(GNL) Global Net Lease - Overview
Sector: Real Estate | Industry: REIT - Diversified | Exchange: NYSE (USA) | Market Cap: 1.988m USD | Total Return: 33.3% in 12m
Avg Turnover: 18.3M
Qual. Beats: 0
Rev. Trend: 37.0%
Qual. Beats: 0
Warnings
High Debt/EBITDA (7.3) with thin interest coverage (0.8)
Interest Coverage Ratio 0.8 is critical
Altman Z'' -2.90 < 1.0 - financial distress zone
Tailwinds
Idiosyncratic Leader
Global Net Lease, Inc. (GNL) is an internally managed real estate investment trust (REIT) specializing in the acquisition and management of income-producing net lease assets. Incorporated in 2011, the company maintains a geographically diverse portfolio concentrated in the United States and Western and Northern Europe.
The net lease business model typically requires tenants to cover most property-level operating expenses, including taxes, insurance, and maintenance, which provides the landlord with a more predictable cash flow stream. As a diversified REIT, GNL invests across multiple asset classes, such as industrial, office, and retail properties, to mitigate risks associated with specific industry downturns.
Investors can evaluate the companys long-term lease structures and credit quality further on ValueRay. The firm operates as a Maryland corporation and trades publicly on the New York Stock Exchange under the ticker GNL.
- Occupancy rates and lease renewals across diversified US and European portfolios
- Interest rate fluctuations impact debt servicing costs and acquisition financing spreads
- Tenant credit quality and concentration risk influence rental income stability
- Asset disposition strategy and capital recycling efficiency drive net asset value
- Strategic shift to internal management impacts long-term operating expense ratios
| Net Income: -41.2m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.04 > 0.02 and ΔFCF/TA 0.57 > 1.0 |
| NWC/Revenue: 9.09% < 20% (prev 19.50%; Δ -10.41% < -1%) |
| CFO/TA 0.05 > 3% & CFO 205.8m > Net Income -41.2m |
| Net Debt (2.42b) to EBITDA (330.4m): 7.33 < 3 |
| Current Ratio: 1.45 > 1.5 & < 3 |
| Outstanding Shares: last quarter (214.0m) vs 12m ago -7.05% < -2% |
| Gross Margin: 70.55% > 18% (prev 0.85%; Δ 6.97k% > 0.5%) |
| Asset Turnover: 9.50% > 50% (prev 11.63%; Δ -2.14% > 0%) |
| Interest Coverage Ratio: 0.83 > 6 (EBITDA TTM 330.4m / Interest Expense TTM 180.3m) |
| A: 0.01 (Total Current Assets 137.5m - Total Current Liabilities 94.5m) / Total Assets 4.15b |
| B: -0.64 (Retained Earnings -2.67b / Total Assets 4.15b) |
| C: 0.03 (EBIT TTM 150.0m / Avg Total Assets 4.97b) |
| D: -1.02 (Book Value of Equity -2.65b / Total Liabilities 2.59b) |
| Altman-Z'' = -2.90 = D |
| DSRI: 0.16 (Receivables 22.0m/201.5m, Revenue 472.2m/673.6m) |
| GMI: 1.21 (GM 70.55% / 85.30%) |
| AQI: 1.23 (AQ_t 0.95 / AQ_t-1 0.77) |
| SGI: 0.70 (Revenue 472.2m / 673.6m) |
| TATA: -0.06 (NI -41.2m - CFO 205.8m) / TA 4.15b) |
| Beneish M = -3.67 (Cap -4..+1) = AAA |
As of June 01, 2026, the stock is trading at USD 9.37 with a total of 1,355,199 shares traded.
Over the past week, the price has changed by -0.11%,
over one month by -1.99%,
over three months by -1.26% and
over the past year by +33.31%.
Global Net Lease has received a consensus analysts rating of 3.38. Therefore, it is recommended to hold GNL.
