Broadstone Net Lease (BNL) AI Stock Analysis

• Market Cap: $3.06B
• Dividend Yield: 7.23%
• Average Volume (3M): 1.66M
• Price to Earnings (P/E): 18.8
• Beta (1Y): 0.49
• Revenue Growth: -2.08%
• EPS Growth: 3.63%
• Country: US
• Employees: 73
• Sector: Real Estate
• Sector Strength: 83
• Industry: REIT - Diversified
• EPS (TTM): 0.85
• Shares Outstanding: 189,051,120
• 10 Day Avg. Volume: 1,135,587
• 30 Day Avg. Volume: 1,663,199
• PEG Ratio: 5.20
• Price to Book (P/B): N/A
• Price to Sales (P/S): 0.00
• Price to Cash Flow (P/CF): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 1.70
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: 12.81
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: $19.67
• Price Target Upside: 21.57% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 6

Broadstone Net Lease's strong financial stability and strategic growth initiatives are offset by profitability challenges and technical uncertainties. The attractive valuation and recent corporate events provide positive outlooks, though tenant risks and market conditions pose ongoing challenges.

Positive Factors

Development Projects

Started construction on one build-to-suit development project for $78.2M with PLD as its development partner, which is seen as a positive for BNL given minimal execution risks.

Financial Performance

Bad debt was below guidance at 86bps compared to the expected 125bps.

Portfolio Strategy

BNL's revised strategy is focused on build-to-suit developments and revenue-generating capex, aiming to create value and solve tenant problems.

Negative Factors

Acquisitions

BNL acquired $59.0M of assets, which is below its previously-disclosed acquisitions under control, although this may be timing-related.

Credit Loss

BNL's 2025 guidance includes a 125 bps credit loss, largely due to specific tenants like Zips Car Wash and Stanislaus Surgical.

Valuation

BNL trades at a -14.0% discount on 2025 AFFOx compared to peers, despite having higher AFFOps growth expectations.

Broadstone Net Lease Business Overview & Revenue Model

Company Description

Broadstone Net Lease, Inc. (BNL) is a publicly traded real estate investment trust (REIT) that specializes in acquiring, owning, and managing a diversified portfolio of freestanding, single-tenant commercial properties across the United States. The company's properties are primarily leased to tenants on a long-term, net lease basis, covering a wide range of sectors including industrial, healthcare, restaurant, retail, and office spaces.

How the Company Makes Money

Broadstone Net Lease generates revenue primarily through rental income from its portfolio of net-leased properties. Under net lease agreements, tenants are responsible for most property-related expenses, such as taxes, insurance, and maintenance, providing BNL with stable and predictable cash flows. The company strategically acquires properties with creditworthy tenants and long lease terms to ensure reliable income. Additionally, BNL may benefit from property appreciation and engage in selective property sales to optimize or rebalance its portfolio. Key factors contributing to its earnings include the occupancy rate of its properties, lease renewals, and the company's ability to effectively manage and expand its property portfolio.

Broadstone Net Lease Financial Statement Overview

Summary

Broadstone Net Lease shows a mixed financial performance. Strong gross profit margin and robust cash flow are offset by a net loss and inconsistent revenue growth. The balance sheet is strong with improved leverage, but the negative return on equity due to net loss is a concern.

Income Statement

Broadstone Net Lease shows a mixed performance in its income statement. The Gross Profit Margin remains strong, indicating efficiency in managing costs relative to revenue. However, the Net Profit Margin has declined significantly, with the company experiencing a net loss in the most recent year, which is concerning. Revenue growth has been inconsistent, with a decline in the most recent period. The EBIT and EBITDA margins demonstrate effective operational management, but the net loss is a critical weakness.

Balance Sheet

The balance sheet of Broadstone Net Lease is relatively robust with a strong equity base and no total debt in the most recent period, which reduces financial risk. The Debt-to-Equity ratio has improved significantly, reflecting a healthier leverage position. Return on Equity has turned negative due to the net loss, which is a concern. The Equity Ratio is strong, indicating a solid capital structure and financial stability.

Cash Flow

Cash flow analysis reveals a positive outlook for Broadstone Net Lease. The company has maintained strong Free Cash Flow and Operating Cash Flow, which supports sustainability. However, the Free Cash Flow Growth Rate has shown some volatility. The Free Cash Flow to Net Income ratio is high due to the net loss, indicating reliance on cash flow generation rather than profitability.

