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Side-by-side financial comparison of Broadstone Net Lease, Inc. (BNL) and Pangaea Logistics Solutions Ltd. (PANL). Click either name above to swap in a different company.
Pangaea Logistics Solutions Ltd. is the larger business by last-quarter revenue ($183.9M vs $118.3M, roughly 1.6× Broadstone Net Lease, Inc.). Broadstone Net Lease, Inc. runs the higher net margin — 28.0% vs 6.5%, a 21.5% gap on every dollar of revenue. On growth, Pangaea Logistics Solutions Ltd. posted the faster year-over-year revenue change (24.9% vs 5.5%). Over the past eight quarters, Pangaea Logistics Solutions Ltd.'s revenue compounded faster (32.5% CAGR vs 6.0%).
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.
Pangaea Logistics Solutions Ltd. is a global dry bulk logistics and shipping service provider. It operates a modern fleet of dry bulk vessels to transport a wide range of commodities including grains, minerals, construction materials, and energy-related raw materials, serving industrial, agricultural, and energy sector clients across North America, Europe, and Asia with tailored end-to-end bulk cargo supply chain solutions.
BNL vs PANL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $118.3M | $183.9M |
| Net Profit | $33.1M | $11.9M |
| Gross Margin | — | — |
| Operating Margin | — | 9.5% |
| Net Margin | 28.0% | 6.5% |
| Revenue YoY | 5.5% | 24.9% |
| Net Profit YoY | 25.5% | 40.9% |
| EPS (diluted) | $0.17 | $0.18 |
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 | $183.9M | ||
| Q3 25 | $114.2M | $168.7M | ||
| Q2 25 | $113.0M | $156.7M | ||
| Q1 25 | $108.7M | $122.8M | ||
| Q4 24 | $112.1M | $147.2M | ||
| Q3 24 | $108.4M | $153.1M | ||
| Q2 24 | $105.9M | $131.5M | ||
| Q1 24 | $105.4M | $104.7M |
| Q4 25 | $33.1M | $11.9M | ||
| Q3 25 | $26.5M | $12.2M | ||
| Q2 25 | $20.2M | $-2.7M | ||
| Q1 25 | $16.7M | $-2.0M | ||
| Q4 24 | $26.4M | $8.4M | ||
| Q3 24 | $35.6M | $5.1M | ||
| Q2 24 | $35.3M | $3.7M | ||
| Q1 24 | $65.1M | $11.7M |
| Q4 25 | — | 9.5% | ||
| Q3 25 | — | 10.0% | ||
| Q2 25 | — | 2.3% | ||
| Q1 25 | — | 2.4% | ||
| Q4 24 | — | 10.1% | ||
| Q3 24 | — | 9.8% | ||
| Q2 24 | — | 5.8% | ||
| Q1 24 | — | 10.5% |
| Q4 25 | 28.0% | 6.5% | ||
| Q3 25 | 23.2% | 7.2% | ||
| Q2 25 | 17.8% | -1.8% | ||
| Q1 25 | 15.4% | -1.6% | ||
| Q4 24 | 23.5% | 5.7% | ||
| Q3 24 | 32.8% | 3.3% | ||
| Q2 24 | 33.4% | 2.8% | ||
| Q1 24 | 61.8% | 11.1% |
| Q4 25 | $0.17 | $0.18 | ||
| Q3 25 | $0.14 | $0.19 | ||
| Q2 25 | $0.10 | $-0.04 | ||
| Q1 25 | $0.09 | $-0.03 | ||
| Q4 24 | $0.13 | $0.19 | ||
| Q3 24 | $0.19 | $0.11 | ||
| Q2 24 | $0.19 | $0.08 | ||
| Q1 24 | $0.35 | $0.25 |
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 | $103.1M |
| Total DebtLower is stronger | $2.5B | $249.6M |
| Stockholders' EquityBook value | $2.9B | $429.3M |
| Total Assets | $5.7B | $928.1M |
