Stock fact sheet · data as of
Broadstone Net Lease, Inc. (BNL): fair value, margin of safety and Wheel Score
Ticker symbol BNL · Real Estate · REIT - Diversified · United States · Value Income
Is BNL undervalued?
BNL closed at 18.03 on 5 Nov 2026, which is 18% above the GLS average fair value of 15.24 from 9 models. 6 of them value the shares below today's price. Our scans read that as "no margin of safety": the stock is not a value candidate at this price, whatever the quality numbers say.
The 9 models disagree widely: GLS Growth gives 0.0855 while 10 Cap gives 30.03. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
Ranked against every other company we cover, BNL is clearly cheaper than it is fast-growing, so the nightly engine files it under Value (value score 42, growth score 20, out of 100). It also carries the Income tag (Income = a dividend yield of 4% or more).
Nine valuation models for BNL
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 24.25 | +35% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 16.11 | -11% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 13.80 | -23% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 3.80 | -79% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 0.0855 | -100% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 30.03 | +67% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 23.38 | +30% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 17.18 | -5% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 8.53 | -53% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | 11.32 | -37% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 24.00 | +33% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is average - BNL passes 5 of the nine Piotroski tests, which falls one point short of the "Piotroski 6 or more" Wheel Trade Filter. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is 5.5 out of 10: a record that is solid on some of the four parts the score weighs (returns on capital, pricing power, lasting growth, balance sheet) and weaker on others.
Returns on capital are thin or negative - ROIC 1.9%, ROE 3.5%, ROA 1.8% - with debt at 0.90 times equity and a free-cash-flow yield of 8.0%.
The dividend yield is high at 6.48% (payout ratio 152%) - a payout above 100% of earnings, which is not covered by profits. A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual. Revenue comes mainly from Tenant Reimbursements 99%, Real Estate Other 1% (quarter Q4 FY2018).
Institutional ownership scores 10/10, insider activity 10/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 5 / 9 | ROIC | 1.9% |
|---|---|---|---|
| GLS Moat | 5.5 / 10 | ROE | 3.5% |
| Debt / equity | 0.90 | ROA | 1.8% |
| Free-cash-flow yield | 8.0% | Payout ratio | 152% |
| Institutions | 10 / 10 | Insiders · Congress | 10 · 5 / 10 |
Wheel Score 31: Weak
BNL scores 31 out of 100 on the Wheel Score, in the Weak band (under 50): it fails filter 1, options that actually trade - options too quiet (638 open interest, 52 a day); and filter 3, below fair value - trades 18% above our fair value; and filter 4, financially healthy - Piotroski 5/9 (under 6); and filter 5, can repay its debt - 8.5 years to repay its debt (over 6), and the parts are thin too - value weak, premium strong, moat fair, health fair, red flags weak, option trading weak, stability fair. The score is not a judgement on the company; it says the price, quality and premium do not line up for selling puts on it today.
Implied volatility is 44% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is thin - 638 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 8.6M shares a day on a market cap of $3.5B, with a beta of 0.94; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | options too quiet (638 open interest, 52 a day) |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Fails | trades 18% above our fair value |
| 4 | Financially healthy | Fails | Piotroski 5/9 (under 6) |
| 5 | Can repay its debt | Fails | 8.5 years to repay its debt (over 6) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Weak | 18% above fair value | |
| Premium | Strong | implied volatility 44% | |
| Moat | Fair | moat 5.5/10 | |
| Health | Fair | Piotroski 5/9 | |
| Red Flags | Weak | Red Flags score 60/100 | |
| Option trading | Weak | 52 contracts a day, 638 open interest | |
| Stability | Fair | beta 0.94, $3.5B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for BNL in the nightly calendar. The next ex-dividend date is 31 Dec 2026 (0.2950 per share).
No analyst upgrades or downgrades were recorded in the last 30 days.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in REIT - Diversified
The 12 companies below are the closest to Broadstone Net Lease, Inc. by market cap within the REIT - Diversified industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| RWTQ Redwood Trust, Inc. | 20.80 | 5.56 | -274% | 11No options | $2.6B |
| RITM Rithm Capital Corp. | 9.50 | 47.38 | +80% | 54Fair | $5.3B |
| EPRT Essential Properties Realty Trust, Inc. | 28.12 | 21.57 | -30% | 32Weak | $6.1B |
| PMTW PennyMac Mortgage Investment Trust | 24.97 | 14.89 | -68% | 12No options | $1.8B |
| JAN Janus Living, Inc. | 30.07 | 11.38 | -164% | 34Weak | $7.0B |
| GNL Global Net Lease, Inc. | 7.09 | 17.31 | +59% | 33Weak | $1.6B |
| FISK Empire State Realty OP, L.P. | 5.36 | 13.48 | +60% | 29No options | $1.5B |
| ESBA Empire State Realty OP, L.P. | 5.03 | 13.25 | +62% | 27No options | $1.4B |
| OGCP Empire State Realty OP, L.P. | 4.94 | 5.62 | +12% | 22No options | $1.4B |
| AAT American Assets Trust, Inc. | 22.09 | 18.10 | -22% | 34Weak | $1.4B |
| SCCE Sachem Capital Corp. 6.00% Note | 24.42 | 19.47 | -25% | 10No options | $1.1B |
| CMRF CIM Real Estate Finance Trust, Inc. | 2.35 | 3.47 | +32% | 29No options | $1.0B |
Scan the whole market the same way
A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the top 10 stocks that pass all 9 Wheel Trade Filters, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about BNL
Is BNL undervalued right now?
No: at 18.03 the stock trades 18% above the GLS average fair value of 15.24 (data as of 5 Nov 2026). The margin of safety is negative.
What is the Wheel Score of BNL and what does it mean?
BNL scores 31 out of 100 (Weak) - it fails Wheel Trade Filters 1, 3, 4, 5. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for BNL?
15.24 per share as of 5 Nov 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Broadstone Net Lease, Inc. report earnings next?
No upcoming earnings date is recorded for BNL in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does BNL have listed options, and how liquid are they?
Yes. The nightly snapshot found 24 listed contracts with 638 open interest across all expiries and implied volatility of 44% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.