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BROADSTONE NET LEASE INC (BNL) Stock Fundamental Analysis

NYSE:BNL - New York Stock Exchange, Inc. - US11135E2037 - REIT - Currency: USD

15.46  +0.03 (+0.19%)

After market: 15.46 0 (0%)

Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to BNL. BNL was compared to 129 industry peers in the Diversified REITs industry. BNL has an excellent profitability rating, but there are concerns on its financial health. BNL does not seem to be growing, but still is valued expensively.


Dividend Valuation Growth Profitability Health

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8

1. Profitability

1.1 Basic Checks

BNL had positive earnings in the past year.
In the past year BNL had a positive cash flow from operations.
In the past 5 years BNL has always been profitable.
BNL had a positive operating cash flow in each of the past 5 years.
BNL Yearly Net Income VS EBIT VS OCF VS FCFBNL Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M -400M -600M -800M

1.2 Ratios

BNL has a Return On Assets of 2.16%. This is in the better half of the industry: BNL outperforms 69.77% of its industry peers.
The Return On Equity of BNL (3.83%) is better than 66.67% of its industry peers.
BNL has a better Return On Invested Capital (3.31%) than 62.02% of its industry peers.
The Average Return On Invested Capital over the past 3 years for BNL is in line with the industry average of 3.15%.
The 3 year average ROIC (3.20%) for BNL is below the current ROIC(3.31%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 2.16%
ROE 3.83%
ROIC 3.31%
ROA(3y)2.75%
ROA(5y)2.33%
ROE(3y)4.79%
ROE(5y)4.11%
ROIC(3y)3.2%
ROIC(5y)3.14%
BNL Yearly ROA, ROE, ROICBNL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1 2 3 4 5

1.3 Margins

BNL has a better Profit Margin (25.94%) than 81.40% of its industry peers.
In the last couple of years the Profit Margin of BNL has grown nicely.
BNL's Operating Margin of 49.35% is amongst the best of the industry. BNL outperforms 91.47% of its industry peers.
In the last couple of years the Operating Margin of BNL has remained more or less at the same level.
The Gross Margin of BNL (86.93%) is better than 88.37% of its industry peers.
In the last couple of years the Gross Margin of BNL has remained more or less at the same level.
Industry RankSector Rank
OM 49.35%
PM (TTM) 25.94%
GM 86.93%
OM growth 3Y-1.4%
OM growth 5Y1.29%
PM growth 3Y11.92%
PM growth 5Y7.05%
GM growth 3Y0.06%
GM growth 5Y0.13%
BNL Yearly Profit, Operating, Gross MarginsBNL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20 40 60 80

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3

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so BNL is destroying value.
The number of shares outstanding for BNL has been increased compared to 1 year ago.
BNL has more shares outstanding than it did 5 years ago.
Compared to 1 year ago, BNL has a worse debt to assets ratio.
BNL Yearly Shares OutstandingBNL Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M
BNL Yearly Total Debt VS Total AssetsBNL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B 4B 5B

2.2 Solvency

Based on the Altman-Z score of 0.86, we must say that BNL is in the distress zone and has some risk of bankruptcy.
BNL has a better Altman-Z score (0.86) than 69.77% of its industry peers.
A Debt/Equity ratio of 0.68 indicates that BNL is somewhat dependend on debt financing.
Looking at the Debt to Equity ratio, with a value of 0.68, BNL belongs to the top of the industry, outperforming 82.17% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.68
Debt/FCF N/A
Altman-Z 0.86
ROIC/WACC0.48
WACC6.91%
BNL Yearly LT Debt VS Equity VS FCFBNL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1B 2B 3B

2.3 Liquidity

BNL has a Current Ratio of 1.58. This is a normal value and indicates that BNL is financially healthy and should not expect problems in meeting its short term obligations.
Looking at the Current ratio, with a value of 1.58, BNL is in the better half of the industry, outperforming 72.09% of the companies in the same industry.
A Quick Ratio of 1.58 indicates that BNL should not have too much problems paying its short term obligations.
The Quick ratio of BNL (1.58) is better than 72.87% of its industry peers.
Industry RankSector Rank
Current Ratio 1.58
Quick Ratio 1.58
BNL Yearly Current Assets VS Current LiabilitesBNL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M

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3

3. Growth

3.1 Past

BNL shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -36.46%.
BNL shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 9.96% yearly.
Looking at the last year, BNL shows a small growth in Revenue. The Revenue has grown by 1.36% in the last year.
The Revenue has been growing slightly by 7.64% on average over the past years.
EPS 1Y (TTM)-36.46%
EPS 3Y9.65%
EPS 5Y9.96%
EPS Q2Q%-74.29%
Revenue 1Y (TTM)1.36%
Revenue growth 3Y4.09%
Revenue growth 5Y7.64%
Sales Q2Q%3.15%

3.2 Future

Based on estimates for the next years, BNL will show a decrease in Earnings Per Share. The EPS will decrease by -8.92% on average per year.
The Revenue is expected to grow by 4.22% on average over the next years.
EPS Next Y-18.54%
EPS Next 2Y-7.21%
EPS Next 3Y-9.9%
EPS Next 5Y-8.92%
Revenue Next Year4.94%
Revenue Next 2Y4.85%
Revenue Next 3Y5.98%
Revenue Next 5Y4.22%

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
BNL Yearly Revenue VS EstimatesBNL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 100M 200M 300M 400M 500M
BNL Yearly EPS VS EstimatesBNL Yearly EPS VS EstimatesYearly EPS VS Estimates 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 0.2 0.4 0.6 0.8 1

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3

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 25.34 indicates a quite expensive valuation of BNL.
72.87% of the companies in the same industry are more expensive than BNL, based on the Price/Earnings ratio.
BNL is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 25.82, which is the current average of the S&P500 Index.
Based on the Price/Forward Earnings ratio of 20.64, the valuation of BNL can be described as rather expensive.
Based on the Price/Forward Earnings ratio, BNL is valued cheaply inside the industry as 88.37% of the companies are valued more expensively.
Compared to an average S&P500 Price/Forward Earnings ratio of 21.76, BNL is valued at the same level.
Industry RankSector Rank
PE 25.34
Fwd PE 20.64
BNL Price Earnings VS Forward Price EarningsBNL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40 50

4.2 Price Multiples

BNL's Enterprise Value to EBITDA ratio is in line with the industry average.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 13.31
BNL Per share dataBNL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 5 10 15

4.3 Compensation for Growth

BNL has an outstanding profitability rating, which may justify a higher PE ratio.
A cheap valuation may be justified as BNL's earnings are expected to decrease with -9.90% in the coming years.
PEG (NY)N/A
PEG (5Y)2.54
EPS Next 2Y-7.21%
EPS Next 3Y-9.9%

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4

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 7.18%, BNL is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 6.61, BNL pays a bit more dividend than its industry peers.
Compared to an average S&P500 Dividend Yield of 2.36, BNL pays a better dividend.
Industry RankSector Rank
Dividend Yield 7.18%

5.2 History

BNL has been paying a dividend for over 5 years, so it has already some track record.
The dividend of BNL decreased recently.
Dividend Growth(5Y)N/A
Div Incr Years1
Div Non Decr Years1
BNL Yearly Dividends per shareBNL Yearly Dividends per shareYearly Dividends per share 2020 2021 2022 2023 2024 2025 0.2 0.4 0.6 0.8 1

5.3 Sustainability

BNL pays out 193.56% of its income as dividend. This is not a sustainable payout ratio.
DP193.56%
EPS Next 2Y-7.21%
EPS Next 3Y-9.9%
BNL Yearly Income VS Free CF VS DividendBNL Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M -400M -600M -800M
BNL Dividend Payout.BNL Dividend Payout, showing the Payout Ratio.BNL Dividend Payout.PayoutRetained Earnings

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BROADSTONE NET LEASE INC

NYSE:BNL (5/23/2025, 9:16:25 PM)

After market: 15.46 0 (0%)

