WallStSmart

Broadstone Net Lease Inc (BNL)vsCTO Realty Growth Inc (CTO)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Broadstone Net Lease Inc generates 196% more annual revenue ($476.17M vs $161.10M). CTO leads profitability with a 32.6% profit margin vs 30.6%. CTO trades at a lower P/E of 15.0x. CTO earns a higher WallStSmart Score of 62/100 (C+).

BNL

Buy

60

out of 100

Grade: C+

Growth: 6.7Profit: 7.0Value: 4.3Quality: 6.5
Piotroski: 3/9Altman Z: 1.75

CTO

Buy

62

out of 100

Grade: C+

Growth: 9.3Profit: 7.0Value: 7.7Quality: 5.5
Piotroski: 4/9Altman Z: 1.08
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

BNLSignificantly Overvalued (-36.9%)

Margin of Safety

-36.9%

Fair Value

$14.22

Current Price

$20.42

$6.20 premium

UndervaluedFair: $14.22Overvalued
CTOUndervalued (+87.2%)

Margin of Safety

+87.2%

Fair Value

$144.13

Current Price

$20.71

$123.42 discount

UndervaluedFair: $144.13Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

BNL4 strengths · Avg: 10.0/10
Price/BookValuation
1.4x10/10

Reasonable price relative to book value

Profit MarginProfitability
30.6%10/10

Keeps 31 of every $100 in revenue as profit

Operating MarginProfitability
46.2%10/10

Strong operational efficiency at 46.2%

EPS GrowthGrowth
95.7%10/10

Earnings expanding 95.7% YoY

CTO6 strengths · Avg: 9.0/10
Price/BookValuation
1.2x10/10

Reasonable price relative to book value

Profit MarginProfitability
32.6%10/10

Keeps 33 of every $100 in revenue as profit

EPS GrowthGrowth
1200.0%10/10

Earnings expanding 1200.0% YoY

P/E RatioValuation
15.0x8/10

Attractively priced relative to earnings

Operating MarginProfitability
25.4%8/10

Strong operational efficiency at 25.4%

Revenue GrowthGrowth
16.5%8/10

16.5% revenue growth

Areas to Watch

BNL4 concerns · Avg: 3.5/10
P/E RatioValuation
27.6x4/10

Moderate valuation

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

CTO4 concerns · Avg: 2.8/10
Market CapQuality
$776.32M3/10

Smaller company, higher risk/reward

Return on EquityProfitability
7.9%3/10

ROE of 7.9% — below average capital efficiency

Debt/EquityHealth
1.043/10

Elevated debt levels

Free Cash FlowQuality
$-32.78M2/10

Negative free cash flow — burning cash

Comparative Analysis Report

WallStSmart Research

Bull 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 : CTO

The strongest argument for CTO centers on Price/Book, Profit Margin, EPS Growth. Profitability is solid with margins at 32.6% and operating margin at 25.4%. Revenue growth of 16.5% demonstrates continued momentum.

Bear Case : BNL

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

Bear Case : CTO

The primary concerns for CTO are Market Cap, Return on Equity, Debt/Equity.

Key Dynamics to Monitor

BNL profiles as a mature stock while CTO is a growth play — different risk/reward profiles.

BNL carries more volatility with a beta of 0.94 — expect wider price swings.

CTO is growing revenue faster at 16.5% — sustainability is the question.

BNL generates stronger free cash flow (57M), providing more financial flexibility.

Bottom Line

CTO scores higher overall (62/100 vs 60/100), backed by strong 32.6% margins and 16.5% revenue growth. 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.

CTO Realty Growth Inc

REAL ESTATE · REIT - DIVERSIFIED · USA

CTO Realty Growth, Inc. is a Florida-based publicly traded real estate company owning approximately 2 income properties.

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