WallStSmart

Broadstone Net Lease Inc (BNL)vsJBG SMITH Properties (JBGS)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

JBG SMITH Properties generates 8% more annual revenue ($504.51M vs $466.85M). BNL leads profitability with a 27.0% profit margin vs -22.2%. BNL earns a higher WallStSmart Score of 62/100 (C+).

BNL

Buy

62

out of 100

Grade: C+

Growth: 6.7Profit: 7.0Value: 3.7Quality: 6.5
Piotroski: 3/9Altman Z: 1.75

JBGS

Hold

49

out of 100

Grade: D+

Growth: 6.0Profit: 3.0Value: 5.3Quality: 3.0
Piotroski: 4/9Altman Z: 0.09
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

BNLSignificantly Overvalued (-31.6%)

Margin of Safety

-31.6%

Fair Value

$14.80

Current Price

$20.58

$5.78 premium

UndervaluedFair: $14.80Overvalued
JBGSUndervalued (+0.3%)

Margin of Safety

+0.3%

Fair Value

$16.16

Current Price

$14.89

$1.27 discount

UndervaluedFair: $16.16Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

BNL4 strengths · Avg: 9.8/10
Price/BookValuation
1.4x10/10

Reasonable price relative to book value

Operating MarginProfitability
52.2%10/10

Strong operational efficiency at 52.2%

EPS GrowthGrowth
175.2%10/10

Earnings expanding 175.2% YoY

Profit MarginProfitability
27.0%9/10

Keeps 27 of every $100 in revenue as profit

JBGS2 strengths · Avg: 10.0/10
Price/BookValuation
0.8x10/10

Reasonable price relative to book value

EPS GrowthGrowth
59.5%10/10

Earnings expanding 59.5% YoY

Areas to Watch

BNL4 concerns · Avg: 3.5/10
P/E RatioValuation
32.4x4/10

Premium valuation, high expectations priced in

Altman Z-ScoreHealth
1.754/10

Distress zone — elevated risk

Return on EquityProfitability
4.4%3/10

ROE of 4.4% — below average capital efficiency

Piotroski F-ScoreQuality
3/93/10

Weak financial health signals

JBGS4 concerns · Avg: 2.5/10
Market CapQuality
$894.31M3/10

Smaller company, higher risk/reward

Operating MarginProfitability
1.1%3/10

Operating margin of 1.1%

Return on EquityProfitability
-9.8%2/10

ROE of -9.8% — below average capital efficiency

Free Cash FlowQuality
$-19.83M2/10

Negative free cash flow — burning cash

Comparative Analysis Report

WallStSmart Research

Bull Case : BNL

The strongest argument for BNL centers on Price/Book, Operating Margin, EPS Growth. Profitability is solid with margins at 27.0% and operating margin at 52.2%. Revenue growth of 11.7% demonstrates continued momentum.

Bull Case : JBGS

The strongest argument for JBGS centers on Price/Book, EPS Growth.

Bear Case : BNL

The primary concerns for BNL are P/E Ratio, Altman Z-Score, Return on Equity.

Bear Case : JBGS

The primary concerns for JBGS are Market Cap, Operating Margin, Return on Equity. Debt-to-equity of 2.26 is elevated, increasing financial risk.

Key Dynamics to Monitor

BNL profiles as a mature stock while JBGS is a turnaround play — different risk/reward profiles.

JBGS carries more volatility with a beta of 1.05 — expect wider price swings.

BNL is growing revenue faster at 11.7% — sustainability is the question.

BNL generates stronger free cash flow (75M), providing more financial flexibility.

Bottom Line

BNL scores higher overall (62/100 vs 49/100), backed by strong 27.0% margins and 11.7% revenue growth. Both earn "Buy" and "Hold" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

Broadstone Net Lease Inc

REAL ESTATE · REIT - DIVERSIFIED · USA

BNL is an internally managed REIT that primarily acquires, owns and manages single-tenant commercial real estate that is rented out on a long-term basis to a diversified group of tenants.

JBG SMITH Properties

REAL ESTATE · REIT - DIVERSIFIED · USA

JBG SMITH is an S&P 400 company that owns, operates, invests, and develops a dynamic portfolio of high-growth mixed-use properties in and around Washington, DC.

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