BNL
Broadstone Net Lease, Inc.
BNL's fundamentals are strong: its operating margin rose 9 points to 46% and earnings per share grew 65%. At 23x earnings, it's trading in line with its usual 24x. Analysts expect earnings to hold roughly steady.
BNL Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
BNL's profitability is currently strong, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for real estate companies like BNL.
BNL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 18x | $13.42 | -23% |
| Current | 23x | $17.48 | — |
| Fair | 24x | $18.37 | +5.1% |
| Forward | 26x | $17.48 | — |
| Expensive | 37x | $28.48 | +63% |
Historical ranges are pointers, not guarantees.
BNL's PE is in its fair range at 23x. On analysts' estimates for next year's earnings, today's price would be 26x.
BNL Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Stable | |
| Growth | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect BNL's revenue to grow, but its profitability to weaken.
BNL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.67 | -12% |
| Q3 2026 | $0.76 | +65% |
| Q2 2026 | $0.76 | +49% |
| Q1 2026 | $0.65 | +8.3% |
| Q4 2025 | $0.50 | -42% |
| Q3 2025 | $0.46 | -40% |
| Q2 2025 | $0.51 | -39% |
| Q1 2025 | $0.60 | -38% |
| Q4 2024 | $0.86 | +3.6% |
BNL's earnings per share have fallen from their peak: $0.76 over the past year, against $3.28 in late 2019.
BNL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $121.9M | +6.7% |
| Q2 2026 | $122.3M | +8.3% |
| Q1 2026 | $121.4M | +12% |
| Q4 2025 | $118.3M | +5.5% |
| Q3 2025 | $114.2M | +5.3% |
| Q2 2025 | $113M | +6.7% |
| Q1 2025 | $108.7M | +3.2% |
| Q4 2024 | $112.1M | +6.8% |
BNL's revenue has grown year over year for eight quarters in a row: $122M last quarter, up 6.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 42% | -2.2 points |
| Q2 2026 | 42% | +3.6 points |
| Q1 2026 | 52% | +17 points |
| Q4 2025 | 47% | +16 points |
| Q3 2025 | 44% | -5 points |
| Q2 2025 | 39% | -7.8 points |
| Q1 2025 | 35% | +10 points |
| Q4 2024 | 31% | +11 points |
BNL's operating margin was 42% last quarter, down 2.2 points from the same quarter a year ago.
BNL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $63.9M | +10% |
| Q2 2026 | $46.4M | -40% |
| Q1 2026 | $74.7M | +31% |
| Q4 2025 | $78M | +36% |
| Q3 2025 | $58M | -3.7% |
| Q2 2025 | $76.7M | +3.6% |
| Q1 2025 | $57.1M | -16% |
| Q4 2024 | $57.5M | +31% |
BNL's free cash flow was $263M over the past year, up 5.5% from the year before. Free cash flow isn't a meaningful measure for real estate companies like BNL.
BNL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.4% | +858K shares |
| 1 year | +1.8% | +3.5M shares |
| 3 years | +2.4% | +4.7M shares |
| 5 years | +19% | +31.5M shares |
| Available history | +632% | +174M shares |
BNL has 201M diluted shares, up 1.8% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2019 | $22.2M |
BNL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 7.1x | High |
| Q2 2026 | 6.8x | High |
| Q1 2026 | 7.0x | High |
| Q4 2025 | 7.1x | High |
| Q3 2025 | 6.9x | High |
| Q2 2025 | 6.4x | High |
| Q1 2025 | 6.0x | High |
| Q4 2024 | 6.0x | High |
BNL's net debt is about 7.1 years of its operating earnings (EBITDA), up from 6.9 years a year ago. Net leverage isn't a meaningful measure for real estate companies like BNL.
BNL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 32.8 | Neutral |
| Stochastic | 13.0 | Oversold |
BNL's weekly RSI is 33 (neutral) and its Stochastic is 13 (oversold).
BNL PE vs Real Estate Sector
| Metric | BNL | Sector median | Relative |
|---|---|---|---|
| PE | 23x | 24x | 3.8% below |
| PE % | 44 | 21 | 23 pts above |
BNL is trading at 23x earnings, in line with the Real Estate sector's median of 24x.
BNL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $17.9 | 2.4% below |
| 20 week MA | $19.9 | 12% below |
| 50 week MA | $19.5 | 10% below |
| 100 week MA | $18.1 | 3.6% below |
| 200 week MA | $17.2 | 1.4% above |
BNL has fallen below most of its moving averages, though it's still 1.4% above its 200-week average.
BNL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $16.8 | $19.7 | +18% |
| 2021 | $19.7 | $24.5 | +24% |
| 2022 | $24.5 | $16.8 | -32% |
| 2023 | $16.8 | $17.2 | +2.7% |
| 2024 | $17.2 | $15.9 | -7.4% |
| 2025 | $15.9 | $17.5 | +9.8% |
| 2026 YTD | $17.5 | $17.5 | -0.1% |
BNL has finished higher in four of the last six years. It's roughly flat so far in 2026.