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Side-by-side financial comparison of Broadstone Net Lease, Inc. (BNL) and OPAL Fuels Inc. (OPAL). 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 $88.4M, roughly 1.4× OPAL Fuels Inc.). Broadstone Net Lease, Inc. runs the higher net margin — 38.2% vs 18.3%, a 19.9% gap on every dollar of revenue. On growth, OPAL Fuels Inc. posted the faster year-over-year revenue change (18.7% vs 11.7%). Over the past eight quarters, OPAL Fuels Inc.'s revenue compounded faster (17.6% 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.
OPAL Fuels Inc. is a North American energy company focused on producing and distributing low-carbon renewable natural gas (RNG). It captures methane from landfills, dairy operations and other organic waste streams to produce RNG, which is mainly supplied to heavy-duty transportation fleets, commercial logistics operators and public transport entities to help reduce their greenhouse gas emissions.
BNL vs OPAL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $121.4M | $88.4M |
| Net Profit | $46.4M | $16.2M |
| Gross Margin | — | — |
| Operating Margin | 52.2% | 7.5% |
| Net Margin | 38.2% | 18.3% |
| Revenue YoY | 11.7% | 18.7% |
| Net Profit YoY | — | 401.5% |
| EPS (diluted) | $0.24 | $0.08 |
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 | $88.4M | ||
| Q3 25 | $114.2M | $77.9M | ||
| Q2 25 | $113.0M | $77.4M | ||
| Q1 25 | $108.7M | $83.0M | ||
| Q4 24 | $112.1M | $74.5M | ||
| Q3 24 | $108.4M | $82.6M | ||
| Q2 24 | $105.9M | $69.8M |
| Q1 26 | $46.4M | — | ||
| Q4 25 | $33.1M | $16.2M | ||
| Q3 25 | $26.5M | $11.4M | ||
| Q2 25 | $20.2M | $7.6M | ||
| Q1 25 | $16.7M | $1.3M | ||
| Q4 24 | $26.4M | $-5.4M | ||
| Q3 24 | $35.6M | $17.1M | ||
| Q2 24 | $35.3M | $1.9M |
| Q1 26 | 52.2% | — | ||
| Q4 25 | — | 7.5% | ||
| Q3 25 | — | 4.6% | ||
| Q2 25 | — | -1.1% | ||
| Q1 25 | — | -2.3% | ||
| Q4 24 | — | -0.5% | ||
| Q3 24 | — | 14.9% | ||
| Q2 24 | — | 8.1% |
| Q1 26 | 38.2% | — | ||
| Q4 25 | 28.0% | 18.3% | ||
| Q3 25 | 23.2% | 14.6% | ||
| Q2 25 | 17.8% | 9.8% | ||
| Q1 25 | 15.4% | 1.5% | ||
| Q4 24 | 23.5% | -7.2% | ||
| Q3 24 | 32.8% | 20.7% | ||
| Q2 24 | 33.4% | 2.7% |
| Q1 26 | $0.24 | — | ||
| Q4 25 | $0.17 | $0.08 | ||
| Q3 25 | $0.14 | $0.05 | ||
| Q2 25 | $0.10 | $0.03 | ||
| Q1 25 | $0.09 | $-0.01 | ||
| Q4 24 | $0.13 | $-0.05 | ||
| Q3 24 | $0.19 | $0.09 | ||
| 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 | $24.4M |
| Total DebtLower is stronger | — | $361.3M |
| Stockholders' EquityBook value | $3.0B | $-12.9M |
| Total Assets | $5.8B | $959.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $20.3M | — | ||
| Q4 25 | $30.5M | $24.4M | ||
| Q3 25 | $82.0M | $29.9M | ||
