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Broadstone Net Lease (BNL) Financials

Broadstone Net Lease logo
$18.41 +0.03 (+0.17%)
Closing price 08/28/2025 03:59 PM Eastern
Extended Trading
$18.45 +0.04 (+0.20%)
As of 08/28/2025 06:30 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
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Annual Income Statements for Broadstone Net Lease

Annual Income Statements for Broadstone Net Lease

This table shows Broadstone Net Lease's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 19 36 55 69 79 51 102 122 155 162
Consolidated Net Income / (Loss)		 21 40 60 75 85 56 110 129 163 169
Net Income / (Loss) Continuing Operations		 21 40 60 75 85 56 110 129 163 169
Total Pre-Tax Income 		42 40 65 76 89 43 112 125 166 164
Total Revenue		 98 119 161 196 256 246 332 345 418 432
Net Interest Income / (Expense)		 0.00 -29 -34 -52 -73 -76 -64 -79 -80 -73
Total Interest Income		 0.00 0.80 1.20 0.62 0.01 0.02 0.02 0.04 0.51 0.99
Investment Securities Interest Income		 - 0.80 1.20 0.62 0.01 0.02 0.02 0.04 0.51 0.99
Total Interest Expense		 0.00 30 35 53 73 76 64 79 80 74
Long-Term Debt Interest Expense		 - 30 35 53 73 76 64 79 80 74
Total Non-Interest Income		 98 149 195 248 329 322 396 423 497 505
Net Realized & Unrealized Capital Gains on Investments		 - 5.79 13 10 30 - 14 16 54 73
Other Non-Interest Income		 97 143 182 237 299 322 383 408 443 432
Total Non-Interest Expense		 56 79 96 120 167 203 221 219 252 268
Net Occupancy & Equipment Expense		 6.08 3.90 6.51 11 16 17 18 22 23 25
Other Operating Expenses		 10 18 25 31 39 35 36 37 39 38
Depreciation Expense		 29 46 62 84 109 133 132 155 159 156
Impairment Charge		 0.00 0.00 2.61 2.06 3.45 19 28 5.54 31 49
Income Tax Expense		 - - 0.62 0.86 2.42 0.94 1.64 1.28 0.76 1.18
Other Gains / (Losses), net		 -21 - -4.77 -0.20 -1.18 15 -0.43 5.38 -1.68 6.20
Net Income / (Loss) Attributable to Noncontrolling Interest		 1.60 3.91 4.76 5.73 5.72 5.10 7.10 7.36 7.83 6.55
Basic Earnings per Share		 $2.15 $2.76 $3.21 $0.86 $0.83 $0.44 $0.67 $0.72 $0.83 $0.86
Weighted Average Basic Shares Outstanding		 8.99M 13.18M 17.08M 80.97M 95.92M 117.15M 153.06M 169.84M 186.62M 187.45M
Diluted Earnings per Share		 $2.15 $2.76 $3.21 $0.86 $0.83 $0.44 $0.67 $0.72 $0.83 $0.86
Weighted Average Diluted Shares Outstanding		 9.74M 14.60M 18.57M 87.64M 102.87M 128.80M 163.97M 180.20M 196.32M 196.62M
Weighted Average Basic & Diluted Shares Outstanding		 - - 19.38M 22.60M 26.85M 145.58M 163.45M 186.30M 187.71M 188.80M

Quarterly Income Statements for Broadstone Net Lease

This table shows Broadstone Net Lease's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 27 35 39 60 50 6.48 65 35 36 26 17
Consolidated Net Income / (Loss)		 29 37 41 63 52 6.80 68 36 37 28 17
Net Income / (Loss) Continuing Operations		 29 41 41 66 52 3.45 68 36 37 28 17
Total Pre-Tax Income 		24 42 42 65 51 7.98 67 36 38 23 18
Total Revenue		 83 103 101 119 105 92 146 92 93 101 89
Net Interest Income / (Expense)		 -20 -24 -21 -20 -20 -19 -18 -17 -18 -20 -20
Total Interest Income		 0.00 0.04 0.16 0.08 0.13 0.14 0.23 0.65 0.07 0.04 0.10
Investment Securities Interest Income		 0.00 0.04 0.16 0.08 0.13 0.14 0.23 0.65 0.07 0.04 0.10
Total Interest Expense		 20 24 21 20 20 19 19 18 18 20 20
Long-Term Debt Interest Expense		 20 24 21 20 20 19 19 18 18 20 20
Total Non-Interest Income		 104 127 122 139 125 111 164 109 111 120 109
Net Realized & Unrealized Capital Gains on Investments		 - - 3.42 29 15 6.27 59 3.38 2.44 8.20 0.41
Other Non-Interest Income		 104 112 119 109 110 105 105 106 108 112 109
Total Non-Interest Expense		 59 61 60 54 54 84 79 56 55 77 71
Net Occupancy & Equipment Expense		 5.64 6.40 5.89 4.99 5.71 6.00 5.66 5.30 7.01 6.76 5.49
Other Operating Expenses		 9.94 9.32 10 9.48 10 9.38 9.43 9.90 8.72 9.93 9.67
Depreciation Expense		 39 46 42 39 39 39 38 37 38 43 39
Impairment Charge		 4.16 - 1.47 0.00 0.00 30 26 3.85 1.06 18 16
Other Special Charges		 - - - - - - - - 0.01 - 0.01
Income Tax Expense		 0.36 0.11 0.48 0.45 0.10 -0.27 0.41 0.53 -0.29 0.53 0.36
Other Gains / (Losses), net		 4.70 -0.83 -0.02 1.67 1.46 -4.80 1.70 0.75 -0.94 4.70 -0.49
Net Income / (Loss) Attributable to Noncontrolling Interest		 1.60 2.04 2.07 2.98 2.46 0.32 3.06 0.61 1.66 1.22 0.75
Basic Earnings per Share		 $0.16 $0.20 $0.21 $0.32 $0.27 $0.03 $0.35 $0.19 $0.19 $0.13 $0.09
Weighted Average Basic Shares Outstanding		 172.58M 169.84M 186.13M 186.73M 186.77M 186.62M 187.29M 187.44M 187.50M 187.45M 187.87M
Diluted Earnings per Share		 $0.16 $0.20 $0.21 $0.32 $0.26 $0.04 $0.35 $0.19 $0.19 $0.13 $0.09
Weighted Average Diluted Shares Outstanding		 182.97M 180.20M 196.18M 196.23M 196.37M 196.32M 196.42M 196.47M 196.93M 196.62M 196.90M
Weighted Average Basic & Diluted Shares Outstanding		 173.11M 186.30M 187.20M 187.27M 187.26M 187.71M 188.43M 188.52M 188.55M 188.80M 189.08M

