Global Net Lease, Inc. (GNL) intrinsic value & 10-year financials
Global Net Lease, Inc. (GNL) has a Graham intrinsic value of $8.24 per share. At $7.43 on Oct 17, 2026, the stock trades 10% below that value. Over the last 10 fiscal years revenue grew 9.8% a year to $495.3M, with an average return on invested capital of 4.6%.
- Graham intrinsic value
- $8.24
- Share price (Oct 17, 2026)
- $7.43
- Price vs Graham value
- 10% below
- Market cap
- $1.7B
- Revenue (FY2025)
- $495.3M
- Revenue growth (10-yr CAGR)
- 9.8%
- ROIC (10-yr avg)
- 4.6%
- Free cash flow (FY2025)
- —
GNL 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $495.3M | -$225.5M | -$1.21 | — | 22.4% | 5.8% |
| FY2024 | $805.0M | -$131.6M | -$0.76 | — | 25.6% | 8.6% |
| FY2023 | $515.1M | -$211.9M | -$1.71 | — | -3.0% | -0.8% |
| FY2022 | $378.9M | $12.0M | -$0.09 | — | 26.5% | 3.4% |
| FY2021 | $391.2M | $11.4M | -$0.20 | — | 28.6% | 3.5% |
| FY2020 | $330.1M | $10.8M | -$0.09 | — | 30.1% | 4.2% |
| FY2019 | $306.2M | $46.5M | $0.39 | $128.7M | 37.5% | 6.7% |
| FY2018 | $282.2M | $10.9M | $0.01 | $143.1M | 24.1% | 4.2% |
| FY2017 | $259.3M | $23.6M | $0.30 | $127.8M | 33.2% | 5.7% |
| FY2016 | $214.2M | $47.1M | — | $114.2M | 28.1% | 4.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Global Net Lease, Inc. is a consistent compounder, expanding top-line revenue at 9.8% annually over the past decade.
Global Net Lease, Inc. has historically struggled to out-earn its cost of capital, averaging just 4.6% ROIC.
Global 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, Global Net Lease, Inc. is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $8.24 per share.