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Broadstone Net Lease, Inc.

BNL Real Estate Reit Diversified

Broadstone Net Lease, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $454.1 million, up 5.17% from fiscal 2024.

Revenue
+6.74%
EPS
+5.36%
Free cash flow
−35.3%
Total debt
+35.9%

Quarter to September 2026, against a year earlier

18.02 0.04 +0.22%
Market cap
$3.5B
P/E
23.4×
Fwd P/E
23.4×
Dividend yield
6.50%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.21
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — 1 — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.55%

Capital & Financial Ratios $m

Size
Market Cap 3,450.00
Revenue ttm 483.87
Net income ttm 149.81
Free cash flow ttm (421.38)
Net debt Q 1,735.21
Valuation
P/E 23.39
Forward P/E 23.40
Price / sales 7.08
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.14
Financial health
Current ratio Q 0.07
Debt / equity Q 0.58
Interest coverage Q 1.93
Growth
Revenue growth Q +6.74% (above 0%: growing)
Operating income growth Q +1.46% (above 0%: growing)
EPS, this year +50.02% (at or above 15%: strong)
EPS, next year A −5.29% (below 0%: weak)
Revenue, next year A +9.88%
EPS, past 5 yrs +4.56%
EPS, next 5 yrs A +16.54% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 10.7×, against a ten-year median of 10.2×; over the ten years it ranged from 5.4× in 2020 to 13.1× in 2021.
P/E against its own 10 years 39.29%
10-year low 10-year high
P/S against its own 10 years 33.77%
10-year low 10-year high
P/B against its own 10 years 64.87%
10-year low 10-year high
EV/Sales against its own 10 years 65.97%
10-year low 10-year high

Dividends raised 4 years running

Yield
6.50%
Annual rate
1.17
Payout ratio
153.6%
Growth, 2020–25
−5.47%/yr
  1. 1.54 ’20
  2. 1.03 ’21 −33
  3. 1.08 ’22 +5
  4. 1.12 ’23 +4
  5. 1.16 ’24 +3
  6. 1.16 ’25 +0
  7. 1.17 ’26e +0
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 19 15 31 12
Receivables 154 166 183 194
Inventory — — — —
Other — — — —
174 181 214 206
2023 2024 2025 Q'26
Payables 48 49 60 74
ST’ Debt 936 990 1,260 1,747
Other — — — —
1,964 1,968 2,581 2,978

Compound Annual Growth %

10y 5y 3y
Sales 16.56% 7.14% 3.68%
Cash Flow 22.73% 10.84% 5.38%
Earnings 17.82% 13.52% (7.55%)
Book Value 16.30% 4.12% (2.40%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.39 Actual 0.14

