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BFS logoSaul Centers, Inc.(BFS)Earnings, Financials & Key Ratios

BFS•NYSE•REIT / Real Estate
$34.21
$838M mkt cap·21.0× P/E·Price updated May 6, 2026
SectorReal EstateIndustryRetail REITsSub-IndustryOpen-Air Shopping Centers
AboutSaul Centers, Inc. is a self-managed, self-administered equity REIT headquartered in Bethesda, Maryland, which currently operates and manages a real estate portfolio of 60 properties which includes (a) 50 community and neighborhood shopping centers and seven mixed-use properties with approximately 9.8 million square feet of leasable area and (b) three land and development properties. Approximately 85% of the Saul Centers' property operating income is generated by properties in the metropolitan Washington, DC/Baltimore area.Show more
  • Revenue$269M+4.5%
  • FFO$101M
  • FFO/Share4.19-0.3%
  • FFO Payout56.25%+0.3%
  • FFO per Share4.19-0.3%
  • NOI Margin73.2%-0.9%
  • FFO Margin37.62%-4.3%
  • ROE10.07%-1.9%
  • ROA2.46%-10.7%
  • Debt/Assets72.08%+3.6%
  • Net Debt/EBITDA8.87+38.3%
  • Book Value/Share20.76-1.0%
Technical→

BFS Key Insights

Saul Centers, Inc. (BFS) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Sustainable FFO payout ratio of 56.2%
  • ✓High NOI margin of 73.2%
  • ✓Trading near 52-week high

✗Weaknesses

  • ✗High debt to equity ratio of 3.1x
  • ✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

BFS Price & Volume

Saul Centers, Inc. (BFS) stock price & volume — 10-year historical chart

Loading chart...

BFS Growth Metrics

Saul Centers, Inc. (BFS) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years2.64%
5 Years3.03%
3 Years3.97%
TTM5.46%

Profit CAGR

10 Years0.76%
5 Years-0.42%
3 Years1.53%
TTM-29.89%

EPS CAGR

10 Years0.57%
5 Years-6.16%
3 Years1.26%
TTM-35.2%

Return on Capital

10 Years5.72%
5 Years5.73%
3 Years7.09%
Last Year6.91%

BFS Recent Earnings

Saul Centers, Inc. (BFS) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 7/12 qtrs (70%)●Beat Revenue 7/12 qtrs (58%)
Q1 2026Latest
Feb 27, 2026
EPS
$0.15
Est $0.27
-44.4%
Revenue
$74M
Est $73M
+0.8%
Q4 2025
Nov 6, 2025
EPS
$0.72
Est $0.23
+213.0%
Revenue
$72M
Est $73M
-1.6%
Q3 2025
Aug 7, 2025
EPS
$0.73
Est $0.75
-2.7%
Revenue
$71M
Est $71M
-0.8%
Q2 2025
May 8, 2025
EPS
$0.71
Est $0.73
-2.7%
Revenue
$72M
Est $70M
+3.0%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 27, 2026
$0.15vs $0.27-44.4%
$74Mvs $73M+0.8%
Q4 2025Nov 6, 2025
$0.72vs $0.23+213.0%
$72Mvs $73M-1.6%
Q3 2025Aug 7, 2025
$0.73vs $0.75-2.7%
$71Mvs $71M-0.8%
Q2 2025May 8, 2025
$0.71vs $0.73-2.7%
$72Mvs $70M+3.0%
Based on last 12 quarters of dataView full earnings history →

BFS Peer Comparison

Saul Centers, Inc. (BFS) competitors in Open-Air Shopping Centers — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
RPT logoRPTRithm Property Trust Inc.Direct Competitor111.75M14.76-4111.82%3.69%0.5%2.55
WHLR logoWHLRWheeler Real Estate Investment Trust, Inc.Direct Competitor127.21M1.19-0.03-4.02%11.86%12.47%5.11
NXRT logoNXRTNexPoint Residential Trust, Inc.Direct Competitor757.54M29.85-23.69-3.24%-12.67%-10.13%5.18
UE logoUEUrban Edge PropertiesDirect Competitor2.78B22.0529.806.06%22.2%7.8%1.21
SITC logoSITCSITE Centers Corp.Direct Competitor294.84M5.621.66-62.67%72.14%12.2%
KRG logoKRGKite Realty Group TrustDirect Competitor5.41B26.6519.310.69%34.64%8.89%1.06
REG logoREGRegency Centers CorporationProduct Competitor14.48B79.0828.043.39%37.4%9%0.83
KIM logoKIMKimco Realty CorporationProduct Competitor16.05B23.8028.675.06%28.51%5.81%0.82

Compare BFS vs Peers

Saul Centers, Inc. (BFS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs RPT

Most directly comparable listed peer for BFS.

Scale Benchmark

vs WMT

Larger-name benchmark to compare BFS against a more recognizable public peer.

Peer Set

Compare Top 5

vs RPT, WHLR, NXRT, UE

BFS Income Statement

Saul Centers, Inc. (BFS) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Revenue217.07M227.28M227.9M231.53M225.21M239.22M245.86M257.21M268.85M282.62M
Revenue Growth %3.82%4.71%0.27%1.59%-2.73%6.22%2.77%4.62%4.53%5.46%
Property Operating Expenses52.21M54.69M55.58M57.93M58.42M61.63M64.52M67.14M72.06M68.22M
Net Operating Income (NOI)
164.86M▲ 0%
172.6M▲ 4.7%
172.33M▼ 0.2%
173.59M▲ 0.7%
166.79M▼ 3.9%
177.6M▲ 6.5%
181.34M▲ 2.1%
190.07M▲ 4.8%
196.79M▲ 3.5%
214.4M▲ 0%
NOI Margin %75.95%75.94%75.61%74.98%74.06%74.24%73.76%73.9%73.2%75.86%
Operating Expenses18.99M19.08M18.87M20.79M116.47M115.95M115.95M23.46M75.57M69.61M
G&A Expenses17.5M18.18M18.46M20.79M19.11M20.25M22.39M23.46M25.07M26.59M
EBITDA215.89M225.04M183.14M193.33M101.44M111.92M114.36M215.04M171.72M201.92M
EBITDA Margin %99.46%99.01%80.36%83.5%45.04%46.78%46.51%83.61%63.87%71.45%
Depreciation & Amortization160.18M164.44M120.59M40.53M51.13M50.27M48.97M48.43M50.5M57.13M
D&A / Revenue %73.79%72.35%52.91%17.51%22.7%21.01%19.92%18.83%18.78%20.21%
Operating Income
55.71M▲ 0%
60.6M▲ 8.8%
62.55M▲ 3.2%
152.8M▲ 144.3%
50.32M▼ 67.1%
61.65M▲ 22.5%
65.39M▲ 6.1%
166.61M▲ 154.8%
121.22M▼ 27.2%
144.79M▲ 0%
Operating Margin %25.67%26.66%27.45%66%22.34%25.77%26.6%64.78%45.09%51.23%
Interest Expense45.68M47.23M45.04M41.83M045.42M43.94M47.2M53.7M4M
Interest Coverage1.22x1.28x1.39x3.65x-1.36x1.49x3.53x2.26x-
Non-Operating Income-45.35M46.94M1.1M46.33M-45.09M-43.72M-42.03M48.43M030.69M
Pretax Income
56.72M▲ 0%
60.67M▲ 7.0%
63.06M▲ 3.9%
64.2M▲ 1.8%
50.32M▼ 21.6%
61.65M▲ 22.5%
65.39M▲ 6.1%
69.03M▲ 5.6%
67.7M▼ 1.9%
47.88M▲ 0%
Pretax Margin %26.13%26.69%27.67%27.73%22.34%25.77%26.6%26.84%25.18%16.94%
Income Tax0-33.35M-33.86M0000000
Effective Tax Rate %0%-54.98%-53.7%0%0%0%0%0%0%0%
Net Income
45.28M▲ 0%
48.26M▲ 6.6%
50.55M▲ 4.8%
51.72M▲ 2.3%
40.38M▼ 21.9%
48.39M▲ 19.8%
50.19M▲ 3.7%
52.69M▲ 5.0%
50.65M▼ 3.9%
39.1M▲ 0%
Net Margin %20.86%21.23%22.18%22.34%17.93%20.23%20.42%20.49%18.84%13.83%
Net Income Growth %6.62%6.58%4.76%2.31%-21.93%19.83%3.73%4.97%-3.87%-29.89%
Funds From Operations (FFO)
205.46M▲ 0%
212.7M▲ 3.5%
171.14M▼ 19.5%
92.26M▼ 46.1%
91.51M▼ 0.8%
98.66M▲ 7.8%
99.16M▲ 0.5%
101.12M▲ 2.0%
101.15M▲ 0.0%
96.22M▲ 0%
FFO Margin %94.65%93.58%75.09%39.85%40.63%41.24%40.33%39.31%37.62%34.05%
FFO Growth %139.63%3.52%-19.54%-46.09%-0.81%7.82%0.51%1.97%0.03%-30.24%
FFO per Share9.519.667.634.003.924.174.144.204.193.97
FFO Payout Ratio %19.21%20.96%27.06%52.64%53.97%51.65%55.99%56.09%56.25%59.34%
EPS (Diluted)
1.52▲ 0%
1.63▲ 7.2%
2.25▲ 38.0%
2.24▼ 0.4%
1.25▼ 44.2%
1.57▲ 25.6%
1.63▲ 3.8%
1.73▲ 6.1%
1.63▼ 5.8%
1.61▲ 0%
EPS Growth %7.04%7.24%38.04%-0.44%-44.2%25.6%3.82%6.13%-5.78%-35.2%
EPS (Basic)1.531.642.262.251.251.571.631.731.64-
Diluted Shares Outstanding21.61M22.01M22.43M23.05M23.36M23.66M23.97M24.05M24.14M24.22M

