| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 36 | 26.9x | 17.8x | Bottom tier | |
Growth | 52 | 7.7% | 7.1% | Around median | |
Quality | 61 | 4.4% | 4.5% | Around median | |
Safety | 44 | 6.2x | 2.6x | Around median | |
Capital Return | 51 | 5.71% | 2.12% | Around median | |
Momentum | 71 | 11.3% | 2.9% | Top tier | |
Sentiment | 89 | 4 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Broadstone Net Lease is a real estate company that generates revenue primarily by leasing a portfolio of properties under long-term contracts, with an increasing focus on build-to-suit projects and recycling capital from mature or non-core assets. At the end of Q2 fiscal year 2026, 765 of 766 properties were subject to lease agreements, base rent collection was 99.9%, and same-property rental revenue increased 2.2% year over year, led by 3.3% growth in the industrial portfolio.
In Q2 fiscal year 2026, revenue was $122.3 million, net income was $39.8 million, and earnings per share were $0.21, equivalent to a calculated net income margin of approximately 32.5%. Adjusted funds from operations, AFFO, were approximately $78.2 million, or $0.39 per share, an increase of 2.6% from Q2 fiscal year 2025; results benefited from same-property rent growth and the commencement of stabilization for recent build-to-suit projects.
Revenue for the twelve-month period ended in 2026 was approximately $476.2 million, net income was $145.8 million, and earnings per share were approximately $0.73, compared with revenue of $454.1 million, net income of $96.5 million, and earnings per share of $0.50 in fiscal year 2025. The composition of activity in Q2 fiscal year 2026 reflects a shift in investment toward build-to-suit projects, as the company invested $91.5 million, including $77.3 million in these projects and $13.5 million in transition capital.
Automated analysis for informational purposes only — not investment advice.
The average analyst price target is $23.57, within a range of $20 to $26, with a “Buy” consensus; the average is slightly above the 52-week range high of $23.10, while the highest target exceeds that high by approximately 12.6%. In the absence of a reported price-to-earnings ratio, valuation of the investment case relies more heavily on fiscal year 2026 AFFO per share guidance of $1.55–$1.57, while accounting for dilution risk from equity issuances, leverage of 5.9 times, and execution risk associated with the large development pipeline.
Figures in the text are as of 2026-08-31; the live price is shown at the top of the page.
The most important driver is the approximately $645 million build-to-suit portfolio, with a weighted initial cash yield of 7.9% and a weighted straight-line yield of 9.9%. The company expects approximately $17 million in annual base rent to commence during Q3 and Q4 fiscal year 2026, followed by $29 million in the first half of fiscal year 2027. The combined $46 million represents more than 10% of the existing portfolio's annual base rent.
The advanced technology facility in Colorado added approximately $303 million to the build-to-suit project pipeline and is designed with 100 megawatts of fully committed capacity. The project is tied to a 15-year triple-net lease with a Fortune 20 tenant, 3% annual rent increases, and a straight-line yield of approximately 11.6%. The company is targeting project completion and rent commencement in mid-fiscal year 2027 and expects the tenant to become its largest by annual base rent.
Revenue was $122.3 million, net income was $39.8 million, and earnings per share were $0.21 in Q2 fiscal year 2026. AFFO was also approximately $78.2 million, or $0.39 per share, an increase of 2.6% from Q2 fiscal year 2025. The company raised its fiscal year 2026 AFFO per share guidance to $1.55–$1.57 while reducing its bad debt assumption to 50 basis points.
Project Triboro spans more than 550 acres in northeastern Pennsylvania, with 1 gigawatt of committed power supply and approximately $120 million of invested capital. The options include selling the land, developing four industrial buildings totaling approximately 4.5 million square feet at an estimated cost of $520 million, or constructing a hyperscale data center campus at a cost exceeding $2.5 billion. As of July 30, 2026, zoning issues, the power agreement, and tenant discussions were still in progress, and management set the end of fiscal year 2026 as the target date for deciding on the path.
The company ended Q2 fiscal year 2026 with total debt of $2.7 billion and initial leverage of 5.9 times, compared with a target of approximately six times. After the quarter, it entered into a $300 million delayed-draw loan, and total available liquidity from the loan, credit facility, and unsettled equity totaled approximately $1 billion. However, financing included the forward sale of 3.8 million shares during and after the quarter, so balancing growth funding, dilution, and debt remains a key consideration for shareholders.
The board of directors declared a quarterly distribution of $0.2925 per share for shareholders of record on September 30, 2026. The company set the payment date on or before October 15, 2026. The company's ability to support distributions should be assessed alongside fiscal year 2026 AFFO per share guidance of $1.55–$1.57 and the funding requirements of the $645 million development portfolio.
