InsiderClue
Stocks · Real estate · Real Estate Investment Trusts

Broadstone Net Lease, Inc.

BNL Clue Score48
United States Fiscal year ends December CIK 0001424182
$18.26 +0.11% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $18.26 −27.54% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 22 Mar 2021. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue142.9Operating income63.6Net income36.4Fiscal year 2017Revenue181.6 +27.1%Operating income84.9Net income54.8 +50.7%Fiscal year 2018Revenue237.5 +30.8%Net income69.4 +26.6%EPS, diluted0.86Fiscal year 2019Revenue298.8 +25.8%Net income79.4 +14.4%EPS, diluted0.83Fiscal year 2020Revenue321.6 +7.6%Net income51.2 −35.5%EPS, diluted0.44Fiscal year 2021Revenue382.9 +19.0%Net income102.4 +100.1%EPS, diluted0.67Fiscal year 2022Revenue407.5 +6.4%Net income122.1 +19.2%EPS, diluted0.72Fiscal year 2023Revenue442.9 +8.7%Net income155.5 +27.3%EPS, diluted0.83Fiscal year 2024Revenue431.8 −2.5%Net income162.4 +4.5%EPS, diluted0.86Fiscal year 2025Revenue454.1 +5.2%Net income96.5 −40.6%EPS, diluted0.50
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 142.9 181.6 237.5 298.8 321.6 382.9 407.5 442.9 431.8 454.1
Growth +27.1% +30.8% +25.8% +7.6% +19.0% +6.4% +8.7% −2.5% +5.2%
Operating income 63.6 84.9 n/a n/a n/a n/a n/a n/a n/a n/a
Net income 36.4 54.8 69.4 79.4 51.2 102.4 122.1 155.5 162.4 96.5
Growth +50.7% +26.6% +14.4% −35.5% +100.1% +19.2% +27.3% +4.5% −40.6%
EPS, diluted n/a n/a 0.86 0.83 0.44 0.67 0.72 0.83 0.86 0.50

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin44.5%Net margin25.4%Free cash flow margin45.7%Fiscal year 2017Operating margin46.8%Net margin30.2%Free cash flow margin50.2%Fiscal year 2018Net margin29.2%Free cash flow margin51.7%Fiscal year 2019Net margin26.6%Free cash flow margin47.6%Fiscal year 2020Net margin15.9%Free cash flow margin52.3%Fiscal year 2021Net margin26.8%Free cash flow margin63.6%Fiscal year 2022Net margin30.0%Free cash flow margin55.1%Fiscal year 2023Net margin35.1%Free cash flow margin50.8%Fiscal year 2024Net margin37.6%Free cash flow margin60.1%Fiscal year 2025Net margin21.2%Free cash flow margin59.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 44.5% 46.8% n/a n/a n/a n/a n/a n/a n/a n/a
Net margin 25.4% 30.2% 29.2% 26.6% 15.9% 26.8% 30.0% 35.1% 37.6% 21.2%
Free cash flow margin 45.7% 50.2% 51.7% 47.6% 52.3% 63.6% 55.1% 50.8% 60.1% 59.4%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow67.2Capital expenditure−1.9Free cash flow65.3Buybacks−8.2Dividends paid−35.7Fiscal year 2017Operating cash flow97.9Capital expenditure−6.8Free cash flow91.2 +39.7%Buybacks−9.4Dividends paid−44.5Fiscal year 2018Operating cash flow128.0Capital expenditure−5.2Free cash flow122.9 +34.8%Buybacks−10.2Dividends paid−51.8Fiscal year 2019Operating cash flow147.4Capital expenditure−5.1Free cash flow142.3 +15.8%Buybacks−34.6Dividends paid−62.0Fiscal year 2020Operating cash flow179.0Capital expenditure−10.8Free cash flow168.2 +18.2%Dividends paid−71.5Fiscal year 2021Operating cash flow244.9Capital expenditure−1.6Free cash flow243.3 +44.7%Dividends paid−154.5Fiscal year 2022Operating cash flow255.9Capital expenditure−31.4Free cash flow224.5 −7.7%Dividends paid−181.2Fiscal year 2023Operating cash flow271.1Capital expenditure−46.3Free cash flow224.8 +0.1%Dividends paid−207.5Fiscal year 2024Operating cash flow276.3Capital expenditure−16.8Free cash flow259.5 +15.4%Dividends paid−216.8Fiscal year 2025Operating cash flow299.5Capital expenditure−29.7Free cash flow269.8 +4.0%Dividends paid−218.8
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 67.2 97.9 128.0 147.4 179.0 244.9 255.9 271.1 276.3 299.5
Capital expenditure −1.9 −6.8 −5.2 −5.1 −10.8 −1.6 −31.4 −46.3 −16.8 −29.7
Free cash flow 65.3 91.2 122.9 142.3 168.2 243.3 224.5 224.8 259.5 269.8
Growth +39.7% +34.8% +15.8% +18.2% +44.7% −7.7% +0.1% +15.4% +4.0%
Buybacks −8.2 −9.4 −10.2 −34.6 n/a n/a n/a n/a n/a n/a
Dividends paid −35.7 −44.5 −51.8 −62.0 −71.5 −154.5 −181.2 −207.5 −216.8 −218.8

