Broadstone Net Lease, Inc. (BNL) Key Metrics
BNL valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $3.86B
- Enterprise value
- $6.29B
- P/E (TTM)
- 23.9 10-yr median 29.2
- Forward P/E
- 24.6
- PEG ratio
- —
- Price / sales
- 8.1 10-yr median 7.5
- Price / book
- 1.3 10-yr median 1.1
- EV / EBITDA
- 14.7 10-yr median 13.2
- Dividend yield
- 6.20% $1.17 a year
- Beta
- 0.94
BNL key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsBNL valuation Price multiples at each fiscal year-end price.
BNL returns How much profit the business earns on the capital it uses.
BNL per-share figures Results divided by the shares outstanding at year-end.
BNL financial health Debt, liquidity and how easily interest is covered.
BNL efficiency & capital use Working capital cycle and where the cash goes.
BNL valuation history
BNL returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
BNL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
BNL cash returned to shareholders
BNL price vs earnings per share
BNL key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $3.43B | $3.12B | $3.38B | $2.92B | $4.07B | $2.52B | — | — | — | — |
| Enterprise value | $1.20B | $5.02B | $5.27B | $4.92B | $5.76B | $4.05B | — | — | — | — |
| P/E ratio | 33.3 | 20.0 | 21.5 | 25.1 | 39.7 | 49.3 | — | — | — | — |
| Price / sales | 7.5 | 7.1 | 7.5 | 7.1 | 10.6 | 7.8 | — | — | — | — |
| Price / book | 1.2 | 1.0 | 1.1 | 0.9 | 1.5 | 1.0 | — | — | — | — |
| Price / free cash flow | 12.7 | 12.0 | 15.0 | 13.0 | 16.7 | 15.0 | — | — | — | — |
| Price / operating cash flow | 11.5 | 11.3 | 12.5 | 11.4 | 16.6 | 14.1 | — | — | — | — |
| EV / sales | 2.6 | 11.4 | 11.8 | 12.0 | 15.0 | 12.5 | — | — | — | — |
| EV / EBITDA | 3.2 | 12.0 | 12.3 | 14.1 | 19.6 | 16.1 | — | — | — | — |
| EV / free cash flow | 4.4 | 19.3 | 23.4 | 21.9 | 23.7 | 24.1 | — | — | — | — |
| Earnings yield | 3.0% | 5.0% | 4.6% | 4.0% | 2.5% | 2.0% | — | — | — | — |
| Free cash flow yield | 7.9% | 8.3% | 6.7% | 7.7% | 6.0% | 6.7% | — | — | — | — |
| Dividend yield | 6.4% | 7.0% | 6.1% | 6.2% | 3.8% | 2.8% | — | — | — | — |
| Shareholder yield (dividends + buybacks) | 6.4% | 7.0% | 6.1% | 6.2% | 3.8% | 2.8% | — | — | — | — |
| Share price at fiscal year-end | $17.37 | $15.86 | $17.22 | $16.21 | $24.82 | $19.58 | — | — | — | — |
| Per share | ||||||||||
| Revenue per share | $2.32 | $2.23 | $2.28 | $2.27 | $2.34 | $2.51 | $1.95 | $1.55 | $1.24 | $0.93 |
| Earnings per share | $0.52 | $0.79 | $0.80 | $0.65 | $0.63 | $0.40 | $0.52 | $0.45 | $0.37 | $0.24 |
| Operating cash flow per share | $1.52 | $1.41 | $1.38 | $1.42 | $1.49 | $1.39 | $0.96 | $0.84 | $0.67 | $0.44 |
| Free cash flow per share | $1.37 | $1.32 | $1.15 | $1.25 | $1.48 | $1.31 | $0.93 | $0.80 | $0.62 | $0.43 |
| Cash per share | $24.56 | $0.08 | $0.10 | $0.12 | $0.13 | $0.78 | $0.08 | $0.12 | $0.06 | $0.14 |
| Book value per share | $14.69 | $15.28 | $15.53 | $17.16 | $16.72 | $19.25 | $11.62 | $9.99 | $8.79 | $6.52 |
| Tangible book value per share | $11.61 | $12.19 | $12.33 | $13.45 | $12.79 | $14.35 | $9.45 | $8.12 | $7.13 | $5.42 |
| Dividends per share | $1.11 | $1.10 | $1.06 | $1.01 | $0.94 | $0.56 | $0.40 | $0.34 | $0.30 | $0.23 |
| Capex per share | $0.15 | $0.09 | $0.24 | $0.17 | $0.01 | $0.08 | $0.03 | $0.03 | $0.05 | $0.01 |
| Debt per share | $13.24 | $9.73 | $9.73 | $11.23 | $10.47 | $12.67 | $14.23 | $10.36 | $9.93 | $6.33 |
| Shares outstanding | 197.6M | 196.6M | 196.3M | 180.2M | 164.0M | 128.8M | 153.1M | 153.1M | 146.1M | 153.1M |
