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Side-by-side financial comparison of Broadstone Net Lease, Inc. (BNL) and Energy Recovery, Inc. (ERII). 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 $66.9M, roughly 1.8× Energy Recovery, Inc.). Energy Recovery, Inc. runs the higher net margin — 40.2% vs 38.2%, a 2.0% gap on every dollar of revenue. On growth, Broadstone Net Lease, Inc. posted the faster year-over-year revenue change (11.7% vs -0.3%). Over the past eight quarters, Energy Recovery, Inc.'s revenue compounded faster (8.1% CAGR vs 7.1%).
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.
Energy Recovery Inc. is an American manufacturer of energy recovery devices for water and CO2 refrigeration industries.
BNL vs ERII — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $121.4M | $66.9M |
| Net Profit | $46.4M | $26.9M |
| Gross Margin | — | 67.2% |
| Operating Margin | 52.2% | 46.8% |
| Net Margin | 38.2% | 40.2% |
| Revenue YoY | 11.7% | -0.3% |
| Net Profit YoY | — | 14.7% |
| EPS (diluted) | $0.24 | $0.49 |
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 | $66.9M | ||
| Q3 25 | $114.2M | $32.0M | ||
| Q2 25 | $113.0M | $28.1M | ||
| Q1 25 | $108.7M | — | ||
| Q4 24 | $112.1M | $67.1M | ||
| Q3 24 | $108.4M | $38.6M | ||
| Q2 24 | $105.9M | $27.2M |
| Q1 26 | $46.4M | — | ||
| Q4 25 | $33.1M | $26.9M | ||
| Q3 25 | $26.5M | $3.9M | ||
| Q2 25 | $20.2M | $2.1M | ||
| Q1 25 | $16.7M | — | ||
| Q4 24 | $26.4M | $23.5M | ||
| Q3 24 | $35.6M | $8.5M | ||
| Q2 24 | $35.3M | $-642.0K |
| Q1 26 | — | — | ||
| Q4 25 | — | 67.2% | ||
| Q3 25 | — | 64.2% | ||
| Q2 25 | — | 64.0% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 70.2% | ||
| Q3 24 | — | 65.1% | ||
| Q2 24 | — | 64.6% |
| Q1 26 | 52.2% | — | ||
| Q4 25 | — | 46.8% | ||
| Q3 25 | — | 11.4% | ||
| Q2 25 | — | 5.3% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 38.2% | ||
| Q3 24 | — | 18.3% | ||
| Q2 24 | — | -7.4% |
| Q1 26 | 38.2% | — | ||
| Q4 25 | 28.0% | 40.2% | ||
| Q3 25 | 23.2% | 12.1% | ||
| Q2 25 | 17.8% | 7.3% | ||
| Q1 25 | 15.4% | — | ||
| Q4 24 | 23.5% | 35.0% | ||
| Q3 24 | 32.8% | 22.0% | ||
| Q2 24 | 33.4% | -2.4% |
| Q1 26 | $0.24 | — | ||
| Q4 25 | $0.17 | $0.49 | ||
| Q3 25 | $0.14 | $0.07 | ||
| Q2 25 | $0.10 | $0.04 | ||
| Q1 25 | $0.09 | — | ||
| Q4 24 | $0.13 | $0.40 | ||
| Q3 24 | $0.19 | $0.15 | ||
| Q2 24 | $0.19 | $-0.01 |
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 | $75.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.0B | $206.2M |
| Total Assets | $5.8B | $231.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $20.3M | — | ||
| Q4 25 | $30.5M | $75.2M | ||
| Q3 25 | $82.0M | $70.4M | ||
| Q2 25 | $20.8M | $79.5M | ||
| Q1 25 | $9.6M | — | ||
| Q4 24 | $14.8M | $78.0M | ||
| Q3 24 | $9.0M | $118.6M | ||
| Q2 24 | $18.3M | $101.0M |
| 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 | $206.2M | ||
| Q3 25 | $2.9B | $180.8M | ||
| Q2 25 | $2.9B | $185.2M | ||
| Q1 25 | $2.9B | — | ||
| Q4 24 | $3.0B | $210.0M | ||
| Q3 24 | $3.0B | $233.9M | ||
| Q2 24 | $3.1B | $218.5M |
| Q1 26 | $5.8B | — | ||
| Q4 25 | $5.7B | $231.5M | ||
| Q3 25 | $5.5B | $209.6M | ||
| Q2 25 | $5.3B | $212.3M | ||
| Q1 25 | $5.2B | — | ||
| Q4 24 | $5.2B | $242.8M | ||
| Q3 24 | $5.3B | $262.7M | ||
| Q2 24 | $5.3B | $249.0M |
| 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 | — | $7.1M |
| Free Cash FlowOCF − Capex | — | $6.4M |
| FCF MarginFCF / Revenue | — | 9.6% |
| Capex IntensityCapex / Revenue | — | 1.0% |
| Cash ConversionOCF / Net Profit | — | 0.26× |
| TTM Free Cash FlowTrailing 4 quarters | — | $15.8M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $299.5M | $7.1M | ||
| Q3 25 | $64.2M | $-3.1M | ||
| Q2 25 | $79.3M | $4.1M | ||
| Q1 25 | $71.5M | — | ||
| Q4 24 | $276.3M | $9.0M | ||
| Q3 24 | $67.3M | $-3.0M | ||
| Q2 24 | $74.2M | $8.1M |
| Q1 26 | — | — | ||
| Q4 25 | $269.8M | $6.4M | ||
| Q3 25 | $58.0M | $-3.5M | ||
| Q2 25 | $76.7M | $4.0M | ||
| Q1 25 | $57.1M | — | ||
| Q4 24 | $259.5M | $8.9M | ||
| Q3 24 | $60.3M | $-3.2M | ||
| Q2 24 | $74.0M | $7.9M |
| Q1 26 | — | — | ||
| Q4 25 | 228.1% | 9.6% | ||
| Q3 25 | 50.8% | -10.9% | ||
| Q2 25 | 67.9% | 14.3% | ||
| Q1 25 | 52.5% | — | ||
| Q4 24 | 231.4% | 13.2% | ||
| Q3 24 | 55.6% | -8.2% | ||
| Q2 24 | 69.9% | 28.9% |
| Q1 26 | — | — | ||
| Q4 25 | 25.1% | 1.0% | ||
| Q3 25 | 5.4% | 1.1% | ||
| Q2 25 | 2.3% | 0.5% | ||
| Q1 25 | 13.2% | — | ||
| Q4 24 | 15.0% | 0.2% | ||
| Q3 24 | 6.5% | 0.4% | ||
| Q2 24 | 0.2% | 0.7% |
| Q1 26 | — | — | ||
| Q4 25 | 9.04× | 0.26× | ||
| Q3 25 | 2.43× | -0.81× | ||
| Q2 25 | 3.93× | 2.02× | ||
| Q1 25 | 4.27× | — | ||
| Q4 24 | 10.47× | 0.38× | ||
| Q3 24 | 1.89× | -0.35× | ||
| 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.
ERII
| Water Segment | $38.6M | 58% |
| Other | $11.0M | 16% |
| Original Equipment Manufacturer | $10.6M | 16% |
| Aftermarket | $6.6M | 10% |
