Global Net Lease, Inc. is a US-listed company in the diversified REITs industry. Its financial year ends in December.
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~$12
Valuation models combined (2)
Base case. Range ~$10–$15. Weighted average of 2 models (funds-from-operations model, dividend discount (growing dividend)), the funds-from-operations model counting double.
No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.
Global Net Lease, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $460m, down 13.9% on a year earlier, a smaller fall than the 14.8% decline a quarter earlier. That puts it 10 of 10 for growth among the diversified reits companies we cover. The diluted share count is down 5.4% on a year earlier, which lifts each remaining share.
Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Global Net Lease, Inc.'s trailing-twelve-month revenue fell 13.9% year on year, with a free-cash-flow margin of 43.8%. Where it stands out: change in share count of -5.4% ranks 2 of 12 diversified reits companies we cover. Where it lags: revenue growth of -13.9% ranks 14 of 15 diversified reits companies we cover.
Current signal Net income rising while operating cash flow falls: TTM net income grew 82.6% while operating cash flow fell 12.0% — earnings and cash are telling different stories.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
The company also guided to net debt to adjusted ebitda of 6.50 to 6.90 for the Full Year 2026; gross transaction volume of $700.00m to $800.00m for the Full Year 2026.
We value Global Net Lease, Inc. as an equity reit, with every model that fits that kind of business. Cost of equity 7.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.66 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. | ~$10 ~$8.6–$12 | Primary model, counts double |
| Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. | ~$0.2 ~$4.6–$9.5 | Left out: out of range vs price (0.03x) |
| Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. | ~$15 ~$13–$18 | Included |
| Combined value Weighted average of the models that apply: the primary model (funds-from-operations model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$12 ~$10–$15 | 2 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Global Net Lease, Inc. with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Moderate moat
How hard Global Net Lease's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -0.3% of total assets over 10 years.
Operating margin has been a median 28.9%; its worst year was 12.5%.
Free cash flow was positive in 10 of 10 years, at a median 44.2% of revenue.
The diluted share count rose 142.6% over five years; stock-based pay has been a median 2.8% of revenue.
AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.
Next results: November 4, 2026, after the close. Analysts expect revenue of $113m and EPS of −$0.04 (range −$0.05 to −$0.04) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$0.13 | +90% | $453m | −20% |
| Next | −$0.14 | — | $475m | +5% |
The consensus EPS forecast for the current fiscal year is −25.5% on 90 days ago. In the last 30 days, 0 analysts raised Global Net Lease, Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$0.17 | −$0.06 |
| 60 days ago | −$0.12 | −$0.10 |
| 30 days ago | −$0.09 | −$0.13 |
| 7 days ago | −$0.09 | −$0.13 |
| Now | −$0.13 | −$0.14 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.06 | −$0.03 | +37.8% |
| Mar 2026 | −$0.06 | −$0.09 | −57.8% |
| Dec 2025 | −$0.05 | −$0.05 | −3.0% |
| Sept 2025 | −$0.07 | −$0.05 | +33.1% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months −0.4%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $534m | $460m | −13.9% |
| P/S multiple | 3.0x | 3.3x | +9.4% |
| Share count | 229m | 216m | +5.7% |
Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| GNL | −2% | −8% | −9% | −15% | +32% | −12% |
| Industry peers (median) | +34% | −30% | +5% | −1% | −20% | −5% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| GNL | 50% | 42% | 50% | 25% | 67% | 27% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| GNL | −28% | −32% | −44% | −29% | −17% | −25% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 58% from February 14, 2020 to March 18, 2020. Getting back needed a 140% gain, reached on April 29, 2021, 407 days after the low.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 5, 2026 | +5.8% | −0.4% | +4.9% | +6.7% |
| May 5, 2026 | −1.5% | +2.2% | −0.4% | +2.4% |
| February 25, 2026 | −1.9% | +0.3% | −2.1% | −5.1% |
| November 5, 2025 | +5.2% | −0.7% | +3.3% | +7.4% |
| August 6, 2025 | +8.7% | +0.7% | +11.6% | +16.9% |
| May 7, 2025 | +4.9% | +1.1% | +5.7% | +3.2% |
| February 27, 2025 | +8.0% | −0.1% | +9.4% | +8.0% |
| November 6, 2024 | +2.7% | +3.3% | −3.5% | −7.9% |
| August 6, 2024 | +0.7% | +0.2% | −0.1% | +8.3% |
| May 7, 2024 | −0.7% | +0.1% | +5.2% | +4.7% |
| February 27, 2024 | −1.8% | +0.1% | −2.1% | +4.7% |
| November 7, 2023 | −2.6% | +0.4% | +0.4% | +9.3% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $402.3M |
| FY23 Q4 | $445.8M |
| FY24 Q1 | $499.3M |
| FY24 Q2 | $548.9M |
| FY24 Q3 | $569.4M |
| FY24 Q4 | $569.8M |
| FY25 Q1 | $554.3M |
| FY25 Q2 | $533.8M |
| FY25 Q3 | $516.1M |
| FY25 Q4 | $495.3M |
| FY26 Q1 | $472.2M |
| FY26 Q2 | $459.7M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | 2.8% |
| FY23 Q4 | 17.7% |
| FY24 Q1 | 32.8% |
| FY24 Q2 | 45.7% |
| FY24 Q3 | 41.5% |
| FY24 Q4 | 27.8% |
| FY25 Q1 | 11.0% |
| FY25 Q2 | -2.8% |
| FY25 Q3 | -9.4% |
| FY25 Q4 | -13.1% |
| FY26 Q1 | -14.8% |
| FY26 Q2 | -13.9% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY23 Q3 | -9.2% |
| FY23 Q4 | -3.4% |
| FY24 Q1 | 2.3% |
| FY24 Q2 | 12.5% |
| FY24 Q3 | 31.1% |
| FY24 Q4 | 33.0% |
| FY25 Q1 | 18.6% |
| FY25 Q2 | 15.7% |
| FY25 Q3 | 11.0% |
| FY25 Q4 | 22.4% |
| FY26 Q1 | 36.0% |
| FY26 Q2 | 39.6% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | 17.4% |
| FY23 Q4 | 21.6% |
| FY24 Q1 | 25.1% |
| FY24 Q2 | 30.5% |
| FY24 Q3 | 40.4% |
| FY24 Q4 | 44.5% |
| FY25 Q1 | 39.5% |
| FY25 Q2 | 37.7% |
| FY25 Q3 | 39.3% |
| FY25 Q4 | 38.2% |
| FY26 Q1 | 37.7% |
| FY26 Q2 | 43.8% |
| Fiscal year | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||||||
| Revenue | 0 | 4 | 93 | 205 | 214 | 259 | 282 | 306 | 330 | 391 | 379 | 446 | 570 | 495 | 460 |
| Gross profit | — | — | — | — | 194 | 235 | 254 | — | — | — | — | — | — | — | — |
| EBITDA | −0 | −4 | −3 | 123 | 168 | 200 | 188 | 241 | 238 | 275 | 255 | 164 | 405 | 302 | 355 |
| Operating income | −0 | −6 | −44 | 33 | 74 | 87 | 68 | 115 | 99 | 112 | 101 | −15 | 188 | 111 | 182 |
| Net income | −0 | −7 | −54 | −2 | 47 | 21 | 1 | 35 | −8 | −9 | −8 | −239 | −175 | −269 | −57 |
| Diluted EPS | −$19.29 | −$3.84 | −$1.29 | −$0.04 | $0.82 | $0.30 | $0.01 | $0.39 | −$0.09 | −$0.20 | −$0.09 | −$1.71 | −$0.76 | −$1.21 | −$0.26 |
| Growth (year on year) | |||||||||||||||
| Revenue | — | +>999% | +>999% | +119.9% | +4.3% | +21.1% | +8.8% | +8.5% | +7.8% | +18.5% | −3.2% | +17.7% | +27.8% | −13.1% | −13.9% |
