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Broadstone Net Lease, Inc. BNL

Real Estate — Reit Diversified
Dividend Champion (5y) Cash Flow Champion (10y) Insider Buys (last 12m)
Growth Flags show if company had growth for consecutive years ,
Insider Buys alert about insiders buying in the last 12 month

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Insider Decisions

Total buys
0.21
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — 1 —
Sell — — — — — — — — — — — —
Insider Ownership
0.52%

Capital & Financial Ratios

Market Cap
3,690.00
Revenue
476.17
Net Income
148.74
Free Cash Flow
(383.54)
Net Debt
1,431.70
Current Ratio
0.07
Debt/Equity
0.48
P/E ratio
25.26
P/S ratio
7.69
P/B ratio
1.22
Past 5Y EPS Growth
(25.92%)
This Y EPS Growth
53.45%
Next Y EPS Growth
(0.14%)
Next 5Y EPS Growth
17.23%
in millions of $

Dividends

Payout Ratio
1.24
Annual Dividend Rate
1.12
Annual Dividend Yield
6.92%
total individual payouts
2028 ‡‡‡‡‡
2027 ‡‡‡‡‡
2026 1.17
—
—
—
2025 1.16
—
—
—
—
2024 1.16
—
—
—
—
2023 1.12
—
—
—
—
2022 1.08
—
—
—
—
2021 1.03
—
—
—
—
2020 1.54
—
—
—
—
2019 ‡‡‡
2018 ‡‡‡‡
2017 ‡‡‡‡
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 19.49 14.85 30.54 11.10
Receivables 154.21 166.00 183.28 193.46
Inventory — — — —
Other — — — —
173.71 180.84 213.82 204.55
2023 2024 2025 Q'26
Payables 47.53 48.98 60.08 72.49
ST’ Debt 935.74 990.22 1,260.26 1,442.80
Other — — — —
1,963.99 1,967.95 2,581.27 2,757.84
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 121.40 122.31 — —
—
’25 108.69 112.99 114.17 118.30
454.14
’24 105.37 105.91 108.40 112.13
431.80
’23 118.99 109.35 109.54 105.00
442.89
’22 93.84 98.01 103.52 112.14
407.51
’21 82.70 84.76 122.78 92.64
382.88
’20 78.23 80.37 80.74 82.29
321.64
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 76.09 58.17 — —
—
’25 71.46 79.28 64.19 84.57
299.50
’24 70.87 74.17 67.30 63.91
276.25
’23 74.38 62.23 73.89 60.58
271.07
’22 59.10 58.86 77.52 60.44
255.91
’21 51.78 47.24 88.30 57.62
244.94
’20 40.32 39.14 53.51 46.06
179.03
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 (86.00) 13.35 — —
—
’25 (12.58) (51.11) (107.25) (203.65)
(374.58)
’24 276.20 (152.59) 1.74 91.40
216.75
’23 103.88 63.94 116.42 11.05
295.29
’22 (148.56) (113.34) (127.77) (214.13)
(603.79)
’21 (15.98) 156.80 (402.46) (76.24)
(337.88)
’20 75.65 45.40 59.01 (1.04)
150.35
in millions of $

EPS

Mar Jun Sep Dec Year
’26 0.24 0.21 — —
—
’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 — 0.57 0.08 0.10
0.40

Target Price Range

High
‡‡‡‡‡
‡‡‡‡
Average
‡‡‡‡
‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡

Recommendation Rating

1.7
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
— — — — ‡‡‡‡ ‡‡‡‡‡ 14.98 13.68 14.21 13.96 — — —
Low Price
— — — — ‡‡‡‡‡ ‡‡‡‡ 25.03 18.54 19.15 18.87 — — —
High Price
— — — ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ 73 74 73 62 — — —
Employees
‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5.58 5.98 5.92 7.32 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 407.51 442.89 431.80 454.14 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 94.66% 94.90% 94.27% 94.94% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 130.75 164.08 170.16 100.57 — — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 32.08% 37.05% 39.41% 22.15% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 129.48 163.31 168.99 99.42 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
— — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 153.59 156.64 155.70 165.10 — — —
Depreciation
‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.40 2.37 2.30 2.41 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡ ‡‡‡‡ — ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ 0.72 0.83 0.86 0.51 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings/Sh
‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.51 1.45 1.47 1.59 — — —
Cash Flow/Sh
— ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (5.06) 0.13 (0.32) (3.58) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (3.56) 1.58 1.16 (1.99) — — —
Free CF/Sh
‡‡‡ ‡‡‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 19.21 17.12 16.76 16.12 ‡‡‡‡ — —
Book Value/Sh
— ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 169.84 186.62 187.45 188.12 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 22.49 21.14 18.23 34.06 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
PE Ratio
‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6.75 7.39 6.89 7.20 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.84 1.03 0.95 1.08 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 14.36 13.86 13.66 14.19 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (9.69) 20.79 27.21 (17.21) — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 255.91 271.07 276.25 299.50 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (859.71) 24.21 (59.50) (674.08) — — —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (603.79) 295.29 216.75 (374.58) — — —
FCF
— — — ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (1,918.98) (1,790.29) (1,787.10) (2,367.44) — — —
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3,122.88 935.74 990.22 1,260.26 — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3,101.09 916.25 975.37 1,229.72 — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3,262.51 3,194.34 3,141.42 3,033.46 — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.42% 2.90% 3.10% 1.77% ‡‡‡‡‡ — —
ROA
‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.85% 2.90% 2.49% 2.76% — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.07% 4.82% 5.13% 3.13% ‡‡‡‡‡ — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

Broadstone Net Lease, Inc. (BNL), a net lease REIT specializing in single-tenant commercial properties with long-term leases to creditworthy tenants, has shown resilience through expansion, the COVID-19 downturn, and a 2021 SPAC listing. Despite share dilution from growth funding—diluting revenue and EPS per share—recent aggressive deleveraging slashed debt by 70% to under $1 billion, bolstering the balance sheet, turning FCF positive at $217 million in 2024, and stabilizing ROE around 5%. High gross margins near 95% and recovering EBT margins to 39.4% underscore the model’s stability amid volatile markets.

Valuation appears compelling, with shares trading near book value (PB 0.95), compressed P/E at 18.2, and EV/Sales at 13.5, reflecting lower leverage versus historical peaks. Insiders, including the CEO and executives, bought over $1.39 million in shares in May 2025 at discounts to recent prices, signaling conviction absent prior sells.

Analysts forecast steady revenue growth to $531 million by 2027 (9% CAGR from 2025), with EPS rebounding post-2025 dip, supporting 5-7% yields and modest 7% price target upside. While rate sensitivity lingers as a key risk, BNL’s fortified position and sector tailwinds like rent escalations position it for 10-15% total returns over 12-18 months—if macros cooperate.

Read full commentary →

Broadstone Net Lease, Inc. (BNL) Latest News

News by impact score

Fine-tune

4 Sep

3 , 1:45 AM
Broadstone Net Lease bought into a high-volatility asset while offering investors a 6% yield amid market swings. BNL's purchase of a volatile asset introduces moderate risk that could shift its performance and sentiment.

9 Aug

3 , 9:14 PM
Broadstone Net Lease raises fresh equity while questioning the persistence of its 9% undervaluation. Equity issuance affects capital structure and share count without redefining core operations.

7 Aug

3 transcript www.fool.com, 9:00 PM
BNL held Q2 2026 earnings call covering financial performance and guidance. Quarterly earnings updates typically move sentiment and valuation without shifting long-term strategy.

6 Aug

3 , 10:12 PM
Broadstone Net Lease, Inc. priced a public offering of common stock. Public stock offering enables capital raise but creates share dilution with direct effects on valuation and investor positioning.

