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Side-by-side financial comparison of Atlanta Braves Holdings, Inc. (BATRA) 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 ($121.4M vs $61.3M, roughly 2.0× Atlanta Braves Holdings, Inc.). Broadstone Net Lease, Inc. runs the higher net margin — 38.2% vs -67.6%, a 105.8% gap on every dollar of revenue. On growth, Atlanta Braves Holdings, Inc. posted the faster year-over-year revenue change (17.6% vs 11.7%). Over the past eight quarters, Broadstone Net Lease, Inc.'s revenue compounded faster (7.1% CAGR vs -52.5%).
Atlanta Braves Holdings, Inc. is a sports and entertainment holding company that owns and operates the Atlanta Braves MLB franchise. It also manages adjacent mixed-use real estate, live events, merchandise sales, and media operations, serving fans across the U.S. Southeast and global baseball audiences.
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.
BATRA vs BNL — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $61.3M | $121.4M |
| Net Profit | $-41.4M | $46.4M |
| Gross Margin | — | — |
| Operating Margin | -81.2% | 52.2% |
| Net Margin | -67.6% | 38.2% |
| Revenue YoY | 17.6% | 11.7% |
| Net Profit YoY | -116.7% | — |
| EPS (diluted) | $-0.64 | $0.24 |
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 | — | $121.4M | ||
| Q4 25 | $61.3M | $118.3M | ||
| Q3 25 | $311.5M | $114.2M | ||
| Q2 25 | $312.4M | $113.0M | ||
| Q1 25 | $47.2M | $108.7M | ||
| Q4 24 | $52.1M | $112.1M | ||
| Q3 24 | $290.7M | $108.4M | ||
| Q2 24 | $282.9M | $105.9M |
| Q1 26 | — | $46.4M | ||
| Q4 25 | $-41.4M | $33.1M | ||
| Q3 25 | $30.0M | $26.5M | ||
| Q2 25 | $29.5M | $20.2M | ||
| Q1 25 | $-41.4M | $16.7M | ||
| Q4 24 | $-19.1M | $26.4M | ||
| Q3 24 | $10.0M | $35.6M | ||
| Q2 24 | $29.1M | $35.3M |
| Q1 26 | — | 52.2% | ||
| Q4 25 | -81.2% | — | ||
| Q3 25 | 12.5% | — | ||
| Q2 25 | 13.4% | — | ||
| Q1 25 | -94.2% | — | ||
| Q4 24 | -35.8% | — | ||
| Q3 24 | 2.2% | — | ||
| Q2 24 | 8.8% | — |
| Q1 26 | — | 38.2% | ||
| Q4 25 | -67.6% | 28.0% | ||
| Q3 25 | 9.6% | 23.2% | ||
| Q2 25 | 9.4% | 17.8% | ||
| Q1 25 | -87.7% | 15.4% | ||
| Q4 24 | -36.7% | 23.5% | ||
| Q3 24 | 3.4% | 32.8% | ||
| Q2 24 | 10.3% | 33.4% |
| Q1 26 | — | $0.24 | ||
| Q4 25 | $-0.64 | $0.17 | ||
| Q3 25 | $0.47 | $0.14 | ||
| Q2 25 | $0.46 | $0.10 | ||
| Q1 25 | $-0.66 | $0.09 | ||
| Q4 24 | $-0.29 | $0.13 | ||
| Q3 24 | $0.16 | $0.19 | ||
| Q2 24 | $0.46 | $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 | $99.9M | $20.3M |
| Total DebtLower is stronger | $738.6M | — |
| Stockholders' EquityBook value | $526.0M | $3.0B |
| Total Assets | $1.6B | $5.8B |
