Broadstone Net Lease, Inc. (BNL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+41.1%

$24.54

vs $17.40 price

Levered DCF

$15.60

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.71

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	34.06×	18.44×	19.79×	22.51×	37.04×	44.5×	29.11×	36.22×
P/B	1.13×	0.99×	1.05×	0.89×	1.47×	1×	1.5×	1.76×
P/S	7.12×	6.78×	7.17×	6.73×	9.91×	7.09×	8.35×	10.51×
EV / EBITDA	15.7×	11.64×	11.87×	13.61×	18.61×	15.12×	17.24×	18.79×
Gross margin	23.5%	23.2%	24.2%	19.0%	26.2%	12.2%	19.1%	21.8%
Operating margin	49.7%	48.5%	49.6%	47.3%	51.1%	43.2%	46.3%	46.6%
Net margin	22.4%	35.6%	35.1%	28.5%	26.7%	15.8%	26.6%	29.2%
Current ratio	288.34×	1.6×	1.58×	1.46×	1.55×	2.59×	0.41×	0.53×
Debt / equity	0.9×	0.64×	0.63×	0.65×	0.66×	0.7×	1.24×	1.02×
Interest coverage	2.42×	2.87×	2.78×	2.46×	3.05×	1.84×	1.91×	2.09×
Dividend yield	6.7%	7.3%	6.5%	6.6%	4.1%	3.1%	2.5%	2.1%
Payout ratio	212.6%	138.7%	132.0%	155.7%	150.7%	139.8%	78.0%	74.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.5%	5.2%	5.2%	3.8%	4.0%	2.2%	4.8%	4.9%
Return on invested capital	4.1%	4.1%	4.3%	3.6%	4.3%	3.3%	3.5%	3.8%
Return on assets	1.8%	3.0%	3.0%	2.1%	2.2%	1.2%	2.0%	2.2%
Free cash flow yield	8.3%	8.7%	7.0%	8.2%	6.4%	7.3%	5.7%	4.9%
Earnings yield	3.1%	5.3%	4.9%	4.2%	2.7%	2.2%	3.2%	2.8%
Enterprise value	$5.9B	$4.9B	$5.1B	$4.8B	$5.5B	$3.8B	$4.6B	$3.9B
Net debt / EBITDA	6.93×	4.53×	4.4×	5.73×	5.68×	6.03×	7.8×	6.83×
Cash conversion cycle (days)	-59	85	75	70	63	71	48	47