15.46

+0.03 (+0.19%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)04-30 2025-04-30/amc
Earnings (Next)07-28 2025-07-28/amc
Inst Owners88.05%
Inst Owner Change1.09%
Ins Owners0.74%
Ins Owner Change10.35%
Market Cap2.92B
Analysts74.29
Price Target19.23 (24.39%)
Short Float %3.03%
Short Ratio3.72
Dividend
Industry RankSector Rank
Dividend Yield 7.18%
Yearly Dividend1.15
Dividend Growth(5Y)N/A
DP193.56%
Div Incr Years1
Div Non Decr Years1
Ex-Date06-30 2025-06-30 (0.29)
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-39.2%
Min EPS beat(2)-48.59%
Max EPS beat(2)-29.82%
EPS beat(4)1
Avg EPS beat(4)-20.07%
Min EPS beat(4)-48.59%
Max EPS beat(4)8.53%
EPS beat(8)4
Avg EPS beat(8)11.76%
EPS beat(12)7
Avg EPS beat(12)14.08%
EPS beat(16)11
Avg EPS beat(16)14.81%
Revenue beat(2)1
Avg Revenue beat(2)-1.39%
Min Revenue beat(2)-3.17%
Max Revenue beat(2)0.38%
Revenue beat(4)2
Avg Revenue beat(4)-0.66%
Min Revenue beat(4)-3.17%
Max Revenue beat(4)0.7%
Revenue beat(8)2
Avg Revenue beat(8)-2.15%
Revenue beat(12)5
Avg Revenue beat(12)-0.71%
Revenue beat(16)6
Avg Revenue beat(16)1.57%
PT rev (1m)0%
PT rev (3m)2.33%
EPS NQ rev (1m)4.08%
EPS NQ rev (3m)-5.56%
EPS NY rev (1m)-1.63%
EPS NY rev (3m)-9.81%
Revenue NQ rev (1m)-0.24%
Revenue NQ rev (3m)-1.24%
Revenue NY rev (1m)-0.47%
Revenue NY rev (3m)0.44%
Valuation
Industry RankSector Rank
PE 25.34
Fwd PE 20.64
P/S 6.72
P/FCF N/A
P/OCF 10.56
P/B 0.99
P/tB 1.25
EV/EBITDA 13.31
EPS(TTM)0.61
EY3.95%
EPS(NY)0.75
Fwd EY4.85%
FCF(TTM)-0.99
FCFYN/A
OCF(TTM)1.46
OCFY9.47%
SpS2.3
BVpS15.6
TBVpS12.33
PEG (NY)N/A
PEG (5Y)2.54
Profitability
Industry RankSector Rank
ROA 2.16%
ROE 3.83%
ROCE 4.19%
ROIC 3.31%
ROICexc 3.32%
ROICexgc 3.8%
OM 49.35%
PM (TTM) 25.94%
GM 86.93%
FCFM N/A
ROA(3y)2.75%
ROA(5y)2.33%
ROE(3y)4.79%
ROE(5y)4.11%
ROIC(3y)3.2%
ROIC(5y)3.14%
ROICexc(3y)3.21%
ROICexc(5y)3.16%
ROICexgc(3y)3.71%
ROICexgc(5y)3.68%
ROCE(3y)4.05%
ROCE(5y)3.97%
ROICexcg growth 3Y-1.95%
ROICexcg growth 5Y4.16%
ROICexc growth 3Y-1.44%
ROICexc growth 5Y3.2%
OM growth 3Y-1.4%
OM growth 5Y1.29%
PM growth 3Y11.92%
PM growth 5Y7.05%
GM growth 3Y0.06%
GM growth 5Y0.13%
F-Score5
Asset Turnover0.08
Health
Industry RankSector Rank
Debt/Equity 0.68
Debt/FCF N/A
Debt/EBITDA 5.41
Cap/Depr 302.18%
Cap/Sales 106.56%
Interest Coverage 2.89
Cash Conversion 75.19%
Profit Quality N/A
Current Ratio 1.58
Quick Ratio 1.58
Altman-Z 0.86
F-Score5
WACC6.91%
ROIC/WACC0.48
Cap/Depr(3y)331.73%
Cap/Depr(5y)318.61%
Cap/Sales(3y)119.74%
Cap/Sales(5y)113.26%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-36.46%
EPS 3Y9.65%
EPS 5Y9.96%
EPS Q2Q%-74.29%
EPS Next Y-18.54%
EPS Next 2Y-7.21%
EPS Next 3Y-9.9%
EPS Next 5Y-8.92%
Revenue 1Y (TTM)1.36%
Revenue growth 3Y4.09%
Revenue growth 5Y7.64%
Sales Q2Q%3.15%
Revenue Next Year4.94%
Revenue Next 2Y4.85%
Revenue Next 3Y5.98%
Revenue Next 5Y4.22%
EBIT growth 1Y-0.14%
EBIT growth 3Y2.63%
EBIT growth 5Y9.03%
EBIT Next Year99.12%
EBIT Next 3Y31.49%
EBIT Next 5YN/A
FCF growth 1Y58.77%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y2.08%
OCF growth 3Y4.1%
OCF growth 5Y13.39%