Saul Centers, Inc. (BFS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 26	$0.13	$0.26	+100.0%	—	$78.3M	—
Q4 25	$0.27	$0.15	-44.4%	—	$75.1M	—
Q3 25	$0.23	$0.32	+39.1%	—	$72M	—
Q2 25	$0.35	$0.33	-5.7%	—	$70.8M	—
Q1 25	$0.34	$0.29	-14.7%	—	$71.9M	—
Q4 24	$0.3	$0.22	-26.7%	—	$67.9M	—
Q3 24	$0.43	$0.48	+11.6%	—	$67.3M	—
Q2 24	$0.39	$0.47	+20.5%	—	$66.9M	—
Q1 24	$0.37	$0.45	+21.6%	—	$66.7M	—
Q1 23	—	$0.79	—	—	$63M	—
Q4 22	—	$0.38	—	—	$62.3M	—
Q3 22	—	$0.4	—	—	$61.1M	—
Q2 22	—	$0.43	—	—	$60.3M	—
Q2 21	—	$0.42	—	—	$60M	—
Q1 08	$0.4	$0.39	-2.5%	—	$38.7M	—
Q4 07	$0.43	$0.41	-4.7%	—	$38.8M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.09	—	—	$289.8M	—
FY24	—	$1.64	—	—	$268.8M	—
FY23	—	$1.73	—	—	$257.2M	—
FY22	—	$1.63	—	—	$245.9M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$217M	$226.3M	$227.2M	$231.5M	$225.2M	$239.2M	$245.9M	$257.2M	$268.8M	$289.8M
YoY change	+3.8%	+4.28%	+0.41%	+1.9%	-2.73%	+6.22%	+2.77%	+4.62%	+4.53%	+7.81%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	217M	226.3M	227.2M	231.5M	225.2M	239.2M	245.9M	257.2M	268.8M	289.8M
Cost of revenue	52.2M	54.7M	55.6M	57.9M	58.4M	61.6M	64.5M	67.1M	72.1M	84.5M
Gross profit	164.8M	171.6M	171.6M	173.6M	166.8M	177.6M	181.3M	190.1M	196.8M	205.4M
Gross margin	75.9%	75.8%	75.5%	75%	74.1%	74.2%	73.8%	73.9%	73.2%	70.9%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	17.5M	18.2M	18.5M	20.8M	19.1M	20.3M	22.4M	23.5M	25.1M	26.9M
Operating expenses	18.9M	19.1M	18.9M	67.1M	70.2M	70.5M	22.4M	23.5M	25.1M	26.9M
Operating income	101.5M	107.7M	107.3M	106.5M	96.6M	107.1M	110M	118.2M	121.2M	119.6M
Operating margin	46.7%	47.6%	47.2%	46%	42.9%	44.8%	44.7%	45.9%	45.1%	41.3%
Non-operating income, net	947K	70K	506K	-436K	278K	—	-648K	—	181K	120K
Pretax income	56.7M	60.7M	63.1M	64.2M	50.3M	61.6M	65.4M	69M	67.7M	49.2M
Income tax	—	—	—	—	—	—	—	—	—	—
Net income	56.7M	60.7M	63.1M	64.2M	50.3M	61.6M	65.4M	69M	67.7M	49.2M
Net margin	26.1%	26.8%	27.8%	27.7%	22.3%	25.8%	26.6%	26.8%	25.2%	17%
EBITDA	144.5M	152.1M	151.8M	151.5M	146.3M	155.6M	157M	164.7M	169.5M	175.6M
EPS	1.53	1.64	1.61	1.58	1.25	1.57	1.63	1.73	1.64	1.09
Diluted EPS	1.52	1.63	1.6	1.57	1.25	1.57	1.63	1.73	1.63	1.09

