Broadstone Net Lease, Inc.(BNL)Earnings, Financials & Key Ratios

BNL•NYSE•REIT / Real Estate

$21.21

42.4× P/E·Price updated Jun 27, 2026

SectorReal Estate IndustryDiversified REITs Sub-IndustryNet Lease and Ground Lease REITs

AboutBNL is an internally-managed REIT that acquires, owns, and manages primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. The Company utilizes an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting. As of September 30, 2020, BNL's diversified portfolio consisted of 627 properties in 41 U.S. states and one property in Canada across the industrial, healthcare, restaurant, office, and retail property types, with an aggregate gross asset value of approximately $4.0 billion.Show more

Revenue$459M+4.6%
FFO$267M-14.5%
FFO/Share1.35-15.0%
FFO Payout81.94%+18.1%
FFO per Share1.35-15.0%
NOI Margin23.52%+1.5%
FFO Margin58.15%-18.3%
ROE3.33%-32.4%
ROA1.88%-36.8%

BNL Price & Volume

Broadstone Net Lease, Inc. (BNL) stock price & volume — 10-year historical chart

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Portfolio Pivot Drives Revenue Growth Amid Volatility

Investment Thesis • Updated 2026Q1

VerdictNeutral

Growth:Expanding

Profitability:Moderate

Financial:Healthy

Cash Flow:Improving

Primary Risk:Portfolio diversification complexity

Key Thesis Takeaways

Broadstone Net Lease is successfully executing a strategic transition toward industrial assets, evidenced by a robust 8.6% revenue growth rate in 2026Q1.
While the firm maintains a conservative debt-to-equity ratio of 0.89, investors should monitor the significant quarterly variance in FFO, which recovered to $0.44 per share in 2026Q1 from a low of $0.29 in 2025Q1.
The substantial $5.0 billion cash position provides significant liquidity for future acquisitions, though the reliance on non-cash depreciation to bridge the gap between $46.4 million in net income and $87.9 million in FFO warrants continued scrutiny of cash quality.

Verdict Logic

while the dividend payout ratio relative to AFFO improved to 0.73 by 2025Q4, the high P/E TTM of 42.42 suggests the market has already priced in significant recovery expectations.

BNL Growth Metrics

Broadstone Net Lease, Inc. (BNL) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years16.69%

5 Years7.24%

3 Years3.94%

TTM6.19%

Profit CAGR

10 Years18.23%

5 Years14.99%

3 Years-4.03%

TTM16.54%

EPS CAGR

10 Years0.2%

5 Years2.59%

3 Years-11.45%

TTM38.8%

Return on Capital

10 Years4.12%

5 Years4.2%

3 Years4.2%

Last Year4.22%

BNL Recent Earnings

Broadstone Net Lease, Inc. (BNL) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 5/12 qtrs (42%)●Beat Revenue 7/12 qtrs (58%)

Q2 2026Latest

Apr 29, 2026

Metric

Actual

Est

EPS

$0.24+33.9%

$0.18

Rev

$121M+2.2%

$119M

Q1 2026

Feb 18, 2026

Metric

Actual

Est

EPS

$0.17-1.5%

$0.17

Rev

$118M+2.0%

$116M

Q4 2025

Oct 29, 2025

Metric

Actual

Est

EPS

$0.14-62.2%

$0.37

Rev

$114M-1.9%

$116M

Q3 2025

Jul 30, 2025

Metric

Actual

Est

EPS

$0.10-73.0%

$0.37

Rev

$113M+1.1%

$112M

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	Apr 29, 2026	$0.24vs $0.18+33.9%	$121Mvs $119M+2.2%
Q1 2026	Feb 18, 2026	$0.17vs $0.17-1.5%	$118Mvs $116M+2.0%
Q4 2025	Oct 29, 2025	$0.14vs $0.37-62.2%	$114Mvs $116M-1.9%
Q3 2025	Jul 30, 2025	$0.10vs $0.37-73.0%	$113Mvs $112M+1.1%

Based on last 12 quarters of dataView full earnings history →

Latest BNL News

Recent stock market news and headlines for Broadstone Net Lease, Inc. (BNL)

Seeking Alpha·1 day ago

Broadstone Net Lease: An Investment-Grade Winner Among Diversified REITs, As Margins Recover

Broadstone Net Lease is rated a strong buy, driven by margin recovery, portfolio diversification, and an investment-grade balance sheet. BNL outperformed peers and the S&P 500 YTD, benefiting from resilient industrial and retail demand, and consistent revenue and AFFO growth. Debt/equity of 0.93, no tenant over 4% of ABR, and 1.3x dividend coverage support balance sheet strength and dividend safety.

