Broadstone Net Lease, Inc (BNL) Fair Value & Analysis
Real Estate · US · Market cap $4.1B
Broadstone Net Lease, Inc
BNL · US
Fair value as of: Jul 25, 2026
From 16 valuation models · updated 16 days ago
Share price −4.2% over the past month.
A solid business, but screening 47% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case ($11.40). The favourable scenario is already priced in.
- Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 25, 2026.
How to read this chart
60‑month range $11.60 – $22.84 · fair‑value band $6.84 – $11.40 · the $20.93 price screens above the $11.01 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 25, 2026.
Analysis
Broadstone Net Lease, Inc (BNL) currently trades at $20.93, while our model-based Fair Value estimate is $11.01, implying the stock looks roughly 47.4% overvalued today. The Quality Score stands at 60/100 (solid quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Broadstone Net Lease, Inc generated revenue of $467M at a net margin of 27.0%. Revenue grew 11.7% year over year. It earns a return on equity of 4.2%. Net debt stands at $2.6B. Fundamentals as of Jul 25, 2026
Our scenario range runs from $6.84 (bear case) to $11.40 (bull case); at $20.93, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 3% below its 52-week high and 40% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -22% fair-value upside, at -47%, BNL screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 16 models by family
Widest divergence: Dividend Discount ($17.25) versus Growth DCF ($7.55). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 25, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 57 · Market factors (momentum, volatility) 72
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
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.
Full company description
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 on October 18, 2017 and is based in Victor, United States. Broadstone Net Lease, Inc. was incorporated in Maryland.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Broadstone Net Lease, Inc reported revenue of $459M in FY2025 versus $383M in FY2021, a compound +4.6%/yr. Reported net income was $103M in FY2025, compounding +0.1%/yr from FY2021.
BNL screens 47% overvalued. Compare with Goodman Group →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Broadstone Net Lease, Inc. Announces Public Offering of Common Stock
- Broadstone raises 2026 AFFO to $1.55-$1.57 as Colorado JV adds $303M to build-to-suit pipeline
- Broadstone Net Lease declares $0.2925 dividend
- Broadstone Net Lease, Inc. (BNL) Q2 FFO Top Estimates
Peer Group
REIT - Diversified · 165 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs REIT - Diversified median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 45/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more REIT - Diversified stocks, each showing price versus our Fair Value estimate (as of Jul 25, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Goodman Group GMG | A$29.11 | A$7.37 | -75% |
| VICI Properties Inc VICI | $26.73 | $41.74 | +56% |
| W. P. Carey Inc WPC | $76.69 | $35.59 | -54% |
| Charter Hall Group CHC | A$21.90 | A$11.46 | -48% |
| Fibra Uno FUNO11 | 31.10 MXN | 63.56 MXN | +104% |
| COV COV | €52.55 | €62.39 | +19% |
| The GPT Group GPT | A$4.89 | A$3.49 | -29% |
| Mirvac Group MGR | A$1.70 | A$0.5700 | -66% |
| KLCC Property Holdings 5235SS | 8.85 MYR | 6.91 MYR | -22% |
| CRRUN CRRUN | C$17.65 | C$17.89 | +1% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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