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6May 1, 2026·SEC
Apr 29, 2026·SEC
Apr 1, 2026·SEC
Broadstone Net Lease, Inc. (BNL) fundamental analysis — strengths, weaknesses & financial health based on data analysis
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Broadstone Net Lease, Inc. (BNL) stock price & volume — 10-year historical chart
Broadstone Net Lease, Inc. (BNL) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Broadstone Net Lease, Inc. (BNL) EPS & revenue vs analyst estimates — last 4 quarters
| 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% |
Broadstone Net Lease, Inc. (BNL) competitors in Net Lease and Ground Lease REITs — business model, growth, and fundamentals comparison
Broadstone Net Lease, Inc. (BNL) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Broadstone Net Lease, Inc. (BNL) annual income statement — 10-year revenue, gross profit & net income history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Revenue | 181.56M | 237.48M | 298.81M | 323.71M | 383.22M | 408.94M | 448.09M | 438.77M | 459.14M | 468.77M |
Revenue Growth % | 27.08% | 30.8% | 25.83% | 8.33% | 18.38% | 6.71% | 9.57% | -2.08% | 4.64% | 6.19% |
Property Operating Expenses | 136.02M | 185.67M | 241.88M | 284.12M | 282.65M | 331.39M | 339.83M | 337.1M | 351.14M | 355.89M |
Net Operating Income (NOI) | 45.54M▲ 0% | 51.8M▲ 13.7% | 56.93M▲ 9.9% | 39.59M▼ 30.5% | 100.57M▲ 154.0% | 77.55M▼ 22.9% | 108.26M▲ 39.6% | 101.67M▼ 6.1% | 108M▲ 6.2% | 112.87M▲ 0% |
NOI Margin % | 25.08% | 21.81% | 19.05% | 12.23% | 26.24% | 18.96% | 24.16% | 23.17% | 23.52% | 24.08% |
Operating Expenses | -41.95M | -58.8M | -81.5M | -100.16M | -95.39M | -116.01M | -114M | -111.22M | -120.2M | -124.64M |
G&A Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
EBITDA | 149.75M | 194.6M | 247.25M | 272.44M | 328.05M | 348.37M | 380.89M | 369.07M | 392.28M | 403.63M |
EBITDA Margin % | 82.48% | 81.94% | 82.74% | 84.16% | 85.6% | 85.19% | 85% | 84.11% | 85.44% | 86.1% |
Depreciation & Amortization | 62.26M | 83.99M | 108.82M | 132.69M | 132.1M | 154.81M | 158.63M | 156.18M | 164.09M | 166.12M |
D&A / Revenue % | 34.29% | 35.37% | 36.42% | 40.99% | 34.47% | 37.86% | 35.4% | 35.59% | 35.74% | 35.44% |
Operating Income | 87.49M▲ 0% | 110.61M▲ 26.4% | 138.43M▲ 25.2% | 139.75M▲ 1.0% | 195.96M▲ 40.2% | 193.56M▼ 1.2% | 222.26M▲ 14.8% | 212.89M▼ 4.2% | 228.2M▲ 7.2% | 237.51M▲ 0% |
Operating Margin % | 48.19% | 46.58% | 46.33% | 43.17% | 51.13% | 47.33% | 49.6% | 48.52% | 49.7% | 50.67% |
Interest Expense | 34.75M | 52.85M | 72.53M | 76.14M | 64.15M | 78.65M | 80.05M | 74.08M | 94.47M | 4M |