Annual Cash Flow Statements for Broadstone Net Lease

This table details how cash moves in and out of Broadstone Net Lease's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 23 -4.03 -13 8.89 1.32 90 -83 32 -39 -4.64
Net Cash From Operating Activities		 39 67 98 128 147 179 245 256 271 276
Net Cash From Continuing Operating Activities		 39 67 98 128 147 179 245 256 271 276
Net Income / (Loss) Continuing Operations		 21 40 60 75 85 56 110 129 163 169
Consolidated Net Income / (Loss)		 21 40 60 75 85 56 110 129 163 169
Provision For Loan Losses		 0.00 0.00 2.61 2.06 0.00 0.00 28 5.54 31 49
Depreciation Expense		 29 46 63 84 105 132 129 150 153 152
Amortization Expense		 1.18 1.63 1.89 1.78 2.54 3.30 3.72 3.59 3.86 3.93
Non-Cash Adjustments to Reconcile Net Income		 -12 -22 -32 -38 -48 -15 -32 -33 -71 -95
Changes in Operating Assets and Liabilities, net		 0.20 1.67 2.66 3.88 2.06 2.54 6.47 0.31 -9.17 -2.03
Net Cash From Investing Activities		 -480 -471 -612 -510 -832 -60 -582 -860 24 -60
Net Cash From Continuing Investing Activities		 -480 -471 -612 -510 -832 -60 -583 -860 24 -60
Purchase of Property, Leasehold Improvements and Equipment		 -11 -2.03 -6.78 -5.15 -5.05 -11 -1.60 -31 -46 -17
Purchase of Investment Securities		 -485 -503 -657 -576 -997 -126 -665 -885 -28 -289
Sale and/or Maturity of Investments		 18 35 63 72 169 78 84 56 195 354
Other Investing Activities, net		 4.15 0.00 0.00 -1.60 1.60 -0.70 0.00 0.00 -97 -108
Net Cash From Financing Activities		 465 399 501 391 686 -28 254 636 -335 -221
Net Cash From Continuing Financing Activities		 465 399 501 391 686 -28 254 636 -335 -222
Issuance of Debt		 612 423 1,009 759 1,184 252 738 1,400 216 257
Issuance of Common Equity		 300 246 273 216 330 588 280 496 -0.18 -1.00
Repayment of Debt		 -417 -219 -719 -512 -702 -790 -592 -807 -324 -248
Payment of Dividends		 -27 -43 -52 -60 -71 -79 -166 -193 -219 -227
Other Financing Activities, Net		 - - - - 0.00 0.00 -6.61 -260 -7.50 -2.26

Quarterly Cash Flow Statements for Broadstone Net Lease

This table details how cash moves in and out of Broadstone Net Lease's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Change in Cash & Equivalents		 53 -22 -41 17 14 -30 202 -203 -8.68 4.78 -4.96
Net Cash From Operating Activities		 78 60 74 62 74 61 71 74 67 64 71
Net Cash From Continuing Operating Activities		 78 60 82 92 37 61 71 74 67 64 71
Net Income / (Loss) Continuing Operations		 29 37 41 63 52 6.80 68 36 37 28 17
Consolidated Net Income / (Loss)		 29 37 41 63 52 6.80 68 36 37 28 17
Depreciation Expense		 38 44 39 38 37 38 37 36 37 42 38
Amortization Expense		 0.92 0.96 0.96 0.93 0.98 0.98 0.98 0.98 0.98 0.98 1.24
Non-Cash Adjustments to Reconcile Net Income		 -3.32 -20 -1.89 -14 -48 -6.85 -62 -7.09 -6.62 -20 15
Changes in Operating Assets and Liabilities, net		 13 -6.92 2.37 2.63 -5.75 -8.42 0.14 4.18 -2.10 -4.26 -0.37
Net Cash From Investing Activities		 -205 -274 30 1.71 43 -50 204 -226 -66 27 -85
Net Cash From Continuing Investing Activities		 -205 -275 30 1.71 43 -50 205 -227 -66 27 -85
Purchase of Property, Leasehold Improvements and Equipment		 -0.88 -12 -16 -8.01 -5.86 -17 -3.13 -0.17 -7.05 -6.44 -14
Acquisitions		 - - - - - - - - - - -61
Sale and/or Maturity of Investments		 1.62 38 50 68 61 16 247 24 31 52 6.22
Other Investing Activities, net		 - - - - -12 -47 -38 -32 -20 -19 -17
Net Cash From Financing Activities		 181 192 -145 -47 -102 -41 -73 -51 -10 -86 8.92
Net Cash From Continuing Financing Activities		 181 192 -144 -48 -103 -41 -73 -51 -11 -86 8.92
Issuance of Debt		 761 259 29 96 37 54 66 25 85 82 545
Issuance of Common Equity		 20 273 0.17 0.01 -0.36 - -0.23 -0.23 -0.03 -0.50 -0.15
Repayment of Debt		 -360 -282 -118 -83 -85 -39 -81 -19 -40 -110 -477
Payment of Dividends		 -49 -50 -55 -54 -54 -55 -57 -57 -56 -57 -59
Other Financing Activities, Net		 -191 -8.22 - - -0.54 -0.55 -0.56 -0.56 -0.56 -0.58 0.00

