BNL
Broadstone Net Lease, Inc.
REIT - Diversified
Market Cap$3.80B
5Y Perf.+18.4%
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Stock Comparison
BNL vs WPC
Revenue, margins, valuation, and 5-year total return — side by side.
WPC
W. P. Carey Inc.
REIT - Diversified
Market Cap$16.21B
5Y Perf.+16.2%
BNL vs WPC — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | BNL | WPC |
|---|---|---|
| Industry | REIT - Diversified | REIT - Diversified |
| Market Cap | $3.80B | $16.21B |
| Revenue (TTM) | $469M | $1.99B |
| Net Income (TTM) | $128M | $517M |
| Gross Margin | 24.1% | 68.2% |
| Operating Margin | 50.7% | 43.3% |
| Forward P/E | 26.6x | 29.4x |
| Total Debt | $2.62B | $8.72B |
| Cash & Equiv. | $31M | $155M |
BNL vs WPC — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
BNL
WPC
| Stock | Sep 20 | May 26 | Return |
|---|---|---|---|
| Broadstone Net Leas… (BNL) | 100 | 118.4 | +18.4% |
| W. P. Carey Inc. (WPC) | 100 | 116.2 | +16.2% |
Price return only. Dividends and distributions are not included.
Quick Verdict: BNL vs WPC
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: BNL leads in 4 of 7 categories, making it the strongest pick for valuation and capital efficiency and profitability and margin quality. W. P. Carey Inc. is the stronger pick specifically for growth and revenue expansion and capital preservation and lower volatility. As sector peers, any of these can serve as alternatives in the same allocation.
BNL
Broadstone Net Lease, Inc.
The Real Estate Income Play
BNL carries the broadest edge in this set and is the clearest fit for income & stability and sleep-well-at-night.
- Dividend streak 9 yrs, beta 0.25, yield 5.6%
- Lower volatility, beta 0.25, Low D/E 86.2%, current ratio 288.34x
- Beta 0.25, yield 5.6%, current ratio 288.34x
Best for: income & stability and sleep-well-at-night
WPC
W. P. Carey Inc.
The Real Estate Income Play
WPC is the clearest fit if your priority is growth exposure and long-term compounding.
- Rev growth 8.9%, EPS growth 1.0%, 3Y rev CAGR 5.2%
- 80.9% 10Y total return vs BNL's 60.0%
- 8.9% FFO/revenue growth vs BNL's 4.6%
Best for: growth exposure and long-term compounding
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | WPC | 8.9% FFO/revenue growth vs BNL's 4.6% |
| Value | BNL | Lower P/E (26.6x vs 29.4x) |
| Quality / Margins | BNL | 27.4% margin vs WPC's 26.0% |
| Stability / Safety | WPC | Beta 0.02 vs BNL's 0.25 |
| Dividends | BNL | 5.6% yield, 9-year raise streak, vs WPC's 4.8% |
| Momentum (1Y) | BNL | +29.2% vs WPC's +25.9% |
| Efficiency (ROA) | WPC | 2.9% ROA vs BNL's 2.3%, ROIC 3.5% vs 3.2% |
BNL vs WPC — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2018
FY 2025
BNL vs WPC — Financial Metrics
Side-by-side numbers across 2 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLBNLLAGGINGWPC
WPCW. P. Carey Inc.
2leads
BNLBroadstone Net Lease,…
4leads
6 Total Categories
CATEGORYLEADERvs WPCMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
BNL4/6
Valuation MetricsMultiples, price ratios, and targets
BNL5/6
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
WPC5/8
Total Returns1Y, 3Y, 5Y total returns with dividends
BNL4/6
Risk & VolatilityBeta, volatility, and downside exposure
WPC2/2
Analyst OutlookRatings, price targets, and dividends
BNL2/2
Income & Cash Flow (Last 12 Months)
BNL leads this category, winning 4 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
WPC is the larger business by revenue, generating $2.0B annually — 4.2x BNL's $469M. Profitability is closely matched — net margins range from 27.4% (BNL) to 26.0% (WPC).
| Metric | BNLBroadstone Net Le… | WPCW. P. Carey Inc. |
|---|---|---|
| RevenueTrailing 12 months | $469M | $2.0B |
| EBITDAEarnings before interest/tax | $404M | $1.4B |
| Net IncomeAfter-tax profit | $128M | $517M |
| Free Cash FlowCash after capex | $318M | $1.1B |
| Gross MarginGross profit ÷ Revenue | +24.1% | +68.2% |
| Operating MarginEBIT ÷ Revenue | +50.7% | +43.3% |
| Net MarginNet income ÷ Revenue | +27.4% | +26.0% |
| FCF MarginFCF ÷ Revenue | +67.9% | +56.8% |
| Rev. Growth (YoY)Latest quarter vs prior year | +8.6% | +10.6% |
| EPS Growth (YoY)Latest quarter vs prior year | +163.5% | +40.4% |
BNL leads this category, winning 4 of 6 comparable metrics.
