BNLBroadstone Net Lease, Inc.
Real Estate Investment Trusts
- Revenue
- $454M
- 5.2% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $3.3B
- Employees
- —
- Net debt / EBITDA
- —
- $2.9B net debt
- AI in 10-K
- 0.5
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo310% of net incomeCash flow under 80% of net income
- Dilutive SBCNo2% of revenueOver 10% of revenue
- Payouts exceed cash flowNo85% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo6% of assetsOver 40% of assets
- Shareholder dissentNo97% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AIYes0.5 per 10K words · 22nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo19.5× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$3.3B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$212K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $383M | $408M | $443M | $432M | $454M | 5.2% |
| Net income | $102M | $122M | $155M | $162M | $96M | 41% |
| Operating cash flow | $245M | $256M | $271M | $276M | $299M | 8.4% |
| Capex | $2M | $31M | $46M | $17M | $30M | 77% |
| Stock-based comp | $5M | $5M | $6M | $7M | $10M | 30% |
| Dividends | $154M | $181M | $208M | $217M | $219M | 0.9% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $212K · 2
- Open-market sells, 12 mo
- $0 · 0
- Net
- $212K
Pay vs performance
No pay-versus-performance disclosure yet.