Broadstone Net Lease

BNL · NYSE · Real Estate · Financials, fiscal 2016 to 2025

BNL · Last close · November 6, 2026

$17.51

Broadstone Net Lease's revenue rose 5.2% to $454 million in fiscal 2025. Its net margin was 21.2%, down from 37.6% a year earlier. Free cash flow was $270 million, up 4.0%. It paid out $219 million in dividends and buybacks, 81% of free cash flow. The diluted share count rose 0.5%.

BROADSTONE NET LEASE, INC. Latest fiscal year ended December 31, 2025 10-K filed February 19, 2026 · 0001424182-26-000012 Updated November 5, 2026

Revenue

$454M

5.2%

Net margin

21.2%

16.4 pts

Net income

$96M

40.6%

Free cash flow

$270M

4.0%

Return on capital

3.6%

1.1 pts

Market cap

$3.5B

Nov 6 close

P/E

23.0x

On $0.76 EPS, 4 qtrs

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Share counts and per-share figures for earlier years are restated for a stock split (4-for-1), so every year is on today's share basis.

Charts show fiscal years, from the 10-K filings.

What Broadstone Net Lease does

Broadstone Net Lease is a real estate investment trust (REIT), a company that owns property and pays out most of its income. It owns commercial buildings, mostly with a single tenant each, and leases them on a long-term, "net" basis. Under a net lease the tenant runs the property and covers most of its costs, while the tenant keeps control of a location that matters to its business.

At the end of 2025 its portfolio held 771 properties, with about 41.6 million rentable square feet. Nearly all are in the United States and a few are in Canada. It earns rent from tenants in many industries and spreads its holdings across property types, regions and tenants. Most leases include built-in rent increases.

It aims to grow in three ways: raising rents under existing leases, building properties for tenants, and buying more properties. It competes for acquisitions with other publicly traded REITs and with private investors.

Its biggest risks, as it describes them

Tenants may default or leave, and each property depends on a single tenant.
Rents rise only by the amounts written into its long leases, which limits growth.
Growth depends on finding and paying for more property purchases.
Higher interest rates could raise its borrowing costs.
Competition from larger REITs and private investors when buying properties.

From Broadstone Net Lease's annual report on Form 10-K, filed February 19, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share fell 3.5% a year and net income grew 11.4% a year, as new shares raised the share count by 238% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	22	22	20	15	30
Debt incl. finance leases	1,699	2,034	1,920	1,920	2,526
Net debt (negative means net cash)	1,678	2,012	1,900	1,905	2,495
Net debt to EBITDA	—	—	4.9x	4.9x	7.1x
Debt to equity	0.7x	0.7x	0.6x	0.6x	0.9x
Interest coverage	—	—	3.0x	3.2x	2.0x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Broadstone Net Lease's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Broadstone Net Lease's projections

What Broadstone Net Lease says to expect

Full year 2026: AFFO per diluted shareFor 2026, BNL expects to report AFFO of between $1.55 to $1.57 per diluted share.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed October 28, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 1 insider bought $211,600 of Broadstone Net Lease shares on the open market, and none sold any.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 21, 2026	Richard P ImperialeDirector	Bought	5,000	$21.10	$105,500	Form 4
Aug 20, 2026	Richard P ImperialeDirector	Bought	5,000	$21.22	$106,100	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	59.4%	57.6%	64.6%
Altman Z''	—	—	—
Accruals ratio	−2.2%	−2.2%	−3.7%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	—	—	—
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Pass	Pass
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Broadstone Net Lease side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Broadstone Net Lease	FY25	5.2%	—	59.4%	3.6%	7.1x	—
Terreno Realty	FY25	24.5%	—	43.8%	—	—	—	Compare
EastGroup Properties	FY25	12.7%	—	56.1%	—	—	—	Compare
First Industrial Realty Trust	FY25	8.6%	—	—	—	—	—	Compare
Innovative Industrial Properties	FY25	−13.8%	46.7%	—	—	1.8x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	143	182	238	299	322	383	408	443	432	454
Revenue growth	45.7%	27.1%	30.8%	25.8%	7.6%	19.0%	6.4%	8.7%	−2.5%	5.2%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	64	85	—	—	—	—	—	—	—	—
Net income	36	55	69	79	51	102	122	156	162	96
Diluted EPS (US$)	0.69	0.80	0.86	0.83	0.44	0.67	0.72	0.83	0.86	0.50
Diluted shares (millions)	58	74	88	103	129	164	180	196	197	198
Cash flow
Cash from operations	67	98	128	147	179	245	256	271	276	300
Capital expenditure	2	7	5	5	11	2	31	46	17	30
Free cash flow	65	91	123	142	168	243	225	225	259	270
Dividends paid	36	44	52	62	72	154	181	208	217	219
Share buybacks	8	9	10	35	0	0	0	0	0	0
Acquisitions	519	684	0	0	31	0	0	0	0	0
Stock-based compensation	—	—	—	—	2	5	5	6	7	10
Balance sheet at fiscal year end
Cash and short-term investments	22	9	19	12	100	22	22	20	15	30
Debt incl. finance leases	—	1,182	1,451	1,990	1,548	1,699	2,034	1,920	1,920	2,526
Total assets	1,952	2,579	3,097	3,918	4,258	4,619	5,458	5,269	5,216	5,717
Total liabilities	954	1,295	1,568	2,139	1,779	1,878	2,195	2,074	2,075	2,684
Shareholders' equity	912	1,187	1,417	1,668	2,299	2,577	3,093	3,049	3,004	2,902
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	44.5%	46.8%	—	—	—	—	—	—	—	—
Net margin	25.4%	30.2%	29.2%	26.6%	15.9%	26.8%	30.0%	35.1%	37.6%	21.2%
Free cash flow margin	45.7%	50.2%	51.7%	47.6%	52.3%	63.6%	55.1%	50.8%	60.1%	59.4%
Rule of 40 (growth + FCF margin)	91.3%	77.3%	82.5%	73.5%	59.9%	82.6%	61.5%	59.4%	57.6%	64.6%
Return on capital	—	—	—	—	—	—	—	4.5%	4.7%	3.6%
Return on equity	—	5.2%	5.3%	5.2%	2.6%	4.2%	4.3%	5.1%	5.4%	3.3%
Return on assets	—	2.4%	2.4%	2.3%	1.2%	2.3%	2.4%	2.9%	3.1%	1.8%
Net debt to EBITDA	—	7.9x	—	—	—	—	—	4.9x	4.9x	7.1x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Broadstone Net Lease's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Broadstone Net Lease.