Global Net Lease

0IW3.L

REIT - Diversified · Real Estate

Price

9.09 GBp

+0.04 (+0.39%)

Market Cap

£1.99B

Exchange

London Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Mixed

Stability

Weak

Valuation

Data not available

Dividends

Good

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Share count rising — dilution

+127.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 98.3M (2021) → 223.3M (2025)

Winston Score History

The full picture

Global Net Lease is a real estate investment trust (REIT) that owns commercial properties and leases them to businesses. Its portfolio includes office buildings, industrial facilities, and retail properties spread across the United States and Europe. The company focuses on "net lease" agreements, meaning tenants pay most property expenses like taxes and maintenance directly.

The company makes money by collecting rent from its tenants, which are typically large corporations with long-term lease contracts. It operates across roughly 40 countries, with significant exposure to the US and Western Europe, giving it geographic diversification that many smaller REITs lack. However, Global Net Lease carries a heavy debt load relative to its returns, as shown by its low ROIC of 2.4%, and rising interest rates remain a key risk since borrowing costs directly squeeze profitability for debt-dependent businesses like this one.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-10.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+103.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

5.3%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$3.8B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Global Net Lease's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

14.3%

Thin — 14.3% gross margin

Profit after running costs

Operating Margin

32.9%

Excellent — 32.9% operating margin

Return on the money invested

ROCE

2.5%

Weak — 2.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-29.6%

Shrinking sales (-29.6% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

41.0%

Converts sales into free cash efficiently (41.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

1.59

Elevated debt (1.59)

Covers its interest

Interest Cover

0.82x

Dangerous — barely covers interest (0.8x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

8.82%

Healthy income — 8.82% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

-18.3%

Dividend cut (-18.3% YoY) — warning sign

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