Interest Coverage | 2.51x | 2.37x | 2.19x | 1.59x | 2.57x | 2.53x | 3.39x | 3.60x | 2.26x | - |
Non-Operating Income | 409K | -14.53M | -20.44M | 19.05M | 31.17M | -5.7M | -49.23M | -53.94M | 15.07M | -636K |
Pretax Income | 59.55M▲ 0% | 75.11M▲ 26.1% | 87.53M▲ 16.5% | 57.22M▼ 34.6% | 116.77M▲ 104.1% | 125.06M▲ 7.1% | 165.76M▲ 32.5% | 163.96M▼ 1.1% | 106.99M▼ 34.7% | 131.56M▲ 0% |
Pretax Margin % | 32.8% | 31.63% | 29.29% | 17.67% | 30.47% | 30.58% | 36.99% | 37.37% | 23.3% | 28.06% |
Income Tax | 0 | 0 | 2.42M | 939K | 1.64M | 1.27M | 763K | 1.18M | 1.15M | 1.11M |
Effective Tax Rate % | 0% | 0% | 2.76% | 1.64% | 1.41% | 1.02% | 0.46% | 0.72% | 1.08% | 0.84% |
Net Income | 54.8M▲ 0% | 69.38M▲ 26.6% | 79.39M▲ 14.4% | 51.18M▼ 35.5% | 102.49M▲ 100.2% | 116.42M▲ 13.6% | 157.16M▲ 35.0% | 156.24M▼ 0.6% | 102.91M▼ 34.1% | 128.25M▲ 0% |
Net Margin % | 30.18% | 29.21% | 26.57% | 15.81% | 26.74% | 28.47% | 35.07% | 35.61% | 22.41% | 27.36% |
Net Income Growth % | 50.74% | 26.6% | 14.44% | -35.54% | 100.25% | 13.6% | 34.99% | -0.58% | -34.13% | 16.54% |
Funds From Operations (FFO) | 117.06M▲ 0% | 153.37M▲ 31.0% | 188.21M▲ 22.7% | 183.87M▼ 2.3% | 234.58M▲ 27.6% | 271.23M▲ 15.6% | 315.79M▲ 16.4% | 312.42M▼ 1.1% | 267M▼ 14.5% | 294.37M▲ 0% |
FFO Margin % | 64.47% | 64.58% | 62.99% | 56.8% | 61.21% | 66.33% | 70.47% | 71.2% | 58.15% | 62.8% |
FFO Growth % | 41.59% | 31.02% | 22.72% | -2.31% | 27.58% | 15.62% | 16.43% | -1.07% | -14.54% | 50.38% |
FFO per Share | 0.80 | 1.00 | 1.23 | 1.43 | 1.43 | 1.51 | 1.61 | 1.59 | 1.35 | 1.47 |
FFO Payout Ratio % | 38.05% | 33.8% | 32.92% | 38.9% | 65.84% | 66.82% | 65.72% | 69.38% | 81.94% | 37.4% |
EPS (Diluted) | 0.37▲ 0% | 0.45▲ 21.6% | 0.52▲ 15.6% | 0.44▼ 15.4% | 0.67▲ 52.3% | 0.72▲ 7.5% | 0.83▲ 15.3% | 0.86▲ 3.6% | 0.50▼ 41.9% | 0.64▲ 0% |
EPS Growth % | 42.31% | 21.62% | 15.56% | -15.38% | 52.27% | 7.46% | 15.28% | 3.61% | -41.86% | 38.8% |
EPS (Basic) | 0.41 | 0.45 | 0.56 | 0.44 | 0.67 | 0.72 | 0.87 | 0.86 | 0.51 | - |
Diluted Shares Outstanding | 146.14M | 153.12M | 153.12M | 128.8M | 163.97M | 180.2M | 196.31M | 196.62M | 197.57M | 199.75M |
Broadstone Net Lease, Inc. (BNL) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Total Assets | 2.58B | 3.1B | 3.92B | 4.26B | 4.62B | 5.46B | 5.27B | 5.22B | 5.72B | 5.85B |
Asset Growth % | 32.1% | 20.09% | 26.51% | 8.69% | 8.46% | 18.16% | -3.46% | -0.99% | 9.6% | 27.25% |
Real Estate & Other Assets | 943K | 2.7B | 3.48B | 3.41B | 3.83B | 4.62B | 4.47B | 4.43B | 0 | 0 |
PP&E (Net) | 13.55M | 13.7M | 12.85M | 10.74M | 9.64M | 8.51M | 0 | 0 | 0 | 0 |
