Saul Centers, Inc. (BFS) vs NETSTREIT Corp. (NTST)

Saul Centers, Inc. and NETSTREIT Corp. are both Reit Retail companies. NETSTREIT Corp. is the larger, with a market value of $1.9B against $737.8M — 2.5× the size. Saul Centers, Inc. trades at the lower P/E: 30.9× against 127×. NETSTREIT Corp. grew revenue faster over the last twelve months: 21.9% against 8.74%. Saul Centers, Inc. has the higher net margin (7.83% vs 6.35%) and the lower return on invested capital (1.38% vs 1.39%). Both pay a dividend; Saul Centers, Inc. yields more (6.22% vs 4.55%). Across the 22 metrics below, NETSTREIT Corp. leads on 12 and Saul Centers, Inc. on 10.

Valuation

Metric BFS NTST Reit Retail median
P/E 30.93 127.43 24.82
P/S 2.42 8.09 6.69
P/B 2.57 1.12 1.75
Price to free cash flow 16.04 n/m 13.29
EV/EBITDA 20.92 18.88 15.42
EV/Sales 7.71 14.35 10.60
Earnings yield 3.23% 0.78% 3.91%
Free cash flow yield 6.23% (37.64%) 2.98%

Profitability

Metric BFS NTST Reit Retail median
Gross margin 70.26% 90.40% 71.78%
Operating margin 15.15% 29.97% 34.62%
Net margin 7.83% 6.35% 27.14%
Free cash flow margin 15.08% (304.51%) 18.82%
Return on equity 8.05% 0.96% 7.05%
Return on assets 1.10% 0.52% 3.40%
Return on invested capital 1.38% 1.39% 3.18%

Growth

Metric BFS NTST Reit Retail median
Revenue growth (TTM) 8.74% 21.93% 8.49%
EPS growth (last fiscal year) (33.13%) 150.00% —
Revenue growth, 5-year CAGR 5.18% 42.04% 8.62%
Net income growth, 5-year CAGR (2.05%) 58.59% 1.85%

Health

Metric BFS NTST Reit Retail median
Debt to equity 3.42 0.88 0.94
Current ratio 1.62 3.55 1.62
Net debt to EBITDA 14.37 7.56 5.40

Dividend

Metric BFS NTST Reit Retail median
Dividend yield 6.22% 4.55% 4.57%
Payout ratio 1.44 8.89 1.21

Size

Metric BFS NTST Reit Retail median
Market cap 737.81m 1.88b 3.65b

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