 16.34 | 16.02 | 15.23 | 15.08 |
| Cash Flow/Share | 1.08 | 1.28 | 1.43 | 1.45 | 0.39 | 1.54 | 1.61 | 1.51 | 1.45 | 1.47 | 1.57 | 1.49 |
| Dividends/Share | 0.66 | 0.68 | 0.65 | 0.59 | 0.11 | 0.62 | 1.01 | 1.07 | 1.12 | 1.16 | 1.16 | 1.14 |
| Shares Out. | 35.9M | 52.7M | 68.3M | 88.1M | 382.6M | 116.0M | 152.3M | 169.0M | 186.6M | 187.5M | 190.5M | 191.8M |
| Valuation | ||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | 32.1 | 28.0 | 18.2 | 18.3 | 17.0 | 34.4 | 34.2 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | 9.7 | 11.7 | 9.9 | 12.6 | 10.6 | 12.2 | 14.9 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | 18.7 | 21.2 | 16.2 | 16.0 | 15.4 | N/A | N/A |
| Price/Book | N/A | N/A | N/A | N/A | N/A | 0.7 | 1.1 | 0.7 | 0.9 | 0.9 | 1.1 | 1.5 |
| Price/Sales | N/A | N/A | N/A | N/A | N/A | 4.5 | 6.8 | 6.5 | 5.7 | 6.5 | 6.9 | 9.2 |
| FCF Yield | N/A | N/A | N/A | N/A | N/A | 10.2% | 8.5% | 10.1% | 7.9% | 9.4% | 8.1% | 6.7% |
| Market Cap | 0 | N/A | N/A | N/A | N/A | 1.6B | 2.9B | 2.2B | 2.8B | 2.8B | 3.3B | 4.3B |
| Avg. Price | 0.00 | N/A | N/A | N/A | N/A | 12.56 | 17.00 | 15.68 | 13.48 | 14.79 | 16.18 | 22.36 |
| Year-End Price | 0.00 | N/A | N/A | N/A | N/A | 14.13 | 18.76 | 13.11 | 15.18 | 14.62 | 17.21 | 22.36 |
Broadstone Net Lease, Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
Broadstone Net Lease, Inc. trades at 44.7x 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 15.9x vs a median of 11.2x. The company's 5-year average ROIC is 4.2% with a gross margin of 63.9%. Total shareholder yield (dividends) is 5.1%. At current prices, the estimated annualized return to fair value is -2.2%.
Broadstone Net Lease, Inc. (BNL) has a net profit margin of 21.0%. 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 0.96. 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 3.2%. This indicates moderate shareholder returns.
Broadstone Net Lease, Inc. (BNL) has a 5-year average gross margin of 63.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 11 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 $15.23, based on its most recent annual SEC filing.