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	63.8M	66.7M	66.7M	66.9M	67.3M	67.9M	71.9M	70.8M	72M	75.1M	78.3M	76.8M
Cost of revenue	17.4M	17M	18.2M	17.3M	17.7M	18.9M	21.7M	19.4M	20.2M	23.1M	24.2M	22.4M
Gross profit	46.4M	49.6M	48.5M	49.7M	49.6M	49M	50.1M	51.4M	51.8M	52M	54.1M	54.4M
Gross margin	72.8%	74.4%	72.8%	74.2%	73.6%	72.2%	69.8%	72.6%	72%	69.2%	69.1%	70.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	5.2M	7.3M	5.8M	6.1M	5.7M	7.5M	6M	6.4M	6.7M	7.8M	6.4M	6.8M
Operating expenses	5.2M	7.3M	5.8M	6.1M	5.7M	7.5M	6M	6.4M	6.7M	7.8M	6.4M	6.8M
Operating income	29.1M	30.1M	30.7M	31.6M	31.8M	27.1M	29.6M	30.9M	31.1M	28.1M	31.7M	31.6M
Operating margin	45.7%	45.1%	46%	47.2%	47.3%	39.9%	41.2%	43.6%	43.1%	37.4%	40.5%	41.1%
Non-operating income, net	—	—	—	181K	—	0	—	120K	—	0	—	—
Pretax income	16.7M	17.5M	18.3M	19.5M	19.6M	10.4M	12.8M	14.2M	14M	8.2M	12M	11.5M
Income tax	—	—	—	—	—	—	—	—	—	—	—	—
Net income	16.7M	17.5M	18.3M	19.5M	19.6M	10.4M	12.8M	14.2M	14M	8.2M	12M	11.5M
Net margin	26.2%	26.2%	27.4%	29.1%	29.1%	15.2%	17.9%	20%	19.4%	10.9%	15.4%	15%
EBITDA	40.7M	41.8M	42.2M	43M	43.3M	40.9M	43.5M	44.4M	44.4M	43.4M	46.8M	46.8M
EPS	0.42	—	0.45	0.48	0.48	0.22	0.29	0.33	0.32	0.15	0.26	0.24
Diluted EPS	0.42	—	0.45	0.48	0.48	0.22	0.29	0.33	0.32	0.15	0.26	0.24

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.4B	1.4B	1.1B	1.2B	—	—	974.9M	—	—	761.3M	1B
Enterprise value	2.3B	2.3B	2.1B	2.3B	—	—	2.2B	—	—	2.4B	2.7B
Shares outstanding	21.5M	21.9M	22.4M	23M	31.3M	23.7M	24M	33.5M	24.1M	24.1M	24.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	25.3	22.3	16.8	18.9	—	—	14.9	—	—	15.5	31
P/S	6.6	5.98	4.65	5.25	—	—	3.97	—	—	2.63	3.46
P/B	3.84	3.44	2.49	2.74	—	—	1.87	—	—	1.6	6.72
EV/EBITDA	16.1	15.1	13.6	15.1	—	—	13.9	—	—	13.4	14.9
EV/Sales	10.7	10.2	9.08	9.9	—	—	8.89	—	—	8.12	8.92
Earnings yield	3.96%	4.49%	5.97%	5.29%	—	—	6.71%	—	—	6.47%	3.23%
FCF yield	6.22%	7.65%	10.4%	9.5%	—	—	12.4%	—	—	13.1%	8.05%
PEG	—	—	—	—	—	—	—	—	—	—	-1.14

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	75.9%	75.8%	75.5%	75%	74.1%	74.2%	73.8%	73.9%	73.2%	70.9%	70.9%
Operating margin	46.7%	47.6%	47.2%	46%	42.9%	44.8%	44.7%	45.9%	45.1%	41.3%	41.1%
Net margin	26.1%	26.8%	27.8%	27.7%	22.3%	25.8%	26.6%	26.8%	25.2%	17%	11.5%
ROE	15.2%	15.4%	14.8%	14.5%	11.8%	11.6%	12.5%	13.7%	13.5%	10.3%	9.56%
ROA	4.22%	4.27%	4.13%	3.97%	3.06%	3.53%	3.57%	3.46%	3.18%	2.28%	3.56%
Return on tangible assets	4.22%	4.27%	4.13%	3.97%	3.06%	3.53%	3.57%	3.46%	3.18%	2.28%	2.12%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.76	0.69	0.76	0.51	0.62	0.49	0.31	0.18	0.24	0.34	0.62
Quick ratio	0.76	0.69	0.76	0.51	0.62	0.49	0.31	0.18	0.24	0.34	0.45
Debt / equity	2.41	2.44	2.4	2.46	2.69	2.16	2.34	2.75	3.06	3.36	3.42
Debt / assets	0.67	0.67	0.67	0.67	0.7	0.65	0.67	0.7	0.72	0.74	0.74
Net debt / EBITDA	6.17	6.23	6.63	7.11	7.69	7.26	7.7	8.37	8.98	9.07	8.81
Interest coverage	2.28	2.32	2.45	2.58	2.12	2.41	2.56	2.46	2.31	1.73	1.62

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	10.1	10.3	10.2	10.1	7.2	10.1	10.3	7.68	11.2	12	12.4
EPS (basic)	1.53	1.64	1.61	1.58	1.25	1.57	1.63	1.73	1.64	1.09	1.09
EPS (diluted)	1.52	1.63	1.6	1.57	1.25	1.57	1.63	1.73	1.63	1.09	0.97
Book value per share	17.4	17.9	19	19.3	13.7	22.4	21.8	15.1	20.8	19.8	4.48
FCF per share	4.14	4.72	4.93	5.01	2.51	5.01	5.06	3.52	5.04	4.13	4.21
Cash per share	0.39	0.5	0.65	0.6	0.86	0.62	0.55	0.25	0.43	0.36	0.34

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	91.4%	93.9%	93.1%	95%	120.4%	100.8%	102%	98.4%	100.6%	138.9%	243.3%
Dividend yield	3.62%	4.21%	5.55%	5.02%	—	—	6.84%	—	—	8.98%	7.81%

Yield

7.81%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.59

ex-dividend Jul 15, 2026

Payout ratio

243%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 15, 2026	$0.59
Apr 15, 2026	$0.59
Jan 15, 2026	$0.59

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$63.8M	$66.7M	$66.7M	$66.9M	$67.3M	$67.9M	$71.9M	$70.8M	$72M	$75.1M	$78.3M	$76.8M
YoY change	+4.39%	+6.97%	+5.78%	+5.08%	+5.52%	+1.86%	+7.74%	+5.81%	+7.01%	+10.6%	+8.91%	+8.41%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	8.3M	10.9M	14.6M	13.9M	26.9M	14.6M	13.3M	8.4M	10.3M	8.7M
Receivables	52.8M	54.1M	53.9M	52.3M	64.9M	58.7M	56.3M	56M	50.9M	60.8M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	66.2M	70.2M	73.6M	71.6M	91.8M	73.3M	69.6M	64.4M	61.2M	69.5M
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	1.3B	1.4B	1.5B	1.6B	1.6B	1.7B	1.8B	2B	2.1B	2.2B
Accounts payable	20.8M	23.1M	32.4M	35.2M	24.4M	25.6M	43M	57M	46.2M	36.6M
Short-term debt	48.2M	60.7M	45.3M	86.4M	103.9M	103.2M	161.9M	274.7M	186.5M	144.7M
Total current liabilities	87M	102.4M	96.9M	140.9M	147.7M	150.4M	227.4M	354.7M	256.1M	205.5M
Long-term debt	852.1M	897.9M	976.5M	1B	1B	1B	1.1B	1.1B	1.3B	1.5B
Total liabilities	969.8M	1B	1.1B	1.2B	1.2B	1.2B	1.3B	1.5B	1.6B	1.7B
Shareholders' equity	373.2M	393.1M	425.2M	443.4M	427.5M	530.5M	521.8M	504.4M	501.1M	477.3M
Total debt	900.3M	958.6M	1B	1.1B	1.2B	1.1B	1.2B	1.4B	1.5B	1.6B
Net debt	892M	947.7M	1B	1.1B	1.1B	1.1B	1.2B	1.4B	1.5B	1.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	6.6M	8.4M	7.1M	6.9M	7.2M	10.3M	6.5M	5.3M	11.8M	8.7M	9.3M	5.9M
Receivables	56.9M	56M	53.8M	53.3M	59.8M	50.9M	50.7M	52.6M	59M	60.8M	61.3M	62.8M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	63.5M	64.4M	60.9M	60.2M	67M	61.2M	57.2M	57.9M	70.8M	69.5M	70.6M	68.7M
Property, plant & equipment	—	—	—	—	—	—	—	—	—	—	—	—
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	2B	2B	2B	2.1B	2.1B	2.1B	2.1B	2.1B	2.2B	2.2B	2.2B	2.2B
