Broadstone Net Lease Inc Financials

BNL

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Broadstone Net Lease Inc (BNL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 58/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Broadstone Net Lease Inc's revenue declined 2.5% year-over-year, from $442.9M to $431.8M. This contraction results in a growth score of 21/100.

Leverage

Broadstone Net Lease Inc carries a low D/E ratio of 0.64, meaning only $0.64 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 87/100, indicating a strong balance sheet with room for future borrowing.

Cash Flow

100

Broadstone Net Lease Inc converts 60.1% of revenue into free cash flow ($259.5M). This strong cash generation earns a score of 100/100.

Returns

Broadstone Net Lease Inc generates a 5.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 22/100. This is up from 5.1% the prior year.

Piotroski F-Score Neutral

4/9

Broadstone Net Lease Inc passes 4 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.70x

For every $1 of reported earnings, Broadstone Net Lease Inc generates $1.70 in operating cash flow ($276.3M OCF vs $162.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Revenue

$431.8M

YoY-2.5%

5Y CAGR+7.6%

Broadstone Net Lease Inc generated $431.8M in revenue in fiscal year 2024. This represents a decrease of 2.5% from the prior year.

EBITDA

N/A

Free Cash Flow

$259.5M

YoY+15.4%

5Y CAGR+12.8%

Broadstone Net Lease Inc generated $259.5M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 15.4% from the prior year.

Net Income

$162.4M

YoY+4.5%

5Y CAGR+15.4%

Broadstone Net Lease Inc reported $162.4M in net income in fiscal year 2024. This represents an increase of 4.5% from the prior year.

EPS (Diluted)

$0.86

YoY+3.6%

5Y CAGR+0.7%

Broadstone Net Lease Inc earned $0.86 per diluted share (EPS) in fiscal year 2024. This represents an increase of 3.6% from the prior year.

Cash & Debt

$14.8M

YoY-23.8%

5Y CAGR+3.6%

Broadstone Net Lease Inc held $14.8M in cash against $1.9B in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

189M

YoY+0.6%

5Y CAGR+12.7%

Broadstone Net Lease Inc had 189M shares outstanding in fiscal year 2024. This represents an increase of 0.6% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

37.6%

YoY+2.5pp

5Y CAGR+11.0pp

Broadstone Net Lease Inc's net profit margin was 37.6% in fiscal year 2024, showing the share of revenue converted to profit. This is up 2.5 percentage points from the prior year.

Return on Equity

5.4%

YoY+0.3pp

5Y CAGR+0.6pp

Broadstone Net Lease Inc's ROE was 5.4% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 0.3 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$16.8M

YoY-63.7%

5Y CAGR+27.2%

Broadstone Net Lease Inc invested $16.8M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 63.7% from the prior year.

BNL Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$431.8M-2.5%	$442.9M+8.7%	$407.5M+6.4%	$382.9M+19.0%	$321.6M+7.6%	$298.8M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$38.0M-3.6%	$39.4M+5.5%	$37.4M+2.8%	$36.4M+29.9%	$28.0M+413.0%	$5.5M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$74.1M-7.5%	$80.1M+1.8%	$78.7M+22.6%	$64.1M-15.8%	$76.1M+5.0%	$72.5M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$162.4M+4.5%	$155.5M+27.3%	$122.1M+19.2%	$102.4M+100.1%	$51.2M-35.5%	$79.4M
EPS (Diluted)	$0.86+3.6%	$0.83+15.3%	$0.72+7.5%	$0.67+52.3%	$0.44-47.0%	$0.83

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$114.2M+1.0%	$113.0M+4.0%	$108.7M-3.1%	$112.1M+5.9%	$105.9M+0.5%	$105.4M+0.3%	$105.0M-4.1%	$109.5M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$10.0M+4.2%	$9.6M-1.0%	$9.7M-2.6%	$9.9M+0.2%	$9.9M+5.0%	$9.4M+0.5%	$9.4M-7.5%	$10.1M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$28.2M+33.7%	$21.1M+5.2%	$20.1M+2.6%	$19.6M+10.2%	$17.8M-4.4%	$18.6M-2.1%	$19.0M-3.5%	$19.7M
Income Tax	$208K+4.5%	$199K	N/A	-$291K-154.8%	$531K	N/A	N/A	N/A
Net Income	$26.5M+31.3%	$20.2M+20.4%	$16.7M-36.6%	$26.4M-25.3%	$35.3M-45.7%	$65.1M+905.2%	$6.5M-87.0%	$49.7M
EPS (Diluted)	$0.14+40.0%	$0.10+11.1%	$0.09-30.8%	$0.13-31.6%	$0.19-45.7%	$0.35+775.0%	$0.04-84.6%	$0.26

