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BROADSTONE NET LEASE INC (BNL) Stock Fundamental Analysis

NYSE:BNL - New York Stock Exchange, Inc. - US11135E2037 - REIT

15.82  -0.22 (-1.37%)

Fundamental Rating

5

Overall BNL gets a fundamental rating of 5 out of 10. We evaluated BNL against 129 industry peers in the Diversified REITs industry. While BNL has a great profitability rating, there are some minor concerns on its financial health. BNL has a valuation in line with the averages, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

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7

1. Profitability

1.1 Basic Checks

In the past year BNL was profitable.
BNL had a positive operating cash flow in the past year.
Each year in the past 5 years BNL has been profitable.
BNL had a positive operating cash flow in each of the past 5 years.
BNL Yearly Net Income VS EBIT VS OCF VS FCFBNL Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 200M -200M -400M -600M -800M

1.2 Ratios

BNL has a Return On Assets of 2.69%. This is in the better half of the industry: BNL outperforms 73.81% of its industry peers.
The Return On Equity of BNL (4.72%) is better than 69.05% of its industry peers.
BNL's Return On Invested Capital of 3.24% is fine compared to the rest of the industry. BNL outperforms 63.49% of its industry peers.
BNL had an Average Return On Invested Capital over the past 3 years of 3.24%. This is in line with the industry average of 3.11%.
Industry RankSector Rank
ROA 2.69%
ROE 4.72%
ROIC 3.24%
ROA(3y)2.46%
ROA(5y)2.12%
ROE(3y)4.32%
ROE(5y)3.99%
ROIC(3y)3.24%
ROIC(5y)3.04%
BNL Yearly ROA, ROE, ROICBNL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 1 2 3 4 5

1.3 Margins

Looking at the Profit Margin, with a value of 33.32%, BNL belongs to the top of the industry, outperforming 84.92% of the companies in the same industry.
BNL's Profit Margin has improved in the last couple of years.
BNL has a Operating Margin of 49.73%. This is amongst the best in the industry. BNL outperforms 91.27% of its industry peers.
In the last couple of years the Operating Margin of BNL has remained more or less at the same level.
Looking at the Gross Margin, with a value of 86.94%, BNL belongs to the top of the industry, outperforming 88.10% of the companies in the same industry.
In the last couple of years the Gross Margin of BNL has remained more or less at the same level.
Industry RankSector Rank
OM 49.73%
PM (TTM) 33.32%
GM 86.94%
OM growth 3Y5.16%
OM growth 5Y1.49%
PM growth 3Y30.09%
PM growth 5Y3.66%
GM growth 3Y1.82%
GM growth 5Y-0.14%
BNL Yearly Profit, Operating, Gross MarginsBNL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 20 40 60 80

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4

2. Health

2.1 Basic Checks

BNL has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
BNL has more shares outstanding than it did 1 year ago.
Compared to 5 years ago, BNL has more shares outstanding
Compared to 1 year ago, BNL has an improved debt to assets ratio.
BNL Yearly Shares OutstandingBNL Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 50M 100M 150M
BNL Yearly Total Debt VS Total AssetsBNL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 1B 2B 3B 4B 5B

2.2 Solvency

Based on the Altman-Z score of 0.91, we must say that BNL is in the distress zone and has some risk of bankruptcy.
With a decent Altman-Z score value of 0.91, BNL is doing good in the industry, outperforming 67.46% of the companies in the same industry.
BNL has a Debt/Equity ratio of 0.65. This is a neutral value indicating BNL is somewhat dependend on debt financing.
Looking at the Debt to Equity ratio, with a value of 0.65, BNL belongs to the top of the industry, outperforming 81.75% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.65
Debt/FCF N/A
Altman-Z 0.91
ROIC/WACC0.47
WACC6.83%
BNL Yearly LT Debt VS Equity VS FCFBNL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 1B 2B 3B

2.3 Liquidity

BNL has a Current Ratio of 1.65. This is a normal value and indicates that BNL is financially healthy and should not expect problems in meeting its short term obligations.
Looking at the Current ratio, with a value of 1.65, BNL is in the better half of the industry, outperforming 69.05% of the companies in the same industry.
BNL has a Quick Ratio of 1.65. This is a normal value and indicates that BNL is financially healthy and should not expect problems in meeting its short term obligations.
BNL has a Quick ratio of 1.65. This is in the better half of the industry: BNL outperforms 72.22% of its industry peers.
Industry RankSector Rank
Current Ratio 1.65
Quick Ratio 1.65
BNL Yearly Current Assets VS Current LiabilitesBNL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 50M 100M 150M 200M

