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Saul Centers, Inc.

BFS Real Estate Reit Retail

Saul Centers, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $289.8 million, up 7.81% from fiscal 2024.

Revenue
+8.91%
EPS
−15.6%
Free cash flow
−563.9%
Total debt
+2.52%

Quarter to September 2026, against a year earlier

28.67 0.14 −0.49%
Market cap
$712.1M
P/E
31.3×
Fwd P/E
57.9×
Dividend yield
8.19%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.10
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — 1 — 1 — — — 1 — —
Sell — — — — — — — — — — — —
Insider Ownership 45.27%

Capital & Financial Ratios $m

Size
Market Cap 712.10
Revenue ttm 308.62
Net income ttm 44.43
Free cash flow ttm 39.43
Net debt Q (8.54)
Valuation
P/E 31.30
Forward P/E 57.90 (above 35: high)
Price / sales 2.27
Forward P/S Powerpack
Price / FCF 17.80
Price / book 2.47
Financial health
Current ratio Q 0.00
Debt / equity Q 0.00
Interest coverage Q —
Growth
Revenue growth Q +8.91% (above 0%: growing)
Operating income growth Q −10.05% (below 0%: shrinking)
EPS, this year −47.71% (below 0%: weak)
EPS, next year A +40.35% (at or above 15%: strong)
Revenue, next year A +7.44%
EPS, past 5 yrs −2.70% (below 0%: weak)
EPS, next 5 yrs A −1.55% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 7.4×, against a ten-year median of 9.3×; over the ten years it ranged from 7.4× in 2026 to 11.8× in 2021.
P/E against its own 10 years 55.15%
10-year low 10-year high
P/S against its own 10 years 0.07%
10-year low 10-year high
P/B against its own 10 years 2.42%
10-year low 10-year high
EV/Sales against its own 10 years 0.11%
10-year low 10-year high
EV/FCF against its own 10 years 36.09%
10-year low 10-year high

Dividends

Yield
8.19%
Annual rate
2.36
Payout ratio
256.5%
Growth, 2018–26
+1.59%/yr
  1. 2.08 ’18
  2. 2.12 ’19 +2
  3. 2.12 ’20 +0
  4. 2.16 ’21 +2
  5. 2.32 ’22 +7
  6. 2.36 ’23 +2
  7. 2.36 ’24 +0
  8. 2.36 ’25 +0
  9. 2.36 ’26 +0
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 8 10 9 9
Receivables 56 51 61 69
Inventory — — — —
Other — — — —
64 61 70 77
2023 2024 2025 Q'26
Payables 57 46 37 42
ST’ Debt — — — —
Other — — — —
57 46 37 42

Compound Annual Growth %

10y 5y 3y
Sales 3.32% 5.18% 5.64%
Cash Flow 1.16% 4.95% (6.26%)
Earnings (1.33%) (2.05%) (12.29%)
Book Value 3.04% 2.22% (2.93%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY25 Estimate 0.75 Actual 0.73

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY24 0.80 0.83 Beat by 0.03
Q4 FY24 0.68 0.63 Miss by 0.05
Q1 FY25 0.73 0.71 Miss by 0.02
Q2 FY25 0.75 0.73 Miss by 0.02

