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Side-by-side financial comparison of American Assets Trust, Inc. (AAT) and Broadstone Net Lease, Inc. (BNL). Click either name above to swap in a different company.
Broadstone Net Lease, Inc. is the larger business by last-quarter revenue ($118.3M vs $110.6M, roughly 1.1× American Assets Trust, Inc.). Broadstone Net Lease, Inc. runs the higher net margin — 28.0% vs 6.1%, a 21.9% gap on every dollar of revenue. On growth, Broadstone Net Lease, Inc. posted the faster year-over-year revenue change (5.5% vs 1.8%). Over the past eight quarters, Broadstone Net Lease, Inc.'s revenue compounded faster (6.0% CAGR vs -0.1%).
Personal Assets Trust is a large British investment trust. The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. The chairman is Iain Ferguson CBE.
Broadstone Net Lease, Inc. is a real estate investment trust (REIT) that acquires, owns, and manages a diversified portfolio of single-tenant commercial real estate assets across the United States. Its portfolio covers key segments including industrial facilities, healthcare properties, retail locations, and office spaces, all leased to tenants under long-term net lease agreements.
AAT vs BNL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $110.6M | $118.3M |
| Net Profit | $6.7M | $33.1M |
| Gross Margin | — | — |
| Operating Margin | 23.4% | — |
| Net Margin | 6.1% | 28.0% |
| Revenue YoY | 1.8% | 5.5% |
| Net Profit YoY | -16.3% | 25.5% |
| EPS (diluted) | $0.08 | $0.17 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $110.6M | — | ||
| Q4 25 | $110.1M | $118.3M | ||
| Q3 25 | $109.6M | $114.2M | ||
| Q2 25 | $107.9M | $113.0M | ||
| Q1 25 | $108.6M | $108.7M | ||
| Q4 24 | $113.5M | $112.1M | ||
| Q3 24 | $122.8M | $108.4M | ||
| Q2 24 | $110.9M | $105.9M |
| Q1 26 | $6.7M | — | ||
| Q4 25 | — | $33.1M | ||
| Q3 25 | $4.5M | $26.5M | ||
| Q2 25 | $5.5M | $20.2M | ||
| Q1 25 | $42.5M | $16.7M | ||
| Q4 24 | — | $26.4M | ||
| Q3 24 | $16.7M | $35.6M | ||
| Q2 24 | $11.9M | $35.3M |
| Q1 26 | — | — | ||
| Q4 25 | 59.4% | — | ||
| Q3 25 | 60.5% | — | ||
| Q2 25 | 62.6% | — | ||
| Q1 25 | 62.0% | — | ||
| Q4 24 | 61.3% | — | ||
| Q3 24 | 65.5% | — | ||
| Q2 24 | 63.6% | — |
| Q1 26 | 23.4% | — | ||
| Q4 25 | 21.1% | — | ||
| Q3 25 | 22.6% | — | ||
| Q2 25 | 24.1% | — | ||
| Q1 25 | 66.3% | — | ||
| Q4 24 | 26.5% | — | ||
| Q3 24 | 30.8% | — | ||
| Q2 24 | 27.8% | — |
| Q1 26 | 6.1% | — | ||
| Q4 25 | — | 28.0% | ||
| Q3 25 | 4.1% | 23.2% | ||
| Q2 25 | 5.1% | 17.8% | ||
| Q1 25 | 39.2% | 15.4% | ||
| Q4 24 | — | 23.5% | ||
| Q3 24 | 13.6% | 32.8% | ||
| Q2 24 | 10.7% | 33.4% |
| Q1 26 | $0.08 | — | ||
| Q4 25 | $0.06 | $0.17 | ||
| Q3 25 | $0.07 | $0.14 | ||
| Q2 25 | $0.09 | $0.10 | ||
| Q1 25 | $0.70 | $0.09 | ||
| Q4 24 | $0.14 | $0.13 | ||
| Q3 24 | $0.28 | $0.19 | ||
| Q2 24 | $0.20 | $0.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $118.3M | $30.5M |
