Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Broadstone Net Lease's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 0.00%.
The historical rank and industry rank for Broadstone Net Lease's ROC (Joel Greenblatt) % or its related term are showing as below:
During the past 11 years, Broadstone Net Lease's highest ROC (Joel Greenblatt) % was 2171.99%. The lowest was 619.92%. And the median was 1130.83%.
BNL's ROC (Joel Greenblatt) % is not ranked *
in the REITs industry.
Industry Median: 176.06 * Ranked among companies with meaningful ROC (Joel Greenblatt) % only.
Broadstone Net Lease's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.
Broadstone Net Lease (NYSE:BNL) ROC (Joel Greenblatt) % Explanation
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
Broadstone Net Lease ROC (Joel Greenblatt) % Related Terms
Broadstone Net Lease ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for Broadstone Net Lease's ROC (Joel Greenblatt) % 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 ROC (Joel Greenblatt) % Chart
BNL vs GNL, AAT, SAFE: ROC (Joel Greenblatt) % Comparison
For the REIT - Diversified subindustry, Broadstone Net Lease's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % 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 ROC (Joel Greenblatt) % vs REITs Industry
For the REITs industry and Real Estate sector, Broadstone Net Lease's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Broadstone Net Lease's ROC (Joel Greenblatt) % falls into.
Broadstone Net Lease ROC (Joel Greenblatt) % Calculation
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.
* 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 ROC (Joel Greenblatt) % of 0.00% mean?
Broadstone Net Lease (BNL) has a ROC (Joel Greenblatt) % of 0.00% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Broadstone Net Lease and its competitors. Over the past decade, Broadstone Net Lease's ROC (Joel Greenblatt) % has ranged from 619.92 to 2,171.99. According to the industry distribution chart, Broadstone Net Lease ranks #999999 out of 586 companies in the REITs industry.
Is Broadstone Net Lease's ROC (Joel Greenblatt) % too high?
Broadstone Net Lease's current ROC (Joel Greenblatt) % is 0.00%. Over the past 10 years, this metric has ranged from a low of 619.92 to a high of 2,171.99. Based on the distribution chart, Broadstone Net Lease ranks #999999 out of 586 companies in the REITs industry, which is in the bottom quartile relative to peers. Overall, Broadstone Net Lease has a GF Score™ of 78/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Broadstone Net Lease's ROC (Joel Greenblatt) % compare to GNL and AAT?
According to the REITs industry distribution chart, Broadstone Net Lease ranks #999999 out of 586 companies for ROC (Joel Greenblatt) %. This places Broadstone Net Lease in the lower half of its industry. The industry median ROC (Joel Greenblatt) % is 176.06. Historically, Broadstone Net Lease's own ROC (Joel Greenblatt) % has ranged from 619.92 to 2,171.99 over the past decade. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good ROC (Joel Greenblatt) % for a REITs company?
The median ROC (Joel Greenblatt) % among REITs companies is 176.06, based on 586 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Broadstone Net Lease and its competitors. For the REITs industry, the median ROC (Joel Greenblatt) % is 176.06 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Broadstone Net Lease's current ROC (Joel Greenblatt) % is 0.00%. 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 $17.71, compared to a current price of $21.83 — trading 23.3% above its estimated fair value. The current ROC (Joel Greenblatt) % is 0.00%. Broadstone Net Lease's overall GF Score™ is 78/100 with 9 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Broadstone Net Lease (BNL), the current ROC (Joel Greenblatt) % is 0.00% as of Mar. 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 $21.83 is trading 23.3% above its estimated GF Value™ of $17.71.
GuruFocus considers Broadstone Net Lease to be Modestly Overvalued.
Key valuation signals for BNL:
ROC (Joel Greenblatt) %: 0.00%
GF Value™: $17.71 vs. price of $21.83 (23.3% above fair value)
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.
78GF Score
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