| Change in shares outstanding | +0.5% | +0.2% | +8.9% | +9.9% | +27.3% | −15.9% | 0.0% | +4.8% | −4.6% | — |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 3.5% | 5.2% | 5.1% | 4.0% | 3.9% | 2.4% | 4.8% | 4.9% | 4.8% | 4.4% |
| Return on invested capital (ROIC) | 8.1% | 4.3% | 4.4% | 4.0% | 4.6% | 3.5% | 3.8% | 3.8% | 3.7% | 1.9% |
| Return on assets (ROA) | 1.9% | 3.0% | 2.9% | 2.3% | 2.3% | 1.3% | 2.3% | 2.4% | 2.4% | 2.1% |
| Return on tangible assets | 2.0% | 3.4% | 3.4% | 2.4% | 2.6% | 1.4% | 2.2% | 2.5% | 2.3% | 2.0% |
| Free cash flow margin | 58.8% | 59.1% | 50.2% | 54.9% | 63.5% | 52.0% | 47.6% | 51.8% | 50.3% | 45.7% |
| Income quality (OCF / net income) | 2.91 | 1.77 | 1.72 | 2.20 | 2.39 | 3.50 | 1.86 | 1.85 | 1.79 | 1.85 |
| Financial health | ||||||||||
| Total debt | $2.62B | $1.91B | $1.91B | $2.02B | $1.72B | $1.63B | $2.18B | $1.59B | $1.45B | $968.6M |
| Cash & short-term investments | $4.85B | $14.8M | $19.5M | $21.8M | $21.7M | $100.5M | $12.5M | $18.6M | $9.4M | $21.6M |
| Net debt | −$2.24B | $1.90B | $1.89B | $2.00B | $1.69B | $1.53B | $2.17B | $1.57B | $1.44B | $946.9M |
| Debt / equity | 0.90 | 0.64 | 0.63 | 0.65 | 0.63 | 0.66 | 1.22 | 1.04 | 1.13 | 0.97 |
| Debt / assets | 0.46 | 0.37 | 0.36 | 0.37 | 0.37 | 0.38 | 0.56 | 0.51 | 0.56 | 0.50 |
| Net debt / EBITDA | −6.00 | 4.53 | 4.40 | 5.73 | 5.77 | 6.07 | 8.20 | 7.51 | 9.62 | 8.32 |
| Current ratio | 288.34 | 1.60 | 1.58 | 1.46 | 0.82 | 2.87 | 0.46 | 0.53 | 0.23 | 0.55 |
| Quick ratio | 288.34 | 1.60 | 1.39 | 2.04 | 0.82 | 2.87 | 0.48 | 0.63 | 0.27 | 0.63 |
| Interest coverage | 2.4 | 2.9 | 2.8 | 2.5 | 3.1 | 1.8 | 1.9 | 2.1 | 2.5 | 2.1 |
| Working capital | $4.84B | $67.7M | $63.6M | $49.7M | −$35.3M | $147.5M | −$127.7M | −$81.2M | −$227.6M | −$54.5M |
| Invested capital | $665.3M | $4.90B | $4.94B | $5.09B | $4.44B | $4.01B | $3.95B | $3.10B | $2.73B | $1.95B |
| Tangible asset value | $2.43B | $2.53B | $2.57B | $2.59B | $2.10B | $1.85B | $1.45B | $1.24B | $1.04B | $830.4M |
| Net current asset value | $2.17B | −$1.89B | −$1.90B | −$2.04B | −$1.72B | −$1.55B | −$2.03B | −$1.48B | −$1.22B | −$886.7M |
| Graham number | $13.12 | $16.53 | $16.73 | $15.80 | $15.33 | $13.12 | $11.64 | $10.09 | $8.61 | $5.90 |
| Graham net-net per share | $10.99 | −$9.84 | −$9.82 | −$11.67 | −$10.78 | −$12.43 | −$13.48 | −$9.83 | −$8.53 | −$5.90 |
| Capital allocation | ||||||||||
| Dividends paid | $218.8M | $216.8M | $207.5M | $181.2M | $154.5M | $71.5M | $62.0M | $51.8M | $44.5M | $35.7M |
| Share buybacks (net) | $0 | $996,000 | $180,000 | $0 | $0 | $126,000 | $54.6M | $10.2M | $9.4M | $8.2M |
| Dividend payout ratio | 212.6% | 138.7% | 132.0% | 155.7% | 150.7% | 139.8% | 78.0% | 74.7% | 81.3% | 98.3% |
| Dividends + buybacks / free cash flow | 81.1% | 83.9% | 92.4% | 80.7% | 63.5% | 42.6% | 81.9% | 50.4% | 59.1% | 67.3% |
| Capex / revenue | 6.5% | 3.8% | 10.3% | 7.7% | 0.4% | 3.3% | 1.7% | 2.1% | 3.6% | 1.4% |
| Capex / operating cash flow | 9.9% | 6.1% | 17.1% | 12.3% | 0.7% | 6.0% | 3.4% | 3.9% | 6.7% | 2.9% |
| Capex / depreciation | 0.19 | 0.11 | 0.29 | 0.21 | 0.01 | 0.08 | 0.05 | 0.06 | 0.11 | 0.04 |
| Stock-based compensation / revenue | 2.1% | 1.7% | 1.4% | 1.3% | 1.2% | 0.6% | — | — | — | — |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 8.5% | 8.7% | 8.8% | 9.1% | 9.5% | 9.8% | 1.8% | 13.0% | 13.6% | 12.4% |
| Efficiency | ||||||||||
| Days sales outstanding | 67.7 | 133.2 | 118.6 | 113.9 | 105.7 | 106.7 | 95.1 | 99.7 | 103.4 | 146.3 |
| Days of inventory on hand | — | — | -22.8 | -34.9 | 0.0 | -1.9 | -15.5 | -28.2 | -27.6 | -18.1 |
| Days payables outstanding | 56.7 | 52.3 | 51.1 | 47.1 | 72.9 | 72.1 | 45.0 | 41.9 | 50.6 | 35.6 |
| Cash conversion cycle (days) | 11.0 | 80.9 | 44.8 | 31.8 | 32.7 | 32.6 | 34.6 | 29.6 | 25.1 | 92.5 |
| Receivables turnover | 5.39 | 2.74 | 3.08 | 3.20 | 3.45 | 3.42 | 3.84 | 3.66 | 3.53 | 2.50 |
| Payables turnover | 6.44 | 6.99 | 7.15 | 7.74 | 5.00 | 5.06 | 8.11 | 8.71 | 7.21 | 10.25 |
| Inventory turnover | — | — | — | — | 282,651,000.00 | — | — | — | — | — |
| Asset turnover | 0.08 | 0.08 | 0.08 | 0.08 | 0.09 | 0.08 | 0.09 | 0.08 | 0.08 | 0.08 |
| Average receivables | $85.2M | $160.1M | $145.6M | $127.6M | $111.0M | $94.6M | $77.9M | $64.9M | $51.5M | $57.2M |
| Average payables | $54.5M | $48.3M | $47.5M | $42.8M | $56.5M | $56.2M | $29.8M | $21.3M | $18.9M | $9.8M |
| Average inventory | — | — | −$21.2M | −$31.7M | $1 | −$1.5M | −$10.3M | −$14.3M | −$10.3M | −$5.0M |
| Intangibles / total assets | 10.6% | 11.6% | 11.9% | 12.3% | 13.9% | 14.8% | 8.5% | 9.2% | 9.4% | 8.6% |
Computed from BNL's annual financial statements (latest annual report filed February 19, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
BNL valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Broadstone Net Lease traded at 33.3 times earnings, against a 10-year median of 29.2. Based on the latest twelve months, the trailing P/E is 23.9 and the forward P/E is 24.6. Broadstone Net Lease earned a return on equity of 3.5% and a return on invested capital of 8.1% in fiscal 2025. It ended the year with $2.6 billion of debt and $4.9 billion in cash and short-term investments, a net cash position of $2.2 billion. It returned $218.8 million to shareholders: $218.8 million in dividends and $0 in share buybacks, 81% of free cash flow. The share count rose 29.0% from 153.1M to 197.6M over 9 years.
See the BNL income statement, the BNL chart for price history, or the BNL stock overview for the latest quote and news.
BNL key metrics FAQ
What is Broadstone Net Lease's P/E ratio?
Broadstone Net Lease's trailing P/E ratio is 23.9 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 24.6. At the end of fiscal 2025 it was 33.3, compared with a 10-year median of 29.2.
What is Broadstone Net Lease's EV/EBITDA?
Broadstone Net Lease's enterprise value was 3.2 times EBITDA at the end of fiscal 2025 (enterprise value $1.2 billion, EBITDA $372.7 million); the current EV/EBITDA is 14.7.
What is Broadstone Net Lease's return on equity?
Broadstone Net Lease's return on equity (ROE) was 3.5% in fiscal 2025: net income of $102.9 million on average shareholders' equity of $3.0 billion.
What is Broadstone Net Lease's ROIC?
Broadstone Net Lease's return on invested capital was 8.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Broadstone Net Lease have?
Broadstone Net Lease had total debt of $2.6 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.90 and more cash than debt.
What is Broadstone Net Lease's dividend yield?
Broadstone Net Lease's forward dividend yield is 6.20%. Broadstone Net Lease paid $218.8 million in dividends in fiscal 2025 ($1.11 per share), a payout ratio of 212.6%.
What is Broadstone Net Lease's free cash flow yield?
Broadstone Net Lease generated $269.8 million of free cash flow in fiscal 2025, a free cash flow yield of 7.9% on its market value at year-end ($3.4 billion).
What is Broadstone Net Lease's current ratio?
Broadstone Net Lease's current ratio was 288.34 at the end of fiscal 2025: current assets were 288.34 times current liabilities.