BNL vs VICI: Broadstone Net Lease and VICI Properties compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- VICI Properties is the larger company, worth $24.5B, about 6.7 times Broadstone Net Lease.
- Broadstone Net Lease grew revenue faster over the last year (+8.2% vs +5.7%).
- On earnings, VICI Properties is the cheaper stock (7.8x vs 28.2x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | BNL | VICI |
|---|---|---|
| Market cap | $3.7B | $24.5B |
| Share price | $18.26 | $22.64 |
| Revenue (last fiscal year) | $454M | $4.0B |
| Free cash flow (last fiscal year) | $270M | — |
| Revenue growth, last year | +8.2% | +5.7% |
| Revenue growth per year, last 5 fiscal years | +4.4% | +27.6% |
| Operating margin | 46.6% | — |
| Net margin | 30.6% | 67.5% |
| Return on equity | 5.1% | 9.5% |
| P/E (trailing) | 28.2x | 7.80x |
| Price / free cash flow | 13.6x | 9.78x |
| EV / EBITDA | 16.3x | 11.6x |
| FCF growth the price implies | -0.08% | — |
| Dividend yield | 6.4% | 7.8% |
| Debt / equity | 0.99x | 0.64x |
| Fundamental grade | B | C |
| Superinvestors holding it | 1 | 3 |
| Insider purchases, last 12 months | 0 | 8 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Broadstone Net Lease
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $383M | $243M | 43.8% |
| 2022 | $408M | $225M | 46.1% |
| 2023 | $443M | $225M | 43.1% |
| 2024 | $432M | $259M | 38.0% |
| 2025 | $454M | $270M | 41.5% |
VICI Properties
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.5B | — | 95.0% |
| 2022 | $2.6B | — | 61.9% |
| 2023 | $3.6B | — | 92.4% |
| 2024 | $3.8B | — | 92.0% |
| 2025 | $4.0B | — | 91.1% |
Where the revenue comes from
Broadstone Net Lease
No segment breakdown reported.
VICI Properties · by segments, 2021
Real Property Business Segment$1.5B98%
Golf Course Business$31M2%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open BNL in InvestinglyQuestions
Which is bigger, Broadstone Net Lease or VICI Properties?
VICI Properties (VICI), at $24.5B against $3.7B.
Is BNL or VICI cheaper?
By trailing P/E, VICI Properties (7.80x) is cheaper than Broadstone Net Lease (28.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, BNL or VICI?
Broadstone Net Lease: revenue grew +8.2% over the last year, against +5.7%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.