Peers Comparison

Key metrics vs top competitors for Broadstone Net Lease, Inc. (BNL)

Full Screener →

Company	Price	Market Cap	P/E Ratio	Rev Growth (1Y)	Net Margin	ROE	Div Yield
BNLBroadstone Net Lease, Inc.Current	$21.21	$4.06B	42.42	4.64%	22.41%	3.33%	5.22%
ADCAgree Realty Corporation	$77.03	$9.25B	43.52	16.42%	29.28%	3.65%	—
NNNNNN REIT, Inc.	$47.47	$9.03B	22.93	6.55%	41.38%	8.81%	—
EPRTEssential Properties Realty Trust, Inc.	$30.62	$6.62B	23.92	24.97%	43.28%	6.3%	—
ORealty Income Corporation	$63.12	$58.86B	53.95	9.07%	18.94%	2.8%	—
WPCW. P. Carey Inc.	$73.86	$16.2B	35.00	8.89%	26.02%	6.29%	—

Compare BNL vs Peers

Broadstone Net Lease, Inc. (BNL) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs ADC

Most directly comparable listed peer for BNL.

Scale Benchmark

vs O

Larger-name benchmark to compare BNL against a more recognizable public peer.

Peer Set

Compare Top 5

vs ADC, NNN, EPRT, O

BNL SEC Filings & Documents

Broadstone Net Lease, Inc. (BNL) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

May 1, 2026·SEC

Material company update

Apr 29, 2026·SEC

Material company update

Apr 1, 2026·SEC

10-K Annual Reports

FY 2026

Feb 19, 2026·SEC

FY 2025

Feb 20, 2025·SEC

FY 2024

Feb 22, 2024·SEC

10-Q Quarterly Reports

FY 2026

Apr 30, 2026·SEC

FY 2025

Oct 29, 2025·SEC

FY 2025

Jul 31, 2025·SEC

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BNL Frequently Asked Questions

Broadstone Net Lease, Inc. (BNL) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

What is Broadstone Net Lease, Inc.'s revenue?

Broadstone Net Lease, Inc. (BNL) reported $468.8M in revenue for fiscal year 2025. This represents a 378% increase from $98.1M in 2015.

How fast is Broadstone Net Lease, Inc. growing?

Broadstone Net Lease, Inc. (BNL) grew revenue by 4.6% over the past year. Growth has been modest.

Is BNL profitable?

Yes, Broadstone Net Lease, Inc. (BNL) is profitable, generating $128.3M in net income for fiscal year 2025 (22.4% net margin).

Dividend & Returns

Does BNL pay dividends?

Yes, Broadstone Net Lease, Inc. (BNL) pays a dividend with a yield of 5.22%. This makes it attractive for income-focused investors.

What is BNL's return on equity?

Broadstone Net Lease, Inc. (BNL) has a return on equity (ROE) of 3.3%. This is below average, suggesting room for improvement.

Industry Metrics

What is Broadstone Net Lease, Inc.'s FFO?

Broadstone Net Lease, Inc. (BNL) generated Funds From Operations (FFO) of $294.4M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Is BNL a good dividend stock?

Broadstone Net Lease, Inc. (BNL) offers a 5.22% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in BNL back in 2015?

Total return calculator · dividends reinvested · 11+ years of data

See returns →

Quarter

Date

EPS (Act vs Est)

Revenue (Act vs Est)

Q2 2026Latest

Apr 29, 2026

$0.24vs $0.18+33.9%

$121Mvs $119M+2.2%

Q1 2026

Feb 18, 2026

$0.17vs $0.17-1.5%

$118Mvs $116M+2.0%

Q4 2025

Oct 29, 2025

$0.14vs $0.37-62.2%

$114Mvs $116M-1.9%

Q3 2025

Jul 30, 2025

$0.10vs $0.37-73.0%

$113Mvs $112M+1.1%

Company

Price

Market Cap

P/E Ratio

Rev Growth (1Y)

Net Margin

ROE

Div Yield

BNLBroadstone Net Lease, Inc.Current

$21.21

$4.06B

42.42

4.64%

22.41%

3.33%

5.22%

ADCAgree Realty Corporation

$77.03

$9.25B

43.52

16.42%

29.28%

3.65%

—

NNNNNN REIT, Inc.

$47.47

$9.03B

22.93

6.55%

41.38%

8.81%

—

EPRTEssential Properties Realty Trust, Inc.

$30.62

$6.62B

23.92

24.97%

43.28%

6.3%

—

ORealty Income Corporation

$63.12

$58.86B

53.95

9.07%

18.94%

2.8%

—

WPCW. P. Carey Inc.

$73.86

$16.2B

35.00

8.89%

26.02%

6.29%

—