3 , 4:10 PM
Broadstone Net Lease, Inc. announces a public offering of common stock. Equity offering supplies fresh capital but dilutes shareholders and pressures near-term valuation.

1 Aug

3 transcript www.marketbeat.com, 12:02 AM
Broadstone Net Lease held its Q2 earnings call covering financial results, portfolio updates, and forward guidance for the REIT. Q2 earnings details and guidance provide moderate influence on near-term stock sentiment and valuation metrics.

30 Jul

3 transcript app.moby.co, 8:30 AM
Broadstone Net Lease, Inc. released Q2 2026 earnings call details covering quarterly financial results, operational updates, and forward guidance. Quarterly earnings figures and guidance can shift short-term investor sentiment and valuation for BNL.

29 Jul

3 , 6:25 PM
Broadstone Net Lease, Inc. (BNL) posted Q2 FFO above analyst estimates. Q2 FFO beat signals modestly stronger financial results than expected.

3 , 4:17 PM
Broadstone Net Lease reported its second quarter 2026 financial results. Quarterly results update key financial metrics that can shift near-term stock valuation and sentiment.

8 Jul

4 , 6:30 AM
Broadstone Net Lease announces $303 million build-to-suit development for a Fortune 20 investment-grade company. $303 million build-to-suit project marks major expansion that will boost long-term revenue and growth.

11 Jun

3 , 4:45 PM
Broadstone Net Lease adds $40 million to its committed pipeline of build-to-suit developments. Pipeline expansion signals moderate future asset growth and revenue potential.

5 Jun

3 Simply Wall St., 12:40 AM
Broadstone Net Lease narrative shifts positively after multiple raised price targets and stock reaching new highs. Higher price targets and new stock highs may lift near-term sentiment but are unlikely to change company fundamentals.

1 May

4 , 3:16 AM
Broadstone Net Lease Inc. (BNL) reported strong AFFO growth in Q1 2026 earnings call highlights. Strong AFFO growth demonstrates significant positive financial momentum likely to boost BNL's market performance and investor confidence.

3 www.marketbeat.com, 3:27 AM
Broadstone Net Lease, Inc. (BNL) released Q1 earnings call highlights covering financial results, portfolio updates, and strategic outlook. Q1 earnings highlights report routine quarterly financials and operations with moderately noticeable influence on BNL's performance.

30 Apr

4 transcript www.fool.com, 12:48 PM
Broadstone Net Lease, Inc. (BNL) released Q1 2026 earnings call transcript detailing financial results, portfolio performance, acquisitions, dispositions, and forward guidance. Q1 2026 earnings transcript discloses key financial metrics, occupancy rates, dividend policy, and growth strategies directly influencing BNL's valuation and market trajectory.

29 Apr

3 Business Wire, 5:03 PM
Broadstone Net Lease, Inc. (BNL) announced first quarter 2026 results and added $30 million to its committed pipeline of build-to-suit developments. Quarterly results and $30 million pipeline addition indicate moderate positive influence on financial performance and growth trajectory.

22 Apr

3 www.fool.com, 3:23 PM
Columbus Macro builds stake in Broadstone Net Lease, Inc. (BNL) according to recent SEC filing. Columbus Macro's stake build signals moderate institutional interest that could positively influence BNL's market sentiment and stock performance.

1 Apr

4 Simply Wall St., 8:19 PM
Investors react to Broadstone Net Lease, Inc. (BNL)'s new build-to-suit deals and 2026 guidance. New build-to-suit deals expand BNL's portfolio and 2026 guidance sets clear future expectations, significantly boosting market performance potential.

11 Mar

3 , 12:00 PM
Broadstone Net Lease (BNL) upgraded to Buy rating by analysts, signaling potential upside for the stock amid favorable outlook. Analyst upgrade to Buy expected to moderately boost investor sentiment and influence short-term market performance.

