Broadstone Net Lease Inc (BNL)vsVICI Properties Inc (VICI)
BNL
Broadstone Net Lease Inc
$21.26
-0.70%
REAL ESTATE · Cap: $4.28B
VICI
VICI Properties Inc
$26.54
+0.72%
REAL ESTATE · Cap: $29.01B
Smart Verdict
WallStSmart Research — data-driven comparison
VICI Properties Inc generates 761% more annual revenue ($4.10B vs $476.17M). VICI leads profitability with a 67.5% profit margin vs 30.6%. VICI trades at a lower P/E of 10.2x. BNL earns a higher WallStSmart Score of 60/100 (C+).
BNL
Buy60
out of 100
Grade: C+
VICI
Buy59
out of 100
Grade: C
Intrinsic Value Comparison
Multi-model valuation · Graham Formula
Margin of Safety
-28.7%
Fair Value
$15.13
Current Price
$21.26
$6.13 premium
Margin of Safety
+38.7%
Fair Value
$47.60
Current Price
$26.54
$21.06 discount
Key Strengths & Concerns
Side-by-side fundamental analysis
Key Strengths
Reasonable price relative to book value
Keeps 31 of every $100 in revenue as profit
Strong operational efficiency at 46.2%
Earnings expanding 95.7% YoY
Attractively priced relative to earnings
Reasonable price relative to book value
Keeps 68 of every $100 in revenue as profit
Strong operational efficiency at 70.2%
Areas to Watch
Moderate valuation
Distress zone — elevated risk
ROE of 4.4% — below average capital efficiency
Weak financial health signals
Grey zone — moderate risk
Weak financial health signals
Earnings declined 41.4%
Comparative Analysis Report
WallStSmart ResearchBull Case : BNL
The strongest argument for BNL centers on Price/Book, Profit Margin, Operating Margin. Profitability is solid with margins at 30.6% and operating margin at 46.2%.
Bull Case : VICI
The strongest argument for VICI centers on P/E Ratio, Price/Book, Profit Margin. Profitability is solid with margins at 67.5% and operating margin at 70.2%.
Bear Case : BNL
The primary concerns for BNL are P/E Ratio, Altman Z-Score, Return on Equity.
Bear Case : VICI
The primary concerns for VICI are Altman Z-Score, Piotroski F-Score, EPS Growth.
Key Dynamics to Monitor
BNL carries more volatility with a beta of 0.97 — expect wider price swings.
BNL is growing revenue faster at 8.3% — sustainability is the question.
VICI generates stronger free cash flow (631M), providing more financial flexibility.
Monitor REIT - DIVERSIFIED industry trends, competitive dynamics, and regulatory changes.
Bottom Line
BNL scores higher overall (60/100 vs 59/100), backed by strong 30.6% margins. VICI offers better value entry with a 38.7% margin of safety. Both earn "Buy" and "Buy" 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.
VICI Properties Inc
REAL ESTATE · REIT - DIVERSIFIED · USA
VICI Properties is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including the world-renowned Caesars Palace.
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