| EBITDA | — | — | — | — | +36.3% | +19.1% | −6.3% | +28.4% | −1.3% | +15.6% | −7.4% | −35.6% | +146.8% | −25.4% | +22.9% |
| Operating income | — | — | — | — | +121.7% | +18.4% | −21.9% | +68.9% | −13.6% | +12.8% | −10.2% | −115.2% | — | −41.0% | +118.1% |
| Net income | — | — | — | — | — | −56.0% | −94.8% | — | −122.5% | — | — | — | — | — | — |
| Diluted EPS | — | — | — | — | — | −63.4% | −96.7% | — | −123.1% | — | — | — | — | — | — |
| Margins | |||||||||||||||
| Gross margin | — | — | — | — | 90.8% | 90.6% | 90.0% | — | — | — | — | — | — | — | — |
| EBITDA margin | <−999% | −99.8% | −3.4% | 60.0% | 78.5% | 77.2% | 66.5% | 78.7% | 72.0% | 70.3% | 67.2% | 36.8% | 71.1% | 61.0% | 77.1% |
| Operating margin | <−999% | −153.3% | −46.6% | 16.2% | 34.4% | 33.6% | 24.1% | 37.5% | 30.1% | 28.6% | 26.5% | −3.4% | 33.0% | 22.4% | 39.6% |
| Net margin | <−999% | −176.9% | −57.4% | −1.0% | 22.0% | 8.0% | 0.4% | 11.3% | −2.4% | −2.2% | −2.2% | −53.7% | −30.8% | −54.4% | −12.5% |
| Free-cash-flow margin | <−999% | −92.3% | −19.8% | 44.6% | 53.3% | 49.3% | 50.7% | 42.0% | 51.6% | 47.2% | 40.1% | 21.6% | 44.5% | 38.2% | 43.8% |
| Cash flow | |||||||||||||||
| Cash from operations | −0 | −4 | −10 | 102 | 114 | 131 | 145 | 146 | 177 | 192 | 182 | 144 | 299 | 223 | 218 |
| Capital spending | 0 | 0 | 9 | 10 | 0 | 3 | 1 | 17 | 6 | 8 | 30 | 47 | 46 | 33 | 17 |
| Free cash flow | −0 | −4 | −19 | 92 | 114 | 128 | 143 | 129 | 170 | 185 | 152 | 96 | 254 | 189 | 201 |
| Stock-based pay | 0 | 0 | 0 | 2 | 4 | −4 | 3 | 10 | 10 | 11 | 12 | 17 | 9 | 13 | 14 |
| Free cash flow after stock pay | −0 | −4 | −19 | 89 | 110 | 132 | 140 | 119 | 160 | 174 | 140 | 79 | 245 | 177 | 187 |
| Balance sheet | |||||||||||||||
| Cash | — | — | 71 | 73 | 77 | 102 | 100 | 270 | 124 | 90 | 103 | 122 | 160 | 180 | 154 |
| Total debt | 1 | 77 | 281 | 524 | 747 | 1,215 | 1,409 | 1,670 | 1,664 | 1,709 | 1,233 | 2,518 | 1,769 | 1,265 | 987 |
| Net debt (negative = net cash) | — | — | 210 | 451 | 670 | 1,112 | 1,308 | 1,400 | 1,540 | 1,620 | 1,130 | 2,396 | 1,609 | 1,084 | 833 |
| Diluted shares | — | 2m | 42m | 58m | 57m | 67m | 70m | 86m | 89m | 98m | 104m | 143m | 230m | 223m | 216m |
| Returned to shareholders | |||||||||||||||
| Dividends | 0 | 2 | 35 | 98 | 120 | 143 | 147 | 151 | 155 | 156 | 167 | 207 | 272 | 192 | 167 |
| Buybacks | — | 0 | 0 | 2 | 0 | 0 | — | 0 | 0 | 0 | 1 | 0 | 0 | 120 | 94 |
| Total returned | 0 | 2 | 35 | 100 | 120 | 143 | 147 | 151 | 155 | 156 | 168 | 207 | 272 | 312 | 260 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 139 | 138 | 132 | 125 | 121 | 117 | 109 | 112 |
| EBITDA | 66 | 107 | 28 | 88 | 31 | 155 | 73 | 96 |
| Operating income | 13 | 56 | −28 | 42 | −14 | 111 | 31 | 55 |
| Net income | −77 | −17 | −200 | −35 | −71 | 37 | −16 | −7 |
| Diluted EPS | −$0.33 | −$0.07 | −$0.87 | −$0.16 | −$0.32 | $0.16 | −$0.08 | −$0.04 |
| Growth (year on year) | ||||||||
| Revenue | +17.3% | +0.3% | −10.5% | −14.1% | −12.7% | −15.1% | −17.5% | −10.0% |
| EBITDA | — | +5.3% | −75.1% | −25.8% | −53.4% | +45.7% | +154.9% | +9.5% |
| Operating income | — | +24.0% | −148.8% | −31.7% | −210.4% | +96.8% | — | +29.4% |
| Margins | ||||||||
| EBITDA margin | 47.3% | 77.3% | 21.5% | 70.4% | 25.3% | 132.7% | 66.4% | 85.6% |
| Operating margin | 9.3% | 40.8% | −21.1% | 33.9% | −11.7% | 94.7% | 28.3% | 48.7% |
| Net margin | −55.2% | −12.7% | −151.3% | −28.1% | −58.7% | 31.8% | −14.7% | −6.6% |