25 Feb

3 Business Wire, 6:30 AM
Broadstone Net Lease, Inc. (BNL) announced two additional build-to-suit developments totaling $62.1 million. Two new $62.1 million build-to-suit developments expand BNL's portfolio and support moderate revenue growth.

19 Feb

4 GuruFocus.com, 6:00 PM
Broadstone Net Lease (BNL) delivered strong AFFO growth in Q4 2025 earnings call highlights, signaling robust financial performance and positive operational momentum. Strong AFFO growth highlights significant financial strength that boosts investor confidence and supports positive market trajectory.

4 www.marketbeat.com, 3:18 PM
Broadstone Net Lease, Inc. (BNL) released Q4 earnings call highlights covering financial performance, portfolio growth, dividend declarations, and 2024 outlook. Q4 earnings highlights disclose financial results, AFFO guidance, and strategic updates that significantly influence BNL's valuation and investor sentiment.

4 transcript www.fool.com, 12:52 PM
Broadstone Net Lease, Inc. (BNL) released its earnings call transcript detailing quarterly financial results, operational updates, and forward guidance. Earnings transcripts disclose key financial metrics, strategic updates, and outlook that drive significant investor reactions and stock performance shifts.

4 app.moby.co, 8:30 AM
Broadstone Net Lease, Inc. released Q4 2025 earnings call summary highlighting quarterly financial performance, portfolio updates, and forward guidance for net lease operations. Q4 earnings call summary details financial results, acquisitions, and outlook that significantly shape investor expectations and BNL stock trajectory.

18 Feb

4 ZacksZacksZacks, 5:20 PM
Broadstone Net Lease, Inc. (BNL) reported Q4 funds from operations (FFO) and revenues that exceeded analyst estimates. Q4 FFO and revenue beats indicate strong financial health, likely driving positive investor sentiment and stock performance.

4 Business Wire, 4:10 PM
Broadstone Net Lease, Inc. (BNL) announced fourth quarter and full-year 2025 results. Fourth quarter and full-year earnings announcements directly influence BNL's financial performance metrics, investor sentiment, and stock trajectory.

8 Jan

4 Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St., 6:44 AM
Broadstone Net Lease, Inc. (BNL) is experiencing an upward trend in its stock performance, potentially driven by strong fundamentals. The company has shown resilience in its operations, which may be positively influencing investor sentiment and market perception. Analysts are closely monitoring BNL's financial health and strategic initiatives that could further enhance its growth trajectory. Strong fundamentals and positive market sentiment are likely to significantly impact BNL's future performance.

12 Dec

4 Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St., 5:50 AM
Broadstone Net Lease, Inc. (BNL) has garnered significant attention from institutional investors, with 85% of its shares owned by such entities. This high level of institutional ownership indicates strong confidence in the company's stability and growth potential. The article highlights BNL's appeal among large investors, suggesting that its strategic positioning and market performance are viewed favorably in the current economic landscape. High institutional ownership typically signals strong investor confidence and can influence market performance significantly.

3 247wallst.com, 9:43 AM
JP Morgan has included Broadstone Net Lease, Inc. (BNL) in its December Analyst Focus List, highlighting it as a high-yield dividend pick. The inclusion suggests a positive outlook for BNL, indicating potential investor interest and confidence in the company's financial stability and dividend performance. Inclusion in a high-yield dividend list may enhance market sentiment and attract investment, but the overall impact on BNL's trajectory is expected to be limited.

1 Dec

4 Business WireMT NewswiresGuruFocus.comGuruFocus.comZacksGuruFocus.com, 6:30 AM
Broadstone Net Lease, Inc. (BNL) provided a business update and issued guidance for 2026 ahead of its upcoming Investor Day. The company highlighted its strategic initiatives and operational performance, aiming to enhance shareholder value and align with market expectations. The guidance and strategic initiatives outlined are likely to significantly impact future performance and investor sentiment.
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