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3

3. Growth

3.1 Past

The earnings per share for BNL have decreased strongly by -23.23% in the last year.
BNL shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 12.13% yearly.
Looking at the last year, BNL shows a decrease in Revenue. The Revenue has decreased by -5.63% in the last year.
BNL shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 13.27% yearly.
EPS 1Y (TTM)-23.23%
EPS 3Y25.99%
EPS 5Y12.13%
EPS Q2Q%-26.92%
Revenue 1Y (TTM)-5.63%
Revenue growth 3Y11.26%
Revenue growth 5Y13.27%
Sales Q2Q%-1.05%

3.2 Future

The Earnings Per Share is expected to decrease by -3.77% on average over the next years.
Based on estimates for the next years, BNL will show a small growth in Revenue. The Revenue will grow by 2.69% on average per year.
EPS Next Y16.77%
EPS Next 2Y-2.11%
EPS Next 3Y-5.28%
EPS Next 5Y-3.77%
Revenue Next Year-3.83%
Revenue Next 2Y0.1%
Revenue Next 3Y1.6%
Revenue Next 5Y2.69%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
BNL Yearly Revenue VS EstimatesBNL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 100M 200M 300M 400M 500M
BNL Yearly EPS VS EstimatesBNL Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 0.2 0.4 0.6 0.8 1

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4

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 20.82, the valuation of BNL can be described as rather expensive.
82.54% of the companies in the same industry are more expensive than BNL, based on the Price/Earnings ratio.
BNL's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 28.29.
A Price/Forward Earnings ratio of 20.13 indicates a rather expensive valuation of BNL.
Based on the Price/Forward Earnings ratio, BNL is valued cheaper than 90.48% of the companies in the same industry.
BNL's Price/Forward Earnings ratio indicates a similar valuation than the S&P500 average which is at 24.44.
Industry RankSector Rank
PE 20.82
Fwd PE 20.13
BNL Price Earnings VS Forward Price EarningsBNL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of BNL is on the same level as its industry peers.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 13.81
BNL Per share dataBNL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 5 10 15

4.3 Compensation for Growth

The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
BNL has a very decent profitability rating, which may justify a higher PE ratio.
BNL's earnings are expected to decrease with -5.28% in the coming years. This may justify a cheaper valuation.
PEG (NY)1.24
PEG (5Y)1.72
EPS Next 2Y-2.11%
EPS Next 3Y-5.28%

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4

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 7.31%, BNL is a good candidate for dividend investing.
BNL's Dividend Yield is a higher than the industry average which is at 18.51.
BNL's Dividend Yield is rather good when compared to the S&P500 average which is at 2.28.
Industry RankSector Rank
Dividend Yield 7.31%

5.2 History

BNL has been paying a dividend for over 5 years, so it has already some track record.
BNL has decreased its dividend recently.
Dividend Growth(5Y)N/A
Div Incr Years1
Div Non Decr Years1
BNL Yearly Dividends per shareBNL Yearly Dividends per shareYearly Dividends per share 2020 2021 2022 2023 2024 0.2 0.4 0.6 0.8 1

5.3 Sustainability

151.54% of the earnings are spent on dividend by BNL. This is not a sustainable payout ratio.
DP151.54%
EPS Next 2Y-2.11%
EPS Next 3Y-5.28%
BNL Yearly Income VS Free CF VS DividendBNL Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 200M -200M -400M -600M -800M
BNL Dividend Payout.BNL Dividend Payout, showing the Payout Ratio.BNL Dividend Payout.PayoutRetained Earnings

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BROADSTONE NET LEASE INC

NYSE:BNL (1/22/2025, 9:45:00 AM)

