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Side-by-side financial comparison of Broadstone Net Lease, Inc. (BNL) and Vericel Corp (VCEL). 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 $92.9M, roughly 1.3× Vericel Corp). Broadstone Net Lease, Inc. runs the higher net margin — 38.2% vs 25.0%, a 13.2% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs 11.7%). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% 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.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
BNL vs VCEL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $121.4M | $92.9M |
| Net Profit | $46.4M | $23.2M |
| Gross Margin | — | 78.7% |
| Operating Margin | 52.2% | 24.1% |
| Net Margin | 38.2% | 25.0% |
| Revenue YoY | 11.7% | 23.3% |
| Net Profit YoY | — | 17.3% |
| EPS (diluted) | $0.24 | $0.46 |
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 | $92.9M | ||
| Q3 25 | $114.2M | $67.5M | ||
| Q2 25 | $113.0M | $63.2M | ||
| Q1 25 | $108.7M | $52.6M | ||
| Q4 24 | $112.1M | $75.4M | ||
| Q3 24 | $108.4M | $57.9M | ||
| Q2 24 | $105.9M | $52.7M |
| Q1 26 | $46.4M | — | ||
| Q4 25 | $33.1M | $23.2M | ||
| Q3 25 | $26.5M | $5.1M | ||
| Q2 25 | $20.2M | $-553.0K | ||
| Q1 25 | $16.7M | $-11.2M | ||
| Q4 24 | $26.4M | $19.8M | ||
| Q3 24 | $35.6M | $-901.0K | ||
| Q2 24 | $35.3M | $-4.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | 78.7% | ||
| Q3 25 | — | 73.5% | ||
| Q2 25 | — | 73.7% | ||
| Q1 25 | — | 69.0% | ||
| Q4 24 | — | 77.6% | ||
| Q3 24 | — | 71.9% | ||
| Q2 24 | — | 69.5% |
| Q1 26 | 52.2% | — | ||
| Q4 25 | — | 24.1% | ||
| Q3 25 | — | 5.1% | ||
| Q2 25 | — | -3.2% | ||
| Q1 25 | — | -24.3% | ||
| Q4 24 | — | 24.5% | ||
| Q3 24 | — | -4.3% | ||
| Q2 24 | — | -11.5% |
| Q1 26 | 38.2% | — | ||
| Q4 25 | 28.0% | 25.0% | ||
| Q3 25 | 23.2% | 7.5% | ||
| Q2 25 | 17.8% | -0.9% | ||
| Q1 25 | 15.4% | -21.4% | ||
| Q4 24 | 23.5% | 26.3% | ||
| Q3 24 | 32.8% | -1.6% | ||
| Q2 24 | 33.4% | -8.9% |
| Q1 26 | $0.24 | — | ||
| Q4 25 | $0.17 | $0.46 | ||
| Q3 25 | $0.14 | $0.10 | ||
| Q2 25 | $0.10 | $-0.01 | ||
| Q1 25 | $0.09 | $-0.23 | ||
| Q4 24 | $0.13 | $0.40 | ||
| Q3 24 | $0.19 | $-0.02 | ||
| Q2 24 | $0.19 | $-0.10 |
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 | $137.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.0B | $354.6M |
| Total Assets | $5.8B | $488.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $20.3M | — | ||
| Q4 25 | $30.5M | $137.5M | ||
| Q3 25 | $82.0M | $135.4M | ||
| Q2 25 | $20.8M | $116.9M | ||
| Q1 25 | $9.6M | $112.9M | ||
| Q4 24 | $14.8M | $116.2M | ||
| Q3 24 | $9.0M | $101.7M | ||
| Q2 24 | $18.3M | $102.5M |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $1.9B | — |
| Q1 26 | $3.0B | — | ||
| Q4 25 | $2.9B | $354.6M | ||
| Q3 25 | $2.9B | $321.9M | ||
| Q2 25 | $2.9B | $306.8M | ||
| Q1 25 | $2.9B | $295.5M | ||
| Q4 24 | $3.0B | $292.0M | ||
| Q3 24 | $3.0B | $257.5M | ||
| Q2 24 | $3.1B | $243.0M |
| Q1 26 | $5.8B | — | ||
| Q4 25 | $5.7B | $488.0M | ||
| Q3 25 | $5.5B | $453.3M | ||
| Q2 25 | $5.3B | $435.6M | ||
| Q1 25 | $5.2B | $424.6M | ||
| Q4 24 | $5.2B | $432.7M | ||
| Q3 24 | $5.3B | $390.4M | ||
| Q2 24 | $5.3B | $376.8M |
| Q1 26 | — | — | ||
| Q4 25 | 0.87× | — | ||
| Q3 25 | 0.82× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.68× | — | ||
| 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 | — | $15.0M |
| Free Cash FlowOCF − Capex | — | $12.8M |
| FCF MarginFCF / Revenue | — | 13.8% |
| Capex IntensityCapex / Revenue | — | 2.4% |
| Cash ConversionOCF / Net Profit | — | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | — | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $299.5M | $15.0M | ||
| Q3 25 | $64.2M | $22.1M | ||
| Q2 25 | $79.3M | $8.2M | ||
| Q1 25 | $71.5M | $6.6M | ||
| Q4 24 | $276.3M | $22.2M | ||
| Q3 24 | $67.3M | $10.2M | ||
| Q2 24 | $74.2M | $18.5M |
| Q1 26 | — | — | ||
| Q4 25 | $269.8M | $12.8M | ||
| Q3 25 | $58.0M | $19.5M | ||
| Q2 25 | $76.7M | $81.0K | ||
| Q1 25 | $57.1M | $-7.6M | ||
| Q4 24 | $259.5M | $8.5M | ||
| Q3 24 | $60.3M | $-9.2M | ||
| Q2 24 | $74.0M | $1.8M |
| Q1 26 | — | — | ||
| Q4 25 | 228.1% | 13.8% | ||
| Q3 25 | 50.8% | 28.8% | ||
| Q2 25 | 67.9% | 0.1% | ||
| Q1 25 | 52.5% | -14.5% | ||
| Q4 24 | 231.4% | 11.2% | ||
| Q3 24 | 55.6% | -15.9% | ||
| Q2 24 | 69.9% | 3.4% |
| Q1 26 | — | — | ||
| Q4 25 | 25.1% | 2.4% | ||
| Q3 25 | 5.4% | 3.9% | ||
| Q2 25 | 2.3% | 12.9% | ||
| Q1 25 | 13.2% | 27.0% | ||
| Q4 24 | 15.0% | 18.3% | ||
| Q3 24 | 6.5% | 33.5% | ||
| Q2 24 | 0.2% | 31.8% |
| Q1 26 | — | — | ||
| Q4 25 | 9.04× | 0.65× | ||
| Q3 25 | 2.43× | 4.35× | ||
| Q2 25 | 3.93× | — | ||
| Q1 25 | 4.27× | — | ||
| Q4 24 | 10.47× | 1.12× | ||
| Q3 24 | 1.89× | — | ||
| Q2 24 | 2.10× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BNL
Segment breakdown not available.
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
