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Side-by-side financial comparison of Broadstone Net Lease, Inc. (BNL) and Latham Group, Inc. (SWIM). 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 $100.0M, roughly 1.2× Latham Group, Inc.). Broadstone Net Lease, Inc. runs the higher net margin — 38.2% vs -7.0%, a 45.2% gap on every dollar of revenue. On growth, Latham Group, Inc. posted the faster year-over-year revenue change (14.5% vs 11.7%). Over the past eight quarters, Broadstone Net Lease, Inc.'s revenue compounded faster (7.1% CAGR vs -4.9%).
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.
Latham & Watkins LLP is an American multinational law firm. Founded in 1934 in Los Angeles, California, it is known for its litigation, corporate, and regulatory law practices.
BNL vs SWIM — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $121.4M | $100.0M |
| Net Profit | $46.4M | $-7.0M |
| Gross Margin | — | 28.0% |
| Operating Margin | 52.2% | -10.7% |
| Net Margin | 38.2% | -7.0% |
| Revenue YoY | 11.7% | 14.5% |
| Net Profit YoY | — | 76.0% |
| EPS (diluted) | $0.24 | $-0.06 |
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 | $100.0M | ||
| Q3 25 | $114.2M | $161.9M | ||
| Q2 25 | $113.0M | $172.6M | ||
| Q1 25 | $108.7M | $111.4M | ||
| Q4 24 | $112.1M | $87.3M | ||
| Q3 24 | $108.4M | $150.5M | ||
| Q2 24 | $105.9M | $160.1M |
| Q1 26 | $46.4M | — | ||
| Q4 25 | $33.1M | $-7.0M | ||
| Q3 25 | $26.5M | $8.1M | ||
| Q2 25 | $20.2M | $16.0M | ||
| Q1 25 | $16.7M | $-6.0M | ||
| Q4 24 | $26.4M | $-29.2M | ||
| Q3 24 | $35.6M | $5.9M | ||
| Q2 24 | $35.3M | $13.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 28.0% | ||
| Q3 25 | — | 35.4% | ||
| Q2 25 | — | 37.1% | ||
| Q1 25 | — | 29.5% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 32.4% | ||
| Q2 24 | — | 33.1% |
| Q1 26 | 52.2% | — | ||
| Q4 25 | — | -10.7% | ||
| Q3 25 | — | 13.3% | ||
| Q2 25 | — | 14.3% | ||
| Q1 25 | — | -4.4% | ||
| Q4 24 | — | -14.9% | ||
| Q3 24 | — | 8.9% | ||
| Q2 24 | — | 12.5% |
| Q1 26 | 38.2% | — | ||
| Q4 25 | 28.0% | -7.0% | ||
| Q3 25 | 23.2% | 5.0% | ||
| Q2 25 | 17.8% | 9.3% | ||
| Q1 25 | 15.4% | -5.4% | ||
| Q4 24 | 23.5% | -33.4% | ||
| Q3 24 | 32.8% | 3.9% | ||
| Q2 24 | 33.4% | 8.3% |
| Q1 26 | $0.24 | — | ||
| Q4 25 | $0.17 | $-0.06 | ||
| Q3 25 | $0.14 | $0.07 | ||
| Q2 25 | $0.10 | $0.13 | ||
| Q1 25 | $0.09 | $-0.05 | ||
| Q4 24 | $0.13 | $-0.24 | ||
| Q3 24 | $0.19 | $0.05 | ||
| Q2 24 | $0.19 | $0.11 |
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 | — |
| Total DebtLower is stronger | — | $279.8M |
| Stockholders' EquityBook value | $3.0B | $405.9M |
| Total Assets | $5.8B | $823.2M |
