Broadstone Net Lease, Inc. (BNL) Stock

Broadstone Net Lease, Inc. (BNL) is a Real Estate stock trading at $21.11 (as of 2026-08-21), with a market capitalization of $4.05B and a trailing P/E of 25.5. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Broadstone Net Lease, Inc. is an internally managed REIT that acquires, owns, and manages primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified set of tenants. Its portfolio includes properties across industrial, healthcare, restaurant, office, and retail sectors, with holdings in the U.S. and one property in Canada.

Understand Broadstone Net Lease, Inc.: how it makes money

Broadstone Net Lease, Inc. (BNL) is an internally managed REIT that acquires, owns, and manages primarily single-tenant commercial properties that are net leased on a long-term basis, earning money primarily from rental income tied to those leases.

BNL’s profit model is driven by collecting long-term lease income from a diversified pool of net-leased single-tenant properties, while maintaining growth and resilience through disciplined credit analysis and ongoing revenue-generating acquisitions and capital expenditures.

Business quality (Solid): Clear business model description, but no official reportable segment breakdown was provided here, and operating KPIs are limited to revenue and revenue-generating capital expenditure metrics.

Valuation: At 32× earnings, BNL trades in line with the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

Diversified property portfolio: As of September 30, 2020, BNL’s portfolio included 627 properties in 41 U.S. states and one property in Canada, spanning industrial, healthcare, restaurant, office, and retail property types.
Long-term, net-leased structure: Properties are net leased on a long-term basis to a diversified group of tenants, which is designed to support more stable cash flow characteristics relative to more tenant-by-tenant, short-term setups.
Underwriting focus: BNL states its investment strategy is underpinned by strong fundamental credit analysis and prudent real estate underwriting.

Bear case

Tenant and credit risk: Because BNL earns rental income from tenants under long-term leases, weaker tenant credit performance, leasing transitions, or property-level stress can affect results.
Execution risk around growth and capex: BNL’s operating scale depends on ongoing revenue-generating acquisitions and revenue-generating capital expenditures, which can introduce timing and execution risk.

Valuation — source: SEC EDGAR (first-party)
Price	$21.11
Market Cap	$4.05B
P/E Ratio	25.5
Price / Book	1.35
Price / Sales	8.45
FCF Yield	11.4%
DCF Value (model)	$31.02
DCF Upside vs Price	46.9%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$454.14M
Net Margin	21.2%
Revenue Growth (YoY)	5.2%
EPS Growth (YoY)	-40.7%
FCF Growth (YoY)	4.0%

Valuation vs Sector & Industry
Stock P/E	25.5
Sector P/E (Real Estate)	27.2
Industry P/E (Trading)	35.3
vs Sector	-6.3%
vs Industry	-27.9%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($473.07M)
Institutional Holders Tracked	10

Company
Sector	Real Estate
Industry	Trading
CEO	John D. Moragne
Employees	73
Country	US
IPO Date	2020-09-17

Related Companies (Business model: Equity REIT (Real Estate Investment Trust); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.