Valuation Metrics
BNL leads this category, winning 5 of 6 comparable metrics.
Valuation Metrics
At 35.0x trailing earnings, WPC trades at a 12% valuation discount to BNL's 39.7x P/E. On an enterprise value basis, BNL's 16.3x EV/EBITDA is more attractive than WPC's 19.3x.
| Metric | BNLBroadstone Net Le… | WPCW. P. Carey Inc. |
|---|---|---|
| Market CapShares × price | $3.8B | $16.2B |
| Enterprise ValueMkt cap + debt − cash | $6.4B | $24.8B |
| Trailing P/EPrice ÷ TTM EPS | 39.72x | 35.02x |
| Forward P/EPrice ÷ next-FY EPS est. | 26.58x | 29.35x |
| PEG RatioP/E ÷ EPS growth rate | 15.34x | — |
| EV / EBITDAEnterprise value multiple | 16.29x | 19.29x |
| Price / SalesMarket cap ÷ Revenue | 8.29x | 9.44x |
| Price / BookPrice ÷ Book value/share | 1.29x | 2.01x |
| Price / FCFMarket cap ÷ FCF | 14.10x | 14.85x |
BNL leads this category, winning 5 of 6 comparable metrics.
Profitability & Efficiency
WPC leads this category, winning 5 of 8 comparable metrics.
Profitability & Efficiency
WPC delivers a 6.3% return on equity — every $100 of shareholder capital generates $6 in annual profit, vs $4 for BNL. BNL carries lower financial leverage with a 0.86x debt-to-equity ratio, signaling a more conservative balance sheet compared to WPC's 1.07x.
| Metric | BNLBroadstone Net Le… | WPCW. P. Carey Inc. |
|---|---|---|
| ROE (TTM)Return on equity | +4.2% | +6.3% |
| ROA (TTM)Return on assets | +2.3% | +2.9% |
| ROICReturn on invested capital | +3.2% | +3.5% |
| ROCEReturn on capital employed | +4.2% | +4.6% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 5 |
| Debt / EquityFinancial leverage | 0.86x | 1.07x |
| Net DebtTotal debt minus cash | $2.6B | $8.6B |
| Cash & Equiv.Liquid assets | $31M | $155M |
| Total DebtShort + long-term debt | $2.6B | $8.7B |
| Interest CoverageEBIT ÷ Interest expense | 2.26x | 2.73x |
WPC leads this category, winning 5 of 8 comparable metrics.
Total Returns (Dividends Reinvested)
BNL leads this category, winning 4 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in WPC five years ago would be worth $12,668 today (with dividends reinvested), compared to $12,558 for BNL. Over the past 12 months, BNL leads with a +29.2% total return vs WPC's +25.9%. The 3-year compound annual growth rate (CAGR) favors BNL at 12.7% vs WPC's 5.8% — a key indicator of consistent wealth creation.
| Metric | BNLBroadstone Net Le… | WPCW. P. Carey Inc. |
|---|---|---|
| YTD ReturnYear-to-date | +15.4% | +15.4% |
| 1-Year ReturnPast 12 months | +29.2% | +25.9% |
| 3-Year ReturnCumulative with dividends | +43.0% | +18.5% |
| 5-Year ReturnCumulative with dividends | +25.6% | +26.7% |
| 10-Year ReturnCumulative with dividends | +60.0% | +80.9% |
| CAGR (3Y)Annualised 3-year return | +12.7% | +5.8% |
BNL leads this category, winning 4 of 6 comparable metrics.
Risk & Volatility
WPC leads this category, winning 2 of 2 comparable metrics.
Risk & Volatility
WPC is the less volatile stock with a 0.02 beta — it tends to amplify market swings less than BNL's 0.25 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | BNLBroadstone Net Le… | WPCW. P. Carey Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.24x | 0.04x |
| 52-Week HighHighest price in past year | $20.48 | $75.69 |
| 52-Week LowLowest price in past year | $15.28 | $59.34 |
| % of 52W HighCurrent price vs 52-week peak | +97.0% | +97.6% |
| RSI (14)Momentum oscillator 0–100 | 54.6 | 61.5 |
| Avg Volume (50D)Average daily shares traded | 2.5M | 1.1M |
WPC leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
BNL leads this category, winning 2 of 2 comparable metrics.
Analyst Outlook
Wall Street rates BNL as "Buy" and WPC as "Hold". Consensus price targets imply 2.7% upside for BNL (target: $20) vs -0.9% for WPC (target: $73). For income investors, BNL offers the higher dividend yield at 5.58% vs WPC's 4.83%.
| Metric | BNLBroadstone Net Le… | WPCW. P. Carey Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold |
| Price TargetConsensus 12-month target | $20.40 | $73.20 |
| # AnalystsCovering analysts | 12 | 20 |
| Dividend YieldAnnual dividend ÷ price | +5.6% | +4.8% |
| Dividend StreakConsecutive years of raises | 9 | 1 |
| Dividend / ShareAnnual DPS | $1.11 | $3.57 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
BNL leads this category, winning 2 of 2 comparable metrics.
Key Takeaway
BNL leads in 4 of 6 categories (Income & Cash Flow, Valuation Metrics). WPC leads in 2 (Profitability & Efficiency, Risk & Volatility).
Best OverallBroadstone Net Lease, Inc. (BNL)Leads 4 of 6 categories
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BNL vs WPC: Frequently Asked Questions
10 questions · data-driven answers · updated daily
01Is BNL or WPC a better buy right now?
For growth investors, W.
P. Carey Inc. (WPC) is the stronger pick with 8. 9% revenue growth year-over-year, versus 4. 6% for Broadstone Net Lease, Inc. (BNL). W. P. Carey Inc. (WPC) offers the better valuation at 35. 0x trailing P/E (29. 4x forward), making it the more compelling value choice. Analysts rate Broadstone Net Lease, Inc. (BNL) a "Buy" — based on 12 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — BNL or WPC?
On trailing P/E, W.
P. Carey Inc. (WPC) is the cheapest at 35. 0x versus Broadstone Net Lease, Inc. at 39. 7x. On forward P/E, Broadstone Net Lease, Inc. is actually cheaper at 26. 6x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — BNL or WPC?
Over the past 5 years, W.
P. Carey Inc. (WPC) delivered a total return of +26. 7%, compared to +25. 6% for Broadstone Net Lease, Inc. (BNL). Over 10 years, the gap is even starker: WPC returned +81. 3% versus BNL's +60. 0%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — BNL or WPC?
By beta (market sensitivity over 5 years), W.
P. Carey Inc. (WPC) is the lower-risk stock at 0. 04β versus Broadstone Net Lease, Inc. 's 0. 24β — meaning BNL is approximately 492% more volatile than WPC relative to the S&P 500. On balance sheet safety, Broadstone Net Lease, Inc. (BNL) carries a lower debt/equity ratio of 86% versus 107% for W. P. Carey Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — BNL or WPC?
By revenue growth (latest reported year), W.
P. Carey Inc. (WPC) is pulling ahead at 8. 9% versus 4. 6% for Broadstone Net Lease, Inc. (BNL). On earnings-per-share growth, the picture is similar: W. P. Carey Inc. grew EPS 1. 0% year-over-year, compared to -41. 9% for Broadstone Net Lease, Inc.. Over a 3-year CAGR, WPC leads at 5. 2% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — BNL or WPC?
W.
P. Carey Inc. (WPC) is the more profitable company, earning 27. 2% net margin versus 22. 4% for Broadstone Net Lease, Inc. — meaning it keeps 27. 2% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: BNL leads at 49. 7% versus 44. 4% for WPC. At the gross margin level — before operating expenses — WPC leads at 28. 6%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is BNL or WPC more undervalued right now?
On forward earnings alone, Broadstone Net Lease, Inc.
(BNL) trades at 26. 6x forward P/E versus 29. 4x for W. P. Carey Inc. — 2. 8x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for BNL: 2. 7% to $20. 40.
08Which pays a better dividend — BNL or WPC?
All stocks in this comparison pay dividends.
Broadstone Net Lease, Inc. (BNL) offers the highest yield at 5. 6%, versus 4. 8% for W. P. Carey Inc. (WPC).
09Is BNL or WPC better for a retirement portfolio?
For long-horizon retirement investors, W.
P. Carey Inc. (WPC) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 04), 4. 8% yield). Both have compounded well over 10 years (WPC: +81. 3%, BNL: +60. 0%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between BNL and WPC?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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Revenue Growth>
%
(BNL: 8.6% · WPC: 10.6%)Net Margin>
%
(BNL: 27.4% · WPC: 26.0%)P/E Ratio<
x
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