Global Net Lease

GNL

REIT - Diversified · Real Estate

Price

$9.19

+0.14 (+1.60%)

Market Cap

$1.95B

Exchange

New York Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 24, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Mixed

Stability

Weak

Valuation

Data not available

Dividends

Good

Track this stock — start free trial

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 single-tenant properties, meaning one business rents each building under long-term lease agreements.

GNL makes money by collecting rent from its tenants, who sign "net leases" — a structure where tenants pay most property expenses like taxes and maintenance on top of rent, giving GNL more predictable income. The company operates across roughly 40 countries, though the US and Western Europe are its primary markets, and it had a portfolio of over 1,300 properties at its peak. The main risk GNL faces is its heavy debt load, reflected in its deeply negative return on invested capital, which limits financial flexibility and makes the company sensitive to rising interest rates and any tenant defaults.

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

+75.0% 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

2.1%ownership

Relatively low insider ownership

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

88.1%

Premium pricing power — 88.1% gross margin

Profit after running costs

Operating Margin

48.7%

Excellent — 48.7% operating margin

Return on the money invested

ROCE

2.6%

Weak — 2.6% return on capital

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

52.0%

Converts sales into free cash efficiently (52.0%)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

1.90

Elevated debt (1.90)

Covers its interest

Interest Cover

0.94x

Dangerous — barely covers interest (0.9x)

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend

Dividend Yield

8.68%

Healthy income — 8.68% 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

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial