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BFSSaul Centers, Inc.
$36.03$884M
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BFS logoSaul Centers, Inc.(BFS)Earnings, Financials & Key Ratios

BFS•NYSE•REIT / Real Estate
23.2× P/E·Price updated Jun 19, 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$292M+8.5%
  • FFO$96M-4.8%
  • FFO/Share3.98-5.1%
  • FFO Payout59.35%+5.5%
  • FFO per Share3.98-5.1%
  • NOI Margin30.7%-58.1%
  • FFO Margin33.03%-12.2%
  • ROE7.67%-23.9%
  • ROA1.75%-28.9%

BFS Key Insights

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

✓Strengths

  • ✓Sustainable FFO payout ratio of 59.3%

✗Weaknesses

  • ✗High debt to equity ratio of 3.4x
  • ✗Low NOI margin of 30.7%
  • ✗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.

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BFS Price & Volume

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

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BFS Growth Metrics

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

Revenue CAGR

10 Years3.38%
5 Years5.3%
3 Years5.85%
TTM8.11%

Profit CAGR

10 Years-1.23%
5 Years-1.46%
3 Years-9.25%
TTM-21.33%

EPS CAGR

10 Years0.88%
5 Years4.4%
3 Years-1.66%
TTM3.4%

Return on Capital

10 Years5.91%
5 Years6.3%
3 Years7.81%
Last Year6.25%

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 8/12 qtrs (67%)
Q2 2026Latest
May 7, 2026
Metric
Actual
Est
EPS
$0.71+446.2%
$0.13
Rev
$77M+2.3%
$75M
Q1 2026
Feb 27, 2026
Metric
Actual
Est
EPS
$0.15-44.4%
$0.27
Rev
$74M+0.8%
$73M
Q4 2025
Nov 6, 2025
Metric
Actual
Est
EPS
$0.72+213.0%
$0.23
Rev
$72M-1.6%
$73M
Q3 2025
Aug 7, 2025
Metric
Actual
Est
EPS
$0.73-2.7%
$0.75
Rev
$71M-0.8%
$71M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 7, 2026
$0.71vs $0.13+446.2%
$77Mvs $75M+2.3%
Q1 2026Feb 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%
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
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
RPT logoRPTRithm Property Trust Inc.Direct Competitor109.03M14.40-4011.82%3.69%0.5%2.55
WHLR logoWHLRWheeler Real Estate Investment Trust, Inc.Direct Competitor1.26M3.47-0.00-4.9%5.9%6.31%5.11
NXRT logoNXRTNexPoint Residential Trust, Inc.Direct Competitor684.45M26.97-21.40-3.24%-12.67%-10.13%5.18
UE logoUEUrban Edge PropertiesDirect Competitor2.81B22.2730.096.06%22.2%7.8%1.21
SITC logoSITCSITE Centers Corp.Direct Competitor250.31M4.771.41-55.61%187.87%47.95%0.22
KRG logoKRGKite Realty Group TrustDirect Competitor5.67B27.9120.220.69%34.64%8.89%1.06
REG logoREGRegency Centers CorporationProduct Competitor14.08B76.8827.263.39%37.4%9%0.83