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash21.6Shareholders’ equity911.8Fiscal year 2017Cash9.4Total debt1,181.5Net cash (debt)−1,172.1Shareholders’ equity1,186.8Debt to equity1.00Fiscal year 2018Cash18.6Total debt1,450.6Net cash (debt)−1,431.9Shareholders’ equity1,417.1Debt to equity1.02Fiscal year 2019Cash12.5Total debt1,989.5Net cash (debt)−1,977.0Shareholders’ equity1,667.6Debt to equity1.19Fiscal year 2020Cash100.5Total debt1,547.7Net cash (debt)−1,447.2Shareholders’ equity2,299.1Debt to equity0.67Fiscal year 2021Cash21.7Total debt1,699.2Net cash (debt)−1,677.5Shareholders’ equity2,577.3Debt to equity0.66Fiscal year 2022Cash21.8Total debt2,034.1Net cash (debt)−2,012.3Shareholders’ equity3,092.9Debt to equity0.66Fiscal year 2023Cash19.5Total debt1,919.6Net cash (debt)−1,900.1Shareholders’ equity3,049.2Debt to equity0.63Fiscal year 2024Cash14.8Total debt1,919.9Net cash (debt)−1,905.1Shareholders’ equity3,003.7Debt to equity0.64Fiscal year 2025Cash30.5Total debt2,522.8Net cash (debt)−2,492.2Shareholders’ equity2,902.0Debt to equity0.87
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 21.6 9.4 18.6 12.5 100.5 21.7 21.8 19.5 14.8 30.5
Total debt n/a 1,181.5 1,450.6 1,989.5 1,547.7 1,699.2 2,034.1 1,919.6 1,919.9 2,522.8
Net cash (debt) n/a −1,172.1 −1,431.9 −1,977.0 −1,447.2 −1,677.5 −2,012.3 −1,900.1 −1,905.1 −2,492.2
Shareholders’ equity 911.8 1,186.8 1,417.1 1,667.6 2,299.1 2,577.3 3,092.9 3,049.2 3,003.7 2,902.0
Debt to equity n/a 1.00 1.02 1.19 0.67 0.66 0.66 0.63 0.64 0.87

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018† 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
142.9 181.6 237.5 298.8 321.6 382.9 407.5 442.9 431.8 454.1
Growth +27.1% +30.8% +25.8% +7.6% +19.0% +6.4% +8.7% −2.5% +5.2%
2.8 4.9 6.2 5.5 28.0 36.4 37.4 39.4 38.0 38.9
63.6 84.9 n/a n/a n/a n/a n/a n/a n/a n/a
Growth +33.4%
n/a n/a n/a n/a n/a n/a n/a 0.8 1.2 1.2
36.4 54.8 69.4 79.4 51.2 102.4 122.1 155.5 162.4 96.5
Growth +50.7% +26.6% +14.4% −35.5% +100.1% +19.2% +27.3% +4.5% −40.6%
Per share
n/a n/a 0.86 0.83 0.44 0.67 0.72 0.83 0.86 0.51
n/a n/a 0.86 0.83 0.44 0.67 0.72 0.83 0.86 0.50
Growth −3.5% −47.0% +52.3% +7.5% +15.3% +3.6% −41.9%
13.2 17.1 81.0 95.9 117.2 153.1 169.8 186.6 187.5 188.1
14.6 18.6 87.6 102.9 128.8 164.0 180.2 196.3 196.6 197.6
Growth +27.2% +372.0% +17.4% +25.2% +27.3% +9.9% +8.9% +0.2% +0.5%

† The diluted share count jumps at 2018, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 7.1% a year over five years.
  • Profitable in every one of the 10 years on file.