| Debt / EquityLower = less leverage | 0.87× | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $30.5M | $103.1M | ||
| Q3 25 | $82.0M | $94.0M | ||
| Q2 25 | $20.8M | $59.3M | ||
| Q1 25 | $9.6M | $63.9M | ||
| Q4 24 | $14.8M | $86.8M | ||
| Q3 24 | $9.0M | $93.1M | ||
| Q2 24 | $18.3M | $77.9M | ||
| Q1 24 | $221.7M | $95.9M |
| Q4 25 | $2.5B | $249.6M | ||
| Q3 25 | $2.4B | $256.2M | ||
| Q2 25 | $2.1B | $244.7M | ||
| Q1 25 | $2.0B | $251.0M | ||
| Q4 24 | $1.9B | $257.2M | ||
| Q3 24 | $2.0B | $133.6M | ||
| Q2 24 | $1.9B | $90.5M | ||
| Q1 24 | $1.9B | $95.9M |
| Q4 25 | $2.9B | $429.3M | ||
| Q3 25 | $2.9B | $420.3M | ||
| Q2 25 | $2.9B | $414.4M | ||
| Q1 25 | $2.9B | $420.8M | ||
| Q4 24 | $3.0B | $427.8M | ||
| Q3 24 | $3.0B | $332.6M | ||
| Q2 24 | $3.1B | $331.5M | ||
| Q1 24 | $3.1B | $332.0M |
| Q4 25 | $5.7B | $928.1M | ||
| Q3 25 | $5.5B | $932.1M | ||
| Q2 25 | $5.3B | $916.0M | ||
| Q1 25 | $5.2B | $918.0M | ||
| Q4 24 | $5.2B | $936.5M | ||
| Q3 24 | $5.3B | $749.2M | ||
| Q2 24 | $5.3B | $692.9M | ||
| Q1 24 | $5.3B | $703.3M |
| Q4 25 | 0.87× | 0.58× | ||
| Q3 25 | 0.82× | 0.61× | ||
| Q2 25 | 0.73× | 0.59× | ||
| Q1 25 | 0.68× | 0.60× | ||
| Q4 24 | 0.64× | 0.60× | ||
| Q3 24 | 0.65× | 0.40× | ||
| Q2 24 | 0.62× | 0.27× | ||
| Q1 24 | 0.62× | 0.29× |
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 | $15.1M |
| Free Cash FlowOCF − Capex | $269.8M | — |
| FCF MarginFCF / Revenue | 228.1% | — |
| Capex IntensityCapex / Revenue | 25.1% | — |
| Cash ConversionOCF / Net Profit | 9.04× | 1.27× |
| TTM Free Cash FlowTrailing 4 quarters | $461.6M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $299.5M | $15.1M | ||
| Q3 25 | $64.2M | $28.6M | ||
| Q2 25 | $79.3M | $14.4M | ||
| Q1 25 | $71.5M | $-4.4M | ||
| Q4 24 | $276.3M | $19.3M | ||
| Q3 24 | $67.3M | $28.5M | ||
| Q2 24 | $74.2M | $9.0M | ||
| Q1 24 | $70.9M | $9.0M |
| Q4 25 | $269.8M | — | ||
| Q3 25 | $58.0M | — | ||
| Q2 25 | $76.7M | — | ||
| Q1 25 | $57.1M | — | ||
| Q4 24 | $259.5M | — | ||
| Q3 24 | $60.3M | — | ||
| Q2 24 | $74.0M | — | ||
| Q1 24 | $67.7M | — |
| Q4 25 | 228.1% | — | ||
| Q3 25 | 50.8% | — | ||
| Q2 25 | 67.9% | — | ||
| Q1 25 | 52.5% | — | ||
| Q4 24 | 231.4% | — | ||
| Q3 24 | 55.6% | — | ||
| Q2 24 | 69.9% | — | ||
| Q1 24 | 64.3% | — |
| Q4 25 | 25.1% | — | ||
| Q3 25 | 5.4% | — | ||
| Q2 25 | 2.3% | — | ||
| Q1 25 | 13.2% | — | ||
| Q4 24 | 15.0% | — | ||
| Q3 24 | 6.5% | — | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 3.0% | — |
| Q4 25 | 9.04× | 1.27× | ||
| Q3 25 | 2.43× | 2.34× | ||
| Q2 25 | 3.93× | — | ||
| Q1 25 | 4.27× | — | ||
| Q4 24 | 10.47× | 2.29× | ||
| Q3 24 | 1.89× | 5.57× | ||
| Q2 24 | 2.10× | 2.43× | ||
| Q1 24 | 1.09× | 0.77× |
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% |
PANL
| Voyage | $166.3M | 90% |
| Charter | $13.1M | 7% |
| Terminal Stevedore Revenue | $4.4M | 2% |