| Debt / EquityLower = less leverage | 1.40× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $20.3M | ||
| Q4 25 | $99.9M | $30.5M | ||
| Q3 25 | $82.2M | $82.0M | ||
| Q2 25 | $96.2M | $20.8M | ||
| Q1 25 | $244.7M | $9.6M | ||
| Q4 24 | $110.1M | $14.8M | ||
| Q3 24 | $100.9M | $9.0M | ||
| Q2 24 | $121.2M | $18.3M |
| Q1 26 | — | — | ||
| Q4 25 | $738.6M | $2.5B | ||
| Q3 25 | $759.9M | $2.4B | ||
| Q2 25 | $703.1M | $2.1B | ||
| Q1 25 | $699.5M | $2.0B | ||
| Q4 24 | $617.1M | $1.9B | ||
| Q3 24 | $640.1M | $2.0B | ||
| Q2 24 | $600.0M | $1.9B |
| Q1 26 | — | $3.0B | ||
| Q4 25 | $526.0M | $2.9B | ||
| Q3 25 | $560.3M | $2.9B | ||
| Q2 25 | $522.8M | $2.9B | ||
| Q1 25 | $486.1M | $2.9B | ||
| Q4 24 | $524.2M | $3.0B | ||
| Q3 24 | $530.4M | $3.0B | ||
| Q2 24 | $512.7M | $3.1B |
| Q1 26 | — | $5.8B | ||
| Q4 25 | $1.6B | $5.7B | ||
| Q3 25 | $1.7B | $5.5B | ||
| Q2 25 | $1.7B | $5.3B | ||
| Q1 25 | $1.7B | $5.2B | ||
| Q4 24 | $1.5B | $5.2B | ||
| Q3 24 | $1.6B | $5.3B | ||
| Q2 24 | $1.6B | $5.3B |
| Q1 26 | — | — | ||
| Q4 25 | 1.40× | 0.87× | ||
| Q3 25 | 1.36× | 0.82× | ||
| Q2 25 | 1.34× | 0.73× | ||
| Q1 25 | 1.44× | 0.68× | ||
| Q4 24 | 1.18× | 0.64× | ||
| Q3 24 | 1.21× | 0.65× | ||
| Q2 24 | 1.17× | 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 | $26.4M | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 0.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $26.4M | $299.5M | ||
| Q3 25 | $-88.8M | $64.2M | ||
| Q2 25 | $-8.1M | $79.3M | ||
| Q1 25 | $95.8M | $71.5M | ||
| Q4 24 | $28.9M | $276.3M | ||
| Q3 24 | $-69.0M | $67.3M | ||
| Q2 24 | $-34.3M | $74.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $269.8M | ||
| Q3 25 | — | $58.0M | ||
| Q2 25 | $-82.3M | $76.7M | ||
| Q1 25 | $76.3M | $57.1M | ||
| Q4 24 | $16.8M | $259.5M | ||
| Q3 24 | $-85.5M | $60.3M | ||
| Q2 24 | $-64.1M | $74.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 228.1% | ||
| Q3 25 | — | 50.8% | ||
| Q2 25 | -26.3% | 67.9% | ||
| Q1 25 | 161.5% | 52.5% | ||
| Q4 24 | 32.3% | 231.4% | ||
| Q3 24 | -29.4% | 55.6% | ||
| Q2 24 | -22.7% | 69.9% |
| Q1 26 | — | — | ||
| Q4 25 | 0.0% | 25.1% | ||
| Q3 25 | 0.0% | 5.4% | ||
| Q2 25 | 23.7% | 2.3% | ||
| Q1 25 | 41.3% | 13.2% | ||
| Q4 24 | 23.2% | 15.0% | ||
| Q3 24 | 5.7% | 6.5% | ||
| Q2 24 | 10.5% | 0.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 9.04× | ||
| Q3 25 | -2.96× | 2.43× | ||
| Q2 25 | -0.28× | 3.93× | ||
| Q1 25 | — | 4.27× | ||
| Q4 24 | — | 10.47× | ||
| Q3 24 | -6.89× | 1.89× | ||
| Q2 24 | -1.18× | 2.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BATRA
| Baseball | $34.8M | 57% |
| Mixed Use Development Segment | $26.5M | 43% |
BNL
Segment breakdown not available.
