BNLNYSEReal Estate Investment TrustsFiscal year ends December 31
Broadstone Net Lease, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q/A on Jul 29, 2026
$17.66−0.47 (-2.59%)
Close on Oct 19, 2026
- Market cap
- $3.54B
- P/E (TTM)
- 23.2
- Dividend yield
- 6.57%
Margins
Share of revenue, fiscal years 2014 to 2025
Operating margin
–
Net margin
21.2%+5.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +5.2% | +3.7% | +7.1% | +16.6% | |
| Net income | -40.6% | -7.5% | +13.5% | +17.5% | |
| EPS, diluted | -41.9% | -11.4% | +2.6% | -0.7% | |
| Free cash flow | +4.0% | +6.3% | +9.9% | +25.4% | |
| Dividend per share | +0.4% | – | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 2.6% | 3.3% | |
| Return on assets | – | 1.3% | 1.8% | |
| Interest coverage | 2.1× | – | – | |
| Capex to revenue | 1.4% | 3.4% | 6.5% | |
| Diluted shares | 58M | 129M | 198M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Broadstone Net Lease generated $1.35B from operations and spent $1.10B on capital expenditure, dividends and share buybacks. 11% of that went back into the business.
Generated
$1.35B
Used
$1.10B
Capital expenditure$125.73M11%Dividends$978.74M89%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin21.2%
×Asset turnover0.08×
×Equity multiplier1.85×
=Return on equity, FY20253.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 21.2% | 0.08× | 1.85× | 3.3% |
| FY2024 | 37.6% | 0.08× | 1.73× | 5.4% |
| FY2023 | 35.1% | 0.08× | 1.75× | 5.1% |
| FY2022 | 30.0% | 0.08× | 1.78× | 4.3% |
| FY2021 | 26.8% | 0.09× | 1.82× | 4.2% |
| FY2020 | 15.9% | 0.08× | 2.06× | 2.6% |
| FY2019 | 26.6% | 0.09× | 2.27× | 5.1% |
| FY2018 | 29.2% | 0.08× | 2.18× | 5.3% |
| FY2017 | 30.2% | 0.08× | 2.16× | 5.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$96.50M
- Cash generatingOperating cash flow above zero$299.50M
- Return on assets improvedROA up on the prior year3.1% → 1.8%
- Earnings backed by cashOperating cash flow above net income$299.50M vs $96.50M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise197M → 198M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.08 → 0.09