Comprehensive Stock Comparison
Compare Saul Centers, Inc. (BFS) vs Phillips Edison & Company, Inc. (PECO) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | PECO | 8.4% revenue growth vs BFS's 4.5% |
| Value | BFS | Lower P/E (33.4x vs 56.4x) |
| Quality / Margins | BFS | 13.8% net margin vs PECO's 9.9% |
| Stability / Safety | PECO | Beta 0.40 vs BFS's 0.40, lower leverage |
| Dividends | BFS | 6.9% yield, vs PECO's 2.5% |
| Momentum (1Y) | PECO | +9.0% vs BFS's -2.7% |
| Efficiency (ROA) | BFS | 1.8% ROA vs PECO's 1.6%, ROIC 4.7% vs 6.7% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Saul Centers is a real estate investment trust that owns and operates a portfolio of shopping centers and mixed-use properties primarily in the Washington, DC/Baltimore region. It generates revenue primarily through rental income from tenants in its properties — with about 85% coming from the DC/Baltimore metro area — supplemented by property management fees. The company's competitive advantage lies in its concentrated geographic focus on the affluent and stable DC/Baltimore market, which provides consistent tenant demand and rental income.
Phillips Edison & Company is a real estate investment trust that owns and operates grocery-anchored neighborhood shopping centers across the United States. It makes money primarily through collecting rent from retail tenants — with grocery stores serving as anchor tenants that drive consistent foot traffic — and through property management fees. The company's competitive advantage lies in its specialized focus on necessity-based retail properties in strong markets and its vertically-integrated operating platform that allows for efficient portfolio management.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
BFS leads in 3 of 6 categories (Financial Metrics, Valuation Metrics). PECO leads in 3 (Profitability & Efficiency, Total Returns).
Financial Metrics (TTM)
PECO is the larger business by revenue, generating $824M annually — 2.9x BFS's $283M. Profitability is closely matched — net margins range from 13.8% (BFS) to 9.9% (PECO). On growth, PECO holds the edge at +77.9% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | BFSSaul Centers, Inc. | PECOPhillips Edison &… |
|---|---|---|
| RevenueTrailing 12 months | $283M | $824M |
| EBITDAEarnings before interest/tax | $202M | $643M |
| Net IncomeAfter-tax profit | $39M | $82M |
| Free Cash FlowCash after capex | $106M | $201M |
| Gross MarginGross profit ÷ Revenue | +75.9% | +75.1% |
| Operating MarginEBIT ÷ Revenue | +51.2% | +47.6% |
| Net MarginNet income ÷ Revenue | +13.8% | +9.9% |
| FCF MarginFCF ÷ Revenue | +37.6% | +24.4% |
| Rev. Growth (YoY)Latest quarter vs prior year | +7.0% | +77.9% |
| EPS Growth (YoY)Latest quarter vs prior year | -28.3% | +135.6% |
Valuation Metrics
At 20.9x trailing earnings, BFS trades at a 73% valuation discount to PECO's 77.0x P/E. On an enterprise value basis, PECO's 10.6x EV/EBITDA is more attractive than BFS's 13.7x.
| Metric | BFSSaul Centers, Inc. | PECOPhillips Edison &… |
|---|---|---|
| Market CapShares × price | $835M | $4.9B |
| Enterprise ValueMkt cap + debt − cash | $2.4B | $7.0B |
| Trailing P/EPrice ÷ TTM EPS | 20.91x | 77.02x |
| Forward P/EPrice ÷ next-FY EPS est. | 33.41x | 56.44x |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 13.73x | 10.61x |
| Price / SalesMarket cap ÷ Revenue | 3.10x | 7.47x |
| Price / BookPrice ÷ Book value/share | 1.64x | 2.04x |
| Price / FCFMarket cap ÷ FCF | 6.89x | 20.61x |
Profitability & Efficiency
BFS delivers a 8.1% return on equity — every $100 of shareholder capital generates $8 in annual profit, vs $3 for PECO. PECO carries lower financial leverage with a 0.80x debt-to-equity ratio, signaling a more conservative balance sheet compared to BFS's 3.06x. On the Piotroski fundamental quality scale (0–9), PECO scores 7/9 vs BFS's 4/9, reflecting strong financial health.
