Latest Ratios: P/E Ratio 42.3x · EV/EBITDA 16.9x · ROE 3.3%. (2015–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.1B | $3.4B | $3.1B | $3.4B | $2.9B | $4.1B | $2.5B | — | — | — | — |
| Enterprise Value | $6.6B | $6.0B | $5.0B | $5.3B | $4.9B | $5.7B | $4.0B | — | — | — | — |
| P/E Ratio → | 42.32 | 34.74 | 18.44 | 20.75 | 22.51 | 37.04 | 44.50 | — | — | — | — |
| P/S Ratio | 8.83 | 7.47 | 7.11 | 7.54 | 7.14 | 10.62 | 7.79 | — | — | — | — |
| P/B Ratio | 1.38 | 1.13 | 0.99 | 1.06 | 0.90 | 1.48 | 1.02 | — | — | — | — |
| P/FCF | 15.03 | 12.72 | 12.02 | 15.04 | 13.01 | 16.72 | 14.99 | — | — | — | — |
| P/OCF | 13.54 | 11.46 | 11.29 | 12.47 | 11.41 | 16.62 | 14.09 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 13.10 | 11.43 | 11.77 | 12.04 | 14.97 | 12.49 | — | — | — | — |
| EV / EBITDA | 16.92 | 15.34 | 13.59 | 13.84 | 14.13 | 17.49 | 14.84 | — | — | — | — |
| EV / EBIT | 29.09 | 28.23 | 18.80 | 19.42 | 24.70 | 34.82 | 33.49 | — | — | — | — |
| EV / FCF | — | 22.30 | 19.34 | 23.45 | 21.92 | 23.58 | 24.03 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.5% | 23.5% | 23.2% | 24.2% | 19.0% | 26.2% | 12.2% | 19.1% | 21.8% | 25.1% | 29.7% |
| Operating Margin | 49.7% | 49.7% | 48.5% | 49.6% | 47.3% | 51.1% | 43.2% | 46.3% | 46.6% | 48.2% | 44.5% |
| Net Profit Margin | 22.4% | 22.4% | 35.6% | 35.1% | 28.5% | 26.7% | 15.8% | 26.6% | 29.2% | 30.2% | 25.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.3% | 3.3% | 4.9% | 4.9% | 3.9% | 3.9% | 2.4% | 4.8% | 4.9% | 4.8% | 4.2% |
| ROA | 1.9% | 1.9% | 3.0% | 2.9% | 2.3% | 2.3% | 1.3% | 2.3% | 2.4% | 2.4% | 2.1% |
| ROIC | 3.2% | 3.2% | 3.2% | 3.2% | 3.0% | 3.5% | 2.7% | 3.1% | 3.1% | 3.1% | 2.9% |
| ROCE | 4.2% | 4.2% | 4.1% | 4.2% | 3.9% | 4.5% | 3.6% | 4.2% | 4.3% | 4.3% | 3.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.86 | 0.86 | 0.61 | 0.60 | 0.62 | 0.62 | 0.65 | 1.17 | 0.95 | 0.92 | 0.87 |
| Debt / EBITDA | 6.67 | 6.67 | 5.18 | 5.02 | 5.81 | 5.15 | 5.95 | 8.39 | 7.43 | 7.86 | 7.88 |
| Net Debt / Equity | — | 0.85 | 0.60 | 0.59 | 0.61 | 0.61 | 0.61 | 1.16 | 0.93 | 0.91 | 0.85 |
| Net Debt / EBITDA | 6.59 | 6.59 | 5.14 | 4.97 | 5.75 | 5.08 | 5.58 | 8.34 | 7.33 | 7.80 | 7.68 |
| Debt / FCF | — | 9.58 | 7.32 | 8.41 | 8.91 | 6.85 | 9.04 | 14.48 | 11.60 | 12.79 | 12.95 |
| Interest Coverage | 2.26 | 2.26 | 3.60 | 3.39 | 2.53 | 2.57 | 1.59 | 2.19 | 2.37 | 2.51 | 2.27 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 288.34 | 288.34 | 1.60 | 1.58 | 1.46 | 1.55 | 2.59 | 0.41 | 0.53 | 0.23 | 0.55 |
| Quick Ratio | 288.34 | 288.34 | 1.60 | 1.58 | 1.46 | 1.55 | 2.59 | 0.41 | 0.63 | 0.27 | 0.63 |
| Cash Ratio | 288.07 | 288.07 | 0.13 | 0.18 | 0.20 | 0.24 | 1.27 | 0.05 | 0.11 | 0.03 | 0.18 |
| Asset Turnover | — | 0.08 | 0.08 | 0.09 | 0.07 | 0.08 | 0.08 | 0.08 | 0.08 | 0.07 | 0.07 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.2% | 6.4% | 7.0% | 6.1% | 6.2% | 3.8% | 2.8% | — | — | — | — |
| Payout Ratio | 212.6% | 212.6% | 138.7% | 132.0% | 155.7% | 150.7% | 139.8% | 78.0% | 74.7% | 81.3% | 98.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.4% | 2.9% | 5.4% | 4.8% | 4.4% | 2.7% | 2.2% | — | — | — | — |
| FCF Yield | 6.7% | 7.9% | 8.3% | 6.7% | 7.7% | 6.0% | 6.7% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — | — |
| Total Shareholder Yield | 5.2% | 6.4% | 7.0% | 6.1% | 6.2% | 3.8% | 2.8% | — | — | — | — |
| Shares Outstanding | — | $198M | $197M | $196M | $180M | $164M | $129M | $153M | $153M | $146M | $153M |
Portfolio diversification complexity
Based on reported figures, BNL's P/FFO multiple has hovered near 15.5x, suggesting that the market applies a persistent complexity discount to the firm's diversified five-sector portfolio compared to the higher multiples often commanded by pure-play industrial REITs within the broader net lease competitive landscape.