KIM logoKIMKimco Realty CorporationProduct Competitor16.44B24.3829.375.06%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
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue
227.28M227.9M231.53M225.21M239.22M245.86M257.21M268.85M291.56M296.25M
Revenue Growth %
4.71%0.27%1.59%-2.73%6.22%2.77%4.62%4.53%8.45%8.11%
Property Operating Expenses
54.69M55.58M57.93M58.42M61.63M64.52M67.14M72.06M202.05M74.93M
Net Operating Income (NOI)
172.6M▲ 0%
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%
89.52M▼ 54.5%
221.31M▲ 0%
NOI Margin %
75.94%75.61%74.98%74.06%74.24%73.76%73.9%73.2%30.7%74.71%
Operating Expenses
19.08M18.87M20.79M116.47M115.95M115.95M23.46M75.57M-30.13M93.09M
G&A Expenses
18.18M18.46M20.79M19.11M20.25M22.39M23.46M25.07M26.93M27.37M
EBITDA
225.04M183.14M193.33M101.44M111.92M114.36M215.04M171.72M178.43M188.4M
EBITDA Margin %
99.01%80.36%83.5%45.04%46.78%46.51%83.61%63.87%61.2%63.6%
Depreciation & Amortization
164.44M120.59M40.53M51.13M50.27M48.97M48.43M50.5M58.78M60.18M
D&A / Revenue %
72.35%52.91%17.51%22.7%21.01%19.92%18.83%18.78%20.16%20.31%
Operating Income
60.6M▲ 0%
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%
119.65M▼ 1.3%
128.22M▲ 0%
Operating Margin %
26.66%27.45%66%22.34%25.77%26.6%64.78%45.09%41.04%43.28%
Interest Expense
47.23M45.04M41.83M045.42M43.94M47.2M53.7M70.55M4M
Interest Coverage
2.26x2.36x2.54x-2.32x2.44x2.50x2.26x1.70x-
Non-Operating Income
46.94M1.1M46.33M-45.09M-43.72M-42.03M48.43M0-120K30.92M
Pretax Income
60.67M▲ 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%
49.22M▼ 27.3%
44.91M▲ 0%
Pretax Margin %
26.69%27.67%27.73%22.34%25.77%26.6%26.84%25.18%16.88%15.16%
Income Tax
-33.35M-33.86M00000000
Effective Tax Rate %
-54.98%-53.7%0%0%0%0%0%0%0%0%
Net Income
48.26M▲ 0%
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%
37.51M▼ 25.9%
36.83M▲ 0%
Net Margin %
21.23%22.18%22.34%17.93%20.23%20.42%20.49%18.84%12.87%12.43%
Net Income Growth %
6.58%4.76%2.31%-21.93%19.83%3.73%4.97%-3.87%-25.94%-21.33%
Funds From Operations (FFO)
212.7M▲ 0%
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%
96.3M▼ 4.8%
97.01M▲ 0%
FFO Margin %
93.58%75.09%39.85%40.63%41.24%40.33%39.31%37.62%33.03%32.75%
FFO Growth %
3.52%-19.54%-46.09%-0.81%7.82%0.51%1.97%0.03%-4.8%-10.3%
FFO per Share
9.667.634.003.924.174.144.204.193.984.01
FFO Payout Ratio %
20.96%27.06%52.64%53.97%51.65%55.99%56.09%56.25%59.35%44.22%
EPS (Diluted)
1.63▲ 0%
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%
1.55▼ 4.9%
1.52▲ 0%
EPS Growth %
7.24%38.04%-0.44%-44.2%25.6%3.82%6.13%-5.78%-4.91%3.4%
EPS (Basic)
1.642.262.251.251.571.631.731.641.55-
Diluted Shares Outstanding
22.01M22.43M23.05M23.36M23.66M23.97M24.05M24.14M24.22M24.22M

