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Side-by-side financial comparison of Broadstone Net Lease, Inc. (BNL) and T1 Energy Inc. (TE). Click either name above to swap in a different company.
T1 Energy Inc. is the larger business by last-quarter revenue ($210.5M vs $118.3M, roughly 1.8× Broadstone Net Lease, Inc.). Broadstone Net Lease, Inc. runs the higher net margin — 28.0% vs -62.0%, a 90.0% gap on every dollar of revenue. Broadstone Net Lease, Inc. produced more free cash flow last quarter ($269.8M vs $55.0M).
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.
Sony Energy Devices Corporation , is a Japanese multinational company specializing in a variety of areas in the energy industry, and is a wholly owned subsidiary and part of the Devices Group of Sony. The company was established in February 1975 in Fukushima, Japan.
BNL vs TE — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $118.3M | $210.5M |
| Net Profit | $33.1M | $-130.6M |
| Gross Margin | — | 10.0% |
| Operating Margin | — | -45.0% |
| Net Margin | 28.0% | -62.0% |
| Revenue YoY | 5.5% | — |
| Net Profit YoY | 25.5% | -375.2% |
| EPS (diluted) | $0.17 | $-0.87 |
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 | — | ||
| Q3 25 | $114.2M | $210.5M | ||
| Q2 25 | $113.0M | $132.8M | ||
| Q1 25 | $108.7M | $53.5M | ||
| Q4 24 | $112.1M | — | ||
| Q3 24 | $108.4M | $0 | ||
| Q2 24 | $105.9M | $0 | ||
| Q1 24 | $105.4M | $0 |
| Q4 25 | $33.1M | — | ||
| Q3 25 | $26.5M | $-130.6M | ||
| Q2 25 | $20.2M | $-31.9M | ||
| Q1 25 | $16.7M | $-16.2M | ||
| Q4 24 | $26.4M | — | ||
| Q3 24 | $35.6M | $-27.5M | ||
| Q2 24 | $35.3M | $-27.0M | ||
| Q1 24 | $65.1M | $-28.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 10.0% | ||
| Q2 25 | — | 24.7% | ||
| Q1 25 | — | 33.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -45.0% | ||
| Q2 25 | — | -22.0% | ||
| Q1 25 | — | -44.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 28.0% | — | ||
| Q3 25 | 23.2% | -62.0% | ||
| Q2 25 | 17.8% | -24.0% | ||
| Q1 25 | 15.4% | -30.4% | ||
| Q4 24 | 23.5% | — | ||
| Q3 24 | 32.8% | — | ||
| Q2 24 | 33.4% | — | ||
| Q1 24 | 61.8% | — |
| Q4 25 | $0.17 | — | ||
| Q3 25 | $0.14 | $-0.87 | ||
| Q2 25 | $0.10 | $-0.21 | ||
| Q1 25 | $0.09 | $-0.11 | ||
| Q4 24 | $0.13 | — | ||
| Q3 24 | $0.19 | $-0.20 | ||
| Q2 24 | $0.19 | $-0.19 | ||
| Q1 24 | $0.35 | $-0.20 |
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 | $34.1M |
| Total DebtLower is stronger | $2.5B | $547.3M |
| Stockholders' EquityBook value | $2.9B | $96.9M |
| Total Assets | $5.7B | $1.4B |
| Debt / EquityLower = less leverage | 0.87× | 5.65× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $30.5M | — | ||