EPS $

Mar Jun Sep Dec Year
’26 0.26 0.24 0.27 — —
’25 0.29 0.33 0.32 0.15 1.09
’24 0.45 0.48 0.48 0.22 1.63
’23 0.45 0.43 0.42 0.43 1.73
’22 0.44 0.43 0.38 0.38 1.63
’21 0.32 0.42 0.44 0.40 1.57
’20 0.45 0.24 0.28 0.28 1.25
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 78 77 78 — —
’25 72 71 72 75 290
’24 67 67 67 68 269
’23 63 64 64 67 257
’22 62 60 61 62 246
’21 59 60 60 60 239
’20 57 53 57 58 225
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 29 31 14 — —
’25 30 27 21 22 100
’24 34 32 26 29 121
’23 36 33 16 33 118
’22 40 27 26 29 121
’21 35 32 22 29 118
’20 26 16 15 22 78
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 22 22 (5) — —
’25 6 (3) 1 0 4
’24 (12) (12) (28) (15) (68)
’23 (7) (24) (32) (24) (86)
’22 23 (9) (7) (3) 4
’21 16 23 11 12 63
’20 4 (2) 6 14 22
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 217 226 227 232 225 239 246 257 269 290 309 +3.3% 311 322 331 +4.5%
Gross margin, % 75.94 75.83 75.54 74.98 74.06 74.24 73.76 73.90 73.20 70.85 70.08 (5.1) pt
EBT 56 61 63 64 50 62 65 69 68 49 44 (1.4%)
EBT margin, % 25.67 26.81 27.75 27.73 22.22 25.77 26.60 26.84 25.18 16.98 14.39 (8.7) pt
Net income 57 61 63 64 50 62 65 69 68 49 44 (1.6%)
Per share, $
Per share, $ Revenue 10.09 10.33 10.15 7.50 7.20 7.47 10.26 7.68 7.79 8.29 0.00 (2.2%)
Earnings 1.53 1.63 1.61 1.58 1.25 1.57 1.63 1.73 1.64 1.09 0.92 (3.7%)
Cash flow 4.14 4.72 4.93 3.74 2.51 3.70 5.06 3.52 3.51 2.85 0.00 (4.1%)
Capex (4.01) (5.17) (5.75) (4.39) (1.80) (1.75) (4.88) (6.08) (5.47) (2.74) 0.00 (4.1%)
Free cash flow 0.13 (0.45) (0.82) (0.66) 0.71 1.95 0.18 (2.57) (1.96) 0.11 0.00 (1.5%)
Book value 17.36 17.95 19.00 14.36 13.67 16.56 21.77 15.07 14.52 13.65 0.00 (2.6%)
Shares, m 22 22 22 31 31 32 24 33 35 35 27 +5.6%
Valuation, ×
Valuation, × P/E 43.11 37.95 29.33 33.41 25.34 33.56 24.97 22.74 23.80 28.93 31.30 30.3
P/S 6.54 5.99 4.65 7.04 4.40 7.10 3.97 3.68 4.98 3.80 2.27 5.2
P/B 7.34 6.36 4.31 6.31 4.08 4.92 2.90 2.97 4.24 3.77 2.47 4.7
EV/Sales 10.65 10.17 9.08 11.69 9.39 11.82 8.89 9.04 10.64 9.30 7.44 10.1
EV/FCF 820.47 (233.61) (112.73) (133.46) 95.19 45.23 512.54 (27.06) (42.38) 676.95 58.27 160.1
Cash, $m
Cash, $m Operating cash flow 89 103 110 115 78 118 121 118 121 100 96 +1.3%
Capex (86) (113) (129) (136) (56) (56) (117) (204) (189) (96) (57) +1.2%
Free cash flow 3 (10) (18) (20) 22 63 4 (86) (68) 4 39 +3.9%
Balance, $m
Balance, $m Working capital 40 42 36 31 67 48 27 7 15 33 77 (2.2%)
Net debt 892 948 1,007 1,077 1,124 1,129 1,210 1,379 1,522 1,593 (9) +6.7%
Shareholders’ equity 373 393 425 443 428 530 522 504 501 477 467 +2.8%
Returns, %
Returns, % ROA 2.49 2.59 2.44 2.30 1.79 2.19 2.18 2.17 1.92 1.23 1.04 (1.3) pt
ROIC 2.75 2.82 2.73 2.66 2.02 2.32 2.38 2.29 2.09 1.48 6.05 (1.3) pt
ROE 17.93 17.66 15.69 14.40 11.65 12.65 11.43 12.65 12.42 8.65 0.00 (9.3) pt
People
People Employees 58 65 65 67 60 65 70 71 149 168 — +12.5%
Revenue/emp, $m 3.74 3.48 3.50 3.46 3.75 3.68 3.51 3.62 1.80 1.73 — (8.2%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Saul Centers, Inc. vs peers in Reit Retail (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
FCPT Four Corners Property Trust, Inc. $2.6B 21.6× 20.4× +12.86% (above 0%: growing) −5.82% (below 0%: shrinking) +24.85% (above 0%: growing) 85.95% 55.51% Compare
IVT InvenTrust Properties Corp. $2.5B 85.4× 242× +16.99% (above 0%: growing) +211.25% (above 0%: growing) +118.86% (above 0%: growing) 72.94% 17.51% Compare
NTST NETSTREIT Corp. $2.4B 87.2× 55.6× +37.17% (above 0%: growing) +981.08% (above 0%: growing) −47.21% (below 0%: shrinking) 91.03% 35.20% Compare
GTY Getty Realty Corporation $1.9B 17.5× 18.3× +13.31% (above 0%: growing) 0.00% −1,107.74% (below 0%: shrinking) 95.96% 61.69% Compare
CBL CBL & Associates Properties, Inc. $1.5B 6.8× 15.6× +3.96% (above 0%: growing) +1,775.00% (above 0%: growing) +40.87% (above 0%: growing) 65.39% 30.53% Compare
ALX Alexander's, Inc. $1.3B 6.7× — (loss-making) +34.88% (above 0%: growing) +359.66% (above 0%: growing) +202.17% (above 0%: growing) 64.08% 48.86% Compare
BFS Saul Centers, Inc. $712.1M 31.3× 57.9× +8.91% (above 0%: growing) −15.62% (below 0%: shrinking) −563.94% (below 0%: shrinking) 71.13% 16.05%
PINE Alpine Income Property Trust, Inc. $299.1M 33.3× 28.3× +40.49% (above 0%: growing) n/m −132.81% (below 0%: shrinking) 89.76% 48.01% Compare
SITC SITE CENTERS CORP. $187.4M 1.5× — (loss-making) −68.41% (below 0%: shrinking) n/m −95.37% (below 0%: shrinking) 72.45% (84.37%) Compare
Median of peers $1.7B 19.5× 24.4× +15.15% +285.45% −11.18% 79.45% 41.61%