| Metric | BFSSaul Centers, Inc. | PECOPhillips Edison &… |
|---|---|---|
| ROE (TTM)Return on equity | +8.1% | +3.2% |
| ROA (TTM)Return on assets | +1.8% | +1.6% |
| ROICReturn on invested capital | +4.7% | +6.7% |
| ROCEReturn on capital employed | +6.9% | +9.1% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 7 |
| Debt / EquityFinancial leverage | 3.06x | 0.80x |
| Net DebtTotal debt minus cash | $1.5B | $2.1B |
| Cash & Equiv.Liquid assets | $10M | $5M |
| Total DebtShort + long-term debt | $1.5B | $2.1B |
| Interest CoverageEBIT ÷ Interest expense | 2.26x | 4.45x |
Total Returns (with DRIP)
A $10,000 investment in PECO five years ago would be worth $77,580 today (with dividends reinvested), compared to $12,459 for BFS. Over the past 12 months, PECO leads with a +9.0% total return vs BFS's -2.7%. The 3-year compound annual growth rate (CAGR) favors PECO at 8.0% vs BFS's 1.5% — a key indicator of consistent wealth creation.
| Metric | BFSSaul Centers, Inc. | PECOPhillips Edison &… |
|---|---|---|
| YTD ReturnYear-to-date | +9.9% | +12.0% |
| 1-Year ReturnPast 12 months | -2.7% | +9.0% |
| 3-Year ReturnCumulative with dividends | +4.7% | +25.8% |
| 5-Year ReturnCumulative with dividends | +24.6% | +675.8% |
| 10-Year ReturnCumulative with dividends | +14.3% | +675.8% |
| CAGR (3Y)Annualised 3-year return | +1.5% | +8.0% |
Risk & Volatility
PECO is the less volatile stock with a 0.40 beta — it tends to amplify market swings less than BFS's 0.40 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. PECO currently trades 98.1% from its 52-week high vs BFS's 89.9% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | BFSSaul Centers, Inc. | PECOPhillips Edison &… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.40x | 0.40x |
| 52-Week HighHighest price in past year | $37.89 | $40.06 |
| 52-Week LowLowest price in past year | $29.16 | $32.40 |
| % of 52W HighCurrent price vs 52-week peak | +89.9% | +98.1% |
| RSI (14)Momentum oscillator 0–100 | 56.0 | 73.7 |
| Avg Volume (50D)Average daily shares traded | 56K | 771K |
Analyst Outlook
Wall Street rates BFS as "Hold" and PECO as "Hold". Consensus price targets imply 27.6% upside for BFS (target: $44) vs 0.3% for PECO (target: $39). For income investors, BFS offers the higher dividend yield at 6.92% vs PECO's 2.49%.
| Metric | BFSSaul Centers, Inc. | PECOPhillips Edison &… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold |
| Price TargetConsensus 12-month target | $43.50 | $39.40 |
| # AnalystsCovering analysts | 7 | 13 |
| Dividend YieldAnnual dividend ÷ price | +6.9% | +2.5% |
| Dividend StreakConsecutive years of raises | 0 | 0 |
| Dividend / ShareAnnual DPS | $2.36 | $0.98 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
Historical Charts
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Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 21 | Feb 26 | Change |
|---|---|---|---|
| Saul Centers, Inc. (BFS) | 100 | 87.1 | -12.9% |
| Phillips Edison & C… (PECO) | 100 | 630.43 | +530.4% |
Phillips Edison & C… (PECO) returned +676% over 5 years vs Saul Centers, Inc. (BFS)'s +25%. A $10,000 investment in PECO 5 years ago would be worth $77,580 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Saul Centers, Inc. (BFS) | $209M | $269M | +28.6% |
| Phillips Edison & C… (PECO) | $242M | $661M | +173.2% |
Saul Centers, Inc.'s revenue grew from $209M (2015) to $269M (2024) — a 2.8% CAGR. Phillips Edison & Company, Inc.'s revenue grew from $242M (2015) to $661M (2024) — a 11.8% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Saul Centers, Inc. (BFS) | 20.3% | 18.8% | -7.3% |
| Phillips Edison & C… (PECO) | 5.5% | 9.5% | +71.7% |
Saul Centers, Inc.'s net margin went from 20% (2015) to 19% (2024). Phillips Edison & Company, Inc.'s net margin went from 6% (2015) to 9% (2024).
Chart 4P/E Ratio History — 8 Years
| Stock | 2017 | 2024 | Change |
|---|---|---|---|
| Saul Centers, Inc. (BFS) | 37.9 | 23.8 | -37.2% |
| Phillips Edison & C… (PECO) | 254.2 | 73.5 | -71.1% |
Saul Centers, Inc. has traded in a 21x–38x P/E range over 8 years; current trailing P/E is ~21x. Phillips Edison & Company, Inc. has traded in a 74x–254x P/E range over 4 years; current trailing P/E is ~77x.
Chart 5EPS Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Saul Centers, Inc. (BFS) | 1.42 | 1.63 | +14.8% |
| Phillips Edison & C… (PECO) | 0.22 | 0.51 | +131.8% |
Saul Centers, Inc.'s EPS grew from $1.42 (2015) to $1.63 (2024) — a 2% CAGR. Phillips Edison & Company, Inc.'s EPS grew from $0.22 (2015) to $0.51 (2024) — a 10% CAGR.
Chart 6Free Cash Flow — 5 Years
Saul Centers, Inc. generated $121M FCF in 2024 (+2% vs 2021). Phillips Edison & Company, Inc. generated $240M FCF in 2024 (+28% vs 2021).
BFS vs PECO: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is BFS or PECO a better buy right now?
Saul Centers, Inc. (BFS) offers the better valuation at 20.9x trailing P/E (33.4x forward), making it the more compelling value choice. Analysts rate Saul Centers, Inc. (BFS) a "Hold" — based on 7 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — BFS or PECO?
On trailing P/E, Saul Centers, Inc. (BFS) is the cheapest at 20.9x versus Phillips Edison & Company, Inc. at 77.0x. On forward P/E, Saul Centers, Inc. is actually cheaper at 33.4x.
03Which is the better long-term investment — BFS or PECO?
Over the past 5 years, Phillips Edison & Company, Inc. (PECO) delivered a total return of +675.8%, compared to +24.6% for Saul Centers, Inc. (BFS). A $10,000 investment in PECO five years ago would be worth approximately $78K today (assuming dividends reinvested). Over 10 years, the gap is even starker: PECO returned +675.8% versus BFS's +14.3%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — BFS or PECO?
By beta (market sensitivity over 5 years), Phillips Edison & Company, Inc. (PECO) is the lower-risk stock at 0.40β versus Saul Centers, Inc.'s 0.40β — meaning BFS is approximately 0% more volatile than PECO relative to the S&P 500. On balance sheet safety, Phillips Edison & Company, Inc. (PECO) carries a lower debt/equity ratio of 80% versus 3% for Saul Centers, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — BFS or PECO?
Saul Centers, Inc. (BFS) is the more profitable company, earning 18.8% net margin versus 9.5% for Phillips Edison & Company, Inc. — meaning it keeps 18.8% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: PECO leads at 64.3% versus 45.1% for BFS. At the gross margin level — before operating expenses — BFS leads at 73.2%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is BFS or PECO more undervalued right now?
On forward earnings alone, Saul Centers, Inc. (BFS) trades at 33.4x forward P/E versus 56.4x for Phillips Edison & Company, Inc. — 23.0x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for BFS: 27.6% to $43.50.
07Which pays a better dividend — BFS or PECO?
All stocks in this comparison pay dividends. Saul Centers, Inc. (BFS) offers the highest yield at 6.9%, versus 2.5% for Phillips Edison & Company, Inc. (PECO).
08Is BFS or PECO better for a retirement portfolio?
For long-horizon retirement investors, Phillips Edison & Company, Inc. (PECO) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.40), 2.5% yield, +675.8% 10Y return). Both have compounded well over 10 years (PECO: +675.8%, BFS: +14.3%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between BFS and PECO?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: BFS is a small-cap income-oriented stock; PECO is a small-cap quality compounder stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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