Is Broadstone Net Lease (BNL) overvalued or fairly valued?

MarketChacha shows Broadstone Net Lease's valuation in context — a trailing P/E of about 36.6, a forward P/E of about 26.3, a price-to-book of about 1.4 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

Does Broadstone Net Lease's reported profit turn into cash?

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash. MarketChacha computes this cash-conversion check (2.04×) from reported figures — education, not a rating.

What is Broadstone Net Lease's revenue?

Broadstone Net Lease reported revenue of $454.1M for FY2025, with net profit of $96.5M, per official filings.

What is the share price of Broadstone Net Lease (BNL)?

Broadstone Net Lease last traded at $20.87 (-0.7% on the day), as of 9/3/2026 — a delayed quote shown for education, not investment advice.

Broadstone Net Lease

BNL · NYSE · Real Estate · United States

Snapshot

TickerBNL

ExchangeNYSE

SectorReal Estate

IndustryREIT - Diversified

CountryUnited States

Employees62

HeadquartersVictor, United States

Websitewww.broadstone.com

Filings tracked24

About Broadstone Net Lease

Broadstone Net Lease, Inc. is an industrial-focused, diversified net lease real estate investment trust (REIT) that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. We primarily, and selectively, invest in real estate across industrial and retail property types. We target properties with credit-worthy tenants in industries characterized by positive business drivers and trends, where the properties are an integral part of the tenants' businesses and there are opportunities to secure long-term net leases. Through long-term net leases, our tenants can retain operational control of their strategically important locations, while allocating their debt and equity capital to fund core business operations rather than real estate ownership. Broadstone Net Lease, Inc. was established and incorporated on October 18th, 2017, in Maryland and is based in Victor, New York.

Who owns it

Insiders1.0%
Institutions94.9%
Public & other4.1%

523 institutional holders

Ownership breakdown from public market data.

Top holders

Blackrock Inc.17.96%
Vanguard Portfolio Management LLC10.45%
State Street Corporation5.64%
Vanguard Capital Management LLC4.49%
Geode Capital Management, LLC2.93%
Nuveen, LLC2.39%
Alliancebernstein L.P.2.31%
Invesco Ltd.2.24%

Largest institutional holders — last updated 6/30/2026.

Forensic scorecard

Margin has compressed by about 13.9 points over the period — profitability is trending down.

Cash conversion2.04×

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash.

Net margin trend35.1% → 21.2%

Margin has compressed by about 13.9 points over the period — profitability is trending down.

Return on equity3.3%

Latest ROE of 3.3% is on the low side — the business earns a modest return on shareholder capital.

Growth qualityrev 1% · PAT -21%

Profit growth is broadly tracking revenue growth — the earnings trend looks operational rather than one-off.

Computed by MarketChacha from reported figures (SEC XBRL). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev $125.6M · EPS 0.18

Est. earnings growth -9.3%

Next fiscal year

Rev $532.3M · EPS 0.79

Est. earnings growth +7.0%

Analyst consensus estimates — not the company's own guidance.

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

Revenue (FY2025)

$454.1M

Net margin

21.2%

ROE

3.3%

Revenue CAGR (2y)

+1.3%

Profit CAGR (2y)

-21.2%

EPS (FY2025)

0.50

Net profit (FY2025)

$96.5M

Ask MarketChacha about BNL

Get a cited, plain-English answer — the “why”, not just data. Finance research only, never buy/sell advice.

Financials

Yearly

Period	Revenue	Net profit	EPS	Net margin	ROE
FY2025	$454.1M	$96.5M	0.50	21.2%	3.3%
FY2024	$431.8M	$162.4M	0.86	37.6%	5.4%
FY2023	$442.9M	$155.5M	0.83	35.1%	5.1%

Quarterly

Period	Revenue	Net profit	EPS	Net margin
2026Q1	$121.4M	$46.4M	0.24	38.2%
2025Q3	$114.2M	$26.5M	0.14	23.2%
2025Q2	$113.0M	$20.2M	0.10	17.8%
2025Q1	$108.7M	$16.7M	0.09	15.4%
2024Q3	$108.4M	$35.6M	0.19	32.8%
2024Q2	$105.9M	$35.3M	0.19	33.4%
2024Q1	$105.4M	$65.1M*	0.35	—
2023Q3	$109.5M	$49.7M	0.26	45.4%
2023Q2	$109.4M	$60.0M	0.32	54.9%
2023Q1	$119.0M	$39.3M	0.21	33.0%

* Net profit includes one-off / non-operating items (e.g. a settlement or accounting gain), so it doesn’t reflect operating performance — net margin is hidden for that period.

Figures as reported, in reporting currency. Source: SEC XBRL.

Filings & announcements

2026

8-K — Other events, Exhibits
SEC8/10/2026material
8-K — Results of operations, Exhibits
SEC7/29/2026material
10-Q filing
SEC7/29/2026
8-K — Material financial obligation, Exhibits
SEC7/29/2026material
8-K — Reg FD disclosure, Exhibits
SEC7/8/2026material
8-K — Reg FD disclosure, Exhibits
SEC7/2/2026material
8-K — Reg FD disclosure, Exhibits
SEC6/11/2026material
8-K — Shareholder vote results, Exhibits
SEC5/1/2026material
10-Q filing
SEC4/30/2026
8-K — Results of operations, Exhibits
SEC4/29/2026material
8-K — Reg FD disclosure, Exhibits
SEC4/1/2026material
8-K — Reg FD disclosure, Exhibits
SEC2/25/2026material
10-K filing
SEC2/19/2026
8-K — Results of operations, Exhibits
SEC2/18/2026material
8-K — Reg FD disclosure, Exhibits
SEC1/12/2026material

2025

8-K — Reg FD disclosure, Exhibits
SEC12/1/2025material
8-K — Reg FD disclosure, Exhibits
SEC12/1/2025material
8-K — Reg FD disclosure, Exhibits
SEC11/4/2025material
8-K — Results of operations, Exhibits
SEC10/29/2025material
10-Q filing
SEC10/29/2025
8-K — Reg FD disclosure, Exhibits
SEC10/6/2025material
8-K — Material agreement, Material financial obligation, Other events, Exhibits
SEC9/26/2025material
10-Q filing
SEC7/31/2025
8-K — Results of operations, Exhibits
SEC7/30/2025material

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed market data) are delayed and shown for reference only. Verify with the linked sources before acting.