MeritValue

Broadstone Net Lease, Inc.

BNLdata completeness 100%11 fiscal years on file

Data notes: no data for concept 'pretaxIncome'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$382.9M1$407.5M2$442.9M3$431.8M3$454.1M3
Net income$102.4M4$122.1M5$155.5M6$162.4M6$96.5M6
Operating cash flow$244.9M7$255.9M8$271.1M9$276.3M9$299.5M9
Capital expenditure$1.6M10$31.4M11$46.3M12$16.8M12$29.7M12
Free cash flow (derived)$243.3M7$224.5M8$224.8M9$259.5M9$269.8M9
Total debt$1.7B13$2.03B14$1.92B15$1.92B16$2.52B17
Cash & equivalents$21.7M18$21.8M19$19.5M19$14.8M19$30.5M19
Diluted shares164.0M180.2M196.3M196.6M197.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.0000051%
of the whole company
Your share of last year’s profit
$4.88
Your share of its debt
$127.69
Your share of free cash flow
$13.66
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$13.19
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth4.9%
  • fcfBase$259.5M
DCF · Growth Exit 5Y
$11.21
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth4.9%
  • fcfBase$259.5M
Earnings Power Value
$6.51
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$122.1M
  • growthAssumed0.0%
Graham Number
$12.85
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years4.9%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $11.21

Default growth 4.9%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-018725 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-024123 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001424182-26-000012 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-018725 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-024123 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001424182-26-000012 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-018725 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-024123 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001424182-26-000012 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-018725 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-024123 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001424182-26-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001193125-22-049969 (LongTermDebt)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-23-004115 (LongTermDebt)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-24-018725 (LongTermDebt)
  16. 10-K · period ending 2024-12-31 · accession 0000950170-25-024123 (LongTermDebt)
  17. 10-K · period ending 2025-12-31 · accession 0001424182-26-000012 (LongTermDebt)
  18. 10-K · period ending 2021-12-31 · accession 0000950170-25-024123 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2022-12-31 · accession 0001424182-26-000012 (CashAndCashEquivalentsAtCarryingValue)