Broadstone Net Lease, Inc. (BNL) vs W.P. Carey Inc. (WPC)

Broadstone Net Lease, Inc. and W.P. Carey Inc. are both Reit Diversified companies. W.P. Carey Inc. is the larger, with a market value of $15.2B against $3.6B — 4.2× the size. W.P. Carey Inc. trades at the lower P/E: 22.6× against 24.9×. W.P. Carey Inc. grew revenue faster over the last twelve months: 8.96% against 7.68%. W.P. Carey Inc. has the higher net margin (36.3% vs 30.6%) and the lower return on invested capital (2.69% vs 3.12%). Both pay a dividend; W.P. Carey Inc. yields more (7.34% vs 6.92%). Across the 22 metrics below, W.P. Carey Inc. leads on 12 and Broadstone Net Lease, Inc. on 10.

Valuation

Metric BNL WPC Reit Diversified median
P/E 24.88 22.56 23.72
P/S 7.57 8.34 3.28
P/B 1.20 1.72 0.87
Price to free cash flow n/m n/m 9.21
EV/EBITDA 12.70 18.22 11.57
EV/Sales 10.58 13.19 6.64
Earnings yield 4.02% 4.43% 1.04%
Free cash flow yield (10.64%) (0.70%) 0.16%

Profitability

Metric BNL WPC Reit Diversified median
Gross margin 94.86% 90.20% 77.09%
Operating margin 46.61% 41.78% 33.33%
Net margin 30.61% 36.34% 2.62%
Free cash flow margin (80.55%) (5.80%) 3.11%
Return on equity 4.82% 7.70% 3.13%
Return on assets 2.60% 3.55% 0.35%
Return on invested capital 3.12% 2.69% 2.80%

Growth

Metric BNL WPC Reit Diversified median
Revenue growth (TTM) 7.68% 8.96% 5.49%
EPS growth (last fiscal year) (41.86%) 0.96% —
Revenue growth, 5-year CAGR 7.14% 7.26% 4.83%
Net income growth, 5-year CAGR 13.52% 0.48% 0.00%

Health

Metric BNL WPC Reit Diversified median
Debt to equity 0.48 1.02 1.13
Current ratio 0.07 0.22 1.47
Net debt to EBITDA 3.48 6.38 5.88

Dividend

Metric BNL WPC Reit Diversified median
Dividend yield 6.92% 7.34% 7.13%
Payout ratio 1.24 1.19 1.37

Size

Metric BNL WPC Reit Diversified median
Market cap 3.63b 15.16b 729.58m

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