BFS Balance Sheet

Saul Centers, Inc. (BFS) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Total Assets1.34B1.42B1.53B1.62B1.65B1.75B1.83B1.99B2.13B2.17B
Asset Growth %2.98%5.91%7.38%5.95%1.68%6.15%4.95%8.77%6.63%17.48%
Real Estate & Other Assets1.28B-1.39B1.45B1.55B1.55B1.67B1.76B1.93B2.07B0
PP&E (Net)1.24B1.32B1.42B0000000
Investment Securities-1000K0-1000K0000000
Total Current Assets66.41M70.21M73.63M71.58M91.77M73.25M69.6M64.44M61.25M70.75M
Cash & Equivalents8.32M10.91M14.58M13.9M26.86M14.59M13.28M8.41M10.3M11.79M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets0000-5.64M00000
Intangible Assets2.4M0656.1K0000000
Total Liabilities969.78M1.03B1.1B1.17B1.22B1.22B1.31B1.49B1.63B1.68B
Total Debt900.29M958.62M1.02B1.09B1.15B1.14B1.22B1.39B1.53B1.02B
Net Debt891.97M947.71M1.01B1.08B1.12B1.13B1.21B1.38B1.52B1.01B
Long-Term Debt900.29M947.01M1.02B1B1.05B1.04B1.06B1.11B1.35B0
Short-Term Borrowings00086.37M103.91M103.17M161.94M274.71M186.49M1.02B
Capital Lease Obligations0000000000
Total Current Liabilities87.01M102.38M96.9M140.86M147.75M150.4M227.37M354.67M256.12M1.05B
Accounts Payable20.84M23.12M32.42M35.2M24.38M25.56M42.98M57.02M46.16M0
Deferred Revenue30.7M29.08M28.85M29.31M23.29M25.19M23.17M22.75M23.03M23.67M
Other Liabilities2.93M15.01M2.7M000000636.47M
Total Equity
373.25M▲ 0%
393.1M▲ 5.3%
425.22M▲ 8.2%
443.36M▲ 4.3%
427.53M▼ 3.6%
530.49M▲ 24.1%
521.8M▼ 1.6%
504.43M▼ 3.3%
501.12M▼ 0.7%
485.2M▲ 0%
Equity Growth %5.52%5.32%8.17%4.27%-3.57%24.08%-1.64%-3.33%-0.66%-14.41%
Shareholders Equity318.5M334.4M355.91M374.98M364.32M405.05M400.48M348.39M335.75M316.63M
Minority Interest54.74M58.7M69.31M68.38M63.21M125.44M121.32M156.04M165.37M168.58M
Common Stock217K221K227K232K235K238K240K241K243K245K
Additional Paid-in Capital328.17M352.59M384.53M410.93M420.63M436.61M446.3M449.96M454.09M0
Retained Earnings-189.88M-198.41M-208.85M-221.18M-241.53M-256.45M-273.56M-288.82M-306.54M0
Preferred Stock180M180M180M185M185M185M185M185M185M0
Return on Assets (ROA)3.42%3.49%3.43%3.29%2.47%2.85%2.8%2.75%2.46%1.8%
Return on Equity (ROE)12.46%12.59%12.36%11.91%9.27%10.1%9.54%10.27%10.07%8.06%
Debt / Assets67.03%67.39%66.9%67.43%69.94%65.48%66.7%69.55%72.08%47.16%
Debt / Equity2.41x2.44x2.40x2.46x2.69x2.16x2.34x2.75x3.06x3.06x
Net Debt / EBITDA4.13x4.21x5.50x5.57x11.08x10.09x10.58x6.41x8.87x8.87x
Book Value per Share17.2717.8618.9619.2318.3022.4221.7720.9720.7620.03

