BFS Real Estate

Saul Centers, Inc.

$28.67-1.82%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Real Estate
Industry: REIT - Retail
Country: United States
Market cap: 995.7M USD
Enterprise value: 2.7B USD
Full-time employees: 156

Overall health

Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.62 vs a peer median of 1.20) and more debt relative to equity (5.54× vs a peer median of 0.80×)higher risk: less liquidity (current ratio 0.62 vs peers 1.20) and more debt vs equity (5.54× vs peers 0.80×)
About average: growth

Ranks #284 of 632 real estate companies (top 45%)

See how it ranks against its peers

Worth knowing

Much more borrowing than peers. Debt is 5.5× equity vs a peer median of 0.8×.Debt is 5.5× equity vs peers 0.8×.
Debt is 5.5× shareholders' equity, against a peer median of 0.8×, among the highest 10% of its peer group.Debt is 5.5× shareholders' equity, vs peers 0.8×, among the highest 10% of its peer group.
Operating margin at a 4-year low. 67% in 2025, the weakest of the last 4 years.
Saul Centers's operating margin fell to 67% in 2025, its lowest in the 4 years of filings we have.
Valuation signals disagree. Cheaper than 85% of peers on operating cash profit (EBITDA), but only 39% on earnings.Cheaper than 85% of peers on operating cash profit, but only 39% on earnings.
Relative to its operating cash profit (EBITDA), Saul Centers looks cheaper than 85% of peers; relative to its earnings, cheaper than only 39%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, Saul Centers looks cheaper than 85% of peers; relative to its earnings, cheaper than only 39%. The valuation score blends the two, so look at which measure fits this business best.
Cash flow well above reported profit. Free cash flow is 3.0× reported profit.
Free cash flow is 3.0× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

StockQuotient Score

53/ 100

Oct 5 52 → Nov 4 53 (+1)

Valuation

Is the price right?

78/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Stronger than most peers on:

▲ EBITDA yield
▲ FCF yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield3.5%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.38Sector median: 0.0535 · MAD: 0.0484

EBITDA yield10.1%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 2.31Sector median: 0.0536 · MAD: 0.0204

Free cash flow yield10.3%

Yahoo Finance fallback · SEC cash flow or share count unavailable · trailing 12 months · operating cash flow − capital spendingReported value20% base weight · Z-score 0.86Sector median: 0.0650 · MAD: 0.0444

Other data (not scored)

Book yield29.7%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 1.1277 · MAD: 0.5490

Growth

Is it growing?

48/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 2.0%

Why

Mixed versus peers:

▲ Revenue growth
▲ 3-yr revenue
▼ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-20.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.01Sector median: 0.1117 · MAD: 0.3101

3-year revenue growth6.5%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.37Sector median: 0.0378 · MAD: 0.0744

Revenue growth8.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.62Sector median: 0.0297 · MAD: 0.0927

Profitability

Does it earn well?

82/100

Strong

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Operating margin
▲ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin67.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.78Sector median: 0.2683 · MAD: 0.2257

Return on assets1.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.37Sector median: 0.0211 · MAD: 0.0134

Return on invested capital8.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 2.48Sector median: 0.0341 · MAD: 0.0197

Other data (not scored)

Gross margin70.3%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.5380 · MAD: 0.2259

Return on equity11.8%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0521 · MAD: 0.0465

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity
▼ Current ratio
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.89

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.43Sector median: 0.7490 · MAD: 0.3270

Current ratio0.62×

Yahoo Finance fallback · SEC figure unavailable or out of dateReported value33% base weight · Z-score -0.79Sector median: 1.1950 · MAD: 0.7210

Debt / equity5.54×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -10.12Sector median: 0.8040 · MAD: 0.3893

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Saul Centers

Is Saul Centers getting weaker?: Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is unchanged at 53/100 since Oct 28, 2026.
How is Saul Centers valued vs its peers?: Priced lower than most peers relative to what it earns. Valuation scores 78/100 against 762 real estate peers. EBITDA yield 10.1% vs a peer median of 5.4% (stronger than 85% of peers).EBITDA yield 10.1% vs peers 5.4% (stronger than 85% of peers). Earnings yield 3.5% vs a peer median of 5.3% (weaker than 61% of peers).Earnings yield 3.5% vs peers 5.3% (weaker than 61% of peers).
Is Saul Centers growing?: At about the same pace as its peers. Growth scores 48/100 against 762 real estate peers. Revenue growth 8.7% vs a peer median of 3.0% (stronger than 69% of peers).Revenue growth 8.7% vs peers 3.0% (stronger than 69% of peers). Earnings per share growth -20.2% vs a peer median of 11.2% (weaker than 74% of peers).Earnings per share growth -20.2% vs peers 11.2% (weaker than 74% of peers).
How profitable is Saul Centers?: More profitable than most of its peers. Profitability scores 82/100 against 762 real estate peers. Operating margin 67.0% vs a peer median of 26.8% (stronger than 88% of peers).Operating margin 67.0% vs peers 26.8% (stronger than 88% of peers). Return on assets 1.6% vs a peer median of 2.1% (weaker than 62% of peers).Return on assets 1.6% vs peers 2.1% (weaker than 62% of peers).
How risky is Saul Centers?: Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Debt / equity 5.54× vs a peer median of 0.80× (weaker than 100% of peers).Debt / equity 5.54× vs peers 0.80× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	296.2M USD	302.2M USD	+2.0%
Net income (12 months)	36.8M USD	34.9M USD	−5.3%
Operating margin	67.2%	67.0%	−0.2 pts
Debt	1.6B USD	1.6B USD	+2.6%
Cash	9.3M USD	5.9M USD	−37.0%
Shares outstanding	24.5M	24.7M	+0.7%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: REIT - Retail · 21 companies

Valuations in REIT - Retail are above their usual range since Mar 2016.

61% of months since Mar 2016 were valued lower than now.
5% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +9% and earnings +49% (medians): earnings grew faster than prices.
Median price-to-sales is +189% vs the whole market, against a usual +191%.

Mar 2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	74.2%	73.8%	73.9%	—	—	—
Operating margin	—	73.4%	73.6%	75.8%	67.4%	▼ 8.4 pts
Net margin	20.2%	20.4%	20.5%	18.8%	12.9%	▼ 5.9 pts
Return on assets (ROA)	2.8%	2.7%	2.6%	2.4%	1.7%	▼ 0.6 pts
Return on equity (ROE)	11.9%	12.5%	15.1%	15.1%	12.2%	▼ 2.9 pts
Free cash flow margin	26.1%	1.7%	—	—	—	—
Debt to equity	0.59×	0.80×	0.95×	1.36×	1.52×	▲ 12%
Interest coverage	—	4.10×	3.83×	3.78×	2.76×	▼ 27%

BFS price history

Price history is added with the daily price update and will appear after the next one.

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Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.62 vs a peer median of 1.20) and more debt relative to equity (5.54× vs a peer median of 0.80×)higher risk: less liquidity (current ratio 0.62 vs peers 1.20) and more debt vs equity (5.54× vs peers 0.80×)

About average: growth

Ranks #284 of 632 real estate companies (top 45%)

See how it ranks against its peers

Worth knowing

Much more borrowing than peers. Debt is 5.5× equity vs a peer median of 0.8×.Debt is 5.5× equity vs peers 0.8×.

Debt is 5.5× shareholders' equity, against a peer median of 0.8×, among the highest 10% of its peer group.Debt is 5.5× shareholders' equity, vs peers 0.8×, among the highest 10% of its peer group.

Operating margin at a 4-year low. 67% in 2025, the weakest of the last 4 years.

Saul Centers's operating margin fell to 67% in 2025, its lowest in the 4 years of filings we have.

Valuation signals disagree. Cheaper than 85% of peers on operating cash profit (EBITDA), but only 39% on earnings.Cheaper than 85% of peers on operating cash profit, but only 39% on earnings.

Relative to its operating cash profit (EBITDA), Saul Centers looks cheaper than 85% of peers; relative to its earnings, cheaper than only 39%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, Saul Centers looks cheaper than 85% of peers; relative to its earnings, cheaper than only 39%. The valuation score blends the two, so look at which measure fits this business best.

Cash flow well above reported profit. Free cash flow is 3.0× reported profit.

Free cash flow is 3.0× reported profit. Large non-cash charges, such as depreciation, amortization or stock-based pay, reduce reported profit without using cash.

Questions investors ask about Saul Centers

Is Saul Centers getting weaker?

Its latest SEC filing (Aug 6, 2026) showed no major changes. Its overall score is unchanged at 53/100 since Oct 28, 2026.

How is Saul Centers valued vs its peers?

Priced lower than most peers relative to what it earns. Valuation scores 78/100 against 762 real estate peers. EBITDA yield 10.1% vs a peer median of 5.4% (stronger than 85% of peers).EBITDA yield 10.1% vs peers 5.4% (stronger than 85% of peers). Earnings yield 3.5% vs a peer median of 5.3% (weaker than 61% of peers).Earnings yield 3.5% vs peers 5.3% (weaker than 61% of peers).

Is Saul Centers growing?

At about the same pace as its peers. Growth scores 48/100 against 762 real estate peers. Revenue growth 8.7% vs a peer median of 3.0% (stronger than 69% of peers).Revenue growth 8.7% vs peers 3.0% (stronger than 69% of peers). Earnings per share growth -20.2% vs a peer median of 11.2% (weaker than 74% of peers).Earnings per share growth -20.2% vs peers 11.2% (weaker than 74% of peers).

How profitable is Saul Centers?

More profitable than most of its peers. Profitability scores 82/100 against 762 real estate peers. Operating margin 67.0% vs a peer median of 26.8% (stronger than 88% of peers).Operating margin 67.0% vs peers 26.8% (stronger than 88% of peers). Return on assets 1.6% vs a peer median of 2.1% (weaker than 62% of peers).Return on assets 1.6% vs peers 2.1% (weaker than 62% of peers).

How risky is Saul Centers?

Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Debt / equity 5.54× vs a peer median of 0.80× (weaker than 100% of peers).Debt / equity 5.54× vs peers 0.80× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

296.2M USD

302.2M USD

+2.0%

Net income (12 months)

36.8M USD

34.9M USD

−5.3%

Operating margin

67.2%

67.0%

−0.2 pts

Debt

1.6B USD

1.6B USD

+2.6%

Cash

9.3M USD

5.9M USD

−37.0%

Shares outstanding

24.5M

24.7M

+0.7%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

74.2%

73.8%

73.9%

—

Operating margin

—

73.4%

73.6%

75.8%

67.4%

▼ 8.4 pts

Net margin

20.2%

20.4%

20.5%

18.8%

12.9%

▼ 5.9 pts

Return on assets (ROA)

2.8%

2.7%

2.6%

2.4%

1.7%

▼ 0.6 pts

Return on equity (ROE)

11.9%

12.5%

15.1%

12.2%

▼ 2.9 pts

Free cash flow margin

26.1%

1.7%

—

Debt to equity

0.59×

0.80×

0.95×

1.36×

1.52×

▲ 12%

Interest coverage

—

4.10×

3.83×

3.78×

2.76×

▼ 27%