Broadstone Net Lease, Inc. (BNL) intrinsic value & 10-year financials
Broadstone Net Lease, Inc. (BNL) has a Graham intrinsic value of $3.70 per share. At $18.13 on Oct 17, 2026, the stock trades 390% above that value. Over the last 10 fiscal years revenue grew 13.7% a year to $454.1M, with an average return on invested capital of 2.6%.
- Graham intrinsic value
- $3.70
- Share price (Oct 17, 2026)
- $18.13
- Price vs Graham value
- 390% above
- Market cap
- $3.6B
- Revenue (FY2025)
- $454.1M
- Revenue growth (10-yr CAGR)
- 13.7%
- ROIC (10-yr avg)
- 2.6%
- Free cash flow (FY2025)
- $269.8M
BNL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $454.1M | $96.5M | $0.50 | $269.8M | — | 1.9% |
| FY2024 | $431.8M | $162.4M | $0.86 | $259.5M | — | 3.3% |
| FY2023 | $442.9M | $155.5M | $0.83 | $224.8M | — | 3.1% |
| FY2022 | $407.5M | $122.1M | $0.72 | $224.5M | — | 2.6% |
| FY2021 | $382.9M | $102.4M | $0.67 | $243.3M | — | 2.6% |
| FY2020 | $321.6M | $51.2M | $0.44 | $168.2M | — | 1.4% |
| FY2019 | $298.8M | $79.4M | $0.17 | $142.3M | — | 2.4% |
| FY2018 | $237.5M | $69.4M | $0.17 | $123.1M | — | 2.7% |
| FY2017 | $181.6M | $54.8M | — | $91.3M | 46.8% | 2.3% |
| FY2016 | $142.9M | $36.4M | — | $65.3M | 44.5% | 4.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Broadstone Net Lease, Inc. is a consistent compounder, expanding top-line revenue at 13.7% annually over the past decade.
Broadstone Net Lease, Inc. has historically struggled to out-earn its cost of capital, averaging just 2.5% ROIC.
Broadstone Net Lease, Inc. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Broadstone Net Lease, Inc. is modeled at 0.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $3.70 per share.