BFS · Saul Centers, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $289.84M | $268.85M | $257.21M | $245.86M | $239.22M | $225.21M |
| Cost of Revenue | - | - | $67.14M | $64.52M | $61.63M | $58.42M |
| Gross Profit | - | - | $190.07M | $181.34M | $177.60M | $166.79M |
| R&D | - | - | - | - | - | - |
| SG&A | $26.93M | $25.07M | $23.46M | $22.39M | $20.25M | $19.11M |
| Total Operating Expenses | $240.74M | $201.32M | $188.18M | $180.47M | $177.58M | $175.17M |
| D&A | $58.78M | $50.50M | $48.43M | $48.97M | $50.27M | $51.13M |
| Operating Income | $195.32M | $203.76M | - | - | - | - |
| Interest Expense | $70.71M | $53.85M | $49.45M | $44.01M | $45.43M | $46.66M |
| Income Tax | - | - | - | - | - | - |
| Net Income | $37.51M | $50.65M | $52.69M | $50.19M | $48.39M | $40.38M |
| EPS - Basic | $1.09 | $1.64 | $1.73 | $1.63 | $1.57 | $1.25 |
| EPS - Diluted | $1.09 | $1.63 | $1.73 | $1.63 | $1.57 | $1.25 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $8.74M | $10.30M | $8.41M | $13.28M | $14.59M | $26.86M |
| Accounts Receivable | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - |
| Total Assets | $2.16B | $2.13B | $1.99B | $1.83B | $1.75B | $1.65B |
| Current Liabilities | - | - | - | - | - | - |
| Long-term Debt | $468.45M | $455.79M | $332.33M | $320.80M | $237.41M | $268.15M |
| Total Liabilities | $1.69B | $1.63B | $1.49B | $1.31B | $1.22B | $1.22B |
| Stockholders' Equity | $307.82M | $335.75M | $348.39M | $400.48M | $405.05M | $364.32M |
| Retained Earnings | ($337.71M) | ($306.54M) | ($288.82M) | ($273.56M) | ($256.45M) | ($241.53M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $99.80M | $121.22M | $117.73M | $121.15M | $118.38M | $78.38M |
| Investing Cash Flow | ($95.81M) | ($188.73M) | ($203.68M) | ($116.89M) | ($55.87M) | ($56.17M) |
| Financing Cash Flow | ($5.54M) | $69.40M | $81.08M | ($5.58M) | ($74.77M) | ($9.26M) |
| CapEx | - | - | - | $116.89M | $55.87M | $56.17M |
| Free Cash Flow | - | - | - | $4.26M | $62.51M | $22.21M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | 73.9% | 73.8% | 74.2% | 74.1% |
| Operating margin | 67.4% | 75.8% | - | - | - | - |
| EBITDA margin | 87.7% | 94.6% | - | - | - | - |
| Net margin | 12.9% | 18.8% | 20.5% | 20.4% | 20.2% | 17.9% |
| Free cash flow margin | - | - | - | 1.7% | 26.1% | 9.9% |
| FCF / Net income | - | - | - | 0.08 | 1.29 | 0.55 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 9.3% | 9.3% | 9.1% | 9.1% | 8.5% | 8.5% |
| Effective tax rate | - | - | - | - | - | - |
| Return on assets | 1.7% | 2.4% | 2.6% | 2.7% | 2.8% | 2.5% |
| Return on equity | 12.2% | 15.1% | 15.1% | 12.5% | 11.9% | 11.1% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - |
| Leverage | ||||||
| Debt / Equity | 1.52 | 1.36 | 0.95 | 0.80 | 0.59 | 0.74 |
| Debt / Assets | 0.22 | 0.21 | 0.17 | 0.17 | 0.14 | 0.16 |
| Debt / EBITDA | 1.84 | 1.79 | - | - | - | - |
| Interest coverage | 2.8x | 3.8x | - | - | - | - |
| Equity multiplier | 7.03 | 6.33 | 5.72 | 4.58 | 4.31 | 4.52 |
| Liabilities / Assets | 0.78 | 0.76 | 0.75 | 0.72 | 0.70 | 0.74 |
| Efficiency | ||||||
| Asset turnover | 0.13 | 0.13 | 0.13 | 0.13 | 0.14 | 0.14 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 28.9x | 23.8x | 22.7x | 25.0x | 33.8x | 25.3x |
| P / B | 2.5x | 2.8x | 2.7x | 2.4x | 3.1x | 2.0x |
| P / S | 2.6x | 3.5x | 3.7x | 4.0x | 5.2x | 3.3x |
| EV / EBITDA | 4.8x | 5.4x | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 7.8% | 4.5% | 4.6% | 2.8% | 6.2% | -2.7% |
| Revenue CAGR (3y) | 5.6% | 4.0% | 4.5% | 2.0% | 1.6% | -0.3% |
| Revenue CAGR (5y) | 5.2% | 3.0% | 2.4% | 1.6% | 2.0% | 1.5% |
| Gross profit growth (YoY) | - | - | 4.8% | 2.1% | 6.5% | -3.9% |
| Operating income growth (YoY) | -4.1% | - | - | - | - | - |
| Net income growth (YoY) | -25.9% | -3.9% | 5.0% | 3.7% | 19.8% | -21.9% |
| EPS growth (YoY) | -33.1% | -5.8% | 6.1% | 3.8% | 25.6% | -20.4% |
| EPS CAGR (3y) | -12.6% | 1.3% | 11.4% | 1.3% | -0.6% | -8.5% |
| EPS CAGR (5y) | -2.7% | 0.8% | 1.6% | 0.0% | 0.6% | -2.5% |
| FCF growth (YoY) | - | - | - | -93.2% | 181.4% | - |
| FCF CAGR (5y) | - | - | - | - | - | 2.9% |
| Book value growth (YoY) | -8.3% | -3.6% | -13.0% | -1.1% | 11.2% | -2.8% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2023-12-31.
Business segments
$257.21M totalShopping Centers$179.35M · 69.7%
Mixed Use Properties$77.86M · 30.3%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- -Current ratio improved
- ✓No share dilution
- -Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Real Estate Investment Trusts
Comparing SAUL CENTERS against the 5 most active filers in the same SIC group.
Dividends
$2.36/share trailing 12 months · 0.0% YoY
| Ex-date | Per share |
|---|---|
| Apr 15, 2026 | $0.5900 |
| Jan 15, 2026 | $0.5900 |
| Oct 15, 2025 | $0.5900 |
| Jul 15, 2025 | $0.5900 |
| Apr 15, 2025 | $0.5900 |
| Jan 15, 2025 | $0.5900 |
| Oct 15, 2024 | $0.5900 |
| Jul 15, 2024 | $0.5900 |
| Apr 12, 2024 | $0.5900 |
| Jan 12, 2024 | $0.5900 |
| Oct 13, 2023 | $0.5900 |
| Jul 14, 2023 | $0.5900 |
| Apr 14, 2023 | $0.5900 |
| Jan 13, 2023 | $0.5900 |
| Oct 14, 2022 | $0.5900 |
| Jul 14, 2022 | $0.5900 |
| Apr 13, 2022 | $0.5700 |
| Jan 13, 2022 | $0.5700 |
| Oct 14, 2021 | $0.5500 |
| Jul 15, 2021 | $0.5500 |
| Apr 14, 2021 | $0.5300 |
| Jan 14, 2021 | $0.5300 |
| Oct 15, 2020 | $0.5300 |
| Jul 16, 2020 | $0.5300 |