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BNLBroadstone Net Lease, Inc.
$20.58$3.9B
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BNL logoBroadstone Net Lease, Inc.(BNL)Earnings, Financials & Key Ratios

BNL•NYSE•REIT / Real Estate
41.2× P/E·Price updated Jun 19, 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%

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 5.4%
  • ✓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.

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BNL Price & Volume

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

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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
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 29, 2026
$0.24vs $0.18+33.9%
$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
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
ADC logoADCAgree Realty CorporationDirect Competitor8.8B73.2541.3816.42%29.28%3.65%0.53
NNN logoNNNNNN REIT, Inc.Direct Competitor8.56B45.0021.746.55%41.38%8.81%1.09
EPRT logoEPRTEssential Properties Realty Trust, Inc.Direct Competitor6.35B29.3622.9424.97%43.28%6.3%0.60
O logoORealty Income CorporationDirect Competitor56.17B60.2451.499.07%18.94%2.8%0.82
WPC logoWPCW. P. Carey Inc.Direct Competitor15.62B71.2233.758.89%26.02%6.29%1.07
FCPT logoFCPTFour Corners Property Trust, Inc.Product Competitor2.69B24.4922.479.72%38.74%7.38%0.74
PINE logoPINEAlpine Income Property Trust, Inc.Product Competitor274.08M19.13-86.9515.9%-0.64%-0.14%1.31
NTST logoNTSTNETSTREIT Corp.Product Competitor1.9B19.20234.1520.91%5.66%0.78%0.77

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
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue
181.56M237.48M298.81M323.71M383.22M408.94M448.09M438.77M459.14M468.77M
Revenue Growth %
27.08%30.8%25.83%8.33%18.38%6.71%9.57%-2.08%4.64%6.19%
Property Operating Expenses
136.02M185.67M241.88M284.12M282.65M331.39M339.83M337.1M351.14M355.89M
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 Expenses
0000000000
EBITDA
149.75M194.6M247.25M272.44M328.05M348.37M380.89M369.07M392.28M403.63M
EBITDA Margin %
82.48%81.94%82.74%84.16%85.6%85.19%85%84.11%85.44%86.1%
Depreciation & Amortization
62.26M83.99M108.82M132.69M132.1M154.81M158.63M156.18M164.09M166.12M
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 Expense
34.75M52.85M72.53M76.14M64.15M78.65M80.05M74.08M94.47M4M
Interest Coverage
2.51x2.37x2.19x1.59x2.57x2.53x3.39x3.60x2.26x-
Non-Operating Income
409K-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 Tax
002.42M939K1.64M1.27M763K1.18M1.15M1.11M
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 Share
0.801.001.231.431.431.511.611.591.351.47
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 Outstanding
146.14M153.12M153.12M128.8M163.97M180.2M196.31M196.62M197.57M199.75M

BNL Balance Sheet

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

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets
2.58B3.1B3.92B4.26B4.62B5.46B5.27B5.22B5.72B5.85B
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 Assets
943K2.7B3.48B3.41B3.83B4.62B4.47B4.43B00
PP&E (Net)
13.55M13.7M12.85M10.74M9.64M8.51M0000
Investment Securities
1000K-1000K00000000
Total Current Assets
69.81M92.06M97.92M204.21M139.85M158.8M173.71M180.84M4.86B4.98B
Cash & Equivalents
9.36M18.61M12.46M100.49M21.67M21.79M19.49M14.85M30.54M20.31M
Receivables
1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets
00-12.61M-22.28M-17.27M00000
Intangible Assets
242.66M286.26M331.89M290.91M303.64M329.58M288.23M267.64M268.01M261.98M
Total Liabilities
1.29B1.57B2.14B1.78B1.88B2.2B2.07B2.07B2.68B2.82B
Total Debt
1.18B1.45B2.07B1.62B1.69B2.02B1.91B1.91B2.62B2.68B
Net Debt
1.17B1.43B2.06B1.52B1.67B2B1.89B1.9B2.58B2.66B
Long-Term Debt
1.17B1.44B1.78B1.54B1.69B2.02B1.91B1.91B2.55B2.64B
Short-Term Borrowings
3.13M3.43M197.3M0000016.84M0
Capital Lease Obligations
0092.22M79.65M000056.56M184.32M
Total Current Liabilities
297.38M173.26M238.27M78.96M90.42M109.08M110.11M113.14M16.84M0
Accounts Payable
20.34M13.19M37.38M35.68M38.04M47.55M47.53M48.98M60.08M0
Deferred Revenue
1.29B1.57B00000018.5M0
Other Liabilities
89.88M-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 Equity
1.19B1.42B1.67B2.3B2.58B3.09B3.05B3B2.9B2.89B
Minority Interest
97.38M111.82M111.41M179.98M163.85M169.59M145.1M137.68M131.47M128.89M
Common Stock
19K22K26K36K41K47K47K47K48K48K
Additional Paid-in Capital
1.3B1.56B1.9B2.62B2.92B3.42B3.44B3.45B3.5B3.5B
Retained Earnings
-120.28M-155.15M-208.26M-259.67M-318.48M-386.05M-440.73M-496.54M-620.22M-630.95M
Preferred Stock
0000000000
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
0.92x0.95x1.17x0.65x0.62x0.62x0.60x0.61x0.86x0.89x
Net Debt / EBITDA
7.80x7.33x8.34x5.58x5.08x5.75x4.97x5.14x6.59x6.59x
Book Value per Share
8.799.9911.6219.2516.7218.1016.2715.9815.3515.13

BNL Cash Flow Statement

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

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
97.94M128.01M147.36M179.03M244.94M255.91M271.07M276.25M299.5M304.13M
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
59.55M75.11M85.11M56.28M109.53M129.47M163.31M168.99M99.42M128.25M
Depreciation & Amortization
62.76M83.69M105.41M131.57M128.89M150M158.63M151.76M159.62M161.69M
Stock-Based Compensation
0001.99M4.67M5.32M6.36M7.36M9.6M10.02M
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 Changes
2.66M3.88M2.06M2.54M6.47M307K-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 Investments
64.03M18.5M168.76M77.51M000000
Other Investing
-604.5M-524M-826.66M0-580.71M-828.27M70.59M-59.7M-675.27M-748.64M
Cash from Financing
500.89M391.34M685.67M-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 Financing
254.95M205.01M312.97M-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 Effect
000000000-1.91M
Cash at Beginning
21.64M10.1M18.99M20.31M110.73M27.77M60.04M20.63M15.99M33.64M
Cash at End
9.36M18.99M20.31M110.73M27.77M60.04M20.63M15.99M33.64M21.68M
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 Share
0.811.231.431.431.511.611.591.351.47
FFO Payout Ratio
38.05%33.8%32.92%38.9%65.84%66.82%65.72%69.38%81.94%37.4%
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
7.80x7.33x8.34x5.58x5.08x5.75x4.97x5.14x6.59x6.59x
Debt / Assets
45.67%46.69%52.92%38.06%36.58%37.07%36.27%36.68%45.74%45.85%
Interest Coverage
2.51x2.37x2.19x1.59x2.57x2.53x3.39x3.60x2.26x-
Book Value / Share
8.799.9911.6219.2516.7218.116.2715.9815.3515.13
Revenue Growth
27.08%30.8%25.83%8.33%18.38%6.71%9.57%-2.08%4.64%6.19%
Related:BNL Dividend History·BNL Revenue History·BNL Price History·BNL P/E History·BNL Financial Ratios·BNL Institutional Holders

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 5.38%. 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.

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 5.38% 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

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How much would $100/month in BNL be worth today?

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