American Assets Trust, Inc. (AAT) vs Broadstone Net Lease, Inc. (BNL)

American Assets Trust, Inc. and Broadstone Net Lease, Inc. are both Reit Diversified companies. Broadstone Net Lease, Inc. is the larger, with a market value of $3.6B against $1.3B — 2.8× the size. Broadstone Net Lease, Inc. trades at the lower P/E: 24.9× against 74.4×. Broadstone Net Lease, Inc. grew revenue faster over the last twelve months: 7.68% against −2.89%. Broadstone Net Lease, Inc. has the higher net margin (30.6% vs 4.09%) and the higher return on invested capital (3.12% vs 2.37%). Both pay a dividend; Broadstone Net Lease, Inc. yields more (6.92% vs 6.57%). Across the 22 metrics below, Broadstone Net Lease, Inc. leads on 14 and American Assets Trust, Inc. on 8.

Valuation

Metric AAT BNL Reit Diversified median
P/E 74.41 24.88 23.72
P/S 2.98 7.57 3.28
P/B 1.24 1.20 0.87
Price to free cash flow 14.78 n/m 9.21
EV/EBITDA 12.49 12.70 11.57
EV/Sales 6.59 10.58 6.64
Earnings yield 1.34% 4.02% 1.04%
Free cash flow yield 6.77% (10.64%) 0.16%

Profitability

Metric AAT BNL Reit Diversified median
Gross margin 70.87% 94.86% 77.09%
Operating margin 22.77% 46.61% 33.33%
Net margin 4.09% 30.61% 2.62%
Free cash flow margin 20.16% (80.55%) 3.11%
Return on equity 1.64% 4.82% 3.13%
Return on assets 0.61% 2.60% 0.35%
Return on invested capital 2.37% 3.12% 2.80%

Growth

Metric AAT BNL Reit Diversified median
Revenue growth (TTM) (2.89%) 7.68% 5.49%
EPS growth (last fiscal year) (2.13%) (41.86%) —
Revenue growth, 5-year CAGR 4.83% 7.14% 4.83%
Net income growth, 5-year CAGR 15.01% 13.52% 0.00%

Health

Metric AAT BNL Reit Diversified median
Debt to equity 1.61 0.48 1.13
Current ratio 2.46 0.07 1.47
Net debt to EBITDA 5.68 3.48 5.88

Dividend

Metric AAT BNL Reit Diversified median
Dividend yield 6.57% 6.92% 7.13%
Payout ratio 1.55 1.24 1.37

Size

Metric AAT BNL Reit Diversified median
Market cap 1.32b 3.63b 729.58m

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