| Q2 25 | $20.8M | $29.3M | ||
| Q1 25 | $9.6M | $40.1M | ||
| Q4 24 | $14.8M | $24.3M | ||
| Q3 24 | $9.0M | $31.0M | ||
| Q2 24 | $18.3M | $27.6M |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $361.3M | ||
| Q3 25 | $2.4B | $351.2M | ||
| Q2 25 | $2.1B | $331.6M | ||
| Q1 25 | $2.0B | $307.0M | ||
| Q4 24 | $1.9B | $307.5M | ||
| Q3 24 | $2.0B | $252.9M | ||
| Q2 24 | $1.9B | $233.3M |
| Q1 26 | $3.0B | — | ||
| Q4 25 | $2.9B | $-12.9M | ||
| Q3 25 | $2.9B | $7.5M | ||
| Q2 25 | $2.9B | $-25.0M | ||
| Q1 25 | $2.9B | $57.1M | ||
| Q4 24 | $3.0B | $-148.4M | ||
| Q3 24 | $3.0B | $-180.1M | ||
| Q2 24 | $3.1B | $-273.0M |
| Q1 26 | $5.8B | — | ||
| Q4 25 | $5.7B | $959.5M | ||
| Q3 25 | $5.5B | $916.7M | ||
| Q2 25 | $5.3B | $905.5M | ||
| Q1 25 | $5.2B | $884.9M | ||
| Q4 24 | $5.2B | $881.1M | ||
| Q3 24 | $5.3B | $831.1M | ||
| Q2 24 | $5.3B | $782.3M |
| Q1 26 | — | — | ||
| Q4 25 | 0.87× | — | ||
| Q3 25 | 0.82× | 46.95× | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.68× | 5.38× | ||
| 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 | — | $-3.5M |
| Free Cash FlowOCF − Capex | — | $-13.4M |
| FCF MarginFCF / Revenue | — | -15.1% |
| Capex IntensityCapex / Revenue | — | 11.1% |
| Cash ConversionOCF / Net Profit | — | -0.22× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-34.2M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $299.5M | $-3.5M | ||
| Q3 25 | $64.2M | $18.2M | ||
| Q2 25 | $79.3M | $-7.9M | ||
| Q1 25 | $71.5M | $29.7M | ||
| Q4 24 | $276.3M | $-532.0K | ||
| Q3 24 | $67.3M | $17.7M | ||
| Q2 24 | $74.2M | $533.0K |
| Q1 26 | — | — | ||
| Q4 25 | $269.8M | $-13.4M | ||
| Q3 25 | $58.0M | $-9.3M | ||
| Q2 25 | $76.7M | $-29.7M | ||
| Q1 25 | $57.1M | $18.1M | ||
| Q4 24 | $259.5M | $-55.0M | ||
| Q3 24 | $60.3M | $-5.4M | ||
| Q2 24 | $74.0M | $-22.5M |
| Q1 26 | — | — | ||
| Q4 25 | 228.1% | -15.1% | ||
| Q3 25 | 50.8% | -11.9% | ||
| Q2 25 | 67.9% | -38.4% | ||
| Q1 25 | 52.5% | 21.8% | ||
| Q4 24 | 231.4% | -73.8% | ||
| Q3 24 | 55.6% | -6.5% | ||
| Q2 24 | 69.9% | -32.2% |
| Q1 26 | — | — | ||
| Q4 25 | 25.1% | 11.1% | ||
| Q3 25 | 5.4% | 35.3% | ||
| Q2 25 | 2.3% | 28.2% | ||
| Q1 25 | 13.2% | 13.9% | ||
| Q4 24 | 15.0% | 73.1% | ||
| Q3 24 | 6.5% | 27.9% | ||
| Q2 24 | 0.2% | 32.9% |
| Q1 26 | — | — | ||
| Q4 25 | 9.04× | -0.22× | ||
| Q3 25 | 2.43× | 1.60× | ||
| Q2 25 | 3.93× | -1.04× | ||
| Q1 25 | 4.27× | 23.11× | ||
| Q4 24 | 10.47× | — | ||
| Q3 24 | 1.89× | 1.03× | ||
| Q2 24 | 2.10× | 0.28× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BNL
Segment breakdown not available.
OPAL
| Fuel Station Services Segment | $65.1M | 74% |
| Related Party | $12.1M | 14% |
| Renewable Power Segment | $8.6M | 10% |
| Other | $2.6M | 3% |
