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Broadstone Net LeaseBNL -1.31%76 Owner Earnings per Share (TTM) is 1.40 as of Jun. 2026, which is 89% below its 10-year median of 13.29. GuruFocus rates BNL with a GF Scoreâ„¢ of 76/100 and a GF Valueâ„¢ of $18.27 (Modestly Overvalued). The stock has 9 warning signs investors should review. Among 338 REITs companies, Broadstone Net Lease ranks worse than 52.66% on this metric.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
Broadstone Net Lease's Owner Earnings per Share (TTM) ended in Jun. 2026 was $1.40. It's Price-to-Owner-Earnings ratio for today is 14.75.
The historical rank and industry rank for Broadstone Net Lease's Owner Earnings per Share (TTM) or its related term are showing as below:
BNL'
s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 8.47 Med: 13.29 Max: 22.78
Current: 14.76
Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.
Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.
Broadstone Net Lease Owner Earnings per Share (TTM) Related Terms
Broadstone Net Lease Owner Earnings per Share (TTM) Historical Data
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The historical data trend for Broadstone Net Lease's Owner Earnings per Share (TTM) can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Broadstone Net Lease Owner Earnings per Share (TTM) Chart
BNL vs GNL, AAT, SAFE: Owner Earnings per Share (TTM) Comparison
For the REIT - Diversified subindustry, Broadstone Net Lease's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Broadstone Net Lease Price-to-Owner-Earnings vs REITs Industry
For the REITs industry and Real Estate sector, Broadstone Net Lease's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where Broadstone Net Lease's Price-to-Owner-Earnings falls into.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income.
Broadstone Net Lease's Change In Deferred Tax for the trailing twelve months (TTM) ended in Jun. 2026 was $0.0 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $27.4 Mil
It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.
The following shows how to get maintenance capital expenditure.
First, calculate the revenue change regarding to the previous quarter. If the revenue decreased from the previous quarter, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous quarter, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.
Broadstone Net Lease's 5-Year Average Maintenance Capital Expenditure = $27.4 Mil
5. "Change In Working Capital" is from cashflow statement. Broadstone Net Lease's Change In Working Capital for the trailing twelve months (TTM) ended in Jun. 2026 was $-6.6 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Owner Earnings per Share (TTM) of 1.40 mean?
Broadstone Net Lease (BNL) has a Owner Earnings per Share (TTM) of 1.40 as of Jun. 2026. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Broadstone Net Lease. This is 89% below median its historical median of 13.29. Over the past decade, Broadstone Net Lease's Owner Earnings per Share (TTM) has ranged from 8.47 to 22.78. According to the industry distribution chart, Broadstone Net Lease ranks #178 out of 338 companies in the REITs industry, placing it in the top 52.7%.
Is Broadstone Net Lease's Owner Earnings per Share (TTM) too high?
Broadstone Net Lease's current Owner Earnings per Share (TTM) of 1.40 is 89% below median its 10-year median of 13.29. Over the past 10 years, this metric has ranged from a low of 8.47 to a high of 22.78. The REITs industry median Owner Earnings per Share (TTM) is 14.38. Broadstone Net Lease's value of 1.40 is 90.3% below this industry median. Based on the distribution chart, Broadstone Net Lease ranks #178 out of 338 companies in the REITs industry, which is below the industry midpoint. Overall, Broadstone Net Lease has a GF Scoreâ„¢ of 76/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Broadstone Net Lease's Owner Earnings per Share (TTM) compare to GNL and AAT?
According to the REITs industry distribution chart, Broadstone Net Lease ranks #178 out of 338 companies for Owner Earnings per Share (TTM). This places Broadstone Net Lease in the lower half of its industry. The industry median Owner Earnings per Share (TTM) is 14.38. Broadstone Net Lease's value of 1.40 is 90.3% below this benchmark. Historically, Broadstone Net Lease's own Owner Earnings per Share (TTM) has ranged from 8.47 to 22.78 over the past decade. While the company's 10-year median is 13.29 vs. the industry median of 14.38, Broadstone Net Lease has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Owner Earnings per Share (TTM) for a REITs company?
The median Owner Earnings per Share (TTM) among REITs companies is 14.38, based on 338 companies in the industry. Companies in the top quartile (top 25%) have a Owner Earnings per Share (TTM) significantly above this median, while those in the bottom quartile fall well below. However, Owner Earnings per Share (TTM) should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Broadstone Net Lease's current Owner Earnings per Share (TTM) of 1.40 is 90.3% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Owner Earnings per Share (TTM) mean?
A high Owner Earnings per Share (TTM) can signal that a stock is expensive relative to its fundamentals. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Broadstone Net Lease. For the REITs industry, the median Owner Earnings per Share (TTM) is 14.38 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Broadstone Net Lease's current Owner Earnings per Share (TTM) is 1.40, which is 89% below median its own 10-year median of 13.29. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Broadstone Net Lease stock overvalued right now?
Based on GuruFocus' analysis, Broadstone Net Lease (BNL) is currently considered Modestly Overvalued. The stock's GF Value™ is $18.27, compared to a current price of $20.66 — trading 13.1% above its estimated fair value. The current Owner Earnings per Share (TTM) is 1.40, which is 89% below median its 10-year median of 13.29 and 90.3% below the REITs industry median of 14.38. Broadstone Net Lease's overall GF Score™ is 76/100 with 9 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Owner Earnings per Share (TTM) calculated?
Owner Earnings per Share (TTM) is calculated from a company's financial statements. For Broadstone Net Lease (BNL), the current Owner Earnings per Share (TTM) is 1.40 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Broadstone Net Lease (BNL) Overvalued in 2026?
Based on GuruFocus' analysis, Broadstone Net Lease stock appears to be overvalued.
The current stock price of $20.66 is trading 13.1% above its estimated GF Value™ of $18.27.
GuruFocus considers Broadstone Net Lease to be Modestly Overvalued.
Key valuation signals for BNL:
Owner Earnings per Share (TTM): 1.40 (89% below median its 10-year median of 13.29)
GF Value™: $18.27 vs. price of $20.66 (13.1% above fair value)
Industry Position: 90.3% below the REITs median (#178 of 338)
No single metric tells the full story. See the BNL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Broadstone Net Lease Inc is an internally managed real estate investment trust that invests in, owns, and manages single-tenant commercial real estate properties that are net leased on a long-term basis to a diversified group of tenants. The company has selectively invested in net leased assets in the industrial, healthcare, restaurant, retail, and office property types. The company focuses on investing in real estate that is operated by creditworthy single tenants in industries characterized by positive business drivers and trends. The company targets properties that are an integral part of the tenants' businesses and are therefore opportunities to secure long-term net leases.
76GF Score
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Owner Earnings per Share (TTM) is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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