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.37 0.17 Miss by 0.20
Q1 FY26 0.38 0.24 Miss by 0.14
Q2 FY26 0.38 0.21 Miss by 0.17
Q3 FY26 0.39 0.14 Miss by 0.25
Q4 FY26 0.40 — Reports 17 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.24 0.21 0.14 — —
’25 0.09 0.10 0.14 0.17 0.50
’24 0.35 0.19 0.19 0.14 0.86
’23 0.21 0.32 0.26 0.03 0.83
’22 0.16 0.20 0.16 0.20 0.72
’21 0.15 0.14 0.18 0.19 0.67
’20 0.10 0.14 0.08 0.10 0.40
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 121 122 122 — —
’25 109 113 114 118 454
’24 105 106 108 112 432
’23 119 109 110 105 443
’22 94 98 104 112 408
’21 83 85 123 93 383
’20 78 80 81 82 322
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 76 58 88 — —
’25 71 79 64 85 299
’24 71 74 67 64 276
’23 74 62 74 61 271
’22 59 59 78 60 256
’21 52 47 88 58 245
’20 40 39 54 46 179
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (86) 13 (145) — —
’25 (13) (51) (107) (204) (375)
’24 276 (153) 2 91 217
’23 104 64 116 11 295
’22 (149) (113) (128) (214) (604)
’21 (16) 157 (402) (76) (338)
’20 76 45 59 (1) 150
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 143 177 237 299 322 383 408 443 432 454 484 +13.7% 499 543 595 +9.4%
Gross margin, % 0.00 0.00 84.90 84.57 93.40 95.18 94.66 94.90 94.27 94.94 94.71 +94.9 pt
EBT 40 55 76 88 57 111 131 164 170 101 151 +10.9%
EBT margin, % 27.85 30.98 31.99 29.29 17.79 29.04 32.08 37.05 39.41 22.15 31.23 (5.7) pt
Net income 36 50 75 85 56 110 129 163 169 99 150 +12.0%
Per share, $
Per share, $ Revenue 0.00 10.39 2.93 3.12 2.75 2.50 2.40 2.37 2.30 2.41 2.54 n/m
Earnings 2.76 3.21 0.93 0.89 0.44 0.67 0.72 0.83 0.86 0.51 0.77 (17.1%)
Cash flow 0.00 5.73 1.58 1.54 1.53 1.60 1.51 1.45 1.47 1.59 1.61 n/m
Capex — 0.00 (6.51) (8.69) (0.24) (3.81) (5.06) 0.13 (0.32) (3.58) (3.81) n/m
Free cash flow 0.00 5.73 (4.93) (7.15) 1.28 (2.21) (3.56) 1.58 1.16 (1.99) (2.21) n/m
Book value 0.00 69.48 0.00 18.55 21.16 17.91 19.21 17.12 16.76 16.12 15.71 n/m
Shares, m — 17 81 96 117 153 170 187 187 188 190 +35.0%
Valuation, ×
Valuation, × P/E 10.72 10.72 10.72 10.72 42.48 37.61 22.49 21.14 18.23 34.06 23.39 21.9
P/S 0.00 0.00 0.00 0.00 8.76 9.92 6.75 7.39 6.89 7.20 7.08 4.7
P/B 1.10 1.10 1.10 1.10 1.14 1.39 0.84 1.03 0.95 1.08 1.14 1.1
EV/Sales 0.00 0.00 0.00 0.00 11.44 12.34 9.25 9.46 9.14 10.34 10.66 6.2
EV/FCF 4.40 4.40 4.40 4.40 20.55 (13.98) (6.24) 14.19 18.22 (12.53) (12.25) 3.8
Cash, $m
Cash, $m Operating cash flow 67 98 128 147 179 245 256 271 276 299 306 +18.1%
Capex (2) (7) (527) (833) (29) (583) (860) 24 (60) (674) (728) +91.6%
Free cash flow 67 98 (399) (686) 150 (338) (604) 295 217 (375) (421) n/m
Balance, $m
Balance, $m Working capital — — — (1,924) (1,377) (1,594) (1,919) (1,790) (1,787) (2,367) (2,773) +3.5%
Net debt 891 1,249 (16) 185 861 924 1,020 916 975 1,230 1,735 +3.6%
Shareholders’ equity 912 1,187 — 1,779 2,479 2,741 3,263 3,194 3,141 3,033 2,997 +14.3%
Returns, %
Returns, % ROA 2.10 2.22 5.38 2.44 1.25 2.31 2.42 2.90 3.10 1.77 2.53 (0.3) pt
ROIC 0.00 0.00 0.00 4.30 2.26 2.86 2.74 2.90 2.49 2.76 2.94 +2.8 pt
ROE 4.54 4.78 5.33 4.97 2.40 3.92 4.07 4.82 5.13 3.13 4.87 (1.4) pt
People
People Employees — — — 73 71 76 73 74 73 62 — (2.7%)
Revenue/emp, $m 0.00 0.00 0.00 4.09 4.53 5.04 5.58 5.98 5.92 7.32 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Broadstone Net Lease, Inc. vs peers in Reit Diversified (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
WPC W.P. Carey Inc. $14.9B 22.2× 21.2× +8.58% (above 0%: growing) −4.47% (below 0%: shrinking) −55.88% (below 0%: shrinking) 91.70% 55.16% Compare
BNL Broadstone Net Lease, Inc. $3.5B 23.4× 23.4× +6.74% (above 0%: growing) +5.36% (above 0%: growing) −35.28% (below 0%: shrinking) 93.98% 42.25%
GNL Global Net Lease, Inc. $1.6B — (loss-making) — (loss-making) −9.95% (below 0%: shrinking) n/m +54.71% (above 0%: growing) 88.09% 48.66% Compare
AAT American Assets Trust, Inc. $1.3B 56.3× 62.5× +4.29% (above 0%: growing) +135.71% (above 0%: growing) −58.53% (below 0%: shrinking) 70.60% 25.77% Compare
JBGS JBG SMITH Properties $874.5M — (loss-making) — (loss-making) +2.29% (above 0%: growing) n/m +71.92% (above 0%: growing) 62.69% 2.98% Compare
ESRT Empire State Realty Trust, Inc. $874.3M 168× 110× +2.95% (above 0%: growing) n/m +42.29% (above 0%: growing) 74.97% (70.45%) Compare
SAFE Safehold Inc. $795.3M 6.9× 7.0× +22.17% (above 0%: growing) +7.69% (above 0%: growing) −181.89% (below 0%: shrinking) 87.18% 73.05% Compare
CTO CTO Realty Growth, Inc. $774.4M 16.7× 45.8× +24.25% (above 0%: growing) n/m −258.74% (below 0%: shrinking) 75.31% 24.66% Compare
AHRT AH Realty Trust Inc $633.0M — (loss-making) — (loss-making) +3.60% (above 0%: growing) n/m +105.02% (above 0%: growing) 67.20% 18.62% Compare
Median of peers $874.4M 22.2× 45.8× +3.95% +7.69% −6.79% 75.14% 25.22%

All 16 Reit Diversified stocks →

Pay and ownership Proxy statement filed 20 March 2026

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group 14.51%
BlackRock, Inc. 10.01%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Broadstone Net Lease, Inc. (BNL) Latest News

30 Oct

Impact 4 · · MarketBeat
Impact 3 · · Simply Wall St.

29 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby transcript
Impact 4 · · Simply Wall St.

28 Oct

Impact 4 · · Business Wire earnings

25 Sep

Impact 4 · · Insider Monkey

4 Sep

Impact 3 ·

9 Aug

Impact 3 ·

7 Aug

Impact 3 · · The Motley Fool transcript

6 Aug

Impact 3 ·
Impact 3 ·

1 Aug

Impact 3 · · MarketBeat transcript

30 Jul

Impact 3 · · Moby transcript

29 Jul

Impact 3 ·
Impact 3 ·

8 Jul

Impact 4 ·

11 Jun

Impact 3 ·

5 Jun

Impact 3 · · Simply Wall St.

1 May

Impact 4 ·
Impact 3 · · MarketBeat

30 Apr

Impact 4 · · The Motley Fool transcript

29 Apr

Impact 3 · · Business Wire

22 Apr

Impact 3 · · The Motley Fool

1 Apr

Impact 4 · · Simply Wall St.

11 Mar

Impact 3 ·

25 Feb

Impact 3 · · Business Wire

19 Feb

Impact 4 · · GuruFocus.com
Impact 4 · · MarketBeat
Impact 4 · · The Motley Fool transcript

BNL metrics, ten years each

stockrow.com/BNL · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com