BNL Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$5.2B-1.0%	$5.3B-3.5%	$5.5B+18.2%	$4.6B+8.5%	$4.3B+8.7%	$3.9B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$14.8M-23.8%	$19.5M-10.5%	$21.8M+0.6%	$21.7M-78.4%	$100.5M+706.8%	$12.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$162.7M+6.5%	$152.7M+12.6%	$135.7M+16.1%	$116.9M+14.5%	$102.1M+20.8%	$84.5M
Goodwill	$339.8M0.0%	$339.8M0.0%	$339.8M0.0%	$339.8M0.0%	$339.8M	$0
Total Liabilities	$2.1B0.0%	$2.1B-5.5%	$2.2B+16.9%	$1.9B+5.5%	$1.8B-16.8%	$2.1B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$1.9B0.0%	$1.9B-5.6%	$2.0B+19.7%	$1.7B+9.8%	$1.5B-22.2%	$2.0B
Total Equity	$3.0B-1.5%	$3.0B-1.4%	$3.1B+20.0%	$2.6B+12.1%	$2.3B+37.9%	$1.7B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$5.5B+3.6%	$5.3B+1.7%	$5.2B+0.4%	$5.2B-0.9%	$5.3B-0.1%	$5.3B0.0%	$5.3B-1.2%	$5.3B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$82.0M+294.4%	$20.8M+116.4%	$9.6M-35.3%	$14.8M-18.8%	$18.3M-91.8%	$221.7M+1037.5%	$19.5M-44.4%	$35.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	$166.4M+2.3%	$162.7M+6.0%	$153.6M+2.9%	$149.2M-2.3%	$152.7M+0.3%	$152.3M
Goodwill	$339.8M0.0%	$339.8M0.0%	$339.8M0.0%	$339.8M0.0%	$339.8M0.0%	$339.8M0.0%	$339.8M0.0%	$339.8M
Total Liabilities	$2.5B+9.4%	$2.3B+6.2%	$2.2B+3.9%	$2.1B+0.4%	$2.1B+0.7%	$2.1B-1.1%	$2.1B+0.7%	$2.1B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$2.4B+10.8%	$2.1B+6.2%	$2.0B+4.2%	$1.9B+0.7%	$1.9B+0.2%	$1.9B-0.9%	$1.9B+0.8%	$1.9B
Total Equity	$2.9B-0.8%	$2.9B-1.5%	$2.9B-1.8%	$3.0B-1.7%	$3.1B-0.6%	$3.1B+0.8%	$3.0B-2.3%	$3.1B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BNL Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$276.3M+1.9%	$271.1M+5.9%	$255.9M+4.5%	$244.9M+36.8%	$179.0M+21.5%	$147.4M
Capital Expenditures	$16.8M-63.7%	$46.3M+47.4%	$31.4M+1863.3%	$1.6M-85.2%	$10.8M+113.9%	$5.1M
Free Cash Flow	$259.5M+15.4%	$224.8M+0.1%	$224.5M-7.7%	$243.3M+44.7%	$168.2M+18.2%	$142.3M
Investing Cash Flow	-$59.7M-345.3%	$24.3M+102.8%	-$859.6M-47.6%	-$582.3M-866.7%	-$60.2M+92.8%	-$831.7M
Financing Cash Flow	-$221.2M+33.9%	-$334.8M-152.6%	$636.0M+150.0%	$254.4M+996.6%	-$28.4M-104.1%	$685.7M
Dividends Paid	$216.8M+4.5%	$207.5M+14.5%	$181.2M+17.3%	$154.5M+115.9%	$71.5M+15.4%	$62.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	$34.6M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$64.2M-19.0%	$79.3M+10.9%	$71.5M+11.8%	$63.9M-13.8%	$74.2M+4.7%	$70.9M+17.0%	$60.6M-18.0%	$73.9M
Capital Expenditures	$6.2M+136.4%	$2.6M-81.8%	$14.3M+122.7%	$6.4M+3645.9%	$172K-94.5%	$3.1M-81.4%	$16.8M+186.5%	$5.9M
Free Cash Flow	$58.0M-24.3%	$76.7M+34.3%	$57.1M-0.6%	$57.5M-22.3%	$74.0M+9.2%	$67.7M+54.7%	$43.8M-35.6%	$68.0M
Investing Cash Flow	-$174.1M-32.6%	-$131.3M-53.8%	-$85.3M-412.1%	$27.3M+112.1%	-$225.7M-210.5%	$204.3M+512.4%	-$49.5M-216.5%	$42.5M
Financing Cash Flow	$171.2M+172.1%	$62.9M+605.7%	$8.9M+110.3%	-$86.5M-68.4%	-$51.3M+29.7%	-$73.0M-78.5%	-$40.9M+60.0%	-$102.2M
Dividends Paid	$52.5M-4.8%	$55.2M-1.8%	$56.2M+2.5%	$54.8M+1.7%	$53.9M-0.9%	$54.4M+3.7%	$52.5M+2.0%	$51.5M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BNL Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	37.6%+2.5pp	35.1%+5.1pp	30.0%+3.2pp	26.8%+10.8pp	15.9%-10.7pp	26.6%
Return on Equity	5.4%+0.3pp	5.1%+1.1pp	4.0%-0.0pp	4.0%+1.7pp	2.2%-2.5pp	4.8%
Return on Assets	3.1%+0.2pp	2.9%+0.7pp	2.2%+0.0pp	2.2%+1.0pp	1.2%-0.8pp	2.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.640.0	0.63-0.0	0.660.0	0.66-0.0	0.67-0.5	1.19
FCF Margin	60.1%+9.3pp	50.8%-4.3pp	55.1%-8.5pp	63.6%+11.3pp	52.3%+4.7pp	47.6%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	23.2%+5.3pp	17.8%+2.4pp	15.4%-8.1pp	23.5%-9.8pp	33.4%-28.4pp	61.8%+55.6pp	6.2%-39.2pp	45.4%
Return on Equity	0.9%+0.2pp	0.7%+0.1pp	0.6%-0.3pp	0.9%-0.3pp	1.2%-1.0pp	2.1%+1.9pp	0.2%-1.4pp	1.6%
Return on Assets	0.5%+0.1pp	0.4%+0.1pp	0.3%-0.2pp	0.5%-0.2pp	0.7%-0.6pp	1.2%+1.1pp	0.1%-0.8pp	0.9%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.82+0.1	0.73+0.1	0.68+0.0	0.64+0.0	0.620.0	0.62-0.0	0.63+0.0	0.61
FCF Margin	50.8%-17.0pp	67.9%+15.3pp	52.5%+1.3pp	51.2%-18.6pp	69.9%+5.6pp	64.3%+22.6pp	41.7%-20.4pp	62.1%