Annual Balance Sheets for Broadstone Net Lease

This table presents Broadstone Net Lease's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 1,952 2,579 3,097 3,918 4,258 4,619 5,458 5,269 5,216
Cash and Due from Banks		 22 9.36 19 12 100 22 22 19 15
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 1,638 2,186 2,642 3,415 3,355 3,775 4,474 4,357 4,295
Goodwill		 - - - 0.00 340 340 340 340 340
Intangible Assets		 168 243 286 332 291 304 330 288 268
Other Assets		 111 123 134 143 156 165 292 264 281
Total Liabilities & Shareholders' Equity		 1,952 2,579 3,097 3,918 4,258 4,619 5,458 5,269 5,216
Total Liabilities		 954 1,295 1,568 2,139 1,779 1,878 2,195 2,074 2,075
Short-Term Debt		 102 273 141 197 0.00 102 197 90 93
Accrued Interest Payable		 1.60 3.31 9.78 3.59 4.02 6.47 7.07 5.70 5.84
Long-Term Debt		 765 905 1,305 1,784 1,541 1,587 1,826 1,820 1,820
Other Long-Term Liabilities		 85 113 112 154 234 182 165 158 156
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 999 1,284 1,529 1,779 2,479 2,741 3,263 3,194 3,141
Total Preferred & Common Equity		 912 1,187 1,417 1,668 2,299 2,577 3,093 3,049 3,004
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 912 1,187 1,417 1,668 2,299 2,577 3,093 3,049 3,004
Common Stock		 1,009 1,302 1,557 1,896 2,625 2,924 3,419 3,441 3,451
Retained Earnings		 -90 -120 -155 -208 -260 -318 -386 -441 -497
Accumulated Other Comprehensive Income / (Loss)		 2.09 5.12 15 -20 -66 -28 60 49 50
Noncontrolling Interest		 87 97 112 111 180 164 170 145 138

Quarterly Balance Sheets for Broadstone Net Lease

This table presents Broadstone Net Lease's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025
Total Assets		 5,239 5,336 5,368 5,335 5,270 5,265 5,263 5,237
Cash and Due from Banks		 76 15 21 35 222 18 9.00 9.61
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 4,242 4,416 4,375 4,310 -473 -463 4,348 4,311
Goodwill		 340 340 340 340 340 340 340 340
Intangible Assets		 322 317 309 298 273 283 277 264
Other Assets		 244 232 285 302 4,908 5,087 251 278
Total Liabilities & Shareholders' Equity		 5,239 5,336 5,368 5,335 5,270 5,265 5,263 5,237
Total Liabilities		 2,231 2,104 2,107 2,060 2,052 2,067 2,125 2,156
Short-Term Debt		 220 108 123 74 74 79 125 174
Accrued Interest Payable		 11 9.65 5.89 9.19 9.38 14 9.64 9.40
Long-Term Debt		 1,833 1,826 1,820 1,820 1,820 1,820 1,820 1,816
Other Long-Term Liabilities		 167 160 157 156 148 154 170 157
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 3,008 3,232 3,262 3,275 3,218 3,197 3,138 3,081
Total Preferred & Common Equity		 2,841 3,079 3,108 3,121 3,074 3,055 2,999 2,950
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 2,841 3,079 3,108 3,121 3,074 3,055 2,999 2,950
Common Stock		 3,148 3,435 3,431 3,431 3,447 3,444 3,450 3,456
Retained Earnings		 -369 -399 -392 -394 -430 -450 -468 -536
Accumulated Other Comprehensive Income / (Loss)		 62 44 68 84 57 60 17 30
Noncontrolling Interest		 167 153 154 155 144 143 139 131