Accounts payable	60.8M	57M	63M	72.3M	59.2M	46.2M	51.4M	45.2M	46.7M	36.6M	41.2M	42.4M
Short-term debt	249.5M	274.7M	272.9M	235.1M	187.3M	186.5M	195.7M	200.9M	185.4M	144.7M	138M	85.3M
Total current liabilities	355.8M	354.7M	380.6M	330.7M	269.9M	256.1M	270.7M	269.7M	256M	205.5M	203.6M	152.2M
Long-term debt	1.1B	1.1B	1.1B	1.2B	1.3B	1.3B	1.3B	1.4B	1.4B	1.5B	1.5B	1.5B
Total liabilities	1.4B	1.5B	1.5B	1.6B	1.6B	1.6B	1.6B	1.7B	1.7B	1.7B	1.7B	1.7B
Shareholders' equity	511.3M	504.4M	513.9M	513M	508.7M	501.1M	491.7M	488.3M	485.2M	477.3M	473.5M	469.6M
Total debt	1.3B	1.4B	1.4B	1.4B	1.5B	1.5B	1.5B	1.6B	1.6B	1.6B	1.6B	1.6B
Net debt	1.3B	1.4B	1.4B	1.4B	1.5B	1.5B	1.5B	1.6B	1.6B	1.6B	1.6B	1.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	56.7M	60.7M	63.1M	64.2M	50.3M	61.6M	65.4M	69M	67.7M	49.2M
Depreciation & amortization	44.4M	45.7M	45.9M	46.3M	—	—	—	—	—	—
Stock-based compensation	1.6M	1.7M	1.8M	1.9M	1.4M	1.6M	1.5M	1.4M	1.7M	2M
Change in working capital	-10.4M	-1.9M	3.8M	1.7M	-23M	4.2M	5.4M	1.7M	4.6M	-10.8M
Operating cash flow	133.4M	148.6M	155.9M	160.1M	73.4M	117.6M	120.6M	117.2M	120.5M	99.8M
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-54.5M	-45.7M	-152.5M	-227.5M	-36M	-25.9M	-101.1M	-177.5M	-151.7M	-52.8M
Dividends paid	-51.8M	-57M	-58.7M	-61M	-60.6M	-62.2M	-66.7M	-67.9M	-68.1M	-68.3M
Share repurchases	0	0	-75M	-105M	0	0	—	—	—	—
Financing cash flow	-4.5M	12.4M	22M	19.6M	-82.3M	-119.3M	-102.6M	33.1M	69.4M	-5.5M
Net change in cash	74.5M	115.4M	25.4M	-47.9M	-44.8M	-27.5M	-83.1M	-27.2M	38.3M	41.4M
Free cash flow	89.1M	103.5M	110.3M	115.4M	78.4M	118.4M	121.2M	117.7M	121.2M	99.8M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	16.7M	17.5M	18.3M	19.5M	19.6M	10.4M	12.8M	14.2M	14M	8.2M	12M	11.5M
Depreciation & amortization	12.1M	—	12M	—	—	—	14.5M	—	—	—	15.9M	—
Stock-based compensation	291K	287K	219K	505K	606K	393K	428K	480K	521K	554K	549K	627K
Change in working capital	-12.1M	3.5M	3.7M	2.5M	-5.6M	4M	2.7M	-1.4M	-8.6M	-3.5M	750K	2.4M
Operating cash flow	28.3M	68.5M	33.5M	44.2M	26.5M	28.4M	30M	26.6M	20.6M	22.2M	29.3M	30.8M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-43.4M	—	-39.7M	-39.7M	-44.9M	-27.3M	-15.7M	-19.3M	-17.7M	-165K	-3.7M	-4.2M
Dividends paid	-17M	-17M	-17M	-17M	-17M	-17.1M	-17.1M	-17.1M	-17.1M	-17.1M	-17.1M	-17.3M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	58.7M	3.5M	10.4M	12.3M	28.7M	18M	-9.7M	2.3M	5.4M	-3.5M	-21.7M	-10.9M
Net change in cash	43.5M	72.1M	4.2M	16.7M	10.2M	19.2M	4.6M	9.6M	8.3M	18.5M	3.9M	15.7M
Free cash flow	16.3M	32.7M	33.8M	32.1M	26.5M	28.8M	30.4M	26.6M	20.6M	22.2M	29.3M	30.8M

Saul Centers, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement