One-glance verdict
Overvalued
$4.98 our estimate vs market $8.55
Wall Street consensus: $10.14 (103.6% higher than our fair-value estimate)
72% above our estimate, beyond the bull case
Fundamentals snapshot
Global Net Lease, Inc.
GNL · NYQ · Real Estate · REIT - Diversified
Current price
$8.55
52-week range
$7.48 - $10.04
Market cap
$1.98B
Balance sheet
Distressed
0.96x Concerning
Net debt $2.29B. Interest coverage shows how many times profit covers the interest bill.
What stands out
2 Rewards
3 Risks
2 rewards · 3 risks
- Reward Free cash flow was positive in 4/10 years.
- Reward Dividend yield is 8.8% with 12-year payout history.
- Risk Net debt grew 2.4% over 3 years.
- Risk Return on equity was -1.0% last year — the company lost money on shareholders' equity.
What this company does
Global Net Lease, Inc.
Global Net Lease is a company that owns commercial buildings like offices and industrial sites in the U.S. and Europe, operating as a real estate investment trust (REIT). It makes money by renting these properties to tenants under "net lease" agreements, which means the tenant, not the company, pays for most building expenses like taxes and upkeep. This arrangement provides a steady income stream for Global Net Lease, which it often shares with its owners as dividends (a portion of the company's profits).
How the company got here
Global Net Lease (GNL) started in 2011 as a company that wasn't traded on the stock market, raising money directly from individual investors. In 2015, it became a publicly traded company on the New York Stock Exchange. More recently, the company has been going through a significant transformation by selling off properties that are not central to its main strategy, a process known as a strategic disposition program. This has helped them to reduce their debt and focus on being a company that exclusively owns single-tenant properties.
What it actually does
Global Net Lease is a real estate investment trust (REIT), which is a company that owns and often operates income-producing real estate. GNL's business is built around a specific type called a "net lease." Think of them as a landlord for businesses, owning buildings in the U.S. and Europe that they rent out to single companies on long-term contracts, often for 10 years or more. Under a net lease, the tenant (the business renting the property) is responsible for paying most of the building's operating costs like property taxes, insurance, and maintenance, which provides a steady and predictable income for GNL.
Industrial & Distribution
This is GNL's largest business segment, making up almost half of its rental income. This division owns large buildings like warehouses and distribution centers that are critical for companies to store and ship their products. For example, a well-known company like FedEx might lease a distribution center from GNL to sort and send packages. The tenants in these properties are typically companies involved in logistics, e-commerce, and manufacturing who need large, strategically located facilities.
Retail
This segment owns and leases out buildings to retail businesses, and it accounts for a little over a quarter of the company's rental income. These are typically single-tenant properties, meaning the entire building is rented by one company, such as a large home improvement store like Lowe's or a well-known convenience store. The income from this segment comes from the long-term rent payments made by these retail companies.
Office
This part of the company owns office buildings and leases them to corporate tenants, and it represents about a quarter of GNL's rental income. These properties are used by businesses for their daily operations and administrative functions. However, GNL has been actively working to reduce the size of this segment by selling off many of its office properties. This is part of a broader strategy to focus on what they see as more stable and growing areas of real estate.
What management is betting on now
The company's current strategy is focused on selling its non-core assets, especially office buildings, to pay down debt and strengthen its financial position. They are using the money from these sales to buy more industrial and retail properties, which they believe will provide more stable and growing income over the long term. This shift is part of a plan to become a more focused company that primarily owns single-tenant industrial and retail buildings. They are also focused on actively managing their properties to keep them leased and to secure rent increases over time.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
Revenue
$112.47M
Net income
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Diluted EPS
-0.04
Operating cash flow
$67.11M
Free cash flow
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Sources
Revenue
$109.29M
Net income
—
Diluted EPS
-0.08
Operating cash flow
$39.68M
Free cash flow
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Sources
Revenue
$116.95M
Net income
—
Diluted EPS
0.14
Operating cash flow
$55.56M
Free cash flow
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Sources
Revenue
$121.01M
Net income
—
Diluted EPS
-0.32
Operating cash flow
$56.03M
Free cash flow
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Sources
Revenue
$124.91M
Net income
—
Diluted EPS
-0.16
Operating cash flow
$52.03M
Free cash flow
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Sources
Revenue
$132.41M
Net income
—
Diluted EPS
-0.87
Operating cash flow
$59.17M
Free cash flow
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Sources
Revenue
$199.12M
Net income
—
Diluted EPS
-0.08
Operating cash flow
$74.80M
Free cash flow
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Sources
Revenue
$196.56M
Net income
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Diluted EPS
-0.33
Operating cash flow
$62.13M
Free cash flow
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Sources
Is it cheap or expensive?
Fair value $4.98 vs current price $8.55
Wall Street consensus is the average analyst price target: $10.14 (103.6% higher than our fair-value estimate).
Our most-likely fair value is $4.98 a share — about 41.7% below today's price of $8.55, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Distressed
Net debt $2.3B. Interest coverage 1.0x.
Net debt
$2.29B
Interest coverage
0.96x
Global Net Lease, Inc.'s profit covers its interest bill about 1.0 times over. which is weaker than most peers shown here.
Distressed
Worse cushion
Baseline
Better cushion
GNL
BASELINE
Global Net Lease, Inc.
Total debt $2.44B Interest coverage 0.96x This is the baseline the peer rows are being compared against.
Total debt $8.85B Interest coverage 2.99x +211% vs GNL Carries about 3.1x more debt cushion than GNL.
Total debt $2.69B Interest coverage 2.42x +151% vs GNL Carries about 2.5x more debt cushion than GNL.
Total debt $5.00B Interest coverage 2.79x +190% vs GNL Carries about 2.9x more debt cushion than GNL.
Total debt $858.75M Interest coverage 1.39x +45% vs GNL Carries about 1.4x more debt cushion than GNL.
Total debt $2.92B Interest coverage 3.32x +245% vs GNL Carries about 3.4x more debt cushion than GNL.
What you should know
The case for and against GNL
2 Rewards
3 Risks
Rewards
-
Free cash flow was positive in 4/10 years.
-
Dividend yield is 8.8% with 12-year payout history.
Risks
-
Net debt grew 2.4% over 3 years.
-
Return on equity was -1.0% last year — the company lost money on shareholders' equity.
-
Operating margin compressed from 32.2% to 31.3% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
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Forward P/E
-65.77x
P/B
1.19x
P/S
4.30x
EV/EBITDA
12.24x
PEG ratio
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Profitability
How much profit each dollar creates
Gross margin
85.7%
Operating margin
31.3%
Net margin
-2.9%
ROE
-1.0%
ROA
2.2%
Health
Liquidity and balance-sheet strength
Debt / equity
1.62x
Current ratio
5.63x
Quick ratio
3.88x
Total debt
$2.44B
Total cash
$153.81M
Growth
How the business has been compounding
Revenue TTM
$459.73M
Revenue 5Y CAGR
6.1%
EPS TTM
-0.29
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$218.39M
Free CF TTM
$189.40M
FCF margin
41.2%
Dividend
Shareholder payout
Yield
8.8%
Payout ratio
1,243.3%
Last ex-div date
2026-07-13