Broadstone Net Lease, Inc. (BNL) vs Gladstone Commercial Corporation (GOOD)

Broadstone Net Lease, Inc. and Gladstone Commercial Corporation are both Reit Diversified companies. Broadstone Net Lease, Inc. is the larger, with a market value of $3.5B against $620.0M — 5.6× the size. Broadstone Net Lease, Inc. trades at the lower P/E: 24.0× against 48.7×. Gladstone Commercial Corporation grew revenue faster over the last twelve months: 10.8% against 7.68%. Broadstone Net Lease, Inc. has the higher net margin (30.6% vs 7.15%) and the lower return on invested capital (3.12% vs 4.14%). Both pay a dividend; Gladstone Commercial Corporation yields more (9.47% vs 6.39%). Across the 22 metrics below, Broadstone Net Lease, Inc. leads on 11 and Gladstone Commercial Corporation on 11.

Valuation

Metric BNL GOOD Reit Diversified median
P/E 24.03 48.73 22.84
P/S 7.31 3.63 3.26
P/B 1.16 3.93 0.84
Price to free cash flow n/m n/m 8.45
EV/EBITDA 12.39 11.78 11.78
EV/Sales 10.32 8.59 6.42
Earnings yield 4.16% 2.05% 1.00%
Free cash flow yield (11.01%) (1.01%) 0.16%

Profitability

Metric BNL GOOD Reit Diversified median
Gross margin 94.86% 79.10% 77.09%
Operating margin 46.61% 38.97% 33.33%
Net margin 30.61% 7.15% 2.62%
Free cash flow margin (80.55%) (3.66%) 3.11%
Return on equity 4.82% 7.27% 3.13%
Return on assets 2.60% 0.99% 0.35%
Return on invested capital 3.12% 4.14% 2.80%

Growth

Metric BNL GOOD Reit Diversified median
Revenue growth (TTM) 7.68% 10.78% 5.49%
EPS growth (last fiscal year) (41.86%) (46.15%) (6.42%)
Revenue growth, 5-year CAGR 7.14% 3.91% 4.83%
Net income growth, 5-year CAGR 13.52% 15.92% 0.00%

Health

Metric BNL GOOD Reit Diversified median
Debt to equity 0.48 5.43 1.13
Current ratio 0.07 3.72 1.47
Net debt to EBITDA 3.48 7.29 5.88

Dividend

Metric BNL GOOD Reit Diversified median
Dividend yield 6.39% 9.47% 6.39%
Payout ratio 1.54 4.62 1.41

Size

Metric BNL GOOD Reit Diversified median
Market cap 3.50b 619.97m 781.82m

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