Broadstone Net Lease vs Safehold
Broadstone Net Lease is the larger business, with $454m of revenue in fiscal 2025 against $386m for Safehold (1.2 times as much). Safehold grew faster (5.4% against 5.2%). Safehold kept more of each dollar of sales as profit: a net margin of 29.7% against 21.2%. Broadstone Net Lease carries less debt relative to equity (86.9% against 192.7%).
| Latest fiscal year | Broadstone Net LeaseBNL, 2025 | SafeholdSAFE, 2025 |
|---|---|---|
| Revenue | $454m | $386m |
| Revenue growth | 5.2% | 5.4% |
| Net income | $96.5m | $114m |
| Operating margin | — | 26.2% |
| Net margin | 21.2% | 29.7% |
| Return on equity | 3.3% | 4.8% |
| Free cash flow | $270m | $47.8m |
| Cash | $30.5m | $21.7m |
| Total debt | $2.52bn | $4.64bn |
| Debt to equity | 86.9% | 192.7% |
| Dividend per share | $1.16 | $0.71 |
| Dividend yield | 6.6% | 6.2% |
| Share buybacks | — | — |
| Employees | 62 | 72 |
| Market value | $3.43bn | $801m |
| Price vs our value range | — | — |
| Moat score | 62 (Moderate) | 35 (Weak) |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 1 sales |