Broadstone Net Lease, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Broadstone Net Lease, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	143	182	237	299	322	383	408	443	432	454
General and administrative	2.79	4.94	6.16	5.46	28	36.4	37.4	39.4	38	38.9
Operating income	63.6	84.9
Interest expense	30	34.8	52.9	72.5	76.1	64.1	78.7	80.1	74.1	94.5
Interest income	0.09	0.47	0.18	0.01	0.02	0.02	0.04	0.51	0.99	0.39
Other non-operating income			-0.1	-0.01	-0.01	-0.43	5.38	-1.68	6.2	-6.42
Income tax								0.76	1.18	1.15
Net income to minority interests	3.91	4.76	5.73	5.72	5.1	7.1	7.36	7.83	6.55	2.92
Net income	36.4	54.8	69.4	79.4	51.2	102	122	155	162	96.5
EBITDA	109	148
EPS, basic	0.69	0.80	0.86	0.83	0.44	0.67	0.72	0.83	0.86	0.51
EPS, diluted	0.69	0.80	0.86	0.83	0.44	0.67	0.72	0.83	0.86	0.50
Shares, basic (weighted)	52.6	68.1	81	95.9	117	153	170	187	187	188
Shares, diluted (weighted)	58.2	74.1	87.6	103	129	164	180	196	197	198
Dividend per share								1.12	1.16	1.16

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	21.6	9.36	18.6	12.5	100	21.7	21.8	19.5	14.8	30.5
Other current assets							8.5
Lease right-of-use assets				1.61	3.08	3.1	3.2	8.48	10.2	9.58
Goodwill				0	340	340	340	340	340	340
Intangible assets	168	243	286	332	291	304	330	288	268	268
Total assets	1,952	2,579	3,097	3,918	4,258	4,619	5,458	5,269	5,216	5,717
Total liabilities	954	1,295	1,568	2,139	1,779	1,878	2,195	2,074	2,075	2,684
Total debt		1,181	1,451	1,989	1,548	1,699	2,034	1,920	1,920	2,523
Paid-in capital	1,009	1,302	1,557	1,896	2,625	2,924	3,419	3,441	3,451	3,502
Other comprehensive income	2.09	5.12	14.8	-20.1	-66.3	-28.4	59.5	49.3	49.7	19.8
Shareholders' equity	912	1,187	1,417	1,668	2,299	2,577	3,093	3,049	3,004	2,902
Minority interests	86.7	97.4	112	111	180	164	170	145	138	131
Total equity	999	1,284	1,529	1,779	2,479	2,741	3,263	3,194	3,141	3,033
Total liabilities and equity	1,952	2,579	3,097	3,918	4,258	4,619	5,458	5,269	5,216	5,717
Shares outstanding	60.5	75.4	22	104	109	162	186	188	189	191

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	40.3	59.6	75.1	85.1	56.3	110	129	163	169	99.4
Depreciation and amortization	45.8	62.8	83.7	105	132	129	150	153	152	160
Stock-based compensation					1.99	4.67	5.32	6.36	7.36	9.6
Cash from operations	67.2	97.9	128	147	179	245	256	271	276	299
Capital expenditures	-1.94	-6.78	-5.15	-5.05	-10.8	-1.6	-31.4	-46.3	-16.8	-29.7
Acquisitions	-519	-684			-30.9	0	0
Cash from investing	-471	-612	-510	-832	-60.2	-582	-860	24.3	-59.7	-675
Debt issued	114	515	415
Debt repaid	-11.4	-386	-34.7
Stock issued	246	273	216	330	588	280	496	-0.18	-1	37.9
Share buybacks	-8.15	-9.44	-10.2	-34.6
Dividends paid	-35.7	-44.5	-51.8	-62	-71.5	-154	-181	-208	-217	-219
Cash from financing	399	501	391	686	-28.4	254	636	-335	-221	393
Net change in cash	-4.03	-13	8.89	1.32	90.4	-83	32.3	-39.4	-4.64	17.6
Free cash flow	65.3	91.2	123	142	168	243	225	225	259	270
Interest paid	28.1	32.4	44.7	76.4	72.6	57.3	72	77.1	73.7	80.3
Income taxes paid			0.95	2.1	1.5	0.6	0.4	0.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $18.91 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Net margin	30.6%	Net income / revenue.
FCF margin	54.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	59.4%	Cash from operations / revenue.
Return on equity (ROE)	5.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.5%	Net income / average total assets.
Stock-based pay / revenue	2.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.4%	Capital expenditures / revenue.
D&A / revenue	35.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-40.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-7.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	13.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-41.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-11.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	2.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	8.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	5.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	10.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	4.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	6.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	9.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.4%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-3.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-2.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	8.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.93x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	45.8%	Total debt / total assets.
Liabilities / assets	48.7%	Total liabilities / total assets.
Net debt	$2.68B	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	10.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.29B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.08x	Revenue / average total assets.
FCF conversion	176.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	9.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.73	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$2.38	Revenue / diluted weighted shares.
FCF per share	$1.28	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.41	Cash from operations / diluted weighted shares.
Book value per share	$15.02	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$11.94	Tangible book value / shares outstanding.
Cash per share	$0.06	(Cash + short-term investments) / shares outstanding.
Payout ratio	150.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	85.3%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.63B	Share price x shares outstanding.
Enterprise value	$6.31B	Market cap + total debt - cash - short-term investments.
P/E	24.9x	Market cap / net income. Only when net income is positive.
P/S	7.62x	Market cap / revenue.
P/B	1.26x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.58x	Market cap / tangible book value, when positive.
P/FCF	14.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.8x	Market cap / cash from operations, when positive.
EV/Sales	13.2x	Enterprise value / revenue.
EV/FCF	24.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.1%	Free cash flow / market cap.
Earnings yield	4.0%	Net income / market cap (the inverse of P/E).
Dividend yield	6.0%	Dividends paid over the period / market cap.
Shareholder yield	6.0%	(Dividends paid + share buybacks) / market cap.

What was Broadstone Net Lease, Inc.'s revenue in fiscal 2025?

Broadstone Net Lease, Inc. reported revenue of $454.1M for fiscal 2025, 5.2% higher than the year before.

Was Broadstone Net Lease, Inc. profitable in fiscal 2025?

Yes. Net income was $96.5M, a net margin of 21.2%.

How much free cash flow did Broadstone Net Lease, Inc. generate in fiscal 2025?

Cash from operations of $299.5M minus capital expenditures of $29.7M left free cash flow of $269.8M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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