BFS Balance Sheet

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

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets
1.42B1.53B1.62B1.65B1.75B1.83B1.99B2.13B2.16B2.16B
Asset Growth %
5.91%7.38%5.95%1.68%6.15%4.95%8.77%6.63%1.71%8.76%
Real Estate & Other Assets
-1.39B1.45B1.55B1.55B1.67B1.76B1.93B2.07B2.09B-2.05B
PP&E (Net)
1.32B1.42B0000000700K
Investment Securities
0-1000K00000001000K
Total Current Assets
70.21M73.63M71.58M91.77M73.25M69.6M64.44M61.25M69.54M70.58M
Cash & Equivalents
10.91M14.58M13.9M26.86M14.59M13.28M8.41M10.3M8.74M9.33M
Receivables
1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets
000-5.64M000000
Intangible Assets
0656.1K00000000
Total Liabilities
1.03B1.1B1.17B1.22B1.22B1.31B1.49B1.63B1.69B1.68B
Total Debt
958.62M1.02B1.09B1.15B1.14B1.22B1.39B1.53B1.6B1.06B
Net Debt
947.71M1.01B1.08B1.12B1.13B1.21B1.38B1.52B1.59B1.05B
Long-Term Debt
947.01M1.02B1B1.05B1.04B1.06B1.11B1.35B1.46B0
Short-Term Borrowings
0086.37M103.91M103.17M161.94M274.71M186.49M144.68M1.06B
Capital Lease Obligations
0000000000
Total Current Liabilities
102.38M96.9M140.86M147.75M150.4M227.37M354.67M256.12M205.46M1.08B
Accounts Payable
23.12M32.42M35.2M24.38M25.56M42.98M57.02M46.16M36.62M0
Deferred Revenue
29.08M28.85M29.31M23.29M25.19M23.17M22.75M23.03M22.84M20.2M
Other Liabilities
15.01M2.7M0000000600.25M
Total Equity
393.1M▲ 0%
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%
477.26M▼ 4.8%
473.47M▲ 0%
Equity Growth %
5.32%8.17%4.27%-3.57%24.08%-1.64%-3.33%-0.66%-4.76%-17.92%
Shareholders Equity
334.4M355.91M374.98M364.32M405.05M400.48M348.39M335.75M307.82M301.86M
Minority Interest
58.7M69.31M68.38M63.21M125.44M121.32M156.04M165.37M169.44M171.61M
Common Stock
221K227K232K235K238K240K241K243K245K246K
Additional Paid-in Capital
352.59M384.53M410.93M420.63M436.61M446.3M449.96M454.09M459.22M461.1M
Retained Earnings
-198.41M-208.85M-221.18M-241.53M-256.45M-273.56M-288.82M-306.54M-337.71M-345.86M
Preferred Stock
180M180M185M185M185M185M185M185M185M185M
Return on Assets (ROA)
3.49%3.43%3.29%2.47%2.85%2.8%2.75%2.46%1.75%1.71%
Return on Equity (ROE)
12.59%12.36%11.91%9.27%10.1%9.54%10.27%10.07%7.67%7.66%
Debt / Assets
67.39%66.9%67.43%69.94%65.48%66.7%69.55%72.08%74.07%49.28%
Debt / Equity
2.44x2.40x2.46x2.69x2.16x2.34x2.75x3.06x3.36x2.24x
Net Debt / EBITDA
4.21x5.50x5.57x11.08x10.09x10.58x6.41x8.87x8.93x5.59x
Book Value per Share
17.8618.9619.2318.3022.4221.7720.9720.7619.7119.55

