# Broadstone Net Lease, Inc. (BNL)

> Source: Nexqual · https://nexqual.com/BNL · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Broadstone Net Lease, Inc. (BNL), nexqual.com/BNL" · informational, not investment advice.

**Price:** USD 17.55 (+1.86% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 17.23 · day 17.15–17.74 · 52w 17.13–23.1 · market cap $3.74B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $476M, net income $146M (30.6% margin), free cash flow $257M (SEC filings).
- Valuation: P/E 25.6x (avg 25.5x at the last 3 fiscal year-ends), net debt $2.68B.
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $212K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.18 on a 1–5 scale) (11 analysts), mean target USD 23.1 (range 20–26).
- Total return with dividends: 1Y -0.3% vs S&P 500 +14.9%; 5Y -7.4% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.16, revenue estimate $122M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $383M | $408M | $443M | $432M | $454M | $476M |
| Net income | $102M | $122M | $155M | $162M | $96.5M | $146M |
| EPS (diluted) | $0.67 | $0.72 | $0.83 | $0.86 | $0.50 | — |
| Free cash flow | $243M | $225M | $225M | $259M | $270M | $257M |
| Net margin | 26.8% | 30.0% | 35.1% | 37.6% | 21.2% | 30.6% |
| Revenue growth | +19.0% | +6.4% | +8.7% | -2.5% | +5.2% | — |
| Cash + short-term investments | $21.7M | $21.8M | $19.5M | $14.8M | $30.5M | — |
| Total debt | $1.70B | $2.03B | $1.92B | $1.92B | $2.52B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 25.6x · P/S 7.8x · EV/Sales 13.5x · P/FCF 14.5x · P/B 1.3x · FCF yield 6.88% · Earnings yield 3.90% · Dividend yield (paid, TTM) 5.87% · Net debt $2.68B · EV $6.41B
P/E at fiscal year-ends: Dec 2025 35.6x, Dec 2024 19.2x, Dec 2023 21.7x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $212K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-20…2026-08-21 | Imperiale Richard P | Director | 10,000 | $212K | 21.16 | Too little history (no open-market trades in 2023 or 2024) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.18 on a 1–5 scale), 11 analysts; mean target USD 23.1 (low 20, high 26).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-02 | Truist Securities | Upgrade | Hold → Buy | $22 → $21 |
| 2026-08-03 | Goldman Sachs | Target raised | Buy | $23 → $26 |
| 2026-07-31 | Cantor Fitzgerald | Target raised | Overweight | $22 → $24 |
| 2026-07-13 | BMO Capital | Target raised | Outperform | $24 → $26 |
| 2026-07-09 | Keybanc | Target raised | Overweight | $20 → $24 |
| 2026-06-26 | BTIG | Target raised | Buy | $21 → $23 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -0.3% | -7.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -0.3% | -1.5% |
| Volatility (annualized) | 19.3% | 22.1% |
| Max drawdown | -23.4% (Jul 2026→Oct 2026) | -41.4% (Oct 2021→Oct 2023) |

## Peers (REIT - Diversified)
GNL (Global Net Lease, Inc.) USD 7.28 +2.25% · AAT (American Assets Trust, Inc.) USD 21.29 +4.01% · ESRT (Empire State Realty Trust, Inc.) USD 4.93 +5.57% · WPC (W. P. Carey Inc. REIT) USD 64.54 +3.15% · JBGS (JBG SMITH Properties) USD 11.39 +6.35% · SAFE (Safehold Inc. New) USD 11.33 +6.29%

## More
Full page: https://nexqual.com/BNL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Company outlook (8-K filed 2026-07-29)

- "Substantial completion and rent commencement are anticipated by March 2027, at which point the Fortune 20 investment-grade tenant is expected to become BNL's largest tenant."
- "The transaction is expected to be meaningfully accretive to 2027 and 2028 earnings The joint venture owns and controls the land for the full campus, and the site is designed to accommodate a second 100-megawatt powered shell building in which the tenant holds the right of first refusal, providing meaningful future development optionality."
- "DEVELOPMENT PROJECTS The following tables summarize our in-process build-to-suit ("BTS") and redevelopments as of July 29, 2026."
- "The guidance is based on the following key assumptions: (i) investments in real estate properties between $600 and $800 million, revised up from $500 to $625 million;"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.16 | $0.19 | -17.0% | $122.4M | 6 |
| Next quarter (ends 2026-12-31) | $0.16 | $0.20 | -16.8% | $126.6M | 6 |
| Current fiscal year (ends 2026-12-31) | $0.74 | $0.80 | -7.3% | $492.0M | 4 |
| Next fiscal year (ends 2027-12-31) | $0.67 | $0.81 | -17.2% | $542.9M | 6 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±6.4%; last 8 reports averaged ±2.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 28.4% | ±6.4% |
| 2027-02-19 | 119 | 27.0% | ±12.4% |
| 2027-05-21 | 210 | 19.8% | ±13.9% |