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

BNL•NYSE•REIT / Real Estate
$19.88
$3.81B mkt cap·39.8× P/E·Price updated May 6, 2026
SectorReal EstateIndustryDiversified REITsSub-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%
  • Debt/Assets45.74%+24.7%
  • Net Debt/EBITDA6.59+28.1%
  • Book Value/Share15.35-3.9%
Technical→

BNL Key Insights

Broadstone Net Lease, Inc. (BNL) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓FFO growing 9.9% TTM
  • ✓Healthy dividend yield of 5.6%
  • ✓Trading near 52-week high
  • ✓Trading at only 1.3x book value

✗Weaknesses

  • ✗Weak 3Y average ROE of 4.4%
  • ✗Low NOI margin of 23.5%
  • ✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

BNL Price & Volume

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

Loading chart...

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
EPS
$0.24
Est $0.18
+36.2%
Revenue
$121M
Est $119M
+2.2%
Q1 2026
Feb 18, 2026
EPS
$0.17
Est $0.17
-1.5%
Revenue
$118M
Est $116M
+2.0%
Q4 2025
Oct 29, 2025
EPS
$0.14
Est $0.37
-62.2%
Revenue
$114M
Est $116M
-1.9%
Q3 2025
Jul 30, 2025
EPS
$0.10
Est $0.37
-73.0%
Revenue
$113M
Est $112M
+1.1%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 29, 2026
$0.24vs $0.18+36.2%
$121Mvs $119M+2.2%
Q1 2026Feb 18, 2026
$0.17vs $0.17-1.5%
$118Mvs $116M+2.0%
Q4 2025Oct 29, 2025
$0.14vs $0.37-62.2%
$114Mvs $116M-1.9%
Q3 2025Jul 30, 2025
$0.10vs $0.37-73.0%
$113Mvs $112M+1.1%
Based on last 12 quarters of dataView full earnings history →

BNL Peer Comparison

Broadstone Net Lease, Inc. (BNL) competitors in Net Lease and Ground Lease REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
ADC logoADCAgree Realty CorporationDirect Competitor9.19B76.5043.2216.42%29.28%3.65%0.53
NNN logoNNNNNN REIT, Inc.Direct Competitor8.51B44.7121.606.55%41.38%8.81%1.09
EPRT logoEPRTEssential Properties Realty Trust, Inc.Direct Competitor6.79B31.4024.5324.97%43.28%6.3%0.60
O logoORealty Income CorporationDirect Competitor59.69B64.0154.719.07%13.51%2%0.82
WPC logoWPCW. P. Carey Inc.Direct Competitor16.19B73.85358.89%26.02%6.29%1.07
FCPT logoFCPTFour Corners Property Trust, Inc.Product Competitor2.79B25.4123.319.72%38.74%7.38%0.74
PINE logoPINEAlpine Income Property Trust, Inc.Product Competitor279.09M19.48-88.5515.9%-0.64%-0.14%1.31
NTST logoNTSTNETSTREIT Corp.Product Competitor1.72B20.57257.1330%0.1%0.01%

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 Income Statement

Broadstone Net Lease, Inc. (BNL) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue181.56M237.48M298.81M323.71M383.22M408.94M448.09M438.77M459.14M468.77M
Revenue Growth %27.08%30.8%25.83%8.33%18.38%6.71%9.57%-2.08%4.64%6.19%
Property Operating Expenses136.02M185.67M241.88M284.12M282.65M331.39M339.83M337.1M351.14M355.89M
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 Expenses0000000000
EBITDA149.75M194.6M247.25M272.44M328.05M348.37M380.89M369.07M392.28M403.63M
EBITDA Margin %82.48%81.94%82.74%84.16%85.6%85.19%85%84.11%85.44%86.1%
Depreciation & Amortization62.26M83.99M108.82M132.69M132.1M154.81M158.63M156.18M164.09M166.12M
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 Expense34.75M52.85M72.53M76.14M64.15M78.65M80.05M74.08M94.47M4M
Interest Coverage2.51x2.37x2.19x1.59x2.57x2.53x3.39x3.60x2.26x-
Non-Operating Income409K-14.53M-20.44M19.05M31.17M-5.7M-49.23M-53.94M15.07M-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 Tax002.42M939K1.64M1.27M763K1.18M1.15M1.11M
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 Share0.801.001.231.431.431.511.611.591.351.47
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)0.410.450.560.440.670.720.870.860.51-
Diluted Shares Outstanding146.14M153.12M153.12M128.8M163.97M180.2M196.31M196.62M197.57M199.75M

BNL Balance Sheet

Broadstone Net Lease, Inc. (BNL) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets2.58B3.1B3.92B4.26B4.62B5.46B5.27B5.22B5.72B5.85B
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 Assets943K2.7B3.48B3.41B3.83B4.62B4.47B4.43B00
PP&E (Net)13.55M13.7M12.85M10.74M9.64M8.51M0000
Investment Securities1000K-1000K00000000
Total Current Assets69.81M92.06M97.92M204.21M139.85M158.8M173.71M180.84M4.86B4.98B
Cash & Equivalents9.36M18.61M12.46M100.49M21.67M21.79M19.49M14.85M30.54M20.31M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets00-12.61M-22.28M-17.27M00000
Intangible Assets242.66M286.26M331.89M290.91M303.64M329.58M288.23M267.64M268.01M261.98M
Total Liabilities1.29B1.57B2.14B1.78B1.88B2.2B2.07B2.07B2.68B2.82B
Total Debt1.18B1.45B2.07B1.62B1.69B2.02B1.91B1.91B2.62B2.68B
Net Debt1.17B1.43B2.06B1.52B1.67B2B1.89B1.9B2.58B2.66B
Long-Term Debt1.17B1.44B1.78B1.54B1.69B2.02B1.91B1.91B2.55B2.64B
Short-Term Borrowings3.13M3.43M197.3M0000016.84M0
Capital Lease Obligations0092.22M79.65M000056.56M184.32M
Total Current Liabilities297.38M173.26M238.27M78.96M90.42M109.08M110.11M113.14M16.84M0
Accounts Payable20.34M13.19M37.38M35.68M38.04M47.55M47.53M48.98M60.08M0
Deferred Revenue1.29B1.57B00000018.5M0
Other Liabilities89.88M-47.77M24.47M79.61M97.77M62.85M53.53M48.73M43.03M144.02M
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 Equity1.19B1.42B1.67B2.3B2.58B3.09B3.05B3B2.9B2.89B
Minority Interest97.38M111.82M111.41M179.98M163.85M169.59M145.1M137.68M131.47M128.89M
Common Stock19K22K26K36K41K47K47K47K48K48K
Additional Paid-in Capital1.3B1.56B1.9B2.62B2.92B3.42B3.44B3.45B3.5B3.5B
Retained Earnings-120.28M-155.15M-208.26M-259.67M-318.48M-386.05M-440.73M-496.54M-620.22M-630.95M
Preferred Stock0000000000
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 / Assets45.67%46.69%52.92%38.06%36.58%37.07%36.27%36.68%45.74%45.85%
Debt / Equity0.92x0.95x1.17x0.65x0.62x0.62x0.60x0.61x0.86x0.86x
Net Debt / EBITDA7.80x7.33x8.34x5.58x5.08x5.75x4.97x5.14x6.59x6.59x
Book Value per Share8.799.9911.6219.2516.7218.1016.2715.9815.3515.13

BNL Cash Flow Statement

Broadstone Net Lease, Inc. (BNL) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations97.94M128.01M147.36M179.03M244.94M255.91M271.07M276.25M299.5M299.5M
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%63.89%
Net Income59.55M75.11M85.11M56.28M109.53M129.47M163.31M168.99M99.42M128.25M
Depreciation & Amortization62.76M83.69M105.41M131.57M128.89M150M158.63M151.76M159.62M161.69M
Stock-Based Compensation0001.99M4.67M5.32M6.36M7.36M9.6M10.02M
Other Non-Cash Items-27.03M-34.66M-45.22M-17.29M-4.62M-29.18M-48.06M-49.82M17.4M-9.73M
Working Capital Changes2.66M3.88M2.06M2.54M6.47M307K-9.17M-2.03M13.47M13.83M
Cash from Investing-611.11M-510.46M-831.71M-60.24M-582.3M-859.64M24.34M-59.7M-675.27M-748.64M
Acquisitions (Net)00828.26M-30.86M000000
Purchase of Investments-668.36M-576.19M-997.01M-96.08M000000
Sale of Investments64.03M18.5M168.76M77.51M000000
Other Investing-604.5M-524M-826.66M0-580.71M-828.27M70.59M-59.7M-675.27M-748.64M
Cash from Financing500.89M391.34M685.67M-28.38M254.41M636M-334.82M-221.19M393.43M455.16M
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)1000K1000K1000K-1000K1000K1000K-1000K1000K1000K1000K
Share Repurchases-9.44M-10.2M-54.6M-126K00-180K00146K
Other Financing254.95M205.01M312.97M-13.21M-22.43M-18.32M-11.12M-9.67M-5.68M697.8M
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 Effect000000000-1.91M
Cash at Beginning21.64M10.1M18.99M20.31M110.73M27.77M60.04M20.63M15.99M33.64M
Cash at End9.36M18.99M20.31M110.73M27.77M60.04M20.63M15.99M33.64M21.68M
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%

BNL Key Ratios

Broadstone Net Lease, Inc. (BNL) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share0.811.231.431.431.511.611.591.351.47
FFO Payout Ratio38.05%33.8%32.92%38.9%65.84%66.82%65.72%69.38%81.94%37.4%
NOI Margin25.08%21.81%19.05%12.23%26.24%18.96%24.16%23.17%23.52%24.08%
Net Debt / EBITDA7.80x7.33x8.34x5.58x5.08x5.75x4.97x5.14x6.59x6.59x
Debt / Assets45.67%46.69%52.92%38.06%36.58%37.07%36.27%36.68%45.74%45.85%
Interest Coverage2.51x2.37x2.19x1.59x2.57x2.53x3.39x3.60x2.26x-
Book Value / Share8.799.9911.6219.2516.7218.116.2715.9815.3515.13
Revenue Growth27.08%30.8%25.83%8.33%18.38%6.71%9.57%-2.08%4.64%6.19%

BNL SEC Filings & Documents

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

8-K Announcements

6
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

3
FY 2026

Feb 19, 2026·SEC

FY 2025

Feb 20, 2025·SEC

FY 2024

Feb 22, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 30, 2026·SEC

FY 2025

Oct 29, 2025·SEC

FY 2025

Jul 31, 2025·SEC

BNL Frequently Asked Questions

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

Growth & Financials

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).

Dividend & Returns

Yes, Broadstone Net Lease, Inc. (BNL) pays a dividend with a yield of 5.57%. 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.

Industry Metrics

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 5.57% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More BNL

Broadstone Net Lease, Inc. (BNL) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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