- StrongBuy: 1
- Buy: 2
- Hold: 4
- Sell: 1
- StrongSell: 0
| Analysts Target Price | 10.2 | 8.5% |
P/S = 4.2103
P/B = 1.2667
Revenue TTM = 472.2m USD
EBIT TTM = 150.0m USD
EBITDA TTM = 330.4m USD
Long Term Debt = 2.16b USD (from longTermDebt, last quarter)
Short Term Debt = 94.5m USD (from shortTermDebt, last quarter)
Debt = 2.56b USD (from shortLongTermDebtTotal, last quarter) + Leases 57.3m
Net Debt = 2.42b USD (calculated: Debt 2.56b - CCE 137.5m)
Enterprise Value = 4.41b USD (1.99b + Debt 2.56b - CCE 137.5m)
Interest Coverage Ratio = 0.83 (Ebit TTM 150.0m / Interest Expense TTM 180.3m)
EV/FCF = 24.42x (Enterprise Value 4.41b / FCF TTM 180.6m)
FCF Yield = 4.09% (FCF TTM 180.6m / Enterprise Value 4.41b)
FCF Margin = 38.26% (FCF TTM 180.6m / Revenue TTM 472.2m)
Net Margin = -8.72% (Net Income TTM -41.2m / Revenue TTM 472.2m)
Gross Margin = 70.55% ((Revenue TTM 472.2m - Cost of Revenue TTM 139.1m) / Revenue TTM)
Gross Margin QoQ = 88.17% (prev 13.26%)
Tobins Q-Ratio = 1.06 (Enterprise Value 4.41b / Total Assets 4.15b)
Interest Expense / Debt = 7.04% (Interest Expense 180.3m / Debt 2.56b)
Taxrate = 21.0% (US default 21%)
NOPAT = 118.5m (EBIT 150.0m * (1 - 21.00%))
Current Ratio = 1.45 (Total Current Assets 137.5m / Total Current Liabilities 94.5m)
Debt / Equity = 1.64 (Debt 2.56b / totalStockholderEquity, last quarter 1.56b)
Debt / EBITDA = 7.33 (Net Debt 2.42b / EBITDA 330.4m)
Debt / FCF = 13.42 (Net Debt 2.42b / FCF TTM 180.6m)
Total Stockholder Equity = 1.69b (last 4 quarters mean from totalStockholderEquity)
RoA = -0.83% (Net Income -41.2m / Total Assets 4.15b)
RoE = -0.94% (Net Income TTM -41.2m / Total Stockholder Equity 4.36b)
RoCE = 2.30% (EBIT 150.0m / Capital Employed (Equity 4.36b + L.T.Debt 2.16b))
RoIC = 2.87% (NOPAT 118.5m / Invested Capital 4.13b)
WACC = 6.09% (E(1.99b)/V(4.55b) * Re(6.77%) + D(2.56b)/V(4.55b) * Rd(7.04%) * (1-Tc(0.21)))
Discount Rate = 6.77% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -64.44 | Cagr: -3.21%
[DCF] Terminal Value 73.10% ; FCFF base≈196.0m ; Y1≈171.9m ; Y5≈138.9m
[DCF] Fair Price = N/A (negative equity: EV 2.23b - Net Debt 2.42b = -194.5m; debt exceeds intrinsic value)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.11 | # QB: 0
Revenue Correlation: 37.01 | Revenue CAGR: 8.90% | SUE: -0.12 | # QB: 0
EPS current Quarter (2026-06-30): EPS=-0.05 | Chg30d=+0.00% | Revisions=-20% | Analysts=1
EPS next Quarter (2026-09-30): EPS=-0.05 | Chg30d=+0.00% | Revisions=-20% | Analysts=1
EPS current Year (2026-12-31): EPS=-0.17 | Chg30d=+19.05% | Revisions=-20% | GrowthEPS=+86.0% | GrowthRev=-21.8%
EPS next Year (2027-12-31): EPS=-0.06 | Chg30d=+64.71% | Revisions=N/A | GrowthEPS=+19.1% | GrowthRev=+7.9%