Annual Metrics And Ratios for Broadstone Net Lease

This table displays calculated financial ratios and metrics derived from Broadstone Net Lease's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 0.00% 21.83% 34.74% 21.57% 30.89% -4.17% 35.33% 3.79% 21.11% 3.40%
EBITDA Growth		 0.00% 21.21% 47.72% 24.71% 21.67% -9.73% 37.56% 14.23% 15.57% -0.85%
EBIT Growth		 0.00% -4.99% 61.30% 17.26% 16.48% -51.92% 161.64% 12.33% 32.22% -1.08%
NOPAT Growth		 0.00% -4.99% 59.75% 17.07% 14.59% -51.66% 163.59% 12.85% 32.96% -1.34%
Net Income Growth		 0.00% 92.76% 47.90% 26.11% 13.33% -33.88% 94.63% 18.21% 26.13% 3.48%
EPS Growth		 0.00% 28.37% 16.30% 26.11% 13.33% -46.99% 52.27% 7.46% 15.28% 3.61%
Operating Cash Flow Growth		 0.00% 73.99% 45.77% 30.70% 15.11% 21.49% 36.81% 4.48% 5.92% 1.91%
Free Cash Flow Firm Growth		 0.00% 0.00% 70.82% 17.84% -59.81% 68.77% -37.50% -143.52% 147.27% -38.26%
Invested Capital Growth		 0.00% 0.00% 32.00% 20.83% 26.40% 6.92% 10.20% 19.30% -3.42% -0.99%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 12.08% 8.88% -7.55% 7.81% 7.00% -2.50% 1.98%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% 10.99% 9.45% -12.83% 16.25% 7.51% -11.01% 6.39%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% 17.02% 11.28% -37.34% 37.56% 6.64% -16.96% 10.41%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% 15.70% 8.25% -36.51% 37.27% 7.03% -16.87% 9.90%
Net Income Q/Q Growth		 0.00% 0.00% 0.00% -2.80% 18.11% -15.21% 15.39% 3.64% -15.51% 14.04%
EPS Q/Q Growth		 0.00% 0.00% 0.00% -2.80% 18.11% -20.00% 19.64% 5.88% -16.16% 11.69%
Operating Cash Flow Q/Q Growth		 0.00% 0.00% 12.05% 7.49% 1.33% 5.69% 4.95% 1.11% 0.05% 1.22%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 26.29% -165.07% -15.60% -13.98% 285.00% -8.83%
Invested Capital Q/Q Growth		 0.00% 0.00% 0.00% 6.71% -1.46% 1.42% 2.94% 4.44% -1.25% -0.58%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 73.80% 73.42% 80.49% 82.57% 76.76% 72.30% 73.50% 80.89% 77.19% 74.02%
EBIT Margin		 43.21% 33.70% 40.34% 38.91% 34.63% 17.37% 33.59% 36.35% 39.69% 37.97%
Profit (Net Income) Margin		 21.30% 33.70% 36.99% 38.37% 33.22% 22.92% 32.96% 37.54% 39.10% 39.13%
Tax Burden Percent		 49.29% 100.00% 91.69% 98.61% 95.95% 131.94% 98.14% 103.28% 98.53% 103.07%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 0.00% 0.00% 0.96% 1.13% 2.72% 2.20% 1.47% 1.02% 0.46% 0.72%
Return on Invested Capital (ROIC)		 0.00% 4.32% 2.97% 2.77% 2.56% 1.07% 2.60% 2.55% 3.18% 3.20%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 4.32% 2.51% 2.76% 2.49% 1.90% 2.58% 2.84% 3.09% 3.53%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 3.75% 2.24% 2.57% 2.58% 1.57% 1.59% 1.76% 1.88% 2.13%
Return on Equity (ROE)		 0.00% 8.07% 5.22% 5.34% 5.15% 2.64% 4.20% 4.31% 5.06% 5.33%
Cash Return on Invested Capital (CROIC)		 0.00% -195.68% -24.61% -16.09% -20.76% -5.61% -7.11% -15.05% 6.65% 4.20%
Operating Return on Assets (OROA)		 0.00% 2.06% 2.87% 2.68% 2.53% 1.04% 2.51% 2.49% 3.09% 3.13%
Return on Assets (ROA)		 0.00% 2.06% 2.63% 2.65% 2.43% 1.38% 2.47% 2.57% 3.05% 3.22%
Return on Common Equity (ROCE)		 0.00% 7.36% 4.80% 4.94% 4.80% 2.46% 3.92% 4.07% 4.81% 5.10%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 4.42% 5.02% 5.30% 5.10% 2.45% 4.25% 4.19% 5.36% 5.63%
Net Operating Profit after Tax (NOPAT)		 42 40 64 75 86 42 110 124 165 163
NOPAT Margin		 43.21% 33.70% 39.95% 38.47% 33.68% 16.99% 33.09% 35.98% 39.50% 37.69%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.47% 0.02% 0.07% -0.83% 0.03% -0.29% 0.09% -0.32%
SG&A Expenses to Revenue		 6.20% 3.26% 4.04% 5.70% 6.24% 7.12% 5.56% 6.31% 5.41% 5.73%
Operating Expenses to Revenue		 56.79% 66.30% 59.66% 61.09% 65.37% 82.63% 66.41% 63.65% 60.31% 62.03%
Earnings before Interest and Taxes (EBIT)		 42 40 65 76 89 43 112 125 166 164
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 72 88 130 162 197 178 244 279 322 320
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.62 0.00 0.00 0.00 1.00 1.31 0.79 0.98 1.00
Price to Tangible Book Value (P/TBV)		 0.00 0.77 0.00 0.00 0.00 1.37 1.75 1.00 1.24 1.25
Price to Revenue (P/Rev)		 5.81 4.77 0.00 0.00 0.00 9.34 10.20 7.06 7.19 6.92
Price to Earnings (P/E)		 29.53 15.67 0.00 0.00 0.00 44.80 33.08 19.94 19.31 18.41
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 2.43% 4.88% 7.68% 6.99% 7.28%
Earnings Yield		 3.39% 6.38% 0.00% 0.00% 0.00% 2.23% 3.02% 5.02% 5.18% 5.43%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.80 0.00 0.00 0.00 0.97 1.18 0.87 0.99 0.99
Enterprise Value to Revenue (EV/Rev)		 0.00 12.55 0.00 0.00 0.00 15.94 15.71 13.36 12.06 11.64
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 17.09 0.00 0.00 0.00 22.05 21.37 16.51 15.63 15.72
Enterprise Value to EBIT (EV/EBIT)		 0.00 37.24 0.00 0.00 0.00 91.75 46.77 36.74 30.40 30.66
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 37.24 0.00 0.00 0.00 93.82 47.47 37.12 30.54 30.88
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 22.32 0.00 0.00 0.00 21.86 21.31 18.00 18.59 18.19
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 14.58 23.56
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.00 0.87 0.92 0.95 1.11 0.62 0.62 0.62 0.60 0.61
Long-Term Debt to Equity		 0.00 0.77 0.70 0.85 1.00 0.62 0.58 0.56 0.57 0.58
Financial Leverage		 0.00 0.87 0.90 0.93 1.04 0.83 0.62 0.62 0.61 0.60
Leverage Ratio		 0.00 1.95 1.98 2.02 2.12 1.92 1.70 1.68 1.66 1.65
Compound Leverage Factor		 0.00 1.95 1.98 2.02 2.12 1.92 1.70 1.68 1.66 1.65
Debt to Total Capital		 0.00% 46.46% 47.84% 48.60% 52.69% 38.34% 38.13% 38.28% 37.43% 37.85%
Short-Term Debt to Total Capital		 0.00% 5.47% 11.09% 4.74% 5.25% 0.00% 2.30% 3.73% 1.77% 1.84%
Long-Term Debt to Total Capital		 0.00% 40.99% 36.75% 43.86% 47.44% 38.34% 35.83% 34.54% 35.66% 36.01%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 4.65% 3.96% 3.76% 2.96% 4.48% 3.70% 3.21% 2.84% 2.72%
Common Equity to Total Capital		 0.00% 48.89% 48.21% 47.64% 44.35% 57.19% 58.17% 58.52% 59.73% 59.43%
Debt to EBITDA		 0.00 9.88 9.09 8.95 10.07 8.68 6.92 7.25 5.93 5.98
Net Debt to EBITDA		 0.00 9.61 9.01 8.83 10.01 8.12 6.83 7.17 5.87 5.94
Long-Term Debt to EBITDA		 0.00 8.71 6.98 8.07 9.07 8.68 6.50 6.55 5.65 5.69
Debt to NOPAT		 0.00 21.52 18.31 19.20 22.96 36.95 15.36 16.30 11.58 11.75
Net Debt to NOPAT		 0.00 20.95 18.15 18.95 22.81 34.54 15.17 16.13 11.46 11.66
Long-Term Debt to NOPAT		 0.00 18.99 14.06 17.33 20.67 36.95 14.44 14.71 11.03 11.18
Noncontrolling Interest Sharing Ratio		 0.00% 8.69% 8.07% 7.44% 6.75% 6.84% 6.59% 5.55% 4.87% 4.46%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -1,825 -533 -437 -699 -218 -300 -731 346 213
Operating Cash Flow to CapEx		 359.72% 3,308.17% 1,444.12% 2,484.20% 2,917.40% 1,656.75% 15,327.72% 815.69% 586.08% 1,644.85%
Free Cash Flow to Firm to Interest Expense		 0.00 -60.90 -15.32 -8.28 -9.64 -2.87 -4.68 -9.30 4.32 2.88
Operating Cash Flow to Interest Expense		 0.00 2.24 2.82 2.42 2.03 2.35 3.82 3.25 3.39 3.73
Operating Cash Flow Less CapEx to Interest Expense		 0.00 2.17 2.62 2.32 1.96 2.21 3.79 2.85 2.81 3.50
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.00 0.06 0.07 0.07 0.07 0.06 0.07 0.07 0.08 0.08
Fixed Asset Turnover		 0.00 0.07 0.08 0.08 0.08 0.07 0.09 0.08 0.09 0.10
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 0.00 1,865 2,462 2,975 3,760 4,020 4,430 5,286 5,105 5,055
Invested Capital Turnover		 0.00 0.13 0.07 0.07 0.08 0.06 0.08 0.07 0.08 0.09
Increase / (Decrease) in Invested Capital		 0.00 1,865 597 513 785 260 410 855 -181 -51
Enterprise Value (EV)		 0.00 1,500 0.00 0.00 0.00 3,914 5,220 4,606 5,039 5,026
Market Capitalization		 570 570 0.00 0.00 0.00 2,293 3,388 2,435 3,002 2,990
Book Value per Share		 $0.00 $69.19 $64.18 $66.32 $65.27 $15.88 $15.98 $17.87 $16.28 $15.93
Tangible Book Value per Share		 $0.00 $56.43 $51.06 $52.92 $52.28 $11.52 $11.99 $14.00 $12.93 $12.71
Total Capital		 0.00 1,865 2,462 2,975 3,760 4,020 4,430 5,286 5,105 5,055
Total Debt		 0.00 867 1,178 1,446 1,981 1,541 1,689 2,023 1,911 1,913
Total Long-Term Debt		 0.00 765 905 1,305 1,784 1,541 1,587 1,826 1,820 1,820
Net Debt		 0.00 843 1,168 1,427 1,969 1,441 1,668 2,001 1,891 1,898
Capital Expenditures (CapEx)		 11 2.03 6.78 5.15 5.05 11 1.60 31 46 17
Net Nonoperating Expense (NNE)		 21 0.00 4.77 0.20 1.18 -15 0.43 -5.38 1.68 -6.20
Net Nonoperating Obligations (NNO)		 0.00 867 1,178 1,446 1,981 1,541 1,689 2,023 1,911 1,913
Total Depreciation and Amortization (D&A)		 30 47 65 85 108 135 133 154 157 156
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $0.80 $0.86 $0.83 $0.44 $0.67 $0.72 $0.83 $0.86
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 68.34M 80.97M 95.92M 117.15M 153.06M 169.84M 186.62M 187.45M
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $0.80 $0.86 $0.83 $0.44 $0.67 $0.72 $0.83 $0.86
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 74.27M 87.64M 102.86M 128.80M 163.97M 180.20M 196.32M 196.62M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.80 $0.86 $0.83 $0.44 $0.67 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 77.51M 90.39M 107.41M 145.58M 163.45M 186.30M 187.71M 188.80M
Normalized Net Operating Profit after Tax (NOPAT)		 37 36 67 69 90 59 143 130 196 211
Normalized NOPAT Margin		 37.35% 29.96% 41.56% 35.22% 34.99% 23.87% 43.10% 37.57% 46.96% 48.96%
Pre Tax Income Margin		 43.21% 33.70% 40.34% 38.91% 34.63% 17.37% 33.59% 36.35% 39.69% 37.97%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 0.00 1.34 1.87 1.44 1.22 0.56 1.74 1.59 2.07 2.21
NOPAT to Interest Expense		 0.00 1.34 1.85 1.42 1.19 0.55 1.71 1.58 2.06 2.20
EBIT Less CapEx to Interest Expense		 0.00 1.28 1.67 1.34 1.15 0.42 1.71 1.20 1.49 1.99
NOPAT Less CapEx to Interest Expense		 0.00 1.28 1.66 1.33 1.12 0.41 1.69 1.18 1.48 1.97
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 130.33% 106.03% 87.51% 80.53% 83.66% 139.69% 151.34% 148.71% 133.88% 134.58%
Augmented Payout Ratio		 144.95% 126.28% 103.35% 94.12% 147.81% 139.91% 151.34% 148.71% 133.88% 134.58%