BFS Cash Flow Statement

Saul Centers, Inc. (BFS) cash flow — operating, investing & free cash flow history

Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Cash from Operations89.09M103.45M110.34M115.38M78.38M118.38M121.15M117.73M121.22M121.22M
Operating CF Growth %0.22%16.12%6.66%4.57%-32.07%51.03%2.34%-2.83%2.97%-61.49%
Operating CF / Revenue %41.04%45.52%48.41%49.84%34.8%49.49%49.28%45.77%45.09%42.89%
Net Income56.72M60.67M63.06M64.2M50.32M61.65M65.39M52.69M50.65M39.1M
Depreciation & Amortization44.42M45.69M45.86M46.33M51.13M50.27M48.97M48.43M52.85M14.52M
Stock-Based Compensation1.6M1.67M1.77M1.86M1.44M1.56M1.52M1.42M1.72M1.82M
Other Non-Cash Items41.13M42.47M41.44M1.34M49.58M50.98M-171K13.51M17.73M41.92M
Working Capital Changes-10.85M-2.2M3.9M1.66M-22.95M4.19M5.44M1.67M-1.74M-3.27M
Cash from Investing-86.27M-113.31M-128.65M-135.66M-56.17M-55.87M-116.89M-203.68M-188.73M-117.83M
Acquisitions (Net)-27.23M-22.84M-76.26M-113.77M-37.06M-28.23M-101.11M-177.49M0-4M
Purchase of Investments-91.05M-119.99M-129.98M0-56.54M-55.87M-116.89M000
Sale of Investments1000K1000K1000K0376K01000K000
Other Investing-59.04M-90.46M-52.39M-21.89M-19.11M28.23M-34.79M-26.2M-188.73M-37.91M
Cash from Financing-4.5M12.44M21.98M19.61M-9.26M-74.77M-5.58M81.08M69.4M16.04M
Dividends Paid-51.85M-56.95M-58.71M-60.96M-60.58M-62.16M-66.72M-67.92M-68.09M-68.29M
Common Dividends-39.47M-44.58M-46.31M-48.57M-49.38M-50.96M-55.52M-56.72M-56.89M-57.1M
Debt Issuance (Net)1000K1000K1000K1000K1000K-1000K1000K1000K1000K4M
Share Repurchases00-75.01M0000000
Other Financing-6.75M-11.12M-13.83M-14.47M-17.96M-21.82M-30.69M-20.84M-11.32M-17.15M
Net Change in Cash
-1.68M▲ 0%
2.59M▲ 253.8%
3.67M▲ 41.9%
-673K▼ 118.3%
12.95M▲ 2024.4%
-12.26M▼ 194.7%
-1.31M▲ 89.3%
-4.87M▼ 270.5%
1.89M▲ 138.8%
4.59M▲ 0%
Exchange Rate Effect0000000000
Cash at Beginning10M8.32M10.91M14.58M13.9M26.86M14.59M13.28M8.41M5.3M
Cash at End8.32M10.91M14.58M13.9M26.86M14.59M13.28M8.41M10.3M11.79M
Free Cash Flow
89.09M▲ 0%
103.45M▲ 16.1%
110.34M▲ 6.7%
115.38M▲ 4.6%
134.55M▲ 16.6%
118.38M▼ 12.0%
140.16M▲ 18.4%
117.73M▼ 16.0%
121.22M▲ 3.0%
106.39M▲ 0%
FCF Growth %0.22%16.12%6.66%4.57%16.61%-12.02%18.39%-16%2.97%-14.98%
FCF / Revenue %41.04%45.52%48.41%49.84%59.75%49.49%57.01%45.77%45.09%37.64%

