Broadstone Net Lease (BNL)
NYSE:BNL
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Broadstone Net Lease
(NYSE:BNL)
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Rating:63Neutral
Price Target:
$20.50
â–²(10.04% Upside)
Action:ReiteratedDate:02/25/26
The score is driven mainly by solid cash-flow strength but offset by increased leverage and a recent net-loss year. Technicals are moderately supportive with price above major moving averages, while valuation is mixed (high dividend yield but elevated P/E). Earnings-call tone and reiterated AFFO growth guidance provide an additional, smaller positive tilt despite tenant-credit and capital-markets risks.
Positive Factors
Cash generation
Consistent and rising operating and free cash flow provides durable funding for dividends, debt service and reinvestment. Over the next 2–6 months stronger cash generation supports capital deployment and reduces refinancing stress even if accounting earnings fluctuate.
Negative Factors
Rising leverage
A meaningful increase in debt raises interest and refinancing exposure and reduces balance-sheet flexibility. Higher leverage can constrict capital options for accretive acquisitions or equity returns and increases sensitivity to interest-cost swings over the coming 2–6 months.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Consistent and rising operating and free cash flow provides durable funding for dividends, debt service and reinvestment. Over the next 2–6 months stronger cash generation supports capital deployment and reduces refinancing stress even if accounting earnings fluctuate.
Read all positive factors
Broadstone Net Lease (BNL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.57B
Dividend Yield6.72%
Average Volume (3M)1.81M
Price to Earnings (P/E)31.8
Beta (1Y)0.19
Revenue Growth3.87%
EPS Growth-37.59%
CountryUS
Employees73
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)0.17
Shares Outstanding191,423,430
10 Day Avg. Volume1,953,228
30 Day Avg. Volume1,809,543
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 Cap1.72
Enterprise Value/Revenue13.40
Enterprise Value/Gross Profit56.96
Enterprise Value/Ebitda16.47
Forecast
1Y Price Target
$20.29Price Target Upside8.91% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)0.73
Revenue Forecast (FY)$486.73M
Broadstone Net Lease Business Overview & Revenue Model
Company Description
BNL is an internally-managed REIT that acquires, owns, and manages primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. The Company utilizes an investment strategy un...
How the Company Makes Money
Broadstone Net Lease generates revenue primarily through rental income from its portfolio of commercial properties. The company enters into long-term net lease agreements with tenants, where the tenants are responsible for most property expenses, ...
Broadstone Net Lease Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 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
56
Neutral
Balance Sheet
52
Neutral
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 459.14M | 438.77M | 448.09M | 408.94M | 383.22M |
| Gross Profit | 108.00M | 101.67M | 108.26M | 77.55M | 100.57M |
| EBITDA | 377.21M | 423.02M | 430.11M | 354.07M | 296.88M |
| Net Income | 102.91M | 156.24M | 157.16M | 116.42M | 102.49M |
Balance Sheet | |||||
| Total Assets | 5.72B | 5.22B | 5.27B | 5.46B | 4.62B |
| Cash, Cash Equivalents and Short-Term Investments | 4.85B | 14.85M | 19.49M | 21.79M | 21.67M |
| Total Debt | 2.62B | 1.91B | 1.91B | 2.02B | 1.69B |
| Total Liabilities | 2.68B | 2.07B | 2.07B | 2.20B | 1.88B |
| Stockholders Equity | 2.90B | 3.00B | 3.05B | 3.09B | 2.58B |
Cash Flow | |||||
| Free Cash Flow | 269.79M | 259.46M | 224.82M | 224.54M | 243.34M |
| Operating Cash Flow | 299.50M | 276.25M | 271.07M | 255.91M | 244.94M |
| Investing Cash Flow | -675.27M | -59.70M | 24.34M | -859.64M | -582.30M |
| Financing Cash Flow | 393.43M | -221.19M | -334.82M | 636.00M | 254.41M |
Broadstone Net Lease Technical Analysis
Neutral
18.63
Price Trends
18.98
Negative
18.38
Positive
17.73
Positive
Market Momentum
-0.05
Positive
41.61
Neutral
13.62
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BNL, the sentiment is Neutral. The current price of 18.63 is below the 20-day moving average (MA) of 19.14, below the 50-day MA of 18.98, and above the 200-day MA of 17.73, indicating a neutral trend. The MACD of -0.05 indicates Positive momentum. The RSI at 41.61 is Neutral, neither overbought nor oversold. The STOCH value of 13.62 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BNL.
Broadstone Net Lease Risk Analysis
Broadstone Net Lease disclosed 64 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $14.78B | 30.43 | 5.68% | 5.51% | 5.59% | -34.75% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | $3.57B | 31.75 | 3.41% | 6.72% | 3.87% | -37.59% | |
62 Neutral | $2.68B | 25.79 | 8.71% | 3.99% | 5.29% | -60.36% | |
61 Neutral | $1.96B | -8.52 | -12.68% | 10.29% | -28.94% | -28.24% | |
53 Neutral | $730.60M | -22.81 | -3.16% | 10.83% | -12.57% | 70.50% |
* Real Estate Sector Average
BNL
Broadstone Net Lease
18.63
2.34
14.40%
WPC
W. P. Carey Inc.
67.44
7.14
11.84%
UE
Urban Edge Properties
20.18
1.86
10.16%
GNL
Global Net Lease
9.17
1.93
26.74%
BRSP
BrightSpire Capital
5.68
0.37
7.03%
Broadstone Net Lease Corporate Events
Business Operations and Strategy
Broadstone Net Lease Expands Pipeline With New Developments
Positive
Feb 25, 2026
On February 25, 2026, Broadstone Net Lease announced it had added two new build-to-suit development projects to its pipeline, representing a combined estimated investment of about $62.1 million. The projects comprise a state-of-the-art sub-same-da...
Financial Disclosures
Broadstone Net Lease Schedules Q4 and 2025 Earnings Release
Neutral
Jan 12, 2026
On January 12, 2026, Broadstone Net Lease, Inc. announced that it would release its financial and operating results for the fourth quarter and full year ended December 31, 2025, after markets close on February 18, 2026, followed by an earnings con...
Business Operations and StrategyFinancial Disclosures
Broadstone Net Lease Issues 2026 Guidance Update
Positive
Dec 1, 2025
On December 1, 2025, Broadstone Net Lease, Inc. announced a business update and issued guidance for 2026. The company reported significant investment activities in 2025, including $696.7 million in investments and the sale of shares for $11.4 mill...
Business Operations and StrategyFinancial Disclosures
Broadstone Net Lease Unveils Strategic Growth Plans
Positive
Dec 1, 2025
On December 1, 2025, Broadstone Net Lease, Inc. released its December 2025 investor presentation, highlighting its strategic focus on growth through its in-place portfolio and acquisitions. The presentation, part of their Investor Day event, outli...
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.