Global Net Lease, Inc. (GNL) Key Metrics
GNL valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $1.72B
- Enterprise value
- $4.31B
- P/E (TTM)
- — 10-yr median 108.4
- Forward P/E
- —
- PEG ratio
- —
- Price / sales
- 3.7 10-yr median 4.1
- Price / book
- 1.3 10-yr median 0.9
- EV / EBITDA
- 12.3 10-yr median 14.7
- Dividend yield
- 10.23% $0.76 a year
- Beta
- 1.02
GNL key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsGNL valuation Price multiples at each fiscal year-end price.
GNL returns How much profit the business earns on the capital it uses.
GNL per-share figures Results divided by the shares outstanding at year-end.
GNL financial health Debt, liquidity and how easily interest is covered.
GNL efficiency & capital use Working capital cycle and where the cash goes.
GNL valuation history
GNL returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
GNL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
GNL cash returned to shareholders
GNL price vs earnings per share
GNL key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.92B | $1.68B | $1.42B | $1.30B | $1.50B | $1.53B | $1.75B | $1.23B | $1.38B | $1.33B |
| Enterprise value | $4.32B | $6.17B | $6.59B | $4.27B | $3.89B | $3.72B | $3.38B | $2.90B | $2.80B | $2.75B |
| P/E ratio | — | — | — | 108.4 | 132.1 | 142.3 | 37.7 | 112.6 | 58.4 | 28.3 |
| Price / sales | 3.9 | 2.1 | 2.8 | 3.4 | 3.8 | 4.6 | 5.7 | 4.3 | 5.3 | 6.2 |
| Price / book | 1.2 | 0.8 | 0.5 | 0.9 | 0.9 | 1.0 | 1.0 | 0.9 | 1.0 | 1.0 |
| Price / free cash flow | 10.1 | 6.6 | 14.7 | 8.6 | 8.1 | 9.0 | 13.6 | 8.6 | 10.8 | 11.7 |
| Price / operating cash flow | 8.6 | 5.6 | 9.9 | 7.2 | 7.8 | 8.7 | 12.0 | 8.5 | 10.5 | 11.6 |
| EV / sales | 8.7 | 7.7 | 12.8 | 11.3 | 9.9 | 11.3 | 11.0 | 10.3 | 10.8 | 12.9 |
| EV / EBITDA | 14.0 | 10.8 | 30.5 | 15.3 | 13.6 | 16.1 | 14.8 | 14.8 | 14.5 | 14.6 |
| EV / free cash flow | 22.8 | 24.3 | 68.3 | 28.1 | 21.1 | 21.8 | 26.3 | 20.3 | 21.9 | 24.1 |
| Earnings yield | −11.7% | −7.8% | −14.9% | 0.9% | 0.8% | 0.7% | 2.7% | 0.9% | 1.7% | 3.5% |
| Free cash flow yield | 9.9% | 15.1% | 6.8% | 11.7% | 12.3% | 11.1% | 7.3% | 11.7% | 9.3% | 8.6% |
| Dividend yield | 12.3% | 18.8% | 16.4% | 14.4% | 11.7% | 11.2% | 9.2% | 12.8% | 10.4% | 9.0% |
| Shareholder yield (dividends + buybacks) | 18.6% | 18.9% | 16.5% | 14.4% | 11.7% | 11.3% | 9.2% | 12.8% | 10.4% | 9.0% |
| Share price at fiscal year-end | $8.60 | $7.30 | $9.95 | $12.57 | $15.28 | $17.14 | $20.28 | $17.62 | $20.58 | $23.49 |
| Per share | ||||||||||
| Revenue per share | $2.23 | $3.49 | $3.61 | $3.65 | $3.98 | $3.69 | $3.55 | $4.05 | $3.88 | $3.78 |
| Earnings per share | −$1.01 | −$0.57 | −$1.49 | $0.12 | $0.12 | $0.12 | $0.54 | $0.16 | $0.35 | $0.83 |
| Operating cash flow per share | $1.00 | $1.30 | $1.01 | $1.75 | $1.96 | $1.98 | $1.69 | $2.08 | $1.96 | $2.02 |
| Free cash flow per share | $0.85 | $1.10 | $0.68 | $1.46 | $1.88 | $1.91 | $1.49 | $2.05 | $1.91 | $2.01 |
| Cash per share | $0.81 | $0.69 | $0.85 | $1.00 | $0.91 | $1.39 | $3.14 | $1.44 | $1.53 | $1.23 |
| Book value per share | $7.45 | $9.49 | $18.50 | $14.02 | $16.49 | $17.13 | $19.66 | $20.51 | $21.15 | $23.91 |
| Tangible book value per share | $4.90 | $4.68 | $11.92 | $7.17 | $8.65 | $12.22 | $14.50 | $10.49 | $11.39 | $13.31 |
| Dividends per share | $1.06 | $1.37 | $1.64 | $1.80 | $1.79 | $1.93 | $1.87 | $2.26 | $2.14 | $2.12 |
| Capex per share | $0.15 | $0.20 | $0.33 | $0.29 | $0.08 | $0.07 | $0.20 | $0.02 | $0.05 | $0.00 |
