Global Net Lease
GNL on NYSE. Global Net Lease leases industrial, retail and office buildings to businesses in the U.S. and Europe. Market value $1.7bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Recent profit includes a one-time gain, so we price the company excluding that gain.
Recent profit includes a big one-time charge, so we price the company excluding that charge.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Real estate stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $11.03 of spare cash last year. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 80 of 100. Price score: 50 of 100. Our list needs 70 on quality and 60 on price.
$8.14 a share, 9% above its 1-year low
Over the past year the price has ranged from $7.48 to $10.03.
Dividend: 9.7% a year
Paid every year for at least 5 years
Yields this high often come before a cut. Check the company's latest news.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $391m | $379m | $446m | $570m | $495m |
| Operating margin | |||||
| Operating margin | 28.6% | 26.5% | -3.4% | 33.0% | 22.4% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.10bn | 0.23bn | 0.23bn | 0.22bn | 0.21bn |
Health checks
- Free cash flow positive4 of 4 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsSlow, 8.5% a year
- Buying back its own sharesNo, 103% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $112 million last quarter, down 10% on a year ago.
- A loss of $7 million, compared with a loss of $35 million a year ago.
- It keeps 40 cents of each $1 of sales as operating profit, up from 16 cents a year earlier.
- 5% fewer shares than a year ago. Each share owns a bit more of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | $139m |
| December 2024 | Not reported |
| March 2025 | $132m |
| June 2025 | $125m |
| September 2025 | $121m |
| December 2025 | $117m |
| March 2026 | $109m |
| June 2026 | $112m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$77m |
| December 2024 | -$17m |
| March 2025 | -$200m |
| June 2025 | -$35m |
| September 2025 | -$71m |
| December 2025 | $37m |
| March 2026 | -$16m |
| June 2026 | -$7m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 343 funds in all.
- LSV Asset ManagementJosef Lakonishok
- Value
- $2m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| LSV Asset ManagementJosef Lakonishok | $2m | <0.1% |
Largest holders overall
- BlackRock$287mAdded
- Vanguard Portfolio Management$184m
- State Street$98m
- Vanguard Capital Management$83m
- Brown Advisory$57mAdded
- TWO Sigma Investments, LP$52mAdded
- Geode Capital Management$49mAdded
- Charles Schwab Investment Management$39m
- Invesco$38mAdded
- Balyasny Asset Management L.P.$34mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- BlackRock, Inc.Passive investor14.1%Since 31 December 2024
- Vanguard Portfolio ManagementPassive investor9.6%Since 31 March 2026
- Nicholas S. SchorschPassive investorat least 7.5%−2.2 pts(filed with 6 related holders)Since 24 July 2026
- STATE STREET CORPORATIONPassive investor5.1%+0.1 ptsSince 30 June 2025
- Vanguard Capital ManagementPassive investor5.1%Since 31 March 2026
- Edward M. Weil, Jr.Passive investorSold down below 5%Since 12 June 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 14.1% | 31 December 2024 | |
Vanguard Portfolio Management Passive investor | 9.6% | 31 March 2026 | |
Nicholas S. Schorsch Passive investor | at least 7.5%−2.2 pts (filed with 6 related holders) | 24 July 2026 | |
STATE STREET CORPORATION Passive investor | 5.1%+0.1 pts | 30 June 2025 | |
Vanguard Capital Management Passive investor | 5.1% | 31 March 2026 | |
Edward M. Weil, Jr. Passive investor | Sold down below 5% | 12 June 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 25 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 21 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.