Broadstone Net Lease, Inc. (BNL)
NYSE:BNL
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Broadstone Net Lease
(NYSE:BNL)
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Rating:70Outperform
Price Target:
$23.00
▲(12.97% Upside)
Action:Reiterated
Date:06/12/26
The score is driven primarily by solid cash generation and generally stable financial performance, tempered by rising leverage and margin volatility. Technicals add support with an uptrend and positive momentum, while valuation is held back by a higher P/E despite an attractive dividend yield. Corporate events are modestly positive due to the long-lease Tesla build-to-suit pipeline expansion.
Positive Factors
Cash generation
Consistent operating cash flow and positive free cash flow (with strong FCF growth in the trailing twelve months) provide durable internal funding for dividends, maintenance, and selective acquisitions. This cash-based strength reduces reliance on markets and supports long-term payout and reinvestment capacity.
Negative Factors
Rising leverage
Material increase in leverage to near 0.93 reduces balance-sheet flexibility and heightens interest-rate and refinancing sensitivity. Over a multi-month horizon higher debt amplifies cash-flow risk during downturns and limits the firm's ability to pursue opportunistic acquisitions without raising cost of capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Consistent operating cash flow and positive free cash flow (with strong FCF growth in the trailing twelve months) provide durable internal funding for dividends, maintenance, and selective acquisitions. This cash-based strength reduces reliance on markets and supports long-term payout and reinvestment capacity.
Read all positive factors
Broadstone Net Lease (BNL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.95B
Dividend Yield6.72%
Average Volume (3M)1.70M
Price to Earnings (P/E)30.6
Beta (1Y)0.21
Revenue Growth6.10%
EPS Growth9.74%
CountryUS
Employees73
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)0.66
Shares Outstanding191,766,560
10 Day Avg. Volume1,793,886
30 Day Avg. Volume1,700,281
Financial Highlights & Ratios
PEG Ratio-0.78
Price to Book (P/B)1.13
Price to Sales (P/S)7.12
P/FCF Ratio12.11
Enterprise Value/Market Cap1.66
Enterprise Value/Revenue14.01
Enterprise Value/Gross Profit58.18
Enterprise Value/Ebitda16.25
Forecast
1Y Price Target
$23.00Price Target Upside12.97% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)0.81
Revenue Forecast (FY)$494.75M
Broadstone Net Lease Business Overview & Revenue Model
Company Description
Broadstone Net Lease, Inc. (BNL) operates as a self-managed Real Estate Investment Trust. Its strategy focuses on acquiring, owning, and overseeing primarily single-tenant commercial properties that are subject to long-term net leases with a varie...
How the Company Makes Money
BNL primarily makes money by acquiring commercial real estate and leasing it to tenants under long-term net lease structures. Its core revenue stream is contractual rental income paid by tenants, typically with built-in rent escalators that can in...
Broadstone Net Lease Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call portrayed predominantly positive operational and strategic progress: revenue-generating metrics and AFFO grew (AFFO per share $1.49, +4.2% YoY; Q4 FFO +5.6%), occupancy and collections remained strong (99% leased, 99.8% collected), the build-to-suit pipeline and Project Triboro offer meaningful embedded growth and upside, and the company maintained disciplined capital deployment and cost control. Headwinds include ongoing tenant-specific risks (Red Lobster, Claire's), conservative bad-debt assumptions baked into guidance (75 bps), pressure and competition in the traditional acquisition market, and frustration with relative valuation that limits large-scale equity raises today. Taken together, the operational wins, pipeline visibility, and improved yields and returns outweigh the challenges, though execution and capital-market developments remain key risks.Positive Updates
AFFO Growth and Quarterly Performance
Generated full-year AFFO per share of $1.49, representing 4.2% year-over-year growth; Q4 adjusted FFO was $75.8 million or $0.38 per share, up 5.6% vs. Q4 2024.
Negative Updates
Operator/Tenant Credit Events and Brand Exposure
Notable tenant/brand stress: Red Lobster underperformance across some sites (represents ~1.3% of ABR across 18 sites under a master lease through 2042), prompting evaluation of sale/lease strategies to reduce exposure; Claire's exercised lease termination effective June 30 (no termination fee due to bankruptcy history).
Read all updates
Q4-2025 Updates
Positive
Negative
AFFO Growth and Quarterly Performance
Generated full-year AFFO per share of $1.49, representing 4.2% year-over-year growth; Q4 adjusted FFO was $75.8 million or $0.38 per share, up 5.6% vs. Q4 2024.