Quarterly Metrics And Ratios for Broadstone Net Lease

This table displays calculated financial ratios and metrics derived from Broadstone Net Lease's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -22.15% 27.98% 29.80% 48.04% 26.05% -10.39% 44.09% -22.29% -11.83% 9.05% -39.02%
EBITDA Growth		 -4.89% 28.83% 28.12% 61.32% 40.66% -45.78% 27.71% -29.79% -15.29% 40.63% -44.65%
EBIT Growth		 -19.11% 22.92% 39.67% 122.63% 108.99% -80.92% 59.75% -45.15% -25.34% 193.66% -72.66%
NOPAT Growth		 -19.02% 24.28% 39.99% 124.17% 111.66% -80.23% 60.61% -45.59% -24.62% 177.73% -73.03%
Net Income Growth		 -5.94% 14.11% 45.47% 77.19% 81.63% -81.52% 64.78% -42.95% -28.53% 306.16% -74.34%
EPS Growth		 -11.11% 0.00% 31.25% 60.00% 62.50% -80.00% 66.67% -40.63% -26.92% 225.00% -74.29%
Operating Cash Flow Growth		 -12.22% 4.90% 25.84% 5.73% -4.68% 0.23% -4.72% 19.19% -8.91% 5.50% 0.84%
Free Cash Flow Firm Growth		 -136.41% -116.00% 33.00% 43.00% 92.09% 123.21% 127.46% 143.95% 313.81% -61.10% -51.43%
Invested Capital Growth		 17.60% 19.30% 10.29% 8.12% 2.15% -3.42% -1.05% -2.08% -1.66% -0.99% -0.80%
Revenue Q/Q Growth		 4.13% 23.64% -1.68% 16.95% -11.34% -12.10% 58.11% -36.93% 0.59% 8.71% -11.59%
EBITDA Q/Q Growth		 -1.59% 37.28% -5.94% 26.94% -14.18% -47.08% 121.53% -30.22% 3.55% -12.15% -12.68%
EBIT Q/Q Growth		 -16.92% 72.18% 0.08% 55.52% -22.01% -84.28% 738.00% -46.60% 6.14% -38.18% -21.80%
NOPAT Q/Q Growth		 -17.00% 74.29% -0.82% 56.24% -21.63% -83.72% 705.83% -47.07% 8.57% -40.03% -21.56%
Net Income Q/Q Growth		 -19.25% 28.09% 12.51% 52.26% -17.22% -86.97% 903.05% -47.29% 3.70% -25.92% -36.64%
EPS Q/Q Growth		 -20.00% 25.00% 5.00% 52.38% -18.75% -84.62% 775.00% -45.71% 0.00% -31.58% -30.77%
Operating Cash Flow Q/Q Growth		 31.71% -22.03% 23.06% -16.33% 18.74% -18.01% 16.98% 4.66% -9.26% -5.04% 11.81%
Free Cash Flow Firm Q/Q Growth		 -28.16% -10.91% 45.86% 25.93% 82.21% 425.36% -35.96% 18.54% -13.44% -40.80% -19.93%
Invested Capital Q/Q Growth		 5.13% 4.44% -2.26% 0.75% -0.67% -1.25% 0.13% -0.29% -0.25% -0.58% 0.32%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 76.04% 84.43% 80.77% 87.67% 84.86% 51.09% 71.59% 79.20% 81.53% 65.89% 65.08%
EBIT Margin		 29.13% 40.56% 41.28% 54.90% 48.29% 8.63% 45.77% 38.75% 40.89% 23.25% 20.57%
Profit (Net Income) Margin		 34.41% 35.65% 40.79% 53.11% 49.58% 7.35% 46.65% 38.98% 40.19% 27.39% 19.63%
Tax Burden Percent		 118.14% 87.89% 98.81% 96.74% 102.68% 85.15% 101.93% 100.61% 98.30% 117.78% 95.44%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 1.47% 0.25% 1.14% 0.69% 0.20% -3.36% 0.61% 1.49% -0.77% 2.25% 1.94%
Return on Invested Capital (ROIC)		 1.98% 2.87% 3.05% 4.43% 4.04% 0.72% 4.09% 3.23% 3.40% 1.93% 1.48%
ROIC Less NNEP Spread (ROIC-NNEP)		 2.24% 2.60% 3.05% 4.34% 4.11% 0.64% 4.18% 3.27% 3.35% 2.18% 1.46%
Return on Net Nonoperating Assets (RNNOA)		 1.42% 1.61% 1.86% 2.64% 2.58% 0.39% 2.48% 1.95% 2.01% 1.31% 0.90%
Return on Equity (ROE)		 3.40% 4.48% 4.91% 7.07% 6.62% 1.11% 6.57% 5.18% 5.41% 3.25% 2.39%
Cash Return on Invested Capital (CROIC)		 -13.70% -15.05% -7.02% -4.37% 1.75% 6.65% 4.76% 5.22% 4.56% 4.20% 3.04%
Operating Return on Assets (OROA)		 1.93% 2.78% 2.98% 4.31% 3.91% 0.67% 3.99% 3.18% 3.27% 1.92% 1.47%
Return on Assets (ROA)		 2.28% 2.44% 2.95% 4.17% 4.02% 0.57% 4.07% 3.20% 3.21% 2.26% 1.40%
Return on Common Equity (ROCE)		 3.20% 4.23% 4.65% 6.70% 6.28% 1.06% 6.27% 4.94% 5.16% 3.10% 2.28%
Return on Equity Simple (ROE_SIMPLE)		 4.40% 0.00% 4.62% 5.47% 6.19% 0.00% 6.19% 5.34% 4.94% 0.00% 4.01%
Net Operating Profit after Tax (NOPAT)		 24 42 41 65 51 8.25 66 35 38 23 18
NOPAT Margin		 28.70% 40.46% 40.81% 54.52% 48.19% 8.92% 45.49% 38.17% 41.20% 22.73% 20.17%
Net Nonoperating Expense Percent (NNEP)		 -0.26% 0.27% 0.00% 0.09% -0.07% 0.07% -0.09% -0.04% 0.05% -0.25% 0.02%
SG&A Expenses to Revenue		 6.76% 6.20% 5.80% 4.21% 5.43% 6.49% 3.87% 5.75% 7.56% 6.71% 6.16%
Operating Expenses to Revenue		 70.87% 59.44% 58.72% 45.10% 51.71% 91.37% 54.23% 61.25% 59.11% 76.75% 79.43%
Earnings before Interest and Taxes (EBIT)		 24 42 42 65 51 7.98 67 36 38 23 18
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 63 87 82 104 89 47 105 73 76 66 58
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.84 0.79 0.94 0.86 0.80 0.98 0.94 0.98 1.19 1.00 1.09
Price to Tangible Book Value (P/TBV)		 1.09 1.00 1.19 1.09 1.01 1.24 1.17 1.23 1.50 1.25 1.37
Price to Revenue (P/Rev)		 7.36 7.06 7.85 6.60 5.83 7.19 6.23 6.86 8.44 6.92 8.58
Price to Earnings (P/E)		 20.16 19.94 21.47 16.66 13.60 19.31 15.89 19.10 25.06 18.41 28.20
Dividend Yield		 7.81% 7.68% 7.02% 7.67% 8.32% 6.99% 7.35% 7.18% 6.07% 7.28% 6.81%
Earnings Yield		 4.96% 5.02% 4.66% 6.00% 7.35% 5.18% 6.29% 5.24% 3.99% 5.43% 3.55%
Enterprise Value to Invested Capital (EV/IC)		 0.89 0.87 0.96 0.91 0.87 0.99 0.92 0.98 1.11 0.99 1.05
Enterprise Value to Revenue (EV/Rev)		 14.02 13.36 13.48 11.71 10.53 12.06 10.16 11.50 13.34 11.64 14.22
Enterprise Value to EBITDA (EV/EBITDA)		 17.41 16.51 16.71 14.15 12.46 15.63 13.61 15.96 18.80 15.72 19.53
Enterprise Value to EBIT (EV/EBIT)		 38.42 36.74 36.16 27.50 22.61 30.40 24.62 31.07 38.03 30.66 46.24
Enterprise Value to NOPAT (EV/NOPAT)		 38.96 37.12 36.51 27.73 22.73 30.54 24.71 31.22 38.13 30.88 46.69
Enterprise Value to Operating Cash Flow (EV/OCF)		 17.85 18.00 18.30 17.34 16.65 18.59 17.55 17.94 20.70 18.19 19.25
