📊 BNL Key Takeaways
Is Broadstone Net Lease, Inc. (BNL) a Good Investment?
Broadstone Net Lease demonstrates exceptional cash generation with 59.4% FCF margin and strong operating cash flow of $299.5M, indicating efficient core operations typical of high-quality net lease REITs. The company maintains conservative leverage (0.87x Debt/Equity) with adequate interest coverage (4.0x), supporting sustainable distributions while revenue growth of 5.2% YoY reflects stable portfolio expansion.
Broadstone Net Lease shows stable core fundamentals with mid-single-digit revenue growth, positive net income growth, and very strong cash generation relative to revenue. Its balance sheet appears manageable with moderate leverage and acceptable interest coverage, but weak returns on assets/equity, low cash on hand, and a sharp decline in diluted EPS suggest limited fundamental upside without better earnings quality and capital efficiency.
Why Buy Broadstone Net Lease, Inc. Stock? BNL Key Strengths
- Exceptional free cash flow margin (59.4%) demonstrates highly efficient capital deployment
- Strong absolute operating cash flow ($299.5M) exceeds net income, indicating quality earnings
- Conservative debt structure (0.87x D/E, 4.0x interest coverage) provides financial flexibility
- Revenue growth of 5.2% YoY shows stable portfolio expansion and tenant demand
- Substantial asset base ($5.7B) with diversified net lease real estate portfolio
- Revenue and net income are still growing, indicating resilient portfolio-level operating performance
- Operating cash flow and free cash flow are strong, supporting internal funding capacity
- Leverage is moderate at 0.87x debt-to-equity with 4.0x interest coverage, indicating reasonable debt service capacity
BNL Stock Risks: Broadstone Net Lease, Inc. Investment Risks
- Low absolute returns on equity (3.3%) and assets (1.7%) typical of REITs but warrant monitoring for capital efficiency
- Diluted EPS declined 41.9% YoY despite positive net income growth, suggesting significant share dilution
- Minimal cash position ($30.5M) relative to $5.7B assets creates refinancing dependence
- Net lease model dependent on tenant credit quality and lease renewal rates
- Rising interest rate environment increases refinancing costs on $2.5B long-term debt
- Diluted EPS fell 41.9% year over year despite higher net income, pointing to weaker per-share earnings quality
- ROE of 3.3% and ROA of 1.7% indicate low capital efficiency
- Cash balances are thin relative to the company's debt load, limiting near-term liquidity flexibility
Key Metrics to Watch
- Tenant occupancy rates and lease renewal spreads
- Same-store NOI growth and portfolio quality metrics
- FFO and AFFO per share trends (excluding dilution impacts)
- Refinancing schedule and debt maturity profile
- Distribution payout ratios relative to operating cash flow
- Per-share earnings trend versus net income growth
- Interest coverage and operating cash flow relative to debt obligations
Broadstone Net Lease, Inc. (BNL) Financial Metrics & Key Ratios
💡 AI Analyst Insight
The 59.4% free cash flow margin provides substantial flexibility for dividends, buybacks, and strategic investments. The current ratio below 1.0x warrants monitoring of short-term liquidity.
BNL Profit Margin, ROE & Profitability Analysis
BNL vs Real Estate Sector: How Broadstone Net Lease, Inc. Compares
How Broadstone Net Lease, Inc. compares to Real Estate sector averages
Sector benchmarks are approximate industry averages. Actual sector performance may vary.
Is Broadstone Net Lease, Inc. Stock Overvalued? BNL Valuation Analysis 2026
Based on fundamental analysis, Broadstone Net Lease, Inc. has mixed fundamental signals relative to the Real Estate sector in 2026.
Note: This is a fundamental analysis based on SEC filings. For P/E ratio, price targets, and market-based valuation, consult financial data providers. This is not investment advice.
Broadstone Net Lease, Inc. Balance Sheet: BNL Debt, Cash & Liquidity
BNL Revenue & Earnings Growth: 5-Year Financial Trend
5-Year Trend Summary: Broadstone Net Lease, Inc.'s revenue has grown significantly by 19% over the 5-year period, indicating strong business expansion. The most recent EPS of $0.83 reflects profitable operations.
