Latest Ratios: P/E Ratio 24.1x · EV/EBITDA 14.1x · ROE 7.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $917M | $764M | $937M | $945M | $975M | $1.3B | $740M | $1.2B | $1.1B | $1.4B | $1.4B |
| Enterprise Value | $2.5B | $2.4B | $2.5B | $2.3B | $2.2B | $2.4B | $1.9B | $2.3B | $2.1B | $2.3B | $2.3B |
| P/E Ratio → | 24.12 | 20.34 | 23.80 | 22.70 | 24.96 | 33.77 | 25.34 | 23.56 | 20.99 | 37.88 | 43.82 |
| P/S Ratio | 3.15 | 2.62 | 3.48 | 3.67 | 3.97 | 5.24 | 3.29 | 5.26 | 4.65 | 5.98 | 6.63 |
| P/B Ratio | 1.90 | 1.60 | 1.87 | 1.87 | 1.87 | 2.36 | 1.73 | 2.74 | 2.49 | 3.46 | 3.86 |
| P/FCF | 9.19 | 7.65 | 7.73 | 8.02 | 6.96 | 10.60 | 5.50 | 10.55 | 9.60 | 13.14 | 16.16 |
| P/OCF | 9.19 | 7.65 | 7.73 | 8.02 | 8.05 | 10.60 | 9.44 | 10.55 | 9.60 | 13.14 | 16.16 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.08 | 9.15 | 9.03 | 8.89 | 9.96 | 8.28 | 9.91 | 9.07 | 10.15 | 10.74 |
| EV / EBITDA | 14.07 | 13.21 | 14.32 | 10.80 | 19.10 | 21.30 | 18.38 | 11.87 | 11.28 | 10.25 | 10.80 |
| EV / EBIT | 20.98 | 19.68 | 20.29 | 19.66 | 20.34 | 22.62 | 19.54 | 21.55 | 19.40 | 21.66 | 23.07 |
| EV / FCF | — | 23.62 | 20.28 | 19.73 | 15.59 | 20.14 | 13.85 | 19.88 | 18.73 | 22.30 | 26.17 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.7% | 30.7% | 73.2% | 73.9% | 73.8% | 74.2% | 74.1% | 75.0% | 75.6% | 75.9% | 75.9% |
| Operating Margin | 41.0% | 41.0% | 45.1% | 64.8% | 26.6% | 25.8% | 22.3% | 66.0% | 27.4% | 26.7% | 25.7% |
| Net Profit Margin | 12.9% | 12.9% | 18.8% | 20.5% | 20.4% | 20.2% | 17.9% | 22.3% | 22.2% | 21.2% | 20.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.7% | 7.7% | 10.1% | 10.3% | 9.5% | 10.1% | 9.3% | 11.9% | 12.4% | 12.6% | 12.5% |
| ROA | 1.7% | 1.7% | 2.5% | 2.8% | 2.8% | 2.9% | 2.5% | 3.3% | 3.4% | 3.5% | 3.4% |
| ROIC | 4.4% | 4.4% | 4.7% | 6.9% | 2.9% | 2.9% | 2.5% | 7.8% | 3.4% | 3.5% | 3.4% |
| ROCE | 6.3% | 6.3% | 6.9% | 10.3% | 4.1% | 4.0% | 3.4% | 10.5% | 4.5% | 4.7% | 4.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.36 | 3.36 | 3.06 | 2.75 | 2.34 | 2.16 | 2.69 | 2.46 | 2.40 | 2.44 | 2.41 |
| Debt / EBITDA | 8.98 | 8.98 | 8.93 | 6.45 | 10.69 | 10.22 | 11.35 | 5.64 | 5.58 | 4.26 | 4.17 |
| Net Debt / Equity | — | 3.34 | 3.04 | 2.73 | 2.32 | 2.13 | 2.63 | 2.43 | 2.37 | 2.41 | 2.39 |
| Net Debt / EBITDA | 8.93 | 8.93 | 8.87 | 6.41 | 10.58 | 10.09 | 11.08 | 5.57 | 5.50 | 4.21 | 4.13 |
| Debt / FCF | — | 15.96 | 12.56 | 11.71 | 8.63 | 9.54 | 8.35 | 9.34 | 9.13 | 9.16 | 10.01 |
| Interest Coverage | 1.70 | 1.70 | 2.26 | 2.50 | 2.44 | 2.32 | — | 2.54 | 2.36 | 2.26 | 2.21 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.34 | 0.34 | 0.24 | 0.18 | 0.31 | 0.49 | 0.62 | 0.51 | 0.76 | 0.69 | 0.76 |
| Quick Ratio | 0.34 | 0.34 | 0.24 | 0.18 | 0.31 | 0.49 | 0.62 | 0.51 | 0.76 | 0.69 | 0.76 |
| Cash Ratio | 0.04 | 0.04 | 0.04 | 0.02 | 0.06 | 0.10 | 0.18 | 0.10 | 0.15 | 0.11 | 0.10 |
| Asset Turnover | — | 0.13 | 0.13 | 0.13 | 0.13 | 0.14 | 0.14 | 0.14 | 0.15 | 0.16 | 0.16 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 6.3% | 7.5% | 6.1% | 6.0% | 5.7% | 4.1% | 6.7% | 4.0% | 4.4% | 3.3% | 2.7% |
| Payout Ratio | 152.3% | 152.3% | 112.3% | 107.7% | 110.6% | 105.3% | 122.3% | 93.9% | 91.6% | 92.4% | 87.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.1% | 4.9% | 4.2% | 4.4% | 4.0% | 3.0% | 3.9% | 4.2% | 4.8% | 2.6% | 2.3% |
| FCF Yield | 10.9% | 13.1% | 12.9% | 12.5% | 14.4% | 9.4% | 18.2% | 9.5% | 10.4% | 7.6% | 6.2% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 7.1% | 0.0% | 0.0% |
| Total Shareholder Yield | 6.3% | 7.5% | 6.1% | 6.0% | 5.7% | 4.1% | 6.7% | 4.0% | 11.5% | 3.3% | 2.7% |
| Shares Outstanding | — | $24M | $24M | $24M | $24M | $24M | $23M | $23M | $22M | $22M | $22M |
Regional Economic Concentration