BFS Key Ratios

Saul Centers, Inc. (BFS) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201620172018201920202021202220232024TTM
FFO per Share9.519.667.6343.924.174.144.24.193.97
FFO Payout Ratio19.21%20.96%27.06%52.64%53.97%51.65%55.99%56.09%56.25%59.34%
NOI Margin75.95%75.94%75.61%74.98%74.06%74.24%73.76%73.9%73.2%75.86%
Net Debt / EBITDA4.13x4.21x5.50x5.57x11.08x10.09x10.58x6.41x8.87x8.87x
Debt / Assets67.03%67.39%66.9%67.43%69.94%65.48%66.7%69.55%72.08%47.16%
Interest Coverage1.22x1.28x1.39x3.65x-1.36x1.49x3.53x2.26x-
Book Value / Share17.2717.8618.9619.2318.322.4221.7720.9720.7620.03
Revenue Growth3.82%4.71%0.27%1.59%-2.73%6.22%2.77%4.62%4.53%5.46%

BFS SEC Filings & Documents

Saul Centers, Inc. (BFS) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Feb 27, 2026·SEC

Material company update

Nov 26, 2025·SEC

Material company update

Nov 6, 2025·SEC

10-K Annual Reports

3
FY 2026

Feb 27, 2026·SEC

FY 2025

Feb 28, 2025·SEC

FY 2024

Feb 29, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Nov 6, 2025·SEC

FY 2025

Aug 7, 2025·SEC

FY 2025

May 8, 2025·SEC

BFS Frequently Asked Questions

Saul Centers, Inc. (BFS) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Saul Centers, Inc. (BFS) reported $282.6M in revenue for fiscal year 2024. This represents a 360% increase from $61.5M in 1995.

Saul Centers, Inc. (BFS) grew revenue by 4.5% over the past year. Growth has been modest.

Yes, Saul Centers, Inc. (BFS) is profitable, generating $39.1M in net income for fiscal year 2024 (18.8% net margin).

Dividend & Returns

Yes, Saul Centers, Inc. (BFS) pays a dividend with a yield of 6.89%. This makes it attractive for income-focused investors.

Saul Centers, Inc. (BFS) has a return on equity (ROE) of 10.1%. This is reasonable for most industries.

Industry Metrics

Saul Centers, Inc. (BFS) generated Funds From Operations (FFO) of $96.2M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Saul Centers, Inc. (BFS) offers a 6.89% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More BFS

Saul Centers, Inc. (BFS) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

→
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