Health score, competitive moat, risk signals, and key metrics at a glance.
Broadstone Net Lease, Inc. is an industrial-focused, diversified net lease REIT that invests in primarily single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. Utilizing an investment strategy underpinned by strong fundamental credit analysis and prudent real estate underwriting, as of March 31, 2026, BNL's diversified portfolio consisted of 773 individual net leased commercial properties with 766 properties located in 44 U.S. states and seven properties located in four Canadian provinces across the industrial, retail, and other property types. Broadstone Net Lease, Inc. was established and incorporated on October 18th, 2017 in Maryland and is based in Victor, New York.
Competitive analysis based on 36 quarters of fundamental data
Operating margins are expanding at ~43.1%, suggesting durable pricing power and cost discipline.
ROE is positive at ~4.2% on average, adequate but below the threshold typically associated with wide moats.
Data-driven red flags and warnings across 36 quarters
Margins are stable or improving at ~45.7% — no sign of cost or pricing stress.
Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.
Debt-to-equity has risen 35.3% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 5 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Share count is stable — no significant dilution or buyback activity.
as of March 2026
Revenue, EBITDA, operating income, net income, EPS, and shares
Gross, EBITDA, operating, and net margin trends
P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield
Total assets, cash, debt, book value, and leverage
Operating cash flow, free cash flow, FCF margin, and earnings quality
Only 1 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (6 of 7 quarters up), with ~9.6% growth over the period. Strong demand durability.