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Frequently Asked Questions

What is Broadstone Net Lease Inc's annual revenue?

Broadstone Net Lease Inc (BNL) reported $431.8M in total revenue for fiscal year 2024. This represents a -2.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Broadstone Net Lease Inc's revenue growing?

Broadstone Net Lease Inc (BNL) revenue declined by 2.5% year-over-year, from $442.9M to $431.8M in fiscal year 2024.

Is Broadstone Net Lease Inc profitable?

Yes, Broadstone Net Lease Inc (BNL) reported a net income of $162.4M in fiscal year 2024, with a net profit margin of 37.6%.

What is Broadstone Net Lease Inc's earnings per share (EPS)?

Broadstone Net Lease Inc (BNL) reported diluted earnings per share of $0.86 for fiscal year 2024. This represents a 3.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Broadstone Net Lease Inc have?

As of fiscal year 2024, Broadstone Net Lease Inc (BNL) had $14.8M in cash and equivalents against $1.9B in long-term debt.

What is Broadstone Net Lease Inc's net profit margin?

Broadstone Net Lease Inc (BNL) had a net profit margin of 37.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Broadstone Net Lease Inc's return on equity (ROE)?

Broadstone Net Lease Inc (BNL) has a return on equity of 5.4% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Broadstone Net Lease Inc's free cash flow?

Broadstone Net Lease Inc (BNL) generated $259.5M in free cash flow during fiscal year 2024. This represents a 15.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Broadstone Net Lease Inc's operating cash flow?

Broadstone Net Lease Inc (BNL) generated $276.3M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Broadstone Net Lease Inc's total assets?

Broadstone Net Lease Inc (BNL) had $5.2B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Broadstone Net Lease Inc's capital expenditures?

Broadstone Net Lease Inc (BNL) invested $16.8M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does Broadstone Net Lease Inc have outstanding?

Broadstone Net Lease Inc (BNL) had 189M shares outstanding as of fiscal year 2024.

What is Broadstone Net Lease Inc's debt-to-equity ratio?

Broadstone Net Lease Inc (BNL) had a debt-to-equity ratio of 0.64 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Broadstone Net Lease Inc's return on assets (ROA)?

Broadstone Net Lease Inc (BNL) had a return on assets of 3.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Broadstone Net Lease Inc's Piotroski F-Score?

Broadstone Net Lease Inc (BNL) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Broadstone Net Lease Inc's earnings high quality?

Broadstone Net Lease Inc (BNL) has an earnings quality ratio of 1.70x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Broadstone Net Lease Inc?

Broadstone Net Lease Inc (BNL) scores 58 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.