# Saul Centers, Inc. (BFS)

> Source: Nexqual · https://nexqual.com/BFS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Saul Centers, Inc. (BFS), nexqual.com/BFS" · informational, not investment advice.

**Price:** USD 29.52 (+2.39% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 28.83 · day 28.88–29.61 · 52w 28.69–38.42 · market cap $1.03B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $302M, net income $34.9M (11.5% margin) (SEC filings).
- Valuation: P/E 29.4x (avg 18.9x at the last 3 fiscal year-ends), EV/EBITDA 9.9x, net debt $1.60B.
- Total return with dividends: 1Y +2.0% vs S&P 500 +14.9%; 5Y -13.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD —, revenue estimate $77.7M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $239M | $246M | $257M | $269M | $290M | $302M |
| Gross profit | $178M | $181M | $190M | — | — | — |
| Operating income | — | $181M | $189M | $204M | $195M | $203M |
| Net income | $48.4M | $50.2M | $52.7M | $50.6M | $37.5M | $34.9M |
| EPS (diluted) | $1.57 | $1.63 | $1.73 | $1.63 | $1.09 | — |
| Free cash flow | $62.5M | $4.3M | — | — | — | — |
| Gross margin | 74.2% | 73.8% | 73.9% | — | — | — |
| Operating margin | — | 73.4% | 73.6% | 75.8% | 67.4% | 67.0% |
| Net margin | 20.2% | 20.4% | 20.5% | 18.8% | 12.9% | 11.5% |
| Revenue growth | +6.2% | +2.8% | +4.6% | +4.5% | +7.8% | — |
| Cash + short-term investments | $14.6M | $13.3M | $8.4M | $10.3M | $8.7M | — |
| Total debt | $237M | $321M | $332M | $456M | $468M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 29.4x · P/S 3.4x · EV/EBITDA 9.9x · EV/Sales 8.7x · P/B 3.5x · Earnings yield 3.40% · Dividend yield (paid, TTM) 5.60% · Net debt $1.60B · EV $2.62B
P/E at fiscal year-ends: Dec 2025 20.4x, Dec 2024 18.5x, Dec 2023 17.9x.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +2.0% | -13.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +2.1% | -2.8% |
| Volatility (annualized) | 19.6% | 24.2% |
| Max drawdown | -21.1% (Jun 2026→Oct 2026) | -34.2% (Apr 2022→May 2023) |

## Peers (REIT - Retail)
ALX (Alexander's, Inc.) USD 247.25 +3.65% · CBL (CBL & Associates Properties, In) USD 49.83 +2.11% · NTST (NetSTREIT Corp.) USD 17.02 +3.34% · GTY (Getty Realty Corporation) USD 28.45 +3.57% · IVT (InvenTrust Properties Corp.) USD 30.14 +2.55% · FCPT (Four Corners Property Trust, In) USD 22.05 +4.06%

## More
Full page: https://nexqual.com/BFS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Customer concentration

Period ended 2026-06-30: 4.3% of revenue from unnamed direct customers (10-Q, filed 2026-08-06).

## Company outlook (8-K filed 2026-08-06)

- "Management considers FFO a meaningful supplemental measure of operating performance because it primarily excludes the assumption that the value of the real estate assets diminishes predictably over time (i.e. depreciation), which is contrary to what the Company believes occurs with its assets, and because industry analysts have accepted it as a performance measure."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | — | — | — | $77.7M | — |
| Next quarter (ends 2026-12-31) | — | — | — | $78.7M | — |
| Current fiscal year (ends 2026-12-31) | — | — | — | $311.4M | — |
| Next fiscal year (ends 2027-12-31) | — | — | — | $322.0M | — |