Breakdown
Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
431.80M	442.89M	407.51M	382.88M	321.64M
	Gross Profit
407.06M	420.31M	385.74M	364.42M	304.16M
	EBIT
393.81M	380.89M	199.29M	195.91M	139.77M
	EBITDA
400.42M	380.89M	354.10M	328.01M	272.45M
	Net Income Common Stockholders
-6.55M	155.48M	122.11M	102.43M	51.18M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
4.36B	19.49M	21.79M	21.67M	100.49M
	Total Assets
5.22B	5.27B	5.46B	4.62B	4.26B
	Total Debt
1.91B	1.91B	2.02B	1.69B	1.54B
	Net Debt
1.90B	1.89B	2.00B	1.67B	1.44B
	Total Liabilities
2.07B	2.07B	2.20B	1.88B	1.78B
	Stockholders Equity
3.00B	3.05B	3.09B	2.58B	2.30B
Cash Flow		Free Cash Flow
276.25M	224.82M	224.54M	243.34M	168.22M
	Operating Cash Flow
276.25M	271.07M	255.91M	244.94M	179.03M
	Investing Cash Flow
-59.70M	24.34M	-859.64M	-582.30M	-60.24M
	Financing Cash Flow
-221.19M	-334.82M	636.00M	254.41M	-28.38M

Broadstone Net Lease Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 16.18
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BNL, the sentiment is Positive. The current price of 16.18 is above the 20-day moving average (MA) of 15.85, below the 50-day MA of 16.26, and below the 200-day MA of 16.53, indicating a neutral trend. The MACD of -0.05 indicates Negative momentum. The RSI at 52.53 is Neutral, neither overbought nor oversold. The STOCH value of 58.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BNL.

Broadstone Net Lease Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EPRT	79 Outperform	$6.29B	27.38	6.01%	3.66%	25.47%	-4.35%
WPC	71 Outperform	$13.30B	29.07	5.02%	5.63%	-5.89%	-26.36%
BNL	70 Outperform	$3.06B	18.84	5.37%	7.23%	-2.08%	3.63%
OLP	63 Neutral	$526.72M	17.37	9.80%	7.42%	-0.09%	1.93%
CTO	60 Neutral	$601.72M	36.87	-0.37%	8.32%	14.11%	-667.02%
GNL	60 Neutral	$1.73B	―	-5.48%	14.61%	56.29%	55.99%
Sector *	60 Neutral	$2.73B	11.44	0.07%	8661.49%	5.94%	-15.68%

Broadstone Net Lease Corporate Events

Broadstone Net Lease Expands with Prologis Partnership

On April 24, 2025, Broadstone Net Lease announced a significant addition to its build-to-suit development pipeline with a $78.2 million project in partnership with Prologis, Inc. This collaboration marks a strategic expansion of BNL’s network of development partners and aligns with its industrial-focused investment strategy. The new development includes a state-of-the-art distribution warehouse for FCA US, LLC, expected to be completed in the third quarter of 2026. This partnership with Prologis, a leader in high-barrier, high-growth markets, is expected to enhance BNL’s market positioning and long-term value creation.

Spark’s Take on BNL Stock

According to Spark, TipRanks’ AI Analyst, BNL is a Outperform.

Broadstone Net Lease scores a 70, reflecting a stable but cautious outlook. The company’s solid financial strength and attractive dividend yield are offset by profitability challenges and technical uncertainties. Long-term strategies in portfolio development and financial flexibility are promising, but risks from tenant credit and market conditions remain significant.

To see Spark’s full report on BNL stock, click here.

Broadstone Net Lease to Announce Q1 2025 Results

On April 2, 2025, Broadstone Net Lease, Inc. announced that it will release its financial and operating results for the first quarter of 2025 on April 30, 2025, after market close. The company will also host an earnings conference call and webcast on May 1, 2025, at 11:00 a.m. Eastern Time. This announcement is significant for stakeholders as it provides an opportunity to assess the company’s financial health and operational performance, which could impact investor confidence and market positioning.

Broadstone Net Lease Closes $1.5 Billion Credit Agreement

On February 28, 2025, Broadstone Net Lease, Inc. announced the closing of a $1.5 billion Amended and Restated Credit Agreement, which includes a $1 billion revolving credit facility and a $500 million term loan. The new credit facilities, which replace the existing $400 million term loan due in February 2026, enhance the company’s financial flexibility by providing increased liquidity, improved borrowing rates, and favorable adjustments to financial covenants. This move is expected to support Broadstone’s growth objectives and strengthen its financial position, with no near-term debt maturities until April 2027.

Broadstone Net Lease Appoints New Directors for 2025

On February 13, 2025, Broadstone Net Lease, Inc. announced that Shekar Narasimhan and Denise Brooks-Williams would not stand for re-election as directors, ending their terms at the 2025 Annual Meeting. The board, effective the same day, appointed Richard Imperiale and Joseph Saffire as new directors, bringing substantial experience in the REIT industry. These changes mark a strategic evolution for the company as it continues to implement its differentiated investment strategy and build long-term stockholder value.