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Side-by-side financial comparison of Broadstone Net Lease, Inc. (BNL) and DULUTH HOLDINGS INC. (DLTH). 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 $114.9M, roughly 1.1× DULUTH HOLDINGS INC.). Broadstone Net Lease, Inc. runs the higher net margin — 38.2% vs -8.8%, a 47.0% gap on every dollar of revenue. On growth, Broadstone Net Lease, Inc. posted the faster year-over-year revenue change (11.7% vs -9.6%). Over the past eight quarters, Broadstone Net Lease, Inc.'s revenue compounded faster (7.1% CAGR vs -31.6%).
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.
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
BNL vs DLTH — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $121.4M | $114.9M |
| Net Profit | $46.4M | $-10.1M |
| Gross Margin | — | 53.8% |
| Operating Margin | 52.2% | -7.7% |
| Net Margin | 38.2% | -8.8% |
| Revenue YoY | 11.7% | -9.6% |
| Net Profit YoY | — | 64.6% |
| EPS (diluted) | $0.24 | $-0.29 |
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 | $118.3M | $114.9M | ||
| Q3 25 | $114.2M | $131.7M | ||
| Q2 25 | $113.0M | $102.7M | ||
| Q1 25 | $108.7M | $241.3M | ||
| Q4 24 | $112.1M | $127.1M | ||
| Q3 24 | $108.4M | $141.6M | ||
| Q2 24 | $105.9M | $116.7M |
| Q1 26 | $46.4M | — | ||
| Q4 25 | $33.1M | $-10.1M | ||
| Q3 25 | $26.5M | $1.3M | ||
| Q2 25 | $20.2M | $-15.3M | ||
| Q1 25 | $16.7M | $-5.6M | ||
| Q4 24 | $26.4M | $-28.2M | ||
| Q3 24 | $35.6M | $-2.0M | ||
| Q2 24 | $35.3M | $-7.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | 53.8% | ||
| Q3 25 | — | 54.7% | ||
| Q2 25 | — | 52.0% | ||
| Q1 25 | — | 44.1% | ||
| Q4 24 | — | 52.3% | ||
| Q3 24 | — | 52.3% | ||
| Q2 24 | — | 52.8% |
| Q1 26 | 52.2% | — | ||
| Q4 25 | — | -7.7% | ||
| Q3 25 | — | 1.8% | ||
| Q2 25 | — | -12.0% | ||
| Q1 25 | — | -1.8% | ||
| Q4 24 | — | -17.4% | ||
| Q3 24 | — | -1.1% | ||
| Q2 24 | — | -7.7% |
| Q1 26 | 38.2% | — | ||
| Q4 25 | 28.0% | -8.8% | ||
| Q3 25 | 23.2% | 1.0% | ||
| Q2 25 | 17.8% | -14.9% | ||
| Q1 25 | 15.4% | -2.3% | ||
| Q4 24 | 23.5% | -22.2% | ||
| Q3 24 | 32.8% | -1.4% | ||
| Q2 24 | 33.4% | -6.7% |
| Q1 26 | $0.24 | — | ||
| Q4 25 | $0.17 | $-0.29 | ||
| Q3 25 | $0.14 | $0.04 | ||
| Q2 25 | $0.10 | $-0.45 | ||
| Q1 25 | $0.09 | $-0.17 | ||
| Q4 24 | $0.13 | $-0.84 | ||
| Q3 24 | $0.19 | $-0.06 | ||
| Q2 24 | $0.19 | $-0.24 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $20.3M | $8.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.0B | $160.6M |
| Total Assets | $5.8B | $468.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $20.3M | — | ||
| Q4 25 | $30.5M | $8.2M | ||
| Q3 25 | $82.0M | $5.7M | ||
| Q2 25 | $20.8M | $8.6M | ||
| Q1 25 | $9.6M | $3.3M | ||
| Q4 24 | $14.8M | $9.3M | ||
| Q3 24 | $9.0M | $9.8M | ||
| Q2 24 | $18.3M | $6.8M |
| Q1 26 | — | — | ||
| 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 26 | $3.0B | — | ||
| Q4 25 | $2.9B | $160.6M | ||
| Q3 25 | $2.9B | $170.0M | ||
| Q2 25 | $2.9B | $167.9M | ||
| Q1 25 | $2.9B | $182.7M | ||
| Q4 24 | $3.0B | $188.1M | ||
| Q3 24 | $3.0B | $215.7M | ||
| Q2 24 | $3.1B | $218.4M |
| Q1 26 | $5.8B | — | ||
| Q4 25 | $5.7B | $468.0M | ||
| Q3 25 | $5.5B | $433.8M | ||
| Q2 25 | $5.3B | $463.7M | ||
| Q1 25 | $5.2B | $452.4M | ||
| Q4 24 | $5.2B | $533.1M | ||
| Q3 24 | $5.3B | $488.6M | ||
| Q2 24 | $5.3B | $471.4M |
| Q1 26 | — | — | ||
| 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× | — |
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 | — | $-6.7M |
| Free Cash FlowOCF − Capex | — | $-8.9M |
| FCF MarginFCF / Revenue | — | -7.8% |
| Capex IntensityCapex / Revenue | — | 2.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $299.5M | $-6.7M | ||
| Q3 25 | $64.2M | $32.0M | ||
| Q2 25 | $79.3M | $-56.5M | ||
| Q1 25 | $71.5M | $41.2M | ||
| Q4 24 | $276.3M | $-41.1M | ||
| Q3 24 | $67.3M | $16.6M | ||
| Q2 24 | $74.2M | $-33.7M |
| Q1 26 | — | — | ||
| Q4 25 | $269.8M | $-8.9M | ||
| Q3 25 | $58.0M | $29.8M | ||
| Q2 25 | $76.7M | $-57.8M | ||
| Q1 25 | $57.1M | $38.7M | ||
| Q4 24 | $259.5M | $-43.7M | ||
| Q3 24 | $60.3M | $15.0M | ||
| Q2 24 | $74.0M | $-35.2M |
| Q1 26 | — | — | ||
| Q4 25 | 228.1% | -7.8% | ||
| Q3 25 | 50.8% | 22.6% | ||
| Q2 25 | 67.9% | -56.3% | ||
| Q1 25 | 52.5% | 16.0% | ||
| Q4 24 | 231.4% | -34.4% | ||
| Q3 24 | 55.6% | 10.6% | ||
| Q2 24 | 69.9% | -30.2% |
| Q1 26 | — | — | ||
| Q4 25 | 25.1% | 2.0% | ||
| Q3 25 | 5.4% | 1.7% | ||
| Q2 25 | 2.3% | 1.3% | ||
| Q1 25 | 13.2% | 1.0% | ||
| Q4 24 | 15.0% | 2.1% | ||
| Q3 24 | 6.5% | 1.2% | ||
| Q2 24 | 0.2% | 1.3% |
| Q1 26 | — | — | ||
| Q4 25 | 9.04× | — | ||
| Q3 25 | 2.43× | 25.40× | ||
| Q2 25 | 3.93× | — | ||
| Q1 25 | 4.27× | — | ||
| Q4 24 | 10.47× | — | ||
| Q3 24 | 1.89× | — | ||
| Q2 24 | 2.10× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BNL
Segment breakdown not available.
DLTH
| Sales Channel Directly To Consumer | $67.4M | 59% |
| Sales Channel Through Intermediary | $47.4M | 41% |
