What does operating margin mean?

Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.

Broadstone Net Lease BNL Operating margin

Discontinued — last reported Q3 '18

Operating margin at other companies

Agree RealtyADC

48%-0.7pp

Essential Properties Realty TrustEPRT

62.6%+0.5pp

PrologisPLD

47.5%-1.0pp

NNN REITNNN

63.3%-2.6pp

CoStar GroupCSGP

-2.7%-3.9pp

Gaming and Leisure PropertiesGLPI

78.8%+5.8pp

Other financials

Income statement

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Revenue$121.4M+11.7%

Net income$46.4M+177%

EPS (diluted)$0.24+167%

Balance sheet

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Cash & equivalents$21.7M+96.5%

Total debt$3.0B+23,610%

Total equity$2.9B-1.9%

Total assets$5.8B+11.6%

Cash flow

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Operating cash flow$76.1M+6.5%

CapEx$1.4M-90.5%

Free cash flow$74.7M+30.8%

Valuation

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Market cap$3.95B+8.7%

Enterprise value$6.94B+102%

P/E31.3×-0.5×

P/S8.5×+0.1×

Profitability

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Net margin27%+0.8pp

FCF margin61.6%+4.4pp

Returns & leverage

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Return on equity4.3%+0.5pp

Debt / equity1×+1.0×

Where this comes from

Calculated from Broadstone Net Lease’s reported figures.

operating income/total revenue=46.1%

Based on trailing twelve months.

The official record: Broadstone Net Lease’s 10-Q, filed November 12, 2019, on SEC EDGAR. View the filing →

Questions, answered.

What does operating margin mean?: Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.