Broadstone Net Lease, Inc.

Broadstone Net Lease maintains a capital structure characterized by a market capitalization of $3.94 billion and a price-to-book ratio of 1.72. The balance sheet reports total assets of $5.85 billion against total liabilities of $2.82 billion, resulting in total equity of $2.89 billion. The valuation snapshot indicates a debt-to-equity ratio of 0.0, although filing observations confirm significant debt activity, including the completion of a $350.0 million public offering of 5.000% senior unsecured notes due in 2032 and borrowings on an unsecured revolving credit facility. Liquidity is assessed as low, with cash and equivalents standing at $20.31 million. The company generated operating cash flow of $76.09 million and free cash flow of $74.73 million in Q1 2026, supporting capital expenditures of $1.36 million and distributions declared of $59.61 million.

Profitability metrics show a return on equity of 3.34% and a return on assets of 1.65%. The price-to-earnings ratio stands at 40.8, reflecting the market's valuation of the company's earnings power. Net income for Q1 2026 was $46.37 million, a significant increase from $17.49 million in the same period of the prior year, driven by higher lease revenues of $121.40 million compared to $108.69 million in Q1 2025. The improvement in net income was further aided by the absence of impairment charges on rental properties, which totaled $16.13 million in the prior year period.

Broadstone Net Lease generates best-in-class cash conversion of 3.1, significantly outperforming the 1.12 median for Commercial REITs.

The company's return on equity of 3.34% slightly exceeds the 3.28% median benchmark for its Commercial REIT cohort.

Free cash flow reached $269.8 million in FY2025, demonstrating strong liquidity generation despite fluctuating net income figures.

Liquidity risk is assessed as low, suggesting the company maintains sufficient resources to meet short-term financial obligations.

Net income CAGR of 2.2% from FY2023 to FY2025 indicates modest but positive long-term profitability growth trends.

Broadstone Net Lease faces high dilution risk, which could significantly erode shareholder value and earnings per share over time.

Revenue declined by 4.9% year-over-year in the latest period, signaling potential weakness in top-line growth momentum.

Return on assets of 1.65% remains low, reflecting limited efficiency in generating profits from total asset base.

Revenue $121.4M; Net margin 38.2%.

• ▍Revenue $121.4M
• ▍Net margin 38.2%

Revenue $335.8M; Net margin 18.9%.

• ▍Revenue $335.8M
• ▍Net margin 18.9%

Revenue $221.7M; Net margin 16.6%.

• ▍Revenue $221.7M
• ▍Net margin 16.6%

Revenue $454.1M; Net margin 21.2%.

• ▍Revenue $454.1M
• ▍Net margin 21.2%

Revenue $431.8M; Net margin 37.6%.

• ▍Revenue $431.8M
• ▍Net margin 37.6%

Revenue $431.8M; Net margin 37.6%.

• ▍Revenue $431.8M
• ▍Net margin 37.6%

Revenue $442.9M; Net margin 35.1%.

• ▍Revenue $442.9M
• ▍Net margin 35.1%

Revenue $442.9M; Net margin 35.1%.

• ▍Revenue $442.9M
• ▍Net margin 35.1%