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Side-by-side financial comparison of Broadstone Net Lease, Inc. (BNL) and DOUGLAS DYNAMICS, INC (PLOW). Click either name above to swap in a different company.
DOUGLAS DYNAMICS, INC is the larger business by last-quarter revenue ($184.5M vs $118.3M, roughly 1.6× Broadstone Net Lease, Inc.). Broadstone Net Lease, Inc. runs the higher net margin — 28.0% vs 7.0%, a 21.0% gap on every dollar of revenue. On growth, DOUGLAS DYNAMICS, INC posted the faster year-over-year revenue change (28.6% vs 5.5%). Broadstone Net Lease, Inc. produced more free cash flow last quarter ($269.8M vs $92.8M). Over the past eight quarters, DOUGLAS DYNAMICS, INC's revenue compounded faster (38.9% 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.
General Dynamics Corporation (GD) is an American industrial and technology company based in Reston, Virginia. It is primarily a developer and producer of advanced military equipment of a wide variety, such as nuclear submarines, main battle tanks, and armoured fighting vehicles. It is also the manufacturer of the civilian aviation Gulfstream business jets and a provider of information technology services. The company is the 3rd largest of the top 100 contractors of the U.S. federal government...
BNL vs PLOW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $118.3M | $184.5M |
| Net Profit | $33.1M | $12.8M |
| Gross Margin | — | 26.1% |
| Operating Margin | — | 10.5% |
| Net Margin | 28.0% | 7.0% |
| Revenue YoY | 5.5% | 28.6% |
| Net Profit YoY | 25.5% | 62.3% |
| EPS (diluted) | $0.17 | $0.54 |
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 | $184.5M | ||
| Q3 25 | $114.2M | $162.1M | ||
| Q2 25 | $113.0M | $194.3M | ||
| Q1 25 | $108.7M | $115.1M | ||
| Q4 24 | $112.1M | $143.5M | ||
| Q3 24 | $108.4M | $129.4M | ||
| Q2 24 | $105.9M | $199.9M | ||
| Q1 24 | $105.4M | $95.7M |
| Q4 25 | $33.1M | $12.8M | ||
| Q3 25 | $26.5M | $8.0M | ||
| Q2 25 | $20.2M | $26.0M | ||
| Q1 25 | $16.7M | $148.0K | ||
| Q4 24 | $26.4M | $7.9M | ||
| Q3 24 | $35.6M | $32.3M | ||
| Q2 24 | $35.3M | $24.3M | ||
| Q1 24 | $65.1M | $-8.4M |
| Q4 25 | — | 26.1% | ||
| Q3 25 | — | 23.5% | ||
| Q2 25 | — | 31.0% | ||
| Q1 25 | — | 24.5% | ||
| Q4 24 | — | 24.9% | ||
| Q3 24 | — | 23.9% | ||
| Q2 24 | — | 30.7% | ||
| Q1 24 | — | 19.8% |
| Q4 25 | — | 10.5% | ||
| Q3 25 | — | 8.7% | ||
| Q2 25 | — | 19.0% | ||
| Q1 25 | — | 2.8% | ||
| Q4 24 | — | 9.0% | ||
| Q3 24 | — | 35.4% | ||
| Q2 24 | — | 18.2% | ||
| Q1 24 | — | -6.7% |
| Q4 25 | 28.0% | 7.0% | ||
| Q3 25 | 23.2% | 4.9% | ||
| Q2 25 | 17.8% | 13.4% | ||
| Q1 25 | 15.4% | 0.1% | ||
| Q4 24 | 23.5% | 5.5% | ||
| Q3 24 | 32.8% | 24.9% | ||
| Q2 24 | 33.4% | 12.2% | ||
| Q1 24 | 61.8% | -8.7% |
| Q4 25 | $0.17 | $0.54 | ||
| Q3 25 | $0.14 | $0.33 | ||
| Q2 25 | $0.10 | $1.09 | ||
| Q1 25 | $0.09 | $0.00 | ||
| Q4 24 | $0.13 | $0.35 | ||
| Q3 24 | $0.19 | $1.36 | ||
| Q2 24 | $0.19 | $1.02 | ||
| Q1 24 | $0.35 | $-0.37 |