Read all positive updates
Company Guidance
Broadstone reiterated 2026 AFFO guidance of $1.53–$1.57 per share (roughly +4% at the midpoint), assuming $500–$625 million of investment activity, $75–$100 million of dispositions, core G&A of $30–$31 million and 75 basis points of lost rent; the Board approved a quarterly dividend of $0.2925 per share (payable Apr 15, record Mar 31) with a target payout in the mid‑70% range by year‑end 2026. Management emphasized balance‑sheet and pipeline support for the guide, citing pro forma leverage of 5.8x (versus a ~6x target), $700M+ revolver capacity, roughly $43M of ATM proceeds raised (about $11M unsettled equity), ~ $350M of build‑to‑suit projects scheduled to stabilize in 2026 adding ~ $26M of incremental ABR, and an additional ~$142M of advanced projects under executed LOIs, while noting results remain sensitive to the timing, amount and mix of investments, dispositions and capital markets activity.Broadstone Net Lease Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
64
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 468.77M | 459.14M | 438.77M | 448.09M | 408.94M | 383.22M |
| Gross Profit | 112.87M | 108.00M | 101.67M | 108.26M | 77.55M | 100.57M |
| EBITDA | 404.26M | 377.21M | 423.02M | 430.11M | 354.07M | 296.88M |
| Net Income | 128.25M | 102.91M | 156.24M | 157.16M | 116.42M | 102.49M |
Balance Sheet | ||||||
| Total Assets | 5.85B | 5.72B | 5.22B | 5.27B | 5.46B | 4.62B |
| Cash, Cash Equivalents and Short-Term Investments | 4.98B | 4.85B | 14.85M | 19.49M | 21.79M | 21.67M |
| Total Debt | 2.68B | 2.62B | 1.91B | 1.91B | 2.02B | 1.69B |
| Total Liabilities | 2.82B | 2.68B | 2.07B | 2.07B | 2.20B | 1.88B |
| Stockholders Equity | 2.89B | 2.90B | 3.00B | 3.05B | 3.09B | 2.58B |
Cash Flow | ||||||
| Free Cash Flow | 287.41M | 269.79M | 259.46M | 224.82M | 224.54M | 243.34M |
| Operating Cash Flow | 304.13M | 299.50M | 276.25M | 271.07M | 255.91M | 244.94M |
| Investing Cash Flow | -752.35M | -675.27M | -59.70M | 24.34M | -859.64M | -582.30M |
| Financing Cash Flow | 458.87M | 393.43M | -221.19M | -334.82M | 636.00M | 254.41M |
Broadstone Net Lease Technical Analysis
Positive
20.36
Price Trends
20.19
Positive
19.47
Positive
18.50
Positive
Market Momentum
0.20
Positive
52.77
Neutral
31.93
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 20.36 is below the 20-day moving average (MA) of 20.54, above the 50-day MA of 20.19, and above the 200-day MA of 18.50, indicating a bullish trend. The MACD of 0.20 indicates Positive momentum. The RSI at 52.77 is Neutral, neither overbought nor oversold. The STOCH value of 31.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BNL.
Broadstone Net Lease Risk Analysis
Broadstone Net Lease disclosed 65 risk factors in its most recent earnings report. Broadstone Net Lease reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Broadstone Net Lease Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $15.86B | 30.40 | 6.30% | 5.51% | 9.86% | 20.75% | |
70 Outperform | $3.95B | 30.56 | 4.43% | 6.72% | 6.10% | 9.74% | |
69 Neutral | $2.97B | 25.96 | 8.34% | 3.99% | 7.25% | 34.47% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
54 Neutral | $1.95B | -47.95 | -2.44% | 10.29% | -35.44% | 50.75% | |
54 Neutral | $721.74M | ― | -3.31% | 10.83% | -1.01% | 52.33% |
* Real Estate Sector Average
BNL
Broadstone Net Lease
20.58
5.07
32.65%
WPC
W. P. Carey Inc.
71.22
10.20
16.71%
UE
Urban Edge Properties
22.27
4.01
21.98%
GNL
Global Net Lease
9.22
2.25
32.22%
BRSP
BrightSpire Capital
5.54
0.87
18.68%
Broadstone Net Lease Corporate Events
Business Operations and Strategy
Broadstone Net Lease Expands Tesla Build-to-Suit Pipeline
Positive
Jun 11, 2026
On June 11, 2026, Broadstone Net Lease said it had expanded its committed pipeline of build-to-suit developments by nearly $40 million through a new project for Tesla in Las Vegas, Nevada. The state-of-the-art sales, service and delivery facility,...
Executive/Board ChangesShareholder Meetings
Broadstone Net Lease Stockholders Reaffirm Leadership and Governance
Positive
May 1, 2026
On April 30, 2026, Broadstone Net Lease held its 2026 Annual Meeting of Stockholders, where shareholders elected nine directors to serve until the 2027 annual meeting and confirmed the company’s existing governance framework. Investors also ...
Financial Disclosures
Broadstone Net Lease Sets Date for Q1 2026 Results
Neutral
Apr 1, 2026
On April 1, 2026, Broadstone Net Lease, Inc. announced plans to release its financial and operating results for the quarter ended March 31, 2026, after the market closes on April 29, 2026. The company also scheduled an earnings conference call and...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.