Investment Securities | 1000K | -1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Total Current Assets | 69.81M | 92.06M | 97.92M | 204.21M | 139.85M | 158.8M | 173.71M | 180.84M | 4.86B | 4.98B |
Cash & Equivalents | 9.36M | 18.61M | 12.46M | 100.49M | 21.67M | 21.79M | 19.49M | 14.85M | 30.54M | 20.31M |
Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
Other Current Assets | 0 | 0 | -12.61M | -22.28M | -17.27M | 0 | 0 | 0 | 0 | 0 |
Intangible Assets | 242.66M | 286.26M | 331.89M | 290.91M | 303.64M | 329.58M | 288.23M | 267.64M | 268.01M | 261.98M |
Total Liabilities | 1.29B | 1.57B | 2.14B | 1.78B | 1.88B | 2.2B | 2.07B | 2.07B | 2.68B | 2.82B |
Total Debt | 1.18B | 1.45B | 2.07B | 1.62B | 1.69B | 2.02B | 1.91B | 1.91B | 2.62B | 2.68B |
Net Debt | 1.17B | 1.43B | 2.06B | 1.52B | 1.67B | 2B | 1.89B | 1.9B | 2.58B | 2.66B |
Long-Term Debt | 1.17B | 1.44B | 1.78B | 1.54B | 1.69B | 2.02B | 1.91B | 1.91B | 2.55B | 2.64B |
Short-Term Borrowings | 3.13M | 3.43M | 197.3M | 0 | 0 | 0 | 0 | 0 | 16.84M | 0 |
Capital Lease Obligations | 0 | 0 | 92.22M | 79.65M | 0 | 0 | 0 | 0 | 56.56M | 184.32M |
Total Current Liabilities | 297.38M | 173.26M | 238.27M | 78.96M | 90.42M | 109.08M | 110.11M | 113.14M | 16.84M | 0 |
Accounts Payable | 20.34M | 13.19M | 37.38M | 35.68M | 38.04M | 47.55M | 47.53M | 48.98M | 60.08M | 0 |
Deferred Revenue | 1.29B | 1.57B | 0 | 0 | 0 | 0 | 0 | 0 | 18.5M | 0 |
Other Liabilities | 89.88M | -47.77M | 24.47M | 79.61M | 97.77M | 62.85M | 53.53M | 48.73M | 43.03M | 144.02M |
Total Equity | 1.28B▲ 0% | 1.53B▲ 19.1% | 1.78B▲ 16.4% | 2.48B▲ 39.4% | 2.74B▲ 10.6% | 3.26B▲ 19.0% | 3.19B▼ 2.1% | 3.14B▼ 1.7% | 3.03B▼ 3.4% | 3.02B▲ 0% |
Equity Growth % | 28.61% | 19.06% | 16.36% | 39.35% | 10.57% | 19.02% | -2.09% | -1.66% | -3.44% | -14.43% |
Shareholders Equity | 1.19B | 1.42B | 1.67B | 2.3B | 2.58B | 3.09B | 3.05B | 3B | 2.9B | 2.89B |
Minority Interest | 97.38M | 111.82M | 111.41M | 179.98M | 163.85M | 169.59M | 145.1M | 137.68M | 131.47M | 128.89M |
Common Stock | 19K | 22K | 26K | 36K | 41K | 47K | 47K | 47K | 48K | 48K |
Additional Paid-in Capital | 1.3B | 1.56B | 1.9B | 2.62B | 2.92B | 3.42B | 3.44B | 3.45B | 3.5B | 3.5B |
Retained Earnings | -120.28M | -155.15M | -208.26M | -259.67M | -318.48M | -386.05M | -440.73M | -496.54M | -620.22M | -630.95M |
Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Return on Assets (ROA) | 2.42% | 2.44% | 2.26% | 1.25% | 2.31% | 2.31% | 2.93% | 2.98% | 1.88% | 2.29% |
Return on Equity (ROE) | 4.8% | 4.93% | 4.8% | 2.4% | 3.93% | 3.88% | 4.87% | 4.93% | 3.33% | 4.24% |
Debt / Assets | 45.67% | 46.69% | 52.92% | 38.06% | 36.58% | 37.07% | 36.27% | 36.68% | 45.74% | 45.85% |
