Filing Flows › Comparisons › BNL vs SAFE
Broadstone Net Lease vs Safehold: BNL and SAFE compared
Broadstone Net Lease is the larger company: $122M of revenue in its latest quarter (Q3 2026) against $119M for Safehold (Q3 2026). Safehold is growing faster (+23% against +7% a year earlier). Broadstone Net Lease is more profitable, with an operating margin of 42.3% against 24.7%.
Where the money goes: BNL and SAFE
Broadstone Net Lease (BNL) · Q3 2026
Broadstone Net Lease, Q3 2026: revenue $122M (+7% year over year), operating margin 42.3%, net earnings $27.1M, operating cash flow $87.6M. The chart follows the revenue to costs, profit and cash.
Safehold (SAFE) · Q3 2026
Safehold, Q3 2026: revenue $119M (+23% year over year), operating margin 24.7%, net earnings $28.8M, operating cash flow $5.5M. The chart follows the revenue to costs, profit and cash.
| Broadstone Net Lease (BNL) | Safehold (SAFE) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $122M | $119M |
| Revenue growth, Y/Y | +7% | +23% |
| Operating margin | 42.3% | 24.7% |
| Net earnings | $27.1M | $28.8M |
| Net margin | 22.3% | 24.3% |
| Operating cash flow | $87.6M | $5.5M |
| Free cash flow | $63.9M | — |
Where the revenue comes from
Safehold
- Ground Leases: $101M (85%)
- Hotel Operations: $18.0M (15%)
Questions
Which is bigger, Broadstone Net Lease or Safehold?
Broadstone Net Lease is the larger company: $122M of revenue in its latest quarter (Q3 2026) against $119M for Safehold (Q3 2026).
Is Broadstone Net Lease or Safehold growing faster?
Safehold is growing faster (+23% against +7% a year earlier).
Which is more profitable, Broadstone Net Lease or Safehold?
Broadstone Net Lease is more profitable, with an operating margin of 42.3% against 24.7%.
More: Broadstone Net Lease earnings · how Broadstone Net Lease makes money · Safehold earnings · how Safehold makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 28, 2026; 10-Q filed Nov 4, 2026). Fiscal quarters can end on different dates. Not investment advice.