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 | — |
| Total DebtLower is stronger | $2.5B | $144.0M |
| Stockholders' EquityBook value | $2.9B | $281.4M |
| Total Assets | $5.7B | $626.7M |
| Debt / EquityLower = less leverage | 0.87× | 0.51× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $30.5M | — | ||
| Q3 25 | $82.0M | — | ||
| Q2 25 | $20.8M | — | ||
| Q1 25 | $9.6M | — | ||
| Q4 24 | $14.8M | — | ||
| Q3 24 | $9.0M | — | ||
| Q2 24 | $18.3M | — | ||
| Q1 24 | $221.7M | — |
| Q4 25 | $2.5B | $144.0M | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $1.9B | $147.5M | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $1.9B | — |
| Q4 25 | $2.9B | $281.4M | ||
| Q3 25 | $2.9B | $275.3M | ||
| Q2 25 | $2.9B | $273.3M | ||
| Q1 25 | $2.9B | $258.9M | ||
| Q4 24 | $3.0B | $264.2M | ||
| Q3 24 | $3.0B | $260.8M | ||
| Q2 24 | $3.1B | $236.7M | ||
| Q1 24 | $3.1B | $217.2M |
| Q4 25 | $5.7B | $626.7M | ||
| Q3 25 | $5.5B | $694.9M | ||
| Q2 25 | $5.3B | $671.5M | ||
| Q1 25 | $5.2B | $621.0M | ||
| Q4 24 | $5.2B | $590.0M | ||
| Q3 24 | $5.3B | $665.6M | ||
| Q2 24 | $5.3B | $617.0M | ||
| Q1 24 | $5.3B | $577.1M |
| Q4 25 | 0.87× | 0.51× | ||
| Q3 25 | 0.82× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.68× | — | ||
| Q4 24 | 0.64× | 0.56× | ||
| 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 | $95.9M |
| Free Cash FlowOCF − Capex | $269.8M | $92.8M |
| FCF MarginFCF / Revenue | 228.1% | 50.3% |
| Capex IntensityCapex / Revenue | 25.1% | 1.7% |
| Cash ConversionOCF / Net Profit | 9.04× | 7.47× |
| TTM Free Cash FlowTrailing 4 quarters | $461.6M | $63.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $299.5M | $95.9M | ||
| Q3 25 | $64.2M | $-8.5M | ||
| Q2 25 | $79.3M | $-11.4M | ||
| Q1 25 | $71.5M | $-1.3M | ||
| Q4 24 | $276.3M | $74.4M | ||
| Q3 24 | $67.3M | $-14.2M | ||
| Q2 24 | $74.2M | $2.5M | ||
| Q1 24 | $70.9M | $-21.6M |
| Q4 25 | $269.8M | $92.8M | ||
| Q3 25 | $58.0M | $-11.4M | ||
| Q2 25 | $76.7M | $-14.3M | ||
| Q1 25 | $57.1M | $-3.5M | ||
| Q4 24 | $259.5M | $70.2M | ||
| Q3 24 | $60.3M | $-15.2M | ||
| Q2 24 | $74.0M | $836.0K | ||
| Q1 24 | $67.7M | $-22.4M |
| Q4 25 | 228.1% | 50.3% | ||
| Q3 25 | 50.8% | -7.1% | ||
| Q2 25 | 67.9% | -7.4% | ||
| Q1 25 | 52.5% | -3.0% | ||
| Q4 24 | 231.4% | 48.9% | ||
| Q3 24 | 55.6% | -11.8% | ||
| Q2 24 | 69.9% | 0.4% | ||
| Q1 24 | 64.3% | -23.4% |
| Q4 25 | 25.1% | 1.7% | ||
| Q3 25 | 5.4% | 1.8% | ||
| Q2 25 | 2.3% | 1.5% | ||
| Q1 25 | 13.2% | 1.9% | ||
| Q4 24 | 15.0% | 2.9% | ||
| Q3 24 | 6.5% | 0.8% | ||
| Q2 24 | 0.2% | 0.8% | ||
| Q1 24 | 3.0% | 0.8% |
| Q4 25 | 9.04× | 7.47× | ||
| Q3 25 | 2.43× | -1.07× | ||
| Q2 25 | 3.93× | -0.44× | ||
| Q1 25 | 4.27× | -9.03× | ||
| Q4 24 | 10.47× | 9.41× | ||
| Q3 24 | 1.89× | -0.44× | ||
| Q2 24 | 2.10× | 0.10× | ||
| Q1 24 | 1.09× | — |
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% |
PLOW
| Work Truck Solutions | $101.5M | 55% |
| Transferred At Point In Time | $83.1M | 45% |