| Q3 25 | $82.0M | $34.1M | ||
| Q2 25 | $20.8M | $8.5M | ||
| Q1 25 | $9.6M | $48.9M | ||
| Q4 24 | $14.8M | — | ||
| Q3 24 | $9.0M | $181.9M | ||
| Q2 24 | $18.3M | $219.6M | ||
| Q1 24 | $221.7M | $249.9M |
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.4B | $547.3M | ||
| Q2 25 | $2.1B | $591.2M | ||
| Q1 25 | $2.0B | $603.2M | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $1.9B | $602.3M |
| Q4 25 | $2.9B | — | ||
| Q3 25 | $2.9B | $96.9M | ||
| Q2 25 | $2.9B | $183.9M | ||
| Q1 25 | $2.9B | $201.9M | ||
| Q4 24 | $3.0B | — | ||
| Q3 24 | $3.0B | $538.7M | ||
| Q2 24 | $3.1B | $561.6M | ||
| Q1 24 | $3.1B | $582.3M |
| Q4 25 | $5.7B | — | ||
| Q3 25 | $5.5B | $1.4B | ||
| Q2 25 | $5.3B | $1.4B | ||
| Q1 25 | $5.2B | $1.4B | ||
| Q4 24 | $5.2B | — | ||
| Q3 24 | $5.3B | $615.0M | ||
| Q2 24 | $5.3B | $644.4M | ||
| Q1 24 | $5.3B | $670.3M |
| Q4 25 | 0.87× | — | ||
| Q3 25 | 0.82× | 5.65× | ||
| Q2 25 | 0.73× | 3.21× | ||
| Q1 25 | 0.68× | 2.99× | ||
| Q4 24 | 0.64× | — | ||
| Q3 24 | 0.65× | — | ||
| Q2 24 | 0.62× | — | ||
| Q1 24 | 0.62× | 1.03× |
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 | $63.9M |
| Free Cash FlowOCF − Capex | $269.8M | $55.0M |
| FCF MarginFCF / Revenue | 228.1% | 26.1% |
| Capex IntensityCapex / Revenue | 25.1% | 4.2% |
| Cash ConversionOCF / Net Profit | 9.04× | — |
| TTM Free Cash FlowTrailing 4 quarters | $461.6M | $-42.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $299.5M | — | ||
| Q3 25 | $64.2M | $63.9M | ||
| Q2 25 | $79.3M | $33.4M | ||
| Q1 25 | $71.5M | $-44.8M | ||
| Q4 24 | $276.3M | — | ||
| Q3 24 | $67.3M | $-28.4M | ||
| Q2 24 | $74.2M | $-28.0M | ||
| Q1 24 | $70.9M | $-16.2M |
| Q4 25 | $269.8M | — | ||
| Q3 25 | $58.0M | $55.0M | ||
| Q2 25 | $76.7M | $10.6M | ||
| Q1 25 | $57.1M | $-74.0M | ||
| Q4 24 | $259.5M | — | ||
| Q3 24 | $60.3M | $-34.0M | ||
| Q2 24 | $74.0M | $-35.6M | ||
| Q1 24 | $67.7M | $-37.7M |
| Q4 25 | 228.1% | — | ||
| Q3 25 | 50.8% | 26.1% | ||
| Q2 25 | 67.9% | 8.0% | ||
| Q1 25 | 52.5% | -138.4% | ||
| Q4 24 | 231.4% | — | ||
| Q3 24 | 55.6% | — | ||
| Q2 24 | 69.9% | — | ||
| Q1 24 | 64.3% | — |
| Q4 25 | 25.1% | — | ||
| Q3 25 | 5.4% | 4.2% | ||
| Q2 25 | 2.3% | 17.2% | ||
| Q1 25 | 13.2% | 54.5% | ||
| Q4 24 | 15.0% | — | ||
| Q3 24 | 6.5% | — | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 3.0% | — |
| Q4 25 | 9.04× | — | ||
| Q3 25 | 2.43× | — | ||
| Q2 25 | 3.93× | — | ||
| Q1 25 | 4.27× | — | ||
| Q4 24 | 10.47× | — | ||
| Q3 24 | 1.89× | — | ||
| Q2 24 | 2.10× | — | ||
| 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% |
TE
| Related Party | $120.1M | 57% |
| Nonrelated Party | $90.4M | 43% |
