Comprehensive Stock Comparison
Compare Saul Centers, Inc. (BFS) vs Regency Centers Corporation (REG) 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 | REG | 9.7% revenue growth vs BFS's 4.5% |
| Value | REG | Lower P/E (32.1x vs 33.4x) |
| Quality / Margins | REG | 26.4% net margin vs BFS's 13.8% |
| Stability / Safety | BFS | Beta 0.40 vs REG's 0.52 |
| Dividends | BFS | 6.9% yield, vs REG's 3.4% |
| Momentum (1Y) | REG | +6.7% vs BFS's -2.7% |
| Efficiency (ROA) | REG | 3.2% ROA vs BFS's 1.8%, ROIC 6.1% vs 4.7% |
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.
Regency Centers is a real estate investment trust that owns, operates, and develops grocery-anchored shopping centers in affluent suburban neighborhoods. It generates revenue primarily through rental income from its portfolio of retail properties — with anchor tenants like Publix, Whole Foods, and Kroger providing stable cash flow — and also earns development fees from new projects. The company's competitive advantage lies in its high-quality portfolio concentrated in affluent, densely populated trade areas with strong demographics and limited new retail development.
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
REG leads in 3 of 6 categories (Financial Metrics, Profitability & Efficiency). BFS leads in 1 (Valuation Metrics). 2 tied.
Financial Metrics (TTM)
REG is the larger business by revenue, generating $1.6B annually — 5.5x BFS's $283M. REG is the more profitable business, keeping 26.4% of every revenue dollar as net income compared to BFS's 13.8%. On growth, BFS holds the edge at +7.0% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | BFSSaul Centers, Inc. | REGRegency Centers C… |
|---|---|---|
| RevenueTrailing 12 months | $283M | $1.6B |
| EBITDAEarnings before interest/tax | $202M | $1.3B |
| Net IncomeAfter-tax profit | $39M | $411M |
| Free Cash FlowCash after capex | $106M | $815M |
| Gross MarginGross profit ÷ Revenue | +75.9% | +64.6% |
| Operating MarginEBIT ÷ Revenue | +51.2% | +58.0% |
| Net MarginNet income ÷ Revenue | +13.8% | +26.4% |
| FCF MarginFCF ÷ Revenue | +37.6% | +52.2% |
| Rev. Growth (YoY)Latest quarter vs prior year | +7.0% | +3.5% |
| EPS Growth (YoY)Latest quarter vs prior year | -28.3% | +7.4% |
Valuation Metrics
At 20.9x trailing earnings, BFS trades at a 44% valuation discount to REG's 37.4x P/E. On an enterprise value basis, BFS's 13.7x EV/EBITDA is more attractive than REG's 14.4x.
| Metric | BFSSaul Centers, Inc. | REGRegency Centers C… |
|---|---|---|
| Market CapShares × price | $835M | $14.4B |
| Enterprise ValueMkt cap + debt − cash | $2.4B | $19.4B |
| Trailing P/EPrice ÷ TTM EPS | 20.91x | 37.44x |
| Forward P/EPrice ÷ next-FY EPS est. | 33.41x | 32.13x |
| PEG RatioP/E ÷ EPS growth rate | — | 4.63x |
| EV / EBITDAEnterprise value multiple | 13.73x | 14.44x |
| Price / SalesMarket cap ÷ Revenue | 3.10x | 9.58x |
| Price / BookPrice ÷ Book value/share | 1.64x | 2.10x |
| Price / FCFMarket cap ÷ FCF | 6.89x | 18.22x |
Profitability & Efficiency
BFS delivers a 8.1% return on equity — every $100 of shareholder capital generates $8 in annual profit, vs $6 for REG. REG carries lower financial leverage with a 0.73x debt-to-equity ratio, signaling a more conservative balance sheet compared to BFS's 3.06x. On the Piotroski fundamental quality scale (0–9), REG scores 7/9 vs BFS's 4/9, reflecting strong financial health.
| Metric | BFSSaul Centers, Inc. | REGRegency Centers C… |
|---|---|---|
| ROE (TTM)Return on equity | +8.1% | +5.8% |
| ROA (TTM)Return on assets | +1.8% | +3.2% |
| ROICReturn on invested capital | +4.7% | +6.1% |
| ROCEReturn on capital employed | +6.9% | +8.1% |
| Piotroski ScoreFundamental quality 0–9 | 4 | 7 |
| Debt / EquityFinancial leverage | 3.06x | 0.73x |
| Net DebtTotal debt minus cash | $1.5B | $5.0B |
| Cash & Equiv.Liquid assets | $10M | $56M |
| Total DebtShort + long-term debt | $1.5B | $5.0B |
| Interest CoverageEBIT ÷ Interest expense | 2.26x | 5.13x |
Total Returns (with DRIP)
A $10,000 investment in REG five years ago would be worth $16,665 today (with dividends reinvested), compared to $12,459 for BFS. Over the past 12 months, REG leads with a +6.7% total return vs BFS's -2.7%. The 3-year compound annual growth rate (CAGR) favors REG at 11.5% vs BFS's 1.5% — a key indicator of consistent wealth creation.
| Metric | BFSSaul Centers, Inc. | REGRegency Centers C… |
|---|---|---|
| YTD ReturnYear-to-date | +9.9% | +16.2% |
| 1-Year ReturnPast 12 months | -2.7% | +6.7% |
| 3-Year ReturnCumulative with dividends | +4.7% | +38.6% |
| 5-Year ReturnCumulative with dividends | +24.6% | +66.6% |
| 10-Year ReturnCumulative with dividends | +14.3% | +45.5% |
| CAGR (3Y)Annualised 3-year return | +1.5% | +11.5% |
Risk & Volatility
BFS is the less volatile stock with a 0.40 beta — it tends to amplify market swings less than REG's 0.52 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. REG currently trades 99.9% 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. | REGRegency Centers C… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.40x | 0.52x |
| 52-Week HighHighest price in past year | $37.89 | $79.08 |
| 52-Week LowLowest price in past year | $29.16 | $63.44 |
| % of 52W HighCurrent price vs 52-week peak | +89.9% | +99.9% |
| RSI (14)Momentum oscillator 0–100 | 56.0 | 70.9 |
| Avg Volume (50D)Average daily shares traded | 56K | 1.1M |
Analyst Outlook
Wall Street rates BFS as "Hold" and REG as "Buy". Consensus price targets imply 27.6% upside for BFS (target: $44) vs 1.5% for REG (target: $80). For income investors, BFS offers the higher dividend yield at 6.92% vs REG's 3.39%.
| Metric | BFSSaul Centers, Inc. | REGRegency Centers C… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $43.50 | $80.22 |
| # AnalystsCovering analysts | 7 | 32 |
| Dividend YieldAnnual dividend ÷ price | +6.9% | +3.4% |
| Dividend StreakConsecutive years of raises | 0 | 4 |
| Dividend / ShareAnnual DPS | $2.36 | $2.68 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +1.5% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Saul Centers, Inc. (BFS) | 100 | 71.96 | -28.0% |
| Regency Centers Cor… (REG) | 100 | 119.39 | +19.4% |
Regency Centers Cor… (REG) returned +67% over 5 years vs Saul Centers, Inc. (BFS)'s +25%. A $10,000 investment in REG 5 years ago would be worth $16,665 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Saul Centers, Inc. (BFS) | $209M | $269M | +28.6% |
| Regency Centers Cor… (REG) | $591M | $1.5B | +154.3% |
Saul Centers, Inc.'s revenue grew from $209M (2015) to $269M (2024) — a 2.8% CAGR. Regency Centers Corporation's revenue grew from $591M (2015) to $1.5B (2024) — a 10.9% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Saul Centers, Inc. (BFS) | 20.3% | 18.8% | -7.3% |
| Regency Centers Cor… (REG) | 25.4% | 26.6% | +4.9% |
Saul Centers, Inc.'s net margin went from 20% (2015) to 19% (2024). Regency Centers Corporation's net margin went from 25% (2015) to 27% (2024).
Chart 4P/E Ratio History — 8 Years
| Stock | 2017 | 2024 | Change |
|---|---|---|---|
| Saul Centers, Inc. (BFS) | 37.9 | 23.8 | -37.2% |
| Regency Centers Cor… (REG) | 69.2 | 35 | -49.4% |
Saul Centers, Inc. has traded in a 21x–38x P/E range over 8 years; current trailing P/E is ~21x. Regency Centers Corporation has traded in a 22x–175x P/E range over 8 years; current trailing P/E is ~37x.
Chart 5EPS Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Saul Centers, Inc. (BFS) | 1.42 | 1.63 | +14.8% |
| Regency Centers Cor… (REG) | 1.36 | 2.11 | +55.1% |
Saul Centers, Inc.'s EPS grew from $1.42 (2015) to $1.63 (2024) — a 2% CAGR. Regency Centers Corporation's EPS grew from $1.36 (2015) to $2.11 (2024) — a 5% CAGR.
Chart 6Free Cash Flow — 5 Years
Saul Centers, Inc. generated $121M FCF in 2024 (+2% vs 2021). Regency Centers Corporation generated $790M FCF in 2024 (+99% vs 2021).
BFS vs REG: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is BFS or REG 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 Regency Centers Corporation (REG) a "Buy" — based on 32 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 REG?
On trailing P/E, Saul Centers, Inc. (BFS) is the cheapest at 20.9x versus Regency Centers Corporation at 37.4x. On forward P/E, Regency Centers Corporation is actually cheaper at 32.1x — notably different from the trailing picture, reflecting expected earnings growth.
03Which is the better long-term investment — BFS or REG?
Over the past 5 years, Regency Centers Corporation (REG) delivered a total return of +66.6%, compared to +24.6% for Saul Centers, Inc. (BFS). A $10,000 investment in REG five years ago would be worth approximately $17K today (assuming dividends reinvested). Over 10 years, the gap is even starker: REG returned +45.5% 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 REG?
By beta (market sensitivity over 5 years), Saul Centers, Inc. (BFS) is the lower-risk stock at 0.40β versus Regency Centers Corporation's 0.52β — meaning REG is approximately 30% more volatile than BFS relative to the S&P 500. On balance sheet safety, Regency Centers Corporation (REG) carries a lower debt/equity ratio of 73% versus 3% for Saul Centers, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — BFS or REG?
Regency Centers Corporation (REG) is the more profitable company, earning 26.6% net margin versus 18.8% for Saul Centers, Inc. — meaning it keeps 26.6% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: REG leads at 64.4% 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 REG more undervalued right now?
On forward earnings alone, Regency Centers Corporation (REG) trades at 32.1x forward P/E versus 33.4x for Saul Centers, Inc. — 1.3x 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 REG?
All stocks in this comparison pay dividends. Saul Centers, Inc. (BFS) offers the highest yield at 6.9%, versus 3.4% for Regency Centers Corporation (REG).
08Is BFS or REG better for a retirement portfolio?
For long-horizon retirement investors, Saul Centers, Inc. (BFS) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.40), 6.9% yield). Both have compounded well over 10 years (BFS: +14.3%, REG: +45.5%), 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 REG?
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. 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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