Broadstone Net Lease, Inc. (BNL) vs Safehold Inc. (SAFE)

Broadstone Net Lease, Inc. and Safehold Inc. are both Reit Diversified companies. Broadstone Net Lease, Inc. is the larger, with a market value of $3.6B against $876.7M — 4.1× the size. Safehold Inc. trades at the lower P/E: 7.6× against 24.9×. Safehold Inc. grew revenue faster over the last twelve months: 12.2% against 7.68%. Broadstone Net Lease, Inc. has the higher net margin (30.6% vs 27.7%) and the lower return on invested capital (3.12% vs 5.53%). Both pay a dividend; Broadstone Net Lease, Inc. yields more (6.92% vs 3.44%). Across the 22 metrics below, Safehold Inc. leads on 13 and Broadstone Net Lease, Inc. on 9.

Valuation

Metric BNL SAFE Reit Diversified median
P/E 24.88 7.57 23.72
P/S 7.57 2.09 3.28
P/B 1.20 0.33 0.87
Price to free cash flow n/m n/m 9.21
EV/EBITDA 12.70 5.45 11.57
EV/Sales 10.58 4.36 6.64
Earnings yield 4.02% 13.21% 1.04%
Free cash flow yield (10.64%) (15.93%) 0.16%

Profitability

Metric BNL SAFE Reit Diversified median
Gross margin 94.86% 92.63% 77.09%
Operating margin 46.61% 75.61% 33.33%
Net margin 30.61% 27.69% 2.62%
Free cash flow margin (80.55%) (33.27%) 3.11%
Return on equity 4.82% 4.61% 3.13%
Return on assets 2.60% 1.59% 0.35%
Return on invested capital 3.12% 5.53% 2.80%

Growth

Metric BNL SAFE Reit Diversified median
Revenue growth (TTM) 7.68% 12.15% 5.49%
EPS growth (last fiscal year) (41.86%) 7.43% —
Revenue growth, 5-year CAGR 7.14% 3.53% 4.83%
Net income growth, 5-year CAGR 13.52% 0.00% 0.00%

Health

Metric BNL SAFE Reit Diversified median
Debt to equity 0.48 1.77 1.13
Current ratio 0.07 34.36 1.47
Net debt to EBITDA 3.48 3.00 5.88

Dividend

Metric BNL SAFE Reit Diversified median
Dividend yield 6.92% 3.44% 7.13%
Payout ratio 1.24 7.14 1.37

Size

Metric BNL SAFE Reit Diversified median
Market cap 3.63b 876.71m 729.58m

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