BNL
Broadstone Net Lease, Inc.
Next earnings Jul 28, 2026 · consensus $0.16 EPS, $123M rev
Last earnings -0.5% on 2026-04-29
$21.21
▲ +0.90%$21.21▲ +36.71%
over 1Y
L $15.00EODHDH $21.21
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+0.9%
1W+2.2%
1M+3.9%
3M+16.7%
YTD+23.4%
1Y+36.7%
Hold
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Street · 14 analysts
Buy
Steady net-lease REIT with covered 5.4% yield, but rising leverage and ugly EPS optics keep it from a buy.
Revenue (FY2025) $454M · FY2025
The read
Middling fundamentals and a rich price (~81% above fair value) leave little margin of safety — a wait-and-see.
BNL is a single-tenant net-lease REIT whose 2025 headline looks worse than the underlying business. Lease revenues grew a healthy 5.3% to $408.8M in contractual billings, and operating cash flow rose 8.4% to $299M, comfortably covering $219M of dividends (about a 5.4% yield on the current $4.04B market cap). The optically alarming -40.6% net-income drop to $96.5M is largely non-operational: gain on real estate sales fell ~$60M YoY (28 dispositions vs. 58 in 2024) and $39.7M of impairments (including $14.6M on two healthcare properties) hit the line. For a REIT, the more honest read is FFO-like — adding back $160M of D&A puts cash earnings closer to $256M, or roughly 15.7x — far more reasonable than the 42x reported P/E.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $383M | $408M | $443M | $432M | $454M |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | $102M | $122M | $155M | $162M | $96.5M |
| Diluted EPS | $0.67 | $0.72 | $0.83 | $0.86 | $0.50 |
| Net margin | 26.8% | 30.0% | 35.1% | 37.6% | 21.2% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF15.0
PEG (trailing)—
Earnings yield2.4%
FCF yield6.6%
Quality & risk
ROIC (est.)1.2%
Free cash flow$270M
Total debt$2.52B
Net cash-$2.49B
Piotroski F-Score3/7
Capital returns
Buyback yield0.9%
Dividend yield (est.)5.4%
Shareholder yield6.2%
Shares Δ YoY+1.4%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Reg FD disclosure2026-06-11
Reg FD investor update; no operating change disclosed
- 8-K Shareholder vote2026-05-01
Annual meeting vote results filed; routine governance
- 10-Q Quarterly report2026-04-30
Q1 2026 10-Q filed; continues post-FY25 reporting cadence
- 8-K Earnings results2026-04-29
Q1 2026 earnings release issued alongside the 10-Q
- 8-K Reg FD disclosure2026-04-01
Reg FD disclosure (likely investor presentation); no financial change
- DEF 14A Proxy statement2026-03-20
Proxy filed for 2026 annual meeting; routine governance
- 8-K Reg FD disclosure2026-02-25
Reg FD investor presentation following FY2025 results
- 10-K Annual report2026-02-19
FY25: rev $454M (+5%), NI -41% on $40M impairments and +28% interest expense
- 8-K Earnings results2026-02-18
FY2025 earnings release: revenue +5% but net income -41% on impairments
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-06-112026-06-11open ↗SCHEDULE 13G/AFiling2026-05-06open ↗SCHEDULE 13G/AFiling2026-05-06open ↗4Period ending 2026-05-012026-05-01open ↗4Period ending 2026-05-012026-05-01open ↗4Period ending 2026-05-012026-05-01open ↗4Period ending 2026-05-012026-05-01open ↗4Period ending 2026-05-012026-05-01open ↗4Period ending 2026-05-012026-05-01open ↗4Period ending 2026-05-012026-05-01open ↗4Period ending 2026-05-012026-05-01open ↗8-KPeriod ending 2026-04-302026-05-01open ↗
Frequently asked
- Is Broadstone Net Lease, Inc. (BNL) a buy?
- BNL currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Steady net-lease REIT with covered 5.4% yield, but rising leverage and ugly EPS optics keep it from a buy.
- What is BNL's fair value?
- A Modified-Graham model based on BNL's SEC fundamentals estimates a fair value of about $4.02. It is an estimate from reported earnings, not a price target.
- Is BNL overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, BNL currently appears overvalued relative to its SEC-grounded earnings power.
- What is Broadstone Net Lease, Inc.'s quality score?
- BNL scores 57.82352941176471/100 (grade C) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001424182, latest 10-Q filed 2026-04-30) · EODHD · analysis by claude-code · as of 6/25/2026, 12:57:15 PM.
Research and education only — not financial advice. EDGAR is not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities EDGAR rates; see Disclosures. Past performance does not guarantee future results. Do your own research.