BNL Revenue Growth, EPS Growth & YoY Performance
BNL Quarterly Earnings & Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $108.4M | $26.5M | $0.14 |
| Q2 2025 | $105.9M | $20.2M | $0.10 |
| Q1 2025 | $105.4M | $16.7M | $0.09 |
| Q3 2024 | $108.4M | $35.6M | $0.19 |
| Q2 2024 | $105.9M | $35.3M | $0.19 |
| Q1 2024 | $105.4M | $39.3M | $0.21 |
| Q3 2023 | $103.5M | $27.1M | $0.16 |
| Q2 2023 | $98.0M | $33.5M | $0.20 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
Broadstone Net Lease, Inc. Dividends, Buybacks & Capital Allocation
BNL SEC Filings: Latest 10-K & 10-Q Analysis
Access official SEC EDGAR filings for Broadstone Net Lease, Inc. (CIK: 0001424182)
📋 Recent SEC Filings
❓ Frequently Asked Questions about BNL
What is the AI rating for BNL?
Broadstone Net Lease, Inc. (BNL) has a Combined AI Rating of BUY from Claude (STRONG BUY) and ChatGPT (HOLD) with 78% combined confidence, based on fundamental analysis of SEC EDGAR filings.
What are BNL's key strengths?
Claude: Exceptional free cash flow margin (59.4%) demonstrates highly efficient capital deployment. Strong absolute operating cash flow ($299.5M) exceeds net income, indicating quality earnings. ChatGPT: Revenue and net income are still growing, indicating resilient portfolio-level operating performance. Operating cash flow and free cash flow are strong, supporting internal funding capacity.
What are the risks of investing in BNL?
Claude: Low absolute returns on equity (3.3%) and assets (1.7%) typical of REITs but warrant monitoring for capital efficiency. Diluted EPS declined 41.9% YoY despite positive net income growth, suggesting significant share dilution. ChatGPT: Diluted EPS fell 41.9% year over year despite higher net income, pointing to weaker per-share earnings quality. ROE of 3.3% and ROA of 1.7% indicate low capital efficiency.
What is BNL's revenue and growth?
Broadstone Net Lease, Inc. reported revenue of $454.1M.
Does BNL pay dividends?
Broadstone Net Lease, Inc. pays dividends, with $218.8M distributed to shareholders in the trailing twelve months.
Where can I find BNL SEC filings?
Official SEC filings for Broadstone Net Lease, Inc. (CIK: 0001424182) including 10-K, 10-Q, and 8-K reports are available on SEC EDGAR.
What is BNL's EPS?
Broadstone Net Lease, Inc. has a diluted EPS of $0.50.
How is the AI analysis conducted?
Two independent AI systems — Claude (Anthropic) and ChatGPT (OpenAI) — analyze SEC EDGAR filings including 10-K annual reports and 10-Q quarterly reports. Each AI evaluates financial health, profitability ratios, balance sheet strength, and growth metrics. The combined rating reflects both perspectives for balanced insights.
Is BNL a good stock to buy right now?
Based on our AI fundamental analysis in April 2026, Broadstone Net Lease, Inc. has a BUY rating with 78% confidence. The AI analysis suggests favorable fundamentals based on SEC filings. This is not investment advice.
Is BNL stock overvalued or undervalued?
Valuation metrics for BNL: ROE of 3.3% (sector avg: 8%), net margin of 21.2% (sector avg: 20%). Compare these metrics with sector averages to assess valuation.
Should I buy BNL stock in 2026?
Our dual AI analysis gives Broadstone Net Lease, Inc. a combined BUY rating for 2026. Revenue is data pending, with profitability above sector average. Always conduct your own research.
What is BNL's free cash flow?
Broadstone Net Lease, Inc.'s operating cash flow is $299.5M, with capital expenditures of $29.7M. FCF margin is 59.4%.
How does BNL compare to other Real Estate stocks?
Vs Real Estate sector averages: Net margin 21.2% (avg: 20%), ROE 3.3% (avg: 8%), current ratio N/A (avg: 1.5).