The current valuation appears to reflect investor skepticism regarding the firm's multi-sector strategy rather than its underlying cash flow generation. If the market begins to view the industrial pivot as a core competency rather than a source of operational complexity, the current multiple may warrant a re-rating toward peer averages.
As reported in recent financial statements, BNL's NOI margin has fluctuated between 17.9% and 26.5% over the last ten quarters, suggesting that the firm's profitability is sensitive to the specific mix of assets and the accounting treatment of non-reimbursable property-level expenses within its triple-net lease structure.
The variability in margins suggests that management's active portfolio recycling, particularly the divestment of legacy office assets, creates short-term noise in profitability metrics. Investors should monitor whether the increasing industrial concentration leads to more stable, higher-margin outcomes as the portfolio matures.
According to quarterly earnings data, BNL's FFO payout ratio has improved from a peak of 111.2% in 2023Q4 to a more sustainable 73.3% by 2025Q4, indicating that the firm has successfully restored a meaningful buffer for its dividend distributions through disciplined capital allocation and earnings growth.
The trend toward a lower payout ratio suggests that the company is retaining more cash flow to fund its industrial-heavy acquisition pipeline without relying on external financing. This shift appears to strengthen the dividend's long-term safety profile, provided that the current FFO growth trajectory remains intact.
Based on reported figures, BNL maintained a debt-to-equity ratio of 0.89 in 2026Q1, which remains notably conservative compared to industry peers like NNN REIT, suggesting that the company has significant capacity to absorb further debt if acquisition opportunities align with its long-term industrial strategy.
The firm's balance sheet appears well-positioned to navigate potential interest rate volatility, given its relatively low leverage profile. This financial flexibility may allow management to pursue accretive acquisitions even if the cost of equity remains elevated, providing a competitive advantage over more highly levered peers.
The market's reliance on the P/E ratio for BNL is fundamentally flawed, as reported in financial statements, because it fails to account for the massive non-cash depreciation charges that artificially depress GAAP earnings while ignoring the actual cash-generating capacity of the firm's triple-net lease portfolio.
Investors should prioritize FFO and AFFO metrics over P/E, as the latter obscures the true economic reality of the REIT's performance. Relying on P/E likely leads to an incorrect assessment of the company's valuation, as it treats essential real estate depreciation as a recurring cash expense.
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying BNL stock.
Broadstone Net Lease, Inc.'s current P/E ratio is 42.3x. The historical average is 29.7x. This places it at the 83th percentile of its historical range.
Broadstone Net Lease, Inc.'s current EV/EBITDA is 16.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.9x.
Broadstone Net Lease, Inc.'s return on equity (ROE) is 3.3%. The historical average is 4.1%.
Based on historical data, Broadstone Net Lease, Inc. is trading at a P/E of 42.3x. This is at the 83th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Broadstone Net Lease, Inc.'s current dividend yield is 5.23% with a payout ratio of 212.6%.
Broadstone Net Lease, Inc. has 23.5% gross margin and 49.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Broadstone Net Lease, Inc.'s Debt/EBITDA ratio is 6.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.