Broadstone Net Lease, Inc. — Earnings Quality Grade F
BNL · Real Estate
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 4 days, change +1 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 5.2%, CFFO 8.4%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 76.9% is >2x revenue growth 5.2%
SG&A/Gross Profit = 9.0%, excellent (<30%)
Gross margin 94.9%, change +0.7pp. Stable
Cash Flow Quality
CFFO/NI = 3.10. Profits backed by cash
FCF $0.3B, FCF/NI = 2.80
Accruals ratio = -3.6%. Low accruals
Cash $0.0B covers only 1% of debt $2.5B
Balance Sheet Health
Goodwill+Intangibles $0.6B = 21% of equity. Manageable
Debt/EBITDA = 7.0x (>4x). Financial stress
Other assets grew 34.5% vs revenue 5.2%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 0% YoY. Normal
Manipulation Score
Insufficient data
Portfolio monitoring
Monitor BNL continuously
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Altman Z-Score — Not Applicable
Broadstone Net Lease, Inc. is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25