BFS Cash Flow Statement

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

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
103.45M110.34M115.38M78.38M118.38M121.15M117.73M121.22M99.8M98.71M
Operating CF Growth %
16.12%6.66%4.57%-32.07%51.03%2.34%-2.83%2.97%-17.68%-65.8%
Operating CF / Revenue %
45.52%48.41%49.84%34.8%49.49%49.28%45.77%45.09%34.23%33.32%
Net Income
60.67M63.06M64.2M50.32M61.65M65.39M52.69M50.65M37.51M36.83M
Depreciation & Amortization
45.69M45.86M46.33M51.13M50.27M48.97M48.43M52.85M58.78M31.97M
Stock-Based Compensation
1.67M1.77M1.86M1.44M1.56M1.52M1.42M1.72M1.98M1.55M
Other Non-Cash Items
42.47M41.44M1.34M49.58M50.98M-171K13.51M17.73M16.27M32.93M
Working Capital Changes
-2.2M3.9M1.66M-22.95M4.19M5.44M1.67M-1.74M-14.75M-14.46M
Cash from Investing
-113.31M-128.65M-135.66M-56.17M-55.87M-116.89M-203.68M-188.73M-95.81M-78.34M
Acquisitions (Net)
-22.84M-76.26M-113.77M-37.06M-28.23M-101.11M-177.49M00-36.95M
Purchase of Investments
-119.99M-129.98M0-56.54M-55.87M-116.89M000-28.71M
Sale of Investments
6.69M1.33M0376K0116.89M0000
Other Investing
-90.46M-52.39M-21.89M-19.11M28.23M-34.79M-26.2M-188.73M-95.81M-12.67M
Cash from Financing
12.44M21.98M19.61M-9.26M-74.77M-5.58M81.08M69.4M-5.54M-17.54M
Dividends Paid
-56.95M-58.71M-60.96M-60.58M-62.16M-66.72M-67.92M-68.09M-68.34M-51.29M
Common Dividends
-44.58M-46.31M-48.57M-49.38M-50.96M-55.52M-56.72M-56.89M-57.15M-42.89M
Debt Issuance (Net)
1000K1000K1000K1000K-1000K1000K1000K1000K1000K2M
Share Repurchases
0-75.01M00000000
Other Financing
-11.12M-13.83M-14.47M-17.96M-21.82M-30.69M-20.84M-11.32M-25.14M-37.22M
Net Change in Cash
2.59M▲ 0%
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%
-1.56M▼ 182.3%
2.83M▲ 0%
Exchange Rate Effect
0000000000
Cash at Beginning
8.32M10.91M14.58M13.9M26.86M14.59M13.28M8.41M10.3M8.74M
Cash at End
10.91M14.58M13.9M26.86M14.59M13.28M8.41M10.3M8.74M9.33M
Free Cash Flow
103.45M▲ 0%
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%
99.8M▼ 17.7%
98.71M▲ 0%
FCF Growth %
16.12%6.66%4.57%16.61%-12.02%18.39%-16%2.97%-17.68%-16.19%
FCF / Revenue %
45.52%48.41%49.84%59.75%49.49%57.01%45.77%45.09%34.23%33.32%

BFS Key Ratios

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

Metric201720182019202020212022202320242025TTM
FFO per Share
9.667.6343.924.174.144.24.193.984.01
FFO Payout Ratio
20.96%27.06%52.64%53.97%51.65%55.99%56.09%56.25%59.35%44.22%
NOI Margin
75.94%75.61%74.98%74.06%74.24%73.76%73.9%73.2%30.7%74.71%
Net Debt / EBITDA
4.21x5.50x5.57x11.08x10.09x10.58x6.41x8.87x8.93x5.59x
Debt / Assets
67.39%66.9%67.43%69.94%65.48%66.7%69.55%72.08%74.07%49.28%
Interest Coverage
2.26x2.36x2.54x-2.32x2.44x2.50x2.26x1.70x-
Book Value / Share
17.8618.9619.2318.322.4221.7720.9720.7619.7119.55
Revenue Growth
4.71%0.27%1.59%-2.73%6.22%2.77%4.62%4.53%8.45%8.11%
Related:BFS Dividend History·BFS Revenue History·BFS Price History·BFS P/E History·BFS Financial Ratios·BFS Institutional Holders

BFS SEC Filings & Documents

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

8-K Announcements

6
Material company update

May 11, 2026·SEC

Material company update

May 7, 2026·SEC

Material company update

Feb 27, 2026·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 2026

May 7, 2026·SEC

FY 2025

Nov 6, 2025·SEC

FY 2025

Aug 7, 2025·SEC

BFS Frequently Asked Questions

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

Growth & Financials

Saul Centers, Inc. (BFS) reported $296.2M in revenue for fiscal year 2025. This represents a 363% increase from $64.0M in 1996.

Saul Centers, Inc. (BFS) grew revenue by 8.5% over the past year. This is steady growth.

Yes, Saul Centers, Inc. (BFS) is profitable, generating $36.8M in net income for fiscal year 2025 (12.9% net margin).

Dividend & Returns

Yes, Saul Centers, Inc. (BFS) pays a dividend with a yield of 6.55%. This makes it attractive for income-focused investors.

Saul Centers, Inc. (BFS) has a return on equity (ROE) of 7.7%. This is below average, suggesting room for improvement.

Industry Metrics

Saul Centers, Inc. (BFS) generated Funds From Operations (FFO) of $97.0M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Saul Centers, Inc. (BFS) offers a 6.55% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in BFS back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

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How much would $100/month in BFS be worth today?

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