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Side-by-side financial comparison of Broadstone Net Lease, Inc. (BNL) and Black Stone Minerals, L.P. (BSM). 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 $95.2M, roughly 1.2× Black Stone Minerals, L.P.). Black Stone Minerals, L.P. runs the higher net margin — 75.9% vs 28.0%, a 47.9% gap on every dollar of revenue. On growth, Broadstone Net Lease, Inc. posted the faster year-over-year revenue change (5.5% vs -8.7%). Over the past eight quarters, Broadstone Net Lease, Inc.'s revenue compounded faster (6.0% CAGR vs -9.7%).
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.
Black Stone Minerals, L.P., or Black Stone Minerals, is a Houston, Texas-based oil and natural gas corporation.
BNL vs BSM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $118.3M | $95.2M |
| Net Profit | $33.1M | $72.2M |
| Gross Margin | — | — |
| Operating Margin | — | 78.6% |
| Net Margin | 28.0% | 75.9% |
| Revenue YoY | 5.5% | -8.7% |
| Net Profit YoY | 25.5% | 55.8% |
| EPS (diluted) | $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.
| Q4 25 | $118.3M | $95.2M | ||
| Q3 25 | $114.2M | $105.2M | ||
| Q2 25 | $113.0M | $106.7M | ||
| Q1 25 | $108.7M | $115.3M | ||
| Q4 24 | $112.1M | $104.3M | ||
| Q3 24 | $108.4M | $103.2M | ||
| Q2 24 | $105.9M | $115.2M | ||
| Q1 24 | $105.4M | $116.8M |
| Q4 25 | $33.1M | $72.2M | ||
| Q3 25 | $26.5M | $91.7M | ||
| Q2 25 | $20.2M | $120.0M | ||
| Q1 25 | $16.7M | $15.9M | ||
| Q4 24 | $26.4M | $46.3M | ||
| Q3 24 | $35.6M | $92.7M | ||
| Q2 24 | $35.3M | $68.3M | ||
| Q1 24 | $65.1M | $63.9M |
| Q4 25 | — | 78.6% | ||
| Q3 25 | — | 89.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 14.9% | ||
| Q4 24 | — | 45.6% | ||
| Q3 24 | — | 90.2% | ||
| Q2 24 | — | 59.5% | ||
| Q1 24 | — | 54.8% |
| Q4 25 | 28.0% | 75.9% | ||
| Q3 25 | 23.2% | 87.2% | ||
| Q2 25 | 17.8% | 112.5% | ||
| Q1 25 | 15.4% | 13.8% | ||
| Q4 24 | 23.5% | 44.4% | ||
| Q3 24 | 32.8% | 89.9% | ||
| Q2 24 | 33.4% | 59.3% | ||
| Q1 24 | 61.8% | 54.7% |
| Q4 25 | $0.17 | — | ||
| Q3 25 | $0.14 | — | ||
| Q2 25 | $0.10 | — | ||
| Q1 25 | $0.09 | — | ||
| Q4 24 | $0.13 | — | ||
| Q3 24 | $0.19 | — | ||
| Q2 24 | $0.19 | — | ||
| Q1 24 | $0.35 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $30.5M | $1.5M |
| Total DebtLower is stronger | $2.5B | — |
| Stockholders' EquityBook value | $2.9B | — |
| Total Assets | $5.7B | $1.3B |
| Debt / EquityLower = less leverage | 0.87× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $30.5M | $1.5M | ||
| Q3 25 | $82.0M | $2.9M | ||
| Q2 25 | $20.8M | $2.5M | ||
| Q1 25 | $9.6M | $2.4M | ||
| Q4 24 | $14.8M | $2.5M | ||
| Q3 24 | $9.0M | $21.0M | ||
| Q2 24 | $18.3M | $26.7M | ||
| Q1 24 | $221.7M | $40.5M |
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $1.9B | — |
| Q4 25 | $2.9B | — | ||
| Q3 25 | $2.9B | — | ||
| Q2 25 | $2.9B | — | ||
| Q1 25 | $2.9B | — | ||
| Q4 24 | $3.0B | — | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $3.1B | — | ||
| Q1 24 | $3.1B | — |
| Q4 25 | $5.7B | $1.3B | ||
| Q3 25 | $5.5B | $1.3B | ||
| Q2 25 | $5.3B | $1.3B | ||
| Q1 25 | $5.2B | $1.2B | ||
| Q4 24 | $5.2B | $1.2B | ||
| Q3 24 | $5.3B | $1.2B | ||
| Q2 24 | $5.3B | $1.2B | ||
| Q1 24 | $5.3B | $1.2B |
| Q4 25 | 0.87× | — | ||
| Q3 25 | 0.82× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.68× | — | ||
| Q4 24 | 0.64× | — | ||
| Q3 24 | 0.65× | — | ||
| Q2 24 | 0.62× | — | ||
| Q1 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 | $65.1M |
| Free Cash FlowOCF − Capex | $269.8M | — |
| FCF MarginFCF / Revenue | 228.1% | — |
| Capex IntensityCapex / Revenue | 25.1% | — |
| Cash ConversionOCF / Net Profit | 9.04× | 0.90× |
| TTM Free Cash FlowTrailing 4 quarters | $461.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $299.5M | $65.1M | ||
| Q3 25 | $64.2M | $99.8M | ||
| Q2 25 | $79.3M | $80.5M | ||
| Q1 25 | $71.5M | $64.8M | ||
| Q4 24 | $276.3M | $91.0M | ||
| Q3 24 | $67.3M | $93.2M | ||
| Q2 24 | $74.2M | $100.4M | ||
| Q1 24 | $70.9M | $104.5M |
| Q4 25 | $269.8M | — | ||
| Q3 25 | $58.0M | — | ||
| Q2 25 | $76.7M | — | ||
| Q1 25 | $57.1M | — | ||
| Q4 24 | $259.5M | — | ||
| Q3 24 | $60.3M | — | ||
| Q2 24 | $74.0M | — | ||
| Q1 24 | $67.7M | — |
| Q4 25 | 228.1% | — | ||
| Q3 25 | 50.8% | — | ||
| Q2 25 | 67.9% | — | ||
| Q1 25 | 52.5% | — | ||
| Q4 24 | 231.4% | — | ||
| Q3 24 | 55.6% | — | ||
| Q2 24 | 69.9% | — | ||
| Q1 24 | 64.3% | — |
| Q4 25 | 25.1% | — | ||
| Q3 25 | 5.4% | — | ||
| Q2 25 | 2.3% | — | ||
| Q1 25 | 13.2% | — | ||
| Q4 24 | 15.0% | — | ||
| Q3 24 | 6.5% | — | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 3.0% | — |
| Q4 25 | 9.04× | 0.90× | ||
| Q3 25 | 2.43× | 1.09× | ||
| Q2 25 | 3.93× | 0.67× | ||
| Q1 25 | 4.27× | 4.07× | ||
| Q4 24 | 10.47× | 1.96× | ||
| Q3 24 | 1.89× | 1.01× | ||
| Q2 24 | 2.10× | 1.47× | ||
| Q1 24 | 1.09× | 1.63× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BNL
| Other | $66.9M | 57% |
| Two Thousand Twenty Four Atm Program | $51.4M | 43% |
BSM
| Oil Reserves | $46.4M | 49% |
| Natural Gas Reserves | $44.1M | 46% |
| Real Estate | $4.7M | 5% |