Debt / Equity | 0.92x | 0.95x | 1.17x | 0.65x | 0.62x | 0.62x | 0.60x | 0.61x | 0.86x | 0.89x |
Net Debt / EBITDA | 7.80x | 7.33x | 8.34x | 5.58x | 5.08x | 5.75x | 4.97x | 5.14x | 6.59x | 6.59x |
Book Value per Share | 8.79 | 9.99 | 11.62 | 19.25 | 16.72 | 18.10 | 16.27 | 15.98 | 15.35 | 15.13 |
Broadstone Net Lease, Inc. (BNL) cash flow — operating, investing & free cash flow history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | 97.94M | 128.01M | 147.36M | 179.03M | 244.94M | 255.91M | 271.07M | 276.25M | 299.5M | 304.13M |
Operating CF Growth % | 45.77% | 30.7% | 15.11% | 21.49% | 36.81% | 4.48% | 5.92% | 1.91% | 8.41% | 41.06% |
Operating CF / Revenue % | 53.94% | 53.9% | 49.31% | 55.31% | 63.92% | 62.58% | 60.5% | 62.96% | 65.23% | 64.88% |
Net Income | 59.55M | 75.11M | 85.11M | 56.28M | 109.53M | 129.47M | 163.31M | 168.99M | 99.42M | 128.25M |
Depreciation & Amortization | 62.76M | 83.69M | 105.41M | 131.57M | 128.89M | 150M | 158.63M | 151.76M | 159.62M | 161.69M |
Stock-Based Compensation | 0 | 0 | 0 | 1.99M | 4.67M | 5.32M | 6.36M | 7.36M | 9.6M | 10.02M |
Other Non-Cash Items | -27.03M | -34.66M | -45.22M | -17.29M | -4.62M | -29.18M | -48.06M | -49.82M | 17.4M | -9.73M |
Working Capital Changes | 2.66M | 3.88M | 2.06M | 2.54M | 6.47M | 307K | -9.17M | -2.03M | 13.47M | 13.83M |
Cash from Investing | -611.11M | -510.46M | -831.71M | -60.24M | -582.3M | -859.64M | 24.34M | -59.7M | -675.27M | -748.64M |
Acquisitions (Net) | 0 | 0 | 828.26M | -30.86M | 0 | 0 | 0 | 0 | 0 | 0 |
Purchase of Investments | -668.36M | -576.19M | -997.01M | -96.08M | 0 | 0 | 0 | 0 | 0 | 0 |
Sale of Investments | 64.03M | 18.5M | 168.76M | 77.51M | 0 | 0 | 0 | 0 | 0 | 0 |
Other Investing | -604.5M | -524M | -826.66M | 0 | -580.71M | -828.27M | 70.59M | -59.7M | -675.27M | -748.64M |
Cash from Financing | 500.89M | 391.34M | 685.67M | -28.38M | 254.41M | 636M | -334.82M | -221.19M | 393.43M | 455.16M |
Dividends Paid | -44.54M | -51.84M | -61.96M | -71.53M | -154.46M | -181.22M | -207.52M | -216.76M | -218.78M | -162.58M |
Common Dividends | -44.54M | -51.84M | -61.96M | -71.53M | -154.46M | -181.22M | -207.52M | -216.76M | -218.78M | -110.08M |
Debt Issuance (Net) | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K |
Share Repurchases | -9.44M | -10.2M | -54.6M | -126K | 0 | 0 | -180K | 0 | 0 | 146K |
Other Financing | 254.95M | 205.01M | 312.97M | -13.21M | -22.43M | -18.32M | -11.12M | -9.67M | -5.68M | 697.8M |
Net Change in Cash | -12.28M▲ 0% | 8.89M▲ 172.4% | 1.32M▼ 85.1% | 90.42M▲ 6739.4% | -82.96M▼ 191.8% | 32.27M▲ 138.9% | -39.41M▼ 222.1% | -4.64M▲ 88.2% | 17.65M▲ 480.4% | 8.74M▲ 0% |
Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.91M |
Cash at Beginning | 21.64M | 10.1M | 18.99M | 20.31M | 110.73M | 27.77M | 60.04M | 20.63M | 15.99M | 33.64M |
Cash at End | 9.36M | 18.99M | 20.31M | 110.73M | 27.77M | 60.04M | 20.63M | 15.99M | 33.64M | 21.68M |
Free Cash Flow | 91.33M▲ 0% | 123.05M▲ 34.7% | 142.31M▲ 15.6% | 168.22M▲ 18.2% | 243.34M▲ 44.7% | 224.54M▼ 7.7% | 224.82M▲ 0.1% | 259.46M▲ 15.4% | 269.79M▲ 4.0% | 318.48M▲ 0% |
FCF Growth % | 39.97% | 34.73% | 15.65% | 18.21% | 44.65% | -7.73% | 0.13% | 15.41% | 3.98% | 27.99% |
FCF / Revenue % | 50.3% | 51.82% | 47.62% | 51.97% | 63.5% | 54.91% | 50.17% | 59.13% | 58.76% | 67.94% |
Broadstone Net Lease, Inc. (BNL) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
FFO per Share | 0.8 | 1 | 1.23 | 1.43 | 1.43 | 1.51 | 1.61 | 1.59 | 1.35 | 1.47 |
FFO Payout Ratio | 38.05% | 33.8% | 32.92% | 38.9% | 65.84% | 66.82% | 65.72% | 69.38% | 81.94% | 37.4% |
NOI Margin | 25.08% | 21.81% | 19.05% | 12.23% | 26.24% | 18.96% | 24.16% | 23.17% | 23.52% | 24.08% |
Net Debt / EBITDA | 7.80x | 7.33x | 8.34x | 5.58x | 5.08x | 5.75x | 4.97x | 5.14x | 6.59x | 6.59x |
Debt / Assets | 45.67% | 46.69% | 52.92% | 38.06% | 36.58% | 37.07% | 36.27% | 36.68% | 45.74% | 45.85% |
Interest Coverage | 2.51x | 2.37x | 2.19x | 1.59x | 2.57x | 2.53x | 3.39x | 3.60x | 2.26x | - |
Book Value / Share | 8.79 | 9.99 | 11.62 | 19.25 | 16.72 | 18.1 | 16.27 | 15.98 | 15.35 | 15.13 |
Revenue Growth | 27.08% | 30.8% | 25.83% | 8.33% | 18.38% | 6.71% | 9.57% | -2.08% | 4.64% | 6.19% |
Broadstone Net Lease, Inc. (BNL) SEC filings — annual & quarterly reports (10-K, 10-Q)
May 1, 2026·SEC
Apr 29, 2026·SEC
Apr 1, 2026·SEC
Broadstone Net Lease, Inc. (BNL) stock FAQ — growth, dividends, profitability & financials explained
Broadstone Net Lease, Inc. (BNL) reported $468.8M in revenue for fiscal year 2025. This represents a 378% increase from $98.1M in 2015.
Broadstone Net Lease, Inc. (BNL) grew revenue by 4.6% over the past year. Growth has been modest.
Yes, Broadstone Net Lease, Inc. (BNL) is profitable, generating $128.3M in net income for fiscal year 2025 (22.4% net margin).
Yes, Broadstone Net Lease, Inc. (BNL) pays a dividend with a yield of 5.38%. This makes it attractive for income-focused investors.
Broadstone Net Lease, Inc. (BNL) has a return on equity (ROE) of 3.3%. This is below average, suggesting room for improvement.
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.
Broadstone Net Lease, Inc. (BNL) offers a 5.38% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.