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Side-by-side financial comparison of Broadstone Net Lease, Inc. (BNL) and Mayville Engineering Company, Inc. (MEC). Click either name above to swap in a different company.
Mayville Engineering Company, Inc. is the larger business by last-quarter revenue ($134.3M vs $121.4M, roughly 1.1× Broadstone Net Lease, Inc.). Broadstone Net Lease, Inc. runs the higher net margin — 38.2% vs -3.2%, a 41.5% gap on every dollar of revenue. On growth, Broadstone Net Lease, Inc. posted the faster year-over-year revenue change (11.7% vs 10.7%). Over the past eight quarters, Broadstone Net Lease, Inc.'s revenue compounded faster (7.1% CAGR vs -8.8%).
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.
Mayville Engineering Company, Inc. is a U.S.-headquartered leading manufacturer of metal components, fabricated assemblies, and custom engineered solutions. It serves OEM clients across agriculture, construction, transportation, defense, and power sports markets, offering end-to-end services from prototyping to high-volume production for North America.
BNL vs MEC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $121.4M | $134.3M |
| Net Profit | $46.4M | $-4.4M |
| Gross Margin | — | 6.8% |
| Operating Margin | 52.2% | -4.1% |
| Net Margin | 38.2% | -3.2% |
| Revenue YoY | 11.7% | 10.7% |
| Net Profit YoY | — | -127.3% |
| EPS (diluted) | $0.24 | $-0.22 |
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 | $134.3M | ||
| Q3 25 | $114.2M | $144.3M | ||
| Q2 25 | $113.0M | $132.3M | ||
| Q1 25 | $108.7M | $135.6M | ||
| Q4 24 | $112.1M | $121.3M | ||
| Q3 24 | $108.4M | $135.4M | ||
| Q2 24 | $105.9M | $163.6M |
| Q1 26 | $46.4M | — | ||
| Q4 25 | $33.1M | $-4.4M | ||
| Q3 25 | $26.5M | $-2.7M | ||
| Q2 25 | $20.2M | $-1.1M | ||
| Q1 25 | $16.7M | $20.0K | ||
| Q4 24 | $26.4M | $16.0M | ||
| Q3 24 | $35.6M | $3.0M | ||
| Q2 24 | $35.3M | $3.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | 6.8% | ||
| Q3 25 | — | 11.0% | ||
| Q2 25 | — | 10.3% | ||
| Q1 25 | — | 11.3% | ||
| Q4 24 | — | 8.9% | ||
| Q3 24 | — | 12.6% | ||
| Q2 24 | — | 13.6% |
| Q1 26 | 52.2% | — | ||
| Q4 25 | — | -4.1% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | — | 19.0% | ||
| Q3 24 | — | 4.2% | ||
| Q2 24 | — | 5.0% |
| Q1 26 | 38.2% | — | ||
| Q4 25 | 28.0% | -3.2% | ||
| Q3 25 | 23.2% | -1.9% | ||
| Q2 25 | 17.8% | -0.8% | ||
| Q1 25 | 15.4% | 0.0% | ||
| Q4 24 | 23.5% | 13.2% | ||
| Q3 24 | 32.8% | 2.2% | ||
| Q2 24 | 33.4% | 2.3% |
| Q1 26 | $0.24 | — | ||
| Q4 25 | $0.17 | $-0.22 | ||
| Q3 25 | $0.14 | $-0.13 | ||
| Q2 25 | $0.10 | $-0.05 | ||
| Q1 25 | $0.09 | $0.00 | ||
| Q4 24 | $0.13 | $0.76 | ||
| Q3 24 | $0.19 | $0.14 | ||
| Q2 24 | $0.19 | $0.18 |
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 | $1.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.0B | $240.7M |
| Total Assets | $5.8B | $563.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $20.3M | — | ||
| Q4 25 | $30.5M | $1.5M | ||
| Q3 25 | $82.0M | $1.2M | ||
| Q2 25 | $20.8M | $206.0K | ||
| Q1 25 | $9.6M | $183.0K | ||
| Q4 24 | $14.8M | $206.0K | ||
| Q3 24 | $9.0M | $178.0K | ||
| Q2 24 | $18.3M | $314.0K |
| 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 | $240.7M | ||
| Q3 25 | $2.9B | $244.8M | ||
| Q2 25 | $2.9B | $246.8M | ||
| Q1 25 | $2.9B | $250.0M | ||
| Q4 24 | $3.0B | $251.8M | ||
| Q3 24 | $3.0B | $238.4M | ||
| Q2 24 | $3.1B | $238.1M |
| Q1 26 | $5.8B | — | ||
| Q4 25 | $5.7B | $563.6M | ||
| Q3 25 | $5.5B | $585.6M | ||
| Q2 25 | $5.3B | $433.7M | ||
| Q1 25 | $5.2B | $447.7M | ||
| Q4 24 | $5.2B | $445.6M | ||
| Q3 24 | $5.3B | $466.0M | ||
| Q2 24 | $5.3B | $488.2M |
| 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 | — | $13.4M |
| Free Cash FlowOCF − Capex | — | $10.2M |
| FCF MarginFCF / Revenue | — | 7.6% |
| Capex IntensityCapex / Revenue | — | 2.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $26.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $299.5M | $13.4M | ||
| Q3 25 | $64.2M | $1.9M | ||
| Q2 25 | $79.3M | $15.0M | ||
| Q1 25 | $71.5M | $8.3M | ||
| Q4 24 | $276.3M | $38.0M | ||
| Q3 24 | $67.3M | $17.9M | ||
| Q2 24 | $74.2M | $23.3M |
| Q1 26 | — | — | ||
| Q4 25 | $269.8M | $10.2M | ||
| Q3 25 | $58.0M | $-1.1M | ||
| Q2 25 | $76.7M | $12.5M | ||
| Q1 25 | $57.1M | $5.4M | ||
| Q4 24 | $259.5M | $35.6M | ||
| Q3 24 | $60.3M | $15.1M | ||
| Q2 24 | $74.0M | $19.2M |
| Q1 26 | — | — | ||
| Q4 25 | 228.1% | 7.6% | ||
| Q3 25 | 50.8% | -0.8% | ||
| Q2 25 | 67.9% | 9.5% | ||
| Q1 25 | 52.5% | 4.0% | ||
| Q4 24 | 231.4% | 29.4% | ||
| Q3 24 | 55.6% | 11.1% | ||
| Q2 24 | 69.9% | 11.7% |
| Q1 26 | — | — | ||
| Q4 25 | 25.1% | 2.4% | ||
| Q3 25 | 5.4% | 2.1% | ||
| Q2 25 | 2.3% | 1.8% | ||
| Q1 25 | 13.2% | 2.2% | ||
| Q4 24 | 15.0% | 1.9% | ||
| Q3 24 | 6.5% | 2.1% | ||
| Q2 24 | 0.2% | 2.5% |
| Q1 26 | — | — | ||
| Q4 25 | 9.04× | — | ||
| Q3 25 | 2.43× | — | ||
| Q2 25 | 3.93× | — | ||
| Q1 25 | 4.27× | 416.65× | ||
| Q4 24 | 10.47× | 2.38× | ||
| Q3 24 | 1.89× | 6.03× | ||
| Q2 24 | 2.10× | 6.15× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BNL
Segment breakdown not available.
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
