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Side-by-side financial comparison of Broadstone Net Lease, Inc. (BNL) and Emerald Holding, Inc. (EEX). Click either name above to swap in a different company.
Emerald Holding, Inc. is the larger business by last-quarter revenue ($132.7M vs $118.3M, roughly 1.1× Broadstone Net Lease, Inc.). Broadstone Net Lease, Inc. runs the higher net margin — 28.0% vs -22.8%, a 50.8% gap on every dollar of revenue. On growth, Emerald Holding, Inc. posted the faster year-over-year revenue change (24.3% vs 5.5%). Broadstone Net Lease, Inc. produced more free cash flow last quarter ($269.8M vs $11.7M). Over the past eight quarters, Broadstone Net Lease, Inc.'s revenue compounded faster (6.0% CAGR vs -0.3%).
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.
TVS Emerald Haven Realty Limited is an Indian real estate development company headquartered in Chennai, Tamil Nadu. A subsidiary of TVS Holdings, it specializes in sustainable residential communities and urban development projects.
BNL vs EEX — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $118.3M | $132.7M |
| Net Profit | $33.1M | $-30.2M |
| Gross Margin | — | — |
| Operating Margin | — | -11.8% |
| Net Margin | 28.0% | -22.8% |
| Revenue YoY | 5.5% | 24.3% |
| Net Profit YoY | 25.5% | -692.2% |
| EPS (diluted) | $0.17 | $-0.15 |
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 | $132.7M | ||
| Q3 25 | $114.2M | $77.5M | ||
| Q2 25 | $113.0M | $105.5M | ||
| Q1 25 | $108.7M | $147.7M | ||
| Q4 24 | $112.1M | $106.8M | ||
| Q3 24 | $108.4M | $72.6M | ||
| Q2 24 | $105.9M | $86.0M | ||
| Q1 24 | $105.4M | $133.4M |
| Q4 25 | $33.1M | $-30.2M | ||
| Q3 25 | $26.5M | $-14.4M | ||
| Q2 25 | $20.2M | $-1.4M | ||
| Q1 25 | $16.7M | $15.3M | ||
| Q4 24 | $26.4M | $5.1M | ||
| Q3 24 | $35.6M | $-11.1M | ||
| Q2 24 | $35.3M | $-2.8M | ||
| Q1 24 | $65.1M | $11.0M |
| Q4 25 | — | -11.8% | ||
| Q3 25 | — | -10.1% | ||
| Q2 25 | — | 9.7% | ||
| Q1 25 | — | 24.2% | ||
| Q4 24 | — | 19.5% | ||
| Q3 24 | — | -6.5% | ||
| Q2 24 | — | 7.4% | ||
| Q1 24 | — | 18.2% |
| Q4 25 | 28.0% | -22.8% | ||
| Q3 25 | 23.2% | -18.6% | ||
| Q2 25 | 17.8% | -1.3% | ||
| Q1 25 | 15.4% | 10.4% | ||
| Q4 24 | 23.5% | 4.8% | ||
| Q3 24 | 32.8% | -15.3% | ||
| Q2 24 | 33.4% | -3.3% | ||
| Q1 24 | 61.8% | 8.2% |
| Q4 25 | $0.17 | $-0.15 | ||
| Q3 25 | $0.14 | $-0.07 | ||
| Q2 25 | $0.10 | $-0.01 | ||
| Q1 25 | $0.09 | $0.08 | ||
| Q4 24 | $0.13 | $0.01 | ||
| Q3 24 | $0.19 | $-0.05 | ||
| Q2 24 | $0.19 | $-0.03 | ||
| Q1 24 | $0.35 | $0.00 |
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 | $100.9M |
| Total DebtLower is stronger | $2.5B | — |
| Stockholders' EquityBook value | $2.9B | $338.8M |
| Total Assets | $5.7B | $1.2B |
| Debt / EquityLower = less leverage | 0.87× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $30.5M | $100.9M | ||
| Q3 25 | $82.0M | $95.4M | ||
| Q2 25 | $20.8M | $156.4M | ||
| Q1 25 | $9.6M | $276.8M | ||
| Q4 24 | $14.8M | $194.8M | ||
| Q3 24 | $9.0M | $188.9M | ||
| Q2 24 | $18.3M | $193.2M | ||
| Q1 24 | $221.7M | $186.8M |
| 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 | $338.8M | ||
| Q3 25 | $2.9B | $369.5M | ||
| Q2 25 | $2.9B | $389.4M | ||
| Q1 25 | $2.9B | $392.1M | ||
| Q4 24 | $3.0B | $385.9M | ||
| Q3 24 | $3.0B | $391.1M | ||
| Q2 24 | $3.1B | $407.6M | ||
| Q1 24 | $3.1B | $-90.7M |
| Q4 25 | $5.7B | $1.2B | ||
| Q3 25 | $5.5B | $1.2B | ||
| Q2 25 | $5.3B | $1.2B | ||
| Q1 25 | $5.2B | $1.2B | ||
| Q4 24 | $5.2B | $1.0B | ||
| Q3 24 | $5.3B | $1.1B | ||
| Q2 24 | $5.3B | $1.1B | ||
| Q1 24 | $5.3B | $1.1B |
| 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 | $12.3M |
| Free Cash FlowOCF − Capex | $269.8M | $11.7M |
| FCF MarginFCF / Revenue | 228.1% | 8.8% |
| Capex IntensityCapex / Revenue | 25.1% | 0.5% |
| Cash ConversionOCF / Net Profit | 9.04× | — |
| TTM Free Cash FlowTrailing 4 quarters | $461.6M | $41.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $299.5M | $12.3M | ||
| Q3 25 | $64.2M | $1.8M | ||
| Q2 25 | $79.3M | $15.9M | ||
| Q1 25 | $71.5M | $12.6M | ||
| Q4 24 | $276.3M | $20.6M | ||
| Q3 24 | $67.3M | $9.1M | ||
| Q2 24 | $74.2M | $9.8M | ||
| Q1 24 | $70.9M | $7.3M |
| Q4 25 | $269.8M | $11.7M | ||
| Q3 25 | $58.0M | $1.5M | ||
| Q2 25 | $76.7M | $15.8M | ||
| Q1 25 | $57.1M | $12.4M | ||
| Q4 24 | $259.5M | $19.9M | ||
| Q3 24 | $60.3M | $9.0M | ||
| Q2 24 | $74.0M | $9.6M | ||
| Q1 24 | $67.7M | $7.0M |
| Q4 25 | 228.1% | 8.8% | ||
| Q3 25 | 50.8% | 1.9% | ||
| Q2 25 | 67.9% | 15.0% | ||
| Q1 25 | 52.5% | 8.4% | ||
| Q4 24 | 231.4% | 18.6% | ||
| Q3 24 | 55.6% | 12.4% | ||
| Q2 24 | 69.9% | 11.2% | ||
| Q1 24 | 64.3% | 5.2% |
| Q4 25 | 25.1% | 0.5% | ||
| Q3 25 | 5.4% | 0.4% | ||
| Q2 25 | 2.3% | 0.1% | ||
| Q1 25 | 13.2% | 0.1% | ||
| Q4 24 | 15.0% | 0.7% | ||
| Q3 24 | 6.5% | 0.1% | ||
| Q2 24 | 0.2% | 0.2% | ||
| Q1 24 | 3.0% | 0.2% |
| Q4 25 | 9.04× | — | ||
| Q3 25 | 2.43× | — | ||
| Q2 25 | 3.93× | — | ||
| Q1 25 | 4.27× | 0.82× | ||
| Q4 24 | 10.47× | 4.04× | ||
| Q3 24 | 1.89× | — | ||
| Q2 24 | 2.10× | — | ||
| Q1 24 | 1.09× | 0.66× |
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% |
EEX
| Connections Segment | $121.9M | 92% |
| Commerce Segment | $5.5M | 4% |
| Content | $5.3M | 4% |
