📊 BNL Key Takeaways
Investment Thesis
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.
BNL 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
BNL 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
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
BNL Financial Metrics
💡 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 Profitability Ratios
BNL vs Default Sector
How Broadstone Net Lease, Inc. compares to Default sector averages
Sector benchmarks are approximate industry averages. Actual sector performance may vary.
BNL Balance Sheet & Liquidity
BNL 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 Growth Metrics (YoY)
BNL Quarterly 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.
BNL Capital Allocation
BNL SEC Filings
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 an AI rating of STRONG BUY with 78% confidence, based on fundamental analysis of SEC EDGAR filings.
What are BNL's 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.
What are the risks of investing in BNL?
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.
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?
Our AI (Claude) analyzes publicly available SEC EDGAR filings including 10-K annual reports and 10-Q quarterly reports to evaluate financial health, profitability ratios, balance sheet strength, and growth metrics.