All 26 Reit Retail stocks →

Pay and ownership Proxy statement filed 23 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 1.26m 1.21m 133.97
2024 1.38m 1.40m 98.23
2023 302.29k 302.29k 93.56
2022 293.17k 293.17k 91.04
2021 248.47k 248.47k 112.91

Ownership

Directors and executive officers, together 51.00%
B. Francis Saul II 47.20%
The Vanguard Group, Inc. 8.50%
Blackrock, Inc. 8.20%
T. Rowe Price 5.50%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Saul Centers, Inc. (BFS) Latest News

6 Aug

Impact 3 ·

9 May

Impact 3 · · Simply Wall St.

7 May

Impact 3 · · Associated Press
Impact 3 · · PR Newswire

27 Feb

Impact 4 ·
Impact 3 · · Associated Press Finance
Impact 3 · · Zacks

5 Feb

Impact 3 · · Simply Wall St.

18 Dec

Impact 3 · · Simply Wall St.

9 Nov

Impact 3 ·

6 Nov

Impact 4 · · Associated Press Finance
Impact 4 ·

7 Aug

Impact 4 ·
Impact 4 · · PR Newswire earnings

31 Jul

Impact 3 · · Simply Wall St.

12 Jun

Impact 3 ·

5 Jun

Impact 3 · · Simply Wall St.

8 May

Impact 3 ·
Impact 3 · · PR Newswire earnings

24 Mar

Impact 3 · · Insider Monkey

28 Feb

Impact 4 ·
Impact 3 · · Zacks

19 Dec

Impact 3 · · Zacks

7 Nov

Impact 4 · · Zacks
Impact 4 · · PR Newswire

19 Oct

Impact 3 · · Benzinga

16 Oct

Impact 3 · · Zacks

25 Sep

Impact 4 · · Zacks

16 Sep

Impact 4 · · Zacks

13 Sep

Impact 4 · · Zacks
stockrow.com/BFS · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com