15.82

-0.22 (-1.37%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)10-30 2024-10-30/amc
Earnings (Next)02-19 2025-02-19/amc
Inst Owners86.21%
Inst Owner Change0.23%
Ins Owners0.74%
Ins Owner Change0%
Market Cap2.98B
Analysts74.29
Price Target19.67 (24.34%)
Short Float %1.87%
Short Ratio3.09
Dividend
Industry RankSector Rank
Dividend Yield 7.31%
Yearly Dividend1.11
Dividend Growth(5Y)N/A
DP151.54%
Div Incr Years1
Div Non Decr Years1
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-0.94%
Min EPS beat(2)-10.42%
Max EPS beat(2)8.53%
EPS beat(4)2
Avg EPS beat(4)4.61%
Min EPS beat(4)-83.5%
Max EPS beat(4)103.84%
EPS beat(8)6
Avg EPS beat(8)28.45%
EPS beat(12)9
Avg EPS beat(12)24.81%
EPS beat(16)12
Avg EPS beat(16)19.07%
Revenue beat(2)1
Avg Revenue beat(2)0.08%
Min Revenue beat(2)-0.54%
Max Revenue beat(2)0.7%
Revenue beat(4)1
Avg Revenue beat(4)-2.02%
Min Revenue beat(4)-5.69%
Max Revenue beat(4)0.7%
Revenue beat(8)3
Avg Revenue beat(8)-0.7%
Revenue beat(12)4
Avg Revenue beat(12)-0.64%
Revenue beat(16)5
Avg Revenue beat(16)1.48%
PT rev (1m)0.75%
PT rev (3m)1.5%
EPS NQ rev (1m)0%
EPS NQ rev (3m)15.71%
EPS NY rev (1m)0%
EPS NY rev (3m)-3.27%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-0.17%
Revenue NY rev (1m)0.13%
Revenue NY rev (3m)0.41%
Valuation
Industry RankSector Rank
PE 20.82
Fwd PE 20.13
P/S 7.02
P/FCF N/A
P/OCF 10.93
P/B 0.99
P/tB 1.26
EV/EBITDA 13.81
EPS(TTM)0.76
EY4.8%
EPS(NY)0.79
Fwd EY4.97%
FCF(TTM)-0.96
FCFYN/A
OCF(TTM)1.45
OCFY9.15%
SpS2.25
BVpS15.91
TBVpS12.57
PEG (NY)1.24
PEG (5Y)1.72
Profitability
Industry RankSector Rank
ROA 2.69%
ROE 4.72%
ROCE 4.1%
ROIC 3.24%
ROICexc 3.25%
ROICexgc 3.72%
OM 49.73%
PM (TTM) 33.32%
GM 86.94%
FCFM N/A
ROA(3y)2.46%
ROA(5y)2.12%
ROE(3y)4.32%
ROE(5y)3.99%
ROIC(3y)3.24%
ROIC(5y)3.04%
ROICexc(3y)3.26%
ROICexc(5y)3.06%
ROICexgc(3y)3.79%
ROICexgc(5y)3.54%
ROCE(3y)4.11%
ROCE(5y)3.85%
ROICexcg growth 3Y7.32%
ROICexcg growth 5Y4.22%
ROICexc growth 3Y8.32%
ROICexc growth 5Y3.54%
OM growth 3Y5.16%
OM growth 5Y1.49%
PM growth 3Y30.09%
PM growth 5Y3.66%
GM growth 3Y1.82%
GM growth 5Y-0.14%
F-Score5
Asset Turnover0.08
Health
Industry RankSector Rank
Debt/Equity 0.65
Debt/FCF N/A
Debt/EBITDA 5.42
Cap/Depr 306.88%
Cap/Sales 106.99%
Interest Coverage 2.86
Cash Conversion 75.97%
Profit Quality N/A
Current Ratio 1.65
Quick Ratio 1.65
Altman-Z 0.91
F-Score5
WACC6.83%
ROIC/WACC0.47
Cap/Depr(3y)413.21%
Cap/Depr(5y)454.22%
Cap/Sales(3y)145.82%
Cap/Sales(5y)161.17%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-23.23%
EPS 3Y25.99%
EPS 5Y12.13%
EPS Q2Q%-26.92%
EPS Next Y16.77%
EPS Next 2Y-2.11%
EPS Next 3Y-5.28%
EPS Next 5Y-3.77%
Revenue 1Y (TTM)-5.63%
Revenue growth 3Y11.26%
Revenue growth 5Y13.27%
Sales Q2Q%-1.05%
Revenue Next Year-3.83%
Revenue Next 2Y0.1%
Revenue Next 3Y1.6%
Revenue Next 5Y2.69%
EBIT growth 1Y-5.75%
EBIT growth 3Y17%
EBIT growth 5Y14.96%
EBIT Next Year66.83%
EBIT Next 3Y23.77%
EBIT Next 5YN/A
FCF growth 1Y63.65%
FCF growth 3Y11.28%
FCF growth 5YN/A
OCF growth 1Y7.83%
OCF growth 3Y14.84%
OCF growth 5Y16.19%