| Total DebtLower is stronger | — | $2.5B |
| Stockholders' EquityBook value | $1.1B | $2.9B |
| Total Assets | $2.9B | $5.7B |
| Debt / EquityLower = less leverage | — | 0.87× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $118.3M | — | ||
| Q4 25 | $129.4M | $30.5M | ||
| Q3 25 | $138.7M | $82.0M | ||
| Q2 25 | $143.7M | $20.8M | ||
| Q1 25 | $143.9M | $9.6M | ||
| Q4 24 | $425.7M | $14.8M | ||
| Q3 24 | $533.0M | $9.0M | ||
| Q2 24 | $114.9M | $18.3M |
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $2.5B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | $2.0B | $1.9B | ||
| Q3 24 | — | $2.0B | ||
| Q2 24 | — | $1.9B |
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.2B | $2.9B | ||
| Q3 25 | $1.2B | $2.9B | ||
| Q2 25 | $1.2B | $2.9B | ||
| Q1 25 | $1.2B | $2.9B | ||
| Q4 24 | $1.2B | $3.0B | ||
| Q3 24 | $1.2B | $3.0B | ||
| Q2 24 | $1.2B | $3.1B |
| Q1 26 | $2.9B | — | ||
| Q4 25 | $2.9B | $5.7B | ||
| Q3 25 | $2.9B | $5.5B | ||
| Q2 25 | $3.0B | $5.3B | ||
| Q1 25 | $3.0B | $5.2B | ||
| Q4 24 | $3.3B | $5.2B | ||
| Q3 24 | $3.4B | $5.3B | ||
| Q2 24 | $3.0B | $5.3B |
| Q1 26 | — | — | ||
| Q4 25 | 1.48× | 0.87× | ||
| Q3 25 | — | 0.82× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.68× | ||
| Q4 24 | 1.72× | 0.64× | ||
| Q3 24 | — | 0.65× | ||
| Q2 24 | — | 0.62× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $299.5M |
| Free Cash FlowOCF − Capex | — | $269.8M |
| FCF MarginFCF / Revenue | — | 228.1% |
| Capex IntensityCapex / Revenue | 14.5% | 25.1% |
| Cash ConversionOCF / Net Profit | — | 9.04× |
| TTM Free Cash FlowTrailing 4 quarters | — | $461.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $167.1M | $299.5M | ||
| Q3 25 | $40.5M | $64.2M | ||
| Q2 25 | $49.2M | $79.3M | ||
| Q1 25 | $36.9M | $71.5M | ||
| Q4 24 | $207.1M | $276.3M | ||
| Q3 24 | $52.4M | $67.3M | ||
| Q2 24 | $59.3M | $74.2M |
| Q1 26 | — | — | ||
| Q4 25 | $94.9M | $269.8M | ||
| Q3 25 | $23.1M | $58.0M | ||
| Q2 25 | $28.4M | $76.7M | ||
| Q1 25 | $20.4M | $57.1M | ||
| Q4 24 | $136.9M | $259.5M | ||
| Q3 24 | $28.0M | $60.3M | ||
| Q2 24 | $43.6M | $74.0M |
| Q1 26 | — | — | ||
| Q4 25 | 86.2% | 228.1% | ||
| Q3 25 | 21.1% | 50.8% | ||
| Q2 25 | 26.3% | 67.9% | ||
| Q1 25 | 18.8% | 52.5% | ||
| Q4 24 | 120.7% | 231.4% | ||
| Q3 24 | 22.8% | 55.6% | ||
| Q2 24 | 39.3% | 69.9% |
| Q1 26 | 14.5% | — | ||
| Q4 25 | 65.6% | 25.1% | ||
| Q3 25 | 15.9% | 5.4% | ||
| Q2 25 | 19.3% | 2.3% | ||
| Q1 25 | 15.1% | 13.2% | ||
| Q4 24 | 61.9% | 15.0% | ||
| Q3 24 | 19.9% | 6.5% | ||
| Q2 24 | 14.1% | 0.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 9.04× | ||
| Q3 25 | 8.98× | 2.43× | ||
| Q2 25 | 9.01× | 3.93× | ||
| Q1 25 | 0.87× | 4.27× | ||
| Q4 24 | — | 10.47× | ||
| Q3 24 | 3.15× | 1.89× | ||
| Q2 24 | 4.98× | 2.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AAT
| Rental income | $104.4M | 94% |
| Other | $6.2M | 6% |
BNL
| Other | $66.9M | 57% |
| Two Thousand Twenty Four Atm Program | $51.4M | 43% |