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 50.27 14.58 19.21 18.66 24.14 23.56 34.39
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.68 0.62 0.60 0.60 0.58 0.60 0.59 0.59 0.62 0.61 0.65
Long-Term Debt to Equity		 0.61 0.56 0.56 0.56 0.56 0.57 0.57 0.57 0.58 0.58 0.59
Financial Leverage		 0.64 0.62 0.61 0.61 0.63 0.61 0.59 0.59 0.60 0.60 0.62
Leverage Ratio		 1.70 1.68 1.66 1.66 1.68 1.66 1.64 1.65 1.65 1.65 1.67
Compound Leverage Factor		 1.70 1.68 1.66 1.66 1.68 1.66 1.64 1.65 1.65 1.65 1.67
Debt to Total Capital		 40.56% 38.28% 37.43% 37.34% 36.64% 37.43% 37.05% 37.27% 38.27% 37.85% 39.25%
Short-Term Debt to Total Capital		 4.34% 3.73% 2.10% 2.36% 1.43% 1.77% 1.44% 1.55% 2.47% 1.84% 3.43%
Long-Term Debt to Total Capital		 36.23% 34.54% 35.34% 34.97% 35.21% 35.66% 35.61% 35.71% 35.80% 36.01% 35.81%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 3.31% 3.21% 2.96% 2.96% 2.99% 2.84% 2.82% 2.80% 2.74% 2.72% 2.58%
Common Equity to Total Capital		 56.13% 58.52% 59.60% 59.70% 60.36% 59.73% 60.13% 59.94% 58.99% 59.43% 58.17%
Debt to EBITDA		 7.91 7.25 6.51 5.78 5.23 5.93 5.49 6.05 6.48 5.98 7.29
Net Debt to EBITDA		 7.62 7.17 6.46 5.71 5.13 5.87 4.85 5.99 6.45 5.94 7.26
Long-Term Debt to EBITDA		 7.07 6.55 6.15 5.41 5.02 5.65 5.27 5.79 6.06 5.69 6.66
Debt to NOPAT		 17.71 16.30 14.23 11.32 9.54 11.58 9.96 11.83 13.14 11.75 17.44
Net Debt to NOPAT		 17.05 16.13 14.12 11.19 9.37 11.46 8.80 11.71 13.07 11.66 17.35
Long-Term Debt to NOPAT		 15.81 14.71 13.43 10.60 9.17 11.03 9.58 11.33 12.29 11.18 15.91
Noncontrolling Interest Sharing Ratio		 5.79% 5.55% 5.22% 5.17% 5.13% 4.87% 4.61% 4.59% 4.58% 4.46% 4.37%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -733 -813 -440 -326 -58 189 121 143 124 73 59
Operating Cash Flow to CapEx		 8,788.55% 495.29% 477.29% 776.88% 1,260.46% 360.67% 2,262.68% 43,123.26% 954.92% 991.94% 498.04%
Free Cash Flow to Firm to Interest Expense		 -36.50 -34.22 -20.83 -16.09 -2.95 9.95 6.51 8.07 6.83 3.76 2.93
Operating Cash Flow to Interest Expense		 3.86 2.54 3.52 3.07 3.76 3.19 3.81 4.18 3.70 3.27 3.56
Operating Cash Flow Less CapEx to Interest Expense		 3.81 2.03 2.78 2.67 3.46 2.31 3.65 4.17 3.31 2.94 2.85
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.07 0.07 0.07 0.08 0.08 0.08 0.09 0.08 0.08 0.08 0.07
Fixed Asset Turnover		 0.08 0.08 0.09 0.10 0.10 0.09 0.00 0.00 0.10 0.10 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 5,061 5,286 5,166 5,205 5,170 5,105 5,112 5,097 5,084 5,055 5,071
Invested Capital Turnover		 0.07 0.07 0.07 0.08 0.08 0.08 0.09 0.08 0.08 0.09 0.07
Increase / (Decrease) in Invested Capital		 757 855 482 391 109 -181 -54 -108 -86 -51 -41
Enterprise Value (EV)		 4,517 4,606 4,963 4,762 4,512 5,039 4,697 5,014 5,648 5,026 5,329
Market Capitalization		 2,373 2,435 2,891 2,685 2,498 3,002 2,880 2,990 3,572 2,990 3,217
Book Value per Share		 $16.41 $17.87 $16.53 $16.60 $16.66 $16.28 $16.41 $16.21 $15.91 $15.93 $15.62
Tangible Book Value per Share		 $12.58 $14.00 $13.00 $13.13 $13.26 $12.93 $13.14 $12.91 $12.64 $12.71 $12.43
Total Capital		 5,061 5,286 5,166 5,205 5,170 5,105 5,112 5,097 5,084 5,055 5,071
Total Debt		 2,053 2,023 1,934 1,943 1,894 1,911 1,894 1,899 1,946 1,913 1,990
Total Long-Term Debt		 1,833 1,826 1,826 1,820 1,820 1,820 1,820 1,820 1,820 1,820 1,816
Net Debt		 1,977 2,001 1,919 1,923 1,859 1,891 1,672 1,881 1,937 1,898 1,981
Capital Expenditures (CapEx)		 0.88 12 16 8.01 5.86 17 3.13 0.17 7.05 6.44 14
Net Nonoperating Expense (NNE)		 -4.77 4.96 0.02 1.67 -1.46 1.45 -1.70 -0.75 0.94 -4.69 0.48
Net Nonoperating Obligations (NNO)		 2,053 2,023 1,934 1,943 1,894 1,911 1,894 1,899 1,946 1,913 1,990
Total Depreciation and Amortization (D&A)		 39 45 40 39 38 39 38 37 38 43 40
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.16 $0.20 $0.21 $0.32 $0.27 $0.03 $0.35 $0.19 $0.19 $0.13 $0.09
Adjusted Weighted Average Basic Shares Outstanding		 172.58M 169.84M 186.13M 186.73M 186.77M 186.62M 187.29M 187.44M 187.50M 187.45M 187.87M
Adjusted Diluted Earnings per Share		 $0.16 $0.20 $0.21 $0.32 $0.26 $0.04 $0.35 $0.19 $0.19 $0.13 $0.09
Adjusted Weighted Average Diluted Shares Outstanding		 182.97M 180.20M 196.18M 196.23M 196.37M 196.32M 196.42M 196.47M 196.93M 196.62M 196.90M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 173.11M 186.30M 187.20M 187.27M 187.26M 187.71M 188.43M 188.52M 188.55M 188.80M 189.08M
Normalized Net Operating Profit after Tax (NOPAT)		 28 42 43 65 51 26 93 39 27 40 34
Normalized NOPAT Margin		 33.61% 40.46% 42.24% 54.52% 48.19% 28.61% 63.44% 42.29% 29.42% 39.88% 37.92%
Pre Tax Income Margin		 29.13% 40.56% 41.28% 54.90% 48.29% 8.63% 45.77% 38.75% 40.89% 23.25% 20.57%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.21 1.76 1.98 3.21 2.58 0.42 3.60 2.01 2.09 1.20 0.91
NOPAT to Interest Expense		 1.19 1.76 1.96 3.19 2.58 0.43 3.58 1.98 2.10 1.17 0.90
EBIT Less CapEx to Interest Expense		 1.17 1.25 1.24 2.82 2.28 -0.46 3.43 2.00 1.70 0.87 0.20
NOPAT Less CapEx to Interest Expense		 1.15 1.24 1.22 2.79 2.28 -0.45 3.41 1.97 1.71 0.84 0.18
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 149.33% 148.71% 141.16% 122.26% 110.24% 133.88% 116.26% 136.93% 152.11% 134.58% 193.64%
Augmented Payout Ratio		 149.33% 148.71% 141.16% 122.26% 110.24% 133.88% 116.26% 136.93% 152.11% 134.58% 193.64%