| Debt per share | $11.54 | $20.15 | $37.12 | $29.57 | $25.22 | $25.77 | $22.00 | $25.50 | $22.87 | $26.27 |
| Shares outstanding | 223.3M | 230.4M | 142.6M | 103.7M | 98.3M | 89.5M | 86.3M | 69.7M | 66.9M | 56.7M |
| Change in shares outstanding | −3.1% | +61.6% | +37.5% | +5.5% | +9.8% | +3.6% | +24.0% | +4.2% | +17.9% | −2.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −11.7% | −5.5% | −10.4% | 0.8% | 0.7% | 0.7% | 3.0% | 0.8% | 1.7% | 3.7% |
| Return on invested capital (ROIC) | 2.5% | 2.3% | −0.2% | 1.2% | 1.4% | 1.9% | 3.3% | 1.9% | 2.7% | 2.1% |
| Return on assets (ROA) | −4.0% | −1.7% | −3.5% | 0.3% | 0.3% | 0.3% | 1.3% | 0.3% | 0.8% | 1.7% |
| Return on tangible assets | −6.0% | −2.3% | −3.0% | 0.4% | 0.3% | 0.3% | 1.4% | 0.4% | 1.0% | 2.1% |
| Free cash flow margin | 38.0% | 31.5% | 18.7% | 40.1% | 47.2% | 51.6% | 42.0% | 50.7% | 49.3% | 53.3% |
| Income quality (OCF / net income) | — | — | — | 15.12 | 16.94 | 16.41 | 3.14 | 13.27 | 5.56 | 2.43 |
| Financial health | ||||||||||
| Total debt | $2.58B | $4.64B | $5.29B | $3.07B | $2.48B | $2.31B | $1.90B | $1.78B | $1.53B | $1.49B |
| Cash & short-term investments | $180.1M | $159.7M | $121.6M | $103.3M | $89.7M | $124.2M | $270.9M | $100.3M | $102.4M | $69.8M |
| Net debt | $2.40B | $4.48B | $5.17B | $2.96B | $2.39B | $2.18B | $1.63B | $1.68B | $1.43B | $1.42B |
| Debt / equity | 1.55 | 2.12 | 2.01 | 2.11 | 1.53 | 1.50 | 1.12 | 1.24 | 1.08 | 1.10 |
| Debt / assets | 0.59 | 0.67 | 0.65 | 0.77 | 0.59 | 0.58 | 0.51 | 0.54 | 0.50 | 0.52 |
| Net debt / EBITDA | 7.76 | 7.88 | 23.97 | 10.60 | 8.37 | 9.47 | 7.12 | 8.53 | 7.37 | 7.55 |
| Current ratio | 0.84 | 0.23 | 0.13 | 0.24 | 1.69 | 4.33 | 10.38 | 0.69 | 0.43 | 0.16 |
| Quick ratio | 0.84 | 0.23 | 0.04 | 0.29 | 1.70 | 1.95 | 10.39 | 0.69 | 0.50 | 0.18 |
| Interest coverage | 0.9 | 0.6 | -0.1 | 1.0 | 1.2 | 1.4 | 1.8 | 1.2 | 1.8 | 1.5 |
| Working capital | −$64.0M | −$1.17B | −$1.65B | −$549.7M | $68.2M | $178.1M | $332.5M | −$131.3M | −$196.0M | −$611.6M |
| Invested capital | $4.06B | $6.67B | $7.81B | $4.42B | $4.01B | $3.71B | $3.33B | $3.10B | $2.84B | $2.78B |
| Tangible asset value | $1.09B | $1.08B | $1.70B | $743.3M | $856.2M | $1.12B | $1.26B | $731.0M | $761.8M | $755.0M |
| Net current asset value | −$2.34B | −$4.43B | −$5.21B | −$2.33B | −$2.39B | −$2.18B | −$1.62B | −$1.59B | −$1.47B | −$1.42B |
| Graham number | — | — | — | $6.05 | $6.55 | $6.81 | $15.43 | $8.50 | $12.95 | $21.14 |
| Graham net-net per share | −$10.88 | −$19.68 | −$36.42 | −$22.81 | −$24.54 | −$24.35 | −$19.48 | −$25.07 | −$22.45 | −$25.52 |
| Capital allocation | ||||||||||
| Dividends paid | $235.8M | $316.2M | $233.2M | $187.1M | $176.0M | $172.5M | $161.5M | $157.3M | $143.1M | $120.4M |
| Share buybacks (net) | $122.1M | $1.0M | $1.2M | $686,000 | $156,000 | $470,000 | $0 | $227,000 | $0 | $0 |
| Dividend payout ratio | — | — | — | — | — | — | 347.5% | — | 607.3% | 255.4% |
| Dividends + buybacks / free cash flow | 189.0% | 125.0% | 243.0% | 123.7% | 95.5% | 101.5% | 125.5% | 110.0% | 112.0% | 105.4% |
| Capex / revenue | 6.7% | 5.7% | 9.2% | 7.9% | 2.0% | 1.9% | 5.7% | 0.5% | 1.2% | 0.1% |
| Capex / operating cash flow | 15.0% | 15.2% | 32.9% | 16.5% | 4.1% | 3.6% | 11.9% | 1.0% | 2.4% | 0.2% |
| Capex / depreciation | 0.14 | 0.12 | 0.20 | 0.19 | 0.05 | 0.04 | 0.13 | 0.01 | 0.03 | 0.00 |
| Stock-based compensation / revenue | 2.5% | 1.1% | 7.6% | 3.2% | 2.8% | 3.0% | 3.1% | 0.9% | −1.5% | 1.7% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 10.6% | 9.4% | 20.0% | 18.5% | 17.2% | 17.9% | 6.4% | 14.6% | 11.3% | 14.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 73.4 | 41.7 | 55.9 | 71.2 | 63.1 | 62.4 | 59.0 | 58.2 | 55.2 | 30.5 |