| Free-cash-flow margin | 34.5% | 45.0% | 37.3% | 33.8% | 40.8% | 41.4% | 34.9% | 58.1% |
| Cash flow | ||||||||
| Cash from operations | 62 | 75 | 59 | 52 | 56 | 56 | 40 | 67 |
| Capital spending | 14 | 13 | 10 | 10 | 7 | 7 | 2 | 2 |
| Free cash flow | 48 | 62 | 49 | 42 | 49 | 48 | 38 | 65 |
| Stock-based pay | 2 | 2 | 3 | 3 | 3 | 3 | 4 | 4 |
| Free cash flow after stock pay | 46 | 60 | 46 | 39 | 46 | 45 | 34 | 61 |
| Last 12 months unless stated | GNL | BNL | SAFE | JBGS | ALX | CTO | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $460m | $484m | $420m | $508m | $233m | $170m | $170m |
| Revenue growth, last 12 months | −13.9% | 8.0% | 12.1% | −1.1% | 8.2% | 15.9% | 2.5% |
| Revenue growth, 3-year average | 6.9% | 2.4% | 16.4% | −5.6% | 2.8% | 18.7% | 2.4% |
| Revenue growth, latest quarter | −10.0% | 6.7% | 22.2% | 2.3% | 34.9% | 24.3% | 4.7% |
| Gross margin | 89.4% | — | 98.9% | — | — | 75.1% | 94.2% |
| Operating margin | 39.6% | 46.1% | 25.1% | 6.0% | 43.2% | 37.5% | 31.3% |
| Operating margin, 3-year average | 22.6% | — | 12.0% | — | — | 21.9% | 21.6% |
| Net margin | −12.5% | 30.3% | 27.7% | −29.9% | 81.9% | 26.1% | 0.2% |
| Cash from operations / revenue | 47.5% | 63.3% | 8.8% | 11.9% | 22.8% | 38.5% | 38.5% |
| Free-cash-flow margin | 43.8% | 54.3% | 6.9% | −25.2% | 7.4% | 0.5% | 5.6% |
| Free-cash-flow margin, 3-year average | 37.3% | 56.0% | 9.5% | −18.5% | 13.8% | 1.2% | 1.2% |
| Stock pay / revenue | 3.1% | 2.2% | 3.1% | 5.3% | — | 2.7% | 3.4% |
| Change in share count | −5.4% | 1.5% | 0.3% | −25.8% | 0.1% | 10.6% | 0.5% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | -13.9% | 2.5% | 14 of 15 |
| Change in growth rate Growth | +1.0pp | +1.0pp | 8 of 15 |
| Operating margin Profitability | 39.6% | 37.5% | 2 of 6 |
| Net margin Profitability | -12.5% | 0.2% | 9 of 15 |
| Stock pay as % of revenue Cash generation | 3.1% | 3.4% | 5 of 13 |
| Change in share count Balance sheet | -5.4% | 1.5% | 2 of 12 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Real Estate Investing | $495M | 100.0% | ▼ 13.1% |
| Industrial and Distribution (part of Real Estate Investing) | $226M | 45.6% | ▼ 5.0% |
| Office (part of Real Estate Investing) | $137M | 27.6% | ▼ 4.7% |
| Single Tenant Retail (part of Real Estate Investing) | $133M | 26.8% | ▼ 19.8% |
| Multi Tenant Retail | $0 | 0.0% | ▼ 100.0% |
From Global Net Lease, Inc.'s 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Blackrock, Inc. | $287M | 32.1M | 19.4% | ▲ 2.4% |
| Vanguard Portfolio Management LLC | $184M | 20.5M | 12.4% | ▲ 0.7% |
| State Street Corp | $98.2M | 11.0M | 6.6% | ▼ 1.2% |
| Vanguard Capital Management LLC | $82.9M | 9.3M | 5.6% | ▲ 0.3% |
| Brown Advisory Inc | $56.9M | 6.4M | 3.9% | ▲ 7.8% |
| Two Sigma Investments, LP | $51.6M | 5.8M | 3.5% | ▲ 127.2% |
| Geode Capital Management, LLC | $49.4M | 5.5M | 3.3% | ▲ 4.5% |
| Charles Schwab Investment Management Inc | $38.6M | 4.3M | 2.6% | ▼ 1.7% |
| Invesco Ltd. | $37.7M | 4.2M | 2.6% | ▲ 12.8% |
| Balyasny Asset Management L.P. | $34.5M | 3.9M | 2.3% | ▲ 411.7% |
| Private Management Group Inc | $29.3M | 3.3M | 2.0% | New |
| Morgan Stanley | $27.7M | 3.1M | 1.9% | ▲ 44.3% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Global Net Lease, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
No trades in Global Net Lease, Inc. disclosed in the last 12 months; 1 earlier trade on record.
Next expected around November 4, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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