| Debt / EquityLower = less leverage | — | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $20.3M | — | ||
| 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 26 | — | — | ||
| Q4 25 | $2.5B | $279.8M | ||
| Q3 25 | $2.4B | $281.1M | ||
| Q2 25 | $2.1B | $281.5M | ||
| Q1 25 | $2.0B | $306.9M | ||
| Q4 24 | $1.9B | $281.5M | ||
| Q3 24 | $2.0B | $282.8M | ||
| Q2 24 | $1.9B | $282.4M |
| Q1 26 | $3.0B | — | ||
| Q4 25 | $2.9B | $405.9M | ||
| Q3 25 | $2.9B | $408.4M | ||
| Q2 25 | $2.9B | $398.4M | ||
| Q1 25 | $2.9B | $381.1M | ||
| Q4 24 | $3.0B | $387.2M | ||
| Q3 24 | $3.0B | $416.6M | ||
| Q2 24 | $3.1B | $408.1M |
| Q1 26 | $5.8B | — | ||
| Q4 25 | $5.7B | $823.2M | ||
| Q3 25 | $5.5B | $844.4M | ||
| Q2 25 | $5.3B | $822.1M | ||
| Q1 25 | $5.2B | $824.6M | ||
| Q4 24 | $5.2B | $794.2M | ||
| Q3 24 | $5.3B | $853.4M | ||
| Q2 24 | $5.3B | $830.0M |
| Q1 26 | — | — | ||
| Q4 25 | 0.87× | 0.69× | ||
| Q3 25 | 0.82× | 0.69× | ||
| Q2 25 | 0.73× | 0.71× | ||
| Q1 25 | 0.68× | 0.81× | ||
| Q4 24 | 0.64× | 0.73× | ||
| Q3 24 | 0.65× | 0.68× | ||
| Q2 24 | 0.62× | 0.69× |
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 | — | $23.3M |
| Free Cash FlowOCF − Capex | — | $14.1M |
| FCF MarginFCF / Revenue | — | 14.1% |
| Capex IntensityCapex / Revenue | — | 9.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $38.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $299.5M | $23.3M | ||
| Q3 25 | $64.2M | $51.0M | ||
| Q2 25 | $79.3M | $36.0M | ||
| Q1 25 | $71.5M | $-46.9M | ||
| Q4 24 | $276.3M | $6.2M | ||
| Q3 24 | $67.3M | $37.2M | ||
| Q2 24 | $74.2M | $52.4M |
| Q1 26 | — | — | ||
| Q4 25 | $269.8M | $14.1M | ||
| Q3 25 | $58.0M | $45.2M | ||
| Q2 25 | $76.7M | $29.1M | ||
| Q1 25 | $57.1M | $-50.3M | ||
| Q4 24 | $259.5M | $-98.0K | ||
| Q3 24 | $60.3M | $33.2M | ||
| Q2 24 | $74.0M | $47.9M |
| Q1 26 | — | — | ||
| Q4 25 | 228.1% | 14.1% | ||
| Q3 25 | 50.8% | 27.9% | ||
| Q2 25 | 67.9% | 16.8% | ||
| Q1 25 | 52.5% | -45.2% | ||
| Q4 24 | 231.4% | -0.1% | ||
| Q3 24 | 55.6% | 22.1% | ||
| Q2 24 | 69.9% | 29.9% |
| Q1 26 | — | — | ||
| Q4 25 | 25.1% | 9.2% | ||
| Q3 25 | 5.4% | 3.6% | ||
| Q2 25 | 2.3% | 4.0% | ||
| Q1 25 | 13.2% | 3.1% | ||
| Q4 24 | 15.0% | 7.2% | ||
| Q3 24 | 6.5% | 2.7% | ||
| Q2 24 | 0.2% | 2.8% |
| Q1 26 | — | — | ||
| Q4 25 | 9.04× | — | ||
| Q3 25 | 2.43× | 6.29× | ||
| Q2 25 | 3.93× | 2.25× | ||
| Q1 25 | 4.27× | — | ||
| Q4 24 | 10.47× | — | ||
| Q3 24 | 1.89× | 6.32× | ||
| Q2 24 | 2.10× | 3.95× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BNL
Segment breakdown not available.
SWIM
| In Ground Swimming Pools | $50.2M | 50% |
| Covers | $37.0M | 37% |
| Liners | $12.7M | 13% |