| Days of inventory on hand | — | — | 163.4 | -177.6 | 703.9 | 715.5 | -11.2 | -164.4 | -254.2 | -536.5 |
| Days payables outstanding | 50.3 | 223.8 | 147.7 | 270.8 | 302.1 | 288.7 | 157.9 | 347.8 | 291.5 | 398.0 |
| Cash conversion cycle (days) | 23.1 | -182.1 | 71.5 | -377.2 | 464.9 | 489.2 | -110.0 | -454.0 | -490.5 | -904.1 |
| Receivables turnover | 4.97 | 8.76 | 6.53 | 5.13 | 5.79 | 5.85 | 6.19 | 6.27 | 6.62 | 11.98 |
| Payables turnover | 7.25 | 1.63 | 2.47 | 1.35 | 1.21 | 1.26 | 2.31 | 1.05 | 1.25 | 0.92 |
| Inventory turnover | — | — | 2.23 | — | — | 0.51 | — | — | — | — |
| Asset turnover | 0.09 | 0.11 | 0.09 | 0.09 | 0.10 | 0.09 | 0.09 | 0.09 | 0.09 | 0.08 |
| Average receivables | $100.2M | $91.9M | $78.9M | $73.9M | $67.6M | $56.4M | $49.5M | $45.0M | $39.2M | $17.9M |
| Average payables | $59.8M | $87.4M | $61.0M | $24.4M | $27.1M | $25.6M | $27.2M | $27.4M | $23.0M | $20.8M |
| Average inventory | — | — | $67.4M | −$16.0M | $63.2M | $63.5M | −$1.9M | −$12.9M | −$20.1M | −$28.0M |
| Intangibles / total assets | 13.1% | 15.9% | 11.6% | 17.9% | 18.4% | 11.1% | 12.0% | 21.1% | 21.5% | 20.8% |
Computed from GNL's annual financial statements (latest annual report filed February 25, 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.
GNL valuation and financial ratios
Global Net Lease earned a return on equity of −11.7% and a return on invested capital of 2.5% in fiscal 2025. It ended the year with $2.6 billion of debt and $180.1 million in cash and short-term investments, net debt of $2.4 billion. It returned $357.9 million to shareholders: $235.8 million in dividends and $122.1 million in share buybacks, 189% of free cash flow. The share count rose 293.6% from 56.7M to 223.3M over 9 years.
See the GNL income statement, the GNL chart for price history, or the GNL stock overview for the latest quote and news.
GNL key metrics FAQ
What is Global Net Lease's EV/EBITDA?
Global Net Lease's enterprise value was 14.0 times EBITDA at the end of fiscal 2025 (enterprise value $4.3 billion, EBITDA $308.6 million); the current EV/EBITDA is 12.3.
What is Global Net Lease's return on equity?
Global Net Lease's return on equity (ROE) was −11.7% in fiscal 2025: net income of -$225.5 million on average shareholders' equity of $1.9 billion.
What is Global Net Lease's ROIC?
Global Net Lease's return on invested capital was 2.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Global Net Lease have?
Global Net Lease had total debt of $2.6 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.55 and $2.4 billion of net debt (7.76 times EBITDA).
What is Global Net Lease's dividend yield?
Global Net Lease's forward dividend yield is 10.23%. Global Net Lease paid $235.8 million in dividends in fiscal 2025 ($1.06 per share), a payout ratio of —.
Does Global Net Lease buy back its shares?
Yes. Global Net Lease spent $122.1 million on net share repurchases in fiscal 2025 Shares outstanding changed −3.1% over the year, to 223.3M..
What is Global Net Lease's free cash flow yield?
Global Net Lease generated $189.4 million of free cash flow in fiscal 2025, a free cash flow yield of 9.9% on its market value at year-end ($1.9 billion).
What is Global Net Lease's current ratio?
Global Net Lease's current ratio was 0.84 at the end of fiscal 2025: current assets were 0.84 times current liabilities.