Broadstone Net Lease Inc. Common Stock (BNL)

FairStock Score: 51/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

Broadstone is a $3.5B net-lease REIT owning 766 single-tenant commercial properties, 759 in 44 U.S. states, run by just 62 employees. That structure can produce durable rent, but it is not a wide-moat business; the moat is only as strong as its lease contracts and underwriting discipline. Because this is a REIT, depreciation distorts EPS and P/E; FFO/AFFO, the right measures, are not in the data. So I lean on price-to-book, dividend yield, leverage, and revenue trend. At the 2026-10-13 close of $18.32, FairStock shows P/B 1.22, dividend yield 6.09%, D/E 0.89, and FCF yield 7.3%. The dividend looks supported by cash flow, but without AFFO I cannot fully verify payout coverage. Filed figures show revenue of $454.1M in fiscal year 2025 ended 2025-12-31, up from $431.8M in fiscal year 2024 ended 2024-12-31, but net income fell to $96.5M from $162.4M over those same years, and diluted EPS dropped to $0.50 from $0.86. In fiscal Q1 2026 ended 2026-03-31, revenue was $121.4M and net income $46.4M, versus $108.7M and $16.7M in fiscal Q1 2025 ended 2025-03-31, so recent momentum improved, though comparisons are volatile. FairStock classifies it as a STALWART—steady five-year profit growth of 13.5% and revenue growth of 7.1%—but the current ROE of 4.92%, ROCE of 2.66%, and Altman Z-Score of 0.56 show modest returns and leverage risk. Piotroski is 5/9. P/E 24.11 is less meaningful for REITs. At 1.22 times book and a 6.09% yield, the price seems fair, not a bargain; I would want FFO/AFFO and debt maturities before calling it compelling.

In plain English: Broadstone Net Lease owns commercial buildings, mostly industrial properties, and leases them to businesses on long-term contracts. The business looks steady and diversified, with rising revenue but uneven profits, and it pays a high dividend. At $18.32, the price looks fair to somewhat cheap against its book value and dividend, though the company carries meaningful debt.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · fiscal Q1 2025 10-Q (period ended 2025-03-31) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer