BNL vs WPC: Broadstone Net Lease and W P Carey compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- W P Carey is the larger company, worth $14.3B, about 3.9 times Broadstone Net Lease.
- Broadstone Net Lease grew revenue faster over the last year (+8.2% vs +7.0%).
- Broadstone Net Lease keeps more of each dollar of revenue as operating profit (46.6% vs 41.8%).
- On earnings, W P Carey is the cheaper stock (27.4x 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 | WPC |
|---|---|---|
| Market cap | $3.7B | $14.3B |
| Share price | $18.26 | $63.37 |
| Revenue (last fiscal year) | $454M | $1.7B |
| Free cash flow (last fiscal year) | $270M | — |
| Revenue growth, last year | +8.2% | +7.0% |
| Revenue growth per year, last 5 fiscal years | +4.4% | +6.6% |
| Operating margin | 46.6% | 41.8% |
| Net margin | 30.6% | 36.3% |
| Return on equity | 5.1% | 7.5% |
| P/E (trailing) | 28.2x | 27.4x |
| Price / free cash flow | 13.6x | 13.1x |
| EV / EBITDA | 16.3x | 14.6x |
| FCF growth the price implies | -0.08% | — |
| Dividend yield | 6.4% | 5.7% |
| Debt / equity | 0.99x | 1.15x |
| Fundamental grade | B | C |
| Superinvestors holding it | 1 | 3 |
| Insider purchases, last 12 months | 0 | 3 |
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% |
W P Carey
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.3B | — | 45.4% |
| 2022 | $1.5B | — | 41.4% |
| 2023 | $1.7B | — | 41.5% |
| 2024 | $1.6B | — | 46.2% |
| 2025 | $1.7B | — | 46.6% |
Where the revenue comes from
Broadstone Net Lease
No segment breakdown reported.
W P Carey · by segments, 2023
Real Estate$1.7B100%
Investment Management Segment$3M0%
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 W P Carey?
W P Carey (WPC), at $14.3B against $3.7B.
Is BNL or WPC cheaper?
By trailing P/E, W P Carey (27.4x) is cheaper than Broadstone Net Lease (28.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, BNL or WPC?
Broadstone Net Lease: revenue grew +8.2% over the last year, against +7.0%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.