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. In the quarter to June 2026, revenue grew 8.41%, EPS fell 27.3%, free cash flow grew 724.3% and total debt rose 2.52%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for five; insiders bought in the last twelve months.

29.52 0.38 +1.30%
Market cap
$720.3M
P/E
30.4×
Fwd P/E
57.9×
Dividend yield
7.99%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Dec '16 Dec '17 Dec '18 Dec '19 Dec '20 Dec '21 Dec '22 Dec '23 Dec '24 Dec '25
P/E ratio
43.11 37.95 29.33 33.41 25.34 33.56 24.97 22.74 23.80 28.93
Piotroski F-Score
6 4 4 3 4 7 4 4 4 5
P/S ratio
6.54 5.99 4.65 7.04 4.40 7.10 3.97 5.12 4.98 3.80
P/FCF ratio
503.72 0.00 0.00 0.00 44.59 27.17 228.79 0.00 0.00 276.89
P/Operating CF
75.70 46.71 29.80 48.95 45.86 57.75 33.47 40.29 46.53 49.69
P/B ratio
7.34 6.36 4.31 6.31 4.08 4.92 2.90 4.12 4.24 3.77
Price to Tangible BV
7.34 6.36 4.31 6.31 4.08 4.92 2.90 4.12 4.24 3.77
EV/Sales
10.65 10.17 9.08 11.69 9.39 11.82 8.89 10.48 10.64 9.30
EV/EBITDA
22.77 21.38 18.76 24.06 20.58 24.88 18.68 22.52 23.77 24.32
EV/Operating CF
25.93 22.26 18.71 23.46 26.98 23.88 18.04 22.90 23.60 27.01
EV/FCF
820.47 (233.61) (112.73) (133.46) 95.19 45.23 512.54 (31.36) (42.38) 676.95
Quick Ratio
2.93 2.81 2.11 1.88 3.76 2.87 1.62 1.13 1.33 1.90
Current Ratio
2.93 2.81 2.11 1.88 3.76 2.87 1.62 1.13 1.33 1.90
Net Debt/EBITDA
8.79 8.80 9.16 9.58 10.94 9.94 10.34 11.52 12.65 14.37
Debt/Assets
67.03% 67.39% 66.90% 67.43% 69.94% 65.48% 66.70% 69.55% 72.08% 74.07%
Debt/Equity
2.41 2.44 2.40 2.46 2.69 2.16 2.34 2.75 3.06 3.36
Asset Turnover
0.16 0.16 0.15 0.15 0.14 0.14 0.14 0.13 0.13 0.14
Operating CF/Net income
2.71 2.88 3.07 3.18 2.69 3.18 3.11 2.84 3.07 3.79
Capex/Depreciation
(1.89) (2.41) (2.71) (2.84) (1.07) (1.08) (2.29) (4.02) (3.57) (1.55)
ROE
17.93% 17.66% 15.69% 14.40% 11.65% 12.65% 11.43% 12.65% 12.42% 8.65%
ROA
2.49% 2.59% 2.44% 2.30% 1.79% 2.19% 2.18% 2.17% 1.92% 1.23%
ROIC
2.75% 2.82% 2.73% 2.66% 2.02% 2.32% 2.38% 2.29% 2.09% 1.48%
Return on Tangible Assets
2.57% 2.64% 2.47% 2.34% 1.84% 2.21% 2.23% 2.19% 1.93% 1.26%
Average Days of Receivables
88.76 87.19 86.55 82.47 105.21 89.50 83.62 79.51 69.17 76.56
Research and Development Expense of Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Selling, General and Administrative Expense of Revenue
8.06% 8.03% 8.12% 8.98% 8.48% 8.47% 9.11% 9.12% 9.32% 9.29%
Intangible Assets out of Total Assets
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Share Based Compensation of Revenue
0.74% 0.74% 0.78% 0.80% 0.64% 0.65% 0.62% 0.55% 0.64% 0.68%
Graham Net Nets
(0.64) (0.71) (0.98) (0.68) (1.14) (0.67) (1.27) (1.08) (1.17) (1.47)
Graham Number
17.59 18.89 19.92 17.25 14.77 19.58 22.70 19.27 18.33 14.32
Earnings Yield
2.32% 2.63% 3.41% 2.99% 3.95% 2.98% 4.00% 4.40% 4.20% 3.46%
Free Cash Flow Yield
0.20% (0.73%) (1.73%) (1.24%) 2.24% 3.68% 0.44% (6.53%) (5.04%) 0.36%
Revenue per Share
10.09 10.33 10.15 7.50 7.20 7.47 10.26 7.68 7.79 8.29
Operating CF per Share
4.14 4.72 4.93 3.74 2.51 3.70 5.06 3.52 3.51 2.85
Capex per Share
(4.01) (5.17) (5.75) (4.39) (1.80) (1.75) (4.88) (6.08) (5.47) (2.74)
Free Cash Flow per Share
0.13 (0.45) (0.82) (0.66) 0.71 1.95 0.18 (2.57) (1.96) 0.11
Cash per Share
0.39 0.50 0.65 0.45 0.86 0.46 0.55 0.25 0.30 0.25
Shareholders Equity per Share
17.36 17.95 19.00 14.36 13.67 16.56 21.77 15.07 14.52 13.65
Interest Debt per Share
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Book value per Share
17.36 17.95 19.00 14.36 13.67 16.56 21.77 15.07 14.52 13.65
Free Cash Flow
2.82 (9.86) (18.31) (20.28) 22.22 62.51 4.26 (85.95) (67.51) 3.98
Working Capital
40.26 41.84 36.04 31.02 67.39 47.70 26.62 7.42 15.09 32.92
Capital Expenditures
(86.27) (113.31) (128.65) (135.66) (56.15) (55.92) (116.89) (203.68) (188.73) (95.81)
Net Current Asset Value
(908.68) (964.38) (1,033.81) (1,108.77) (1,126.27) (1,143.02) (1,241.90) (1,425.27) (1,564.03) (1,615.88)
EV/EBIT
41.47 38.00 33.00 41.88 42.26 45.86 33.09 39.05 42.37 54.90
Capex to Sales
0.40 0.50 0.57 0.59 0.25 0.23 0.48 0.79 0.70 0.33
Price to Operating Income
25.46 22.36 16.90 25.21 19.80 27.55 14.77 19.08 19.83 22.46
Other line items
Depreciation/Fixed assets
0.04 0.04 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03
Cash ROIC
0.22% (0.72%) (1.25%) (1.31%) 1.38% 3.70% 0.24% (4.52%) (3.30%) 0.19%
Accounts Receivable Turnover
4.18 4.24 4.21 4.36 3.84 3.87 4.28 4.58 5.03 5.19
Accounts Payable Turnover
2.15 2.49 2.00 1.71 1.96 2.47 1.88 1.34 1.40 2.04
Inventory Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Average Days of Payables
145.69 154.33 212.91 221.77 152.36 151.37 243.13 310.00 233.82 158.21
Days of Inventory on Hand
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Average Receivables
51.93 53.42 53.97 53.09 58.61 61.79 57.49 56.18 53.49 55.87
Average Payables
24.26 21.98 27.77 33.81 29.79 24.97 34.27 50.00 51.59 41.39
Average Assets
1,319.22 1,382.74 1,474.97 1,572.91 1,631.96 1,696.17 1,790.03 1,913.72 2,060.27 2,144.54
Average Common Equity
183.49 203.18 229.16 251.79 250.44 294.01 341.14 328.12 317.78 304.19

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