Based on the reported P/FFO multiples hovering near 20x, Saul Centers appears to trade at a valuation that warrants further investigation into whether the market is applying a liquidity discount due to the high level of insider ownership by the Saul family compared to broader retail REIT peers.
The P/FFO multiple, while stable, suggests that investors are pricing in the geographic concentration risk inherent in the DC-Baltimore corridor. Given the lack of a clear P/AFFO metric in the provided data, the valuation remains difficult to reconcile against private market cap rates for similar high-barrier assets.
According to quarterly financial data, NOI margins have exhibited significant variance, swinging from 56.4% in 2023Q4 to a peak of 88.7% in 2025Q3, which suggests that property-level expense management may be inconsistent or heavily influenced by the timing of mixed-use redevelopment project costs.
The fluctuation in NOI margins indicates that while the core grocery-anchored retail provides a stable base, the mixed-use segment introduces operational complexity. Investors should monitor whether these margin swings are transitory or indicative of structural cost pressures within the company's aging asset base.
As reported in recent financial statements, the FFO payout ratio has remained consistently between 53.5% and 63.4% over the last ten quarters, which suggests that the company maintains a substantial buffer of retained cash flow to support its dividend distributions despite broader economic volatility.
This payout range indicates a conservative approach to capital allocation, allowing the REIT to retain significant cash for ongoing development projects. The stability of this ratio provides a degree of comfort regarding dividend safety, provided that FFO growth remains resilient against regional economic shifts.
Based on the provided quarterly figures, the debt-to-equity ratio has fluctuated between 2.11 and 3.20, indicating a dynamic approach to managing property-level financing that appears to be responsive to the company's ongoing capital deployment needs within the high-barrier Washington, DC and Baltimore metropolitan corridor.
While the leverage profile appears manageable, the volatility in the debt-to-equity ratio warrants further investigation into the company's reliance on variable-rate debt. The interest coverage ratio, which has dipped as low as 0.61, suggests that investors should monitor the company's ability to service debt obligations during periods of rising interest rates.
The most commonly misapplied metric for Saul Centers is the standard P/E ratio, which fails to account for the significant non-cash depreciation and amortization charges inherent in real estate accounting, thereby obscuring the true economic earnings and cash-generating capacity of the company's high-quality asset portfolio.
Using P/E to evaluate BFS leads to a distorted view of profitability because it treats depreciation as a cash expense rather than a non-cash accounting entry. Analysts should instead prioritize FFO or AFFO to better reflect the recurring cash flow available for dividends and reinvestment.
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying BFS stock.
Saul Centers, Inc.'s current P/E ratio is 24.1x. The historical average is 33.4x. This places it at the 33th percentile of its historical range.
Saul Centers, Inc.'s current EV/EBITDA is 14.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.0x.
Saul Centers, Inc.'s return on equity (ROE) is 7.7%. The historical average is 16.1%.
Based on historical data, Saul Centers, Inc. is trading at a P/E of 24.1x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Saul Centers, Inc.'s current dividend yield is 6.31% with a payout ratio of 152.3%.
Saul Centers, Inc. has 30.7% gross margin and 41.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Saul Centers, Inc.'s Debt/EBITDA ratio is 9.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.