Key Financial Trends

Broadstone Net Lease, Inc. (BNL) has reported its quarterly financials from Q3 2022 through Q1 2025, showing trends in revenue, expenses, net income, cash flows, and balance sheet totals. Here is a summary of the key financial trends and highlights over the last several quarters and years for retail investors:

  • Net income attributable to common shareholders has generally increased from about $27M in Q3 2022 to $16.7M in Q1 2025, with robust earnings per share near $0.09 in the latest quarter despite a volatile market.
  • Total revenue remained strong around $84M to $146M across quarters with a large portion driven by non-interest income sources, indicating diversified revenue streams beyond interest.
  • Depreciation expense is consistently high (~$38M to $45M), reflecting ongoing investment in property and equipment assets which support long-term leasing operations.
  • Operating cash flows have been positive each quarter, with Q1 2025 generating about $71M in net cash from continuing operating activities, showing solid core business cash generation.
  • Total assets have remained relatively stable around $5.2-$5.3 billion, indicating consistent scale and asset management over time.
  • Broadstone maintains a strong equity base near $3 billion, with noncontrolling interests stable around $130-$150 million, supporting a solid financial foundation.
  • The company relies on a significant amount of long-term debt (~$1.8 billion), which has remained steady but requires careful management of interest expenses.
  • Interest expense consistently exceeds interest income by a wide margin, contributing to negative net interest income. This is typical for net lease REITs leveraging debt to finance property acquisitions.
  • Impairment charges have been sizable in several quarters (e.g., $16M in Q1 2025, $26M in Q1 2024, and $29M in Q4 2023), indicating some asset value write-downs which pressure profitability.
  • Capital expenditures and acquisitions have led to significant outflows in investing activities, such as $60M acquisitions in Q1 2025 and over $300M invested in earlier quarters, which may impact short-term liquidity.

Overall, Broadstone Net Lease shows stable earnings and solid cash flows underpinning its business despite ongoing impairment charges and heavy reliance on debt financing. The consistent asset base and positive operating cash generation are encouraging for income-focused investors, though the balance sheet's leverage and recurring impairments warrant monitoring.

08/29/25 07:13 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Broadstone Net Lease's Financials

When does Broadstone Net Lease's financial year end?

According to the most recent income statement we have on file, Broadstone Net Lease's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Broadstone Net Lease's net income changed over the last 9 years?

Broadstone Net Lease's net income appears to be on an upward trend, with a most recent value of $168.99 million in 2024, rising from $20.89 million in 2015. The previous period was $163.31 million in 2023. Find out what analysts predict for Broadstone Net Lease in the coming months.

How has Broadstone Net Lease's revenue changed over the last 9 years?

Over the last 9 years, Broadstone Net Lease's total revenue changed from $98.09 million in 2015 to $431.87 million in 2024, a change of 340.3%.

How much debt does Broadstone Net Lease have?

Broadstone Net Lease's total liabilities were at $2.07 billion at the end of 2024, a 0.0% increase from 2023, and a 117.6% increase since 2016.

How much cash does Broadstone Net Lease have?

In the past 8 years, Broadstone Net Lease's cash and equivalents has ranged from $9.36 million in 2017 to $100.49 million in 2020, and is currently $14.85 million as of their latest financial filing in 2024.

How has Broadstone Net Lease's book value per share changed over the last 9 years?

Over the last 9 years, Broadstone Net Lease's book value per share changed from 0.00 in 2015 to 15.93 in 2024, a change of 1,593.1%.


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This page (NYSE:BNL) was last updated on 8/29/2025 by MarketBeat.com Staff
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