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Saul Centers, Inc. logo

Saul Centers, Inc.

BFS

NYSEReal EstateREIT - Retail

Open in GoAI

Previous close

$33.72

−$0.30 · -0.88%

Aug 21, 4:00 PM ET

Pre-market

$33.72

$0.00 · 0.00%

Aug 24, 7:00 AM ET

BFS company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Hold

Wait — insufficient conviction to act

Valuation

59

Fair Value

Momentum

51

Neutral

Sentiment

59

Mixed

Risk resilience

73

Moderate Risk

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Company profile

Company website

Saul Centers, Inc. (BFS) is a self-managed and self-administered equity REIT, headquartered in Bethesda, Maryland. The company actively operates and oversees a real estate portfolio of 60 properties. This portfolio encompasses 50 community and neighborhood shopping centers, as well as seven mixed-use developments, which together provide approximately 9.8 million square feet of leasable area. Additionally, it includes three properties designated as land or for future development. A significant portion of the company's operational revenue, around 85%, originates from its properties located within the metropolitan Washington, DC, and Baltimore regions.

Industry
REIT - Retail
Sector
Real Estate
Headquarters
US
CEO
Bernard Francis Saul
Listed since
Aug 19, 1993
Employees
156

Market position

Day range

Current $33.72

52-week range

Current $33.72

Open
$33.81
Previous close
$34.02
Volume
46.97K
0.55× average
Average volume
85.03K
Average daily volume
Market cap
827.11M USD
Beta
0.89
Market reference 1
50-day average
$35.6798
-5.49% below average
200-day average
$33.6184
+0.30% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
2.36B USD
P/E (TTM)
21.75×
P/B (TTM)
2.76×
P/S (TTM)
2.74×
EV / EBITDA
13.2×
Earnings yield
4.92%
Free cash flow yield
13.08%
Dividend yield
7.00%

Profitability & efficiency

Gross margin
74.24%
Operating margin
42.66%
Net margin
11.54%
Return on equity
12.19%
Return on assets
1.73%
Return on invested capital
5.69%

Financial health

Debt / equity
5.42×
Current ratio
0.34×
Altman Z-score
0.39
Piotroski F-score
6 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends80%56%31%7%Gross margin, FY2021: 74.24%Gross margin, FY2022: 73.76%Gross margin, FY2023: 73.90%Gross margin, FY2024: 73.20%Gross margin, FY2025: 30.70%Operating margin, FY2021: 25.77%Operating margin, FY2022: 26.60%Operating margin, FY2023: 64.78%Operating margin, FY2024: 45.09%Operating margin, FY2025: 41.04%Net margin, FY2021: 20.23%Net margin, FY2022: 20.42%Net margin, FY2023: 20.49%Net margin, FY2024: 18.84%Net margin, FY2025: 12.87%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 74.24%. Gross margin FY2022 73.76%. Gross margin FY2023 73.90%. Gross margin FY2024 73.20%. Gross margin FY2025 30.70%. Operating margin FY2021 25.77%. Operating margin FY2022 26.60%. Operating margin FY2023 64.78%. Operating margin FY2024 45.09%. Operating margin FY2025 41.04%. Net margin FY2021 20.23%. Net margin FY2022 20.42%. Net margin FY2023 20.49%. Net margin FY2024 18.84%. Net margin FY2025 12.87%.

Income trends

Revenue

291.57M USD+8.45%

Operating income

119.65M USD-1.30%

Net income

37.51M USD-25.94%
Income trends across reported periods316.97M USD215.35M USD113.73M USD12.11M USDRevenue, FY2021: 239.23M USDRevenue, FY2022: 245.86M USDRevenue, FY2023: 257.21M USDRevenue, FY2024: 268.85M USDRevenue, FY2025: 291.57M USDOperating income, FY2021: 61.65M USDOperating income, FY2022: 65.39M USDOperating income, FY2023: 166.61M USDOperating income, FY2024: 121.22M USDOperating income, FY2025: 119.65M USDNet income, FY2021: 48.39M USDNet income, FY2022: 50.19M USDNet income, FY2023: 52.69M USDNet income, FY2024: 50.65M USDNet income, FY2025: 37.51M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 239.23M USD. Revenue FY2022 245.86M USD. Revenue FY2023 257.21M USD. Revenue FY2024 268.85M USD. Revenue FY2025 291.57M USD. Operating income FY2021 61.65M USD. Operating income FY2022 65.39M USD. Operating income FY2023 166.61M USD. Operating income FY2024 121.22M USD. Operating income FY2025 119.65M USD. Net income FY2021 48.39M USD. Net income FY2022 50.19M USD. Net income FY2023 52.69M USD. Net income FY2024 50.65M USD. Net income FY2025 37.51M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue291.57M USD268.85M USD257.21M USD245.86M USD239.23M USD
Cost of goods sold202.05M USD72.06M USD67.14M USD64.52M USD61.63M USD
Gross profit89.52M USD196.79M USD190.07M USD181.34M USD177.6M USD
Selling, general, and administrative26.93M USD25.07M USD23.46M USD22.39M USD20.25M USD
Operating expenses−30.13M USD75.57M USD23.46M USD115.95M USD115.95M USD
Interest income159K USD—295K USD——
Interest expense70.55M USD53.7M USD47.2M USD43.94M USD45.42M USD
Depreciation and amortization58.78M USD50.5M USD48.43M USD48.97M USD50.27M USD
Operating income119.65M USD121.22M USD166.61M USD65.39M USD61.65M USD
Net income37.51M USD50.65M USD52.69M USD50.19M USD48.39M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
55%
6 beats, 5 misses, 0 met estimates
Average EPS surprise
+8.08%
11 comparable reports
Latest EPS result
0.24
Estimate 0.14 · Beat by 71.43%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates0.80.570.340.11Q1 '25MissQ2 '25MissQ3 '25MissQ4 '25BeatQ1 '26MissQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 28, 2025: actual 0.22, estimate 0.32, surprise -31.25%, Miss. Q2 2025, reported May 8, 2025: actual 0.29, estimate 0.34, surprise -14.71%, Miss. Q3 2025, reported Aug 7, 2025: actual 0.33, estimate 0.75, surprise -56.00%, Miss. Q4 2025, reported Nov 6, 2025: actual 0.43, estimate 0.23, surprise +86.96%, Beat. Q1 2026, reported Feb 27, 2026: actual 0.15, estimate 0.27, surprise -44.44%, Miss. Q2 2026, reported May 7, 2026: actual 0.26, estimate 0.13, surprise +100.00%, Beat. Q3 2026, reported Aug 6, 2026: actual 0.24, estimate 0.14, surprise +71.43%, Beat. Q4 2026, reported Nov 5, 2026: actual —, estimate 0.15, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates82.14M75.92M69.7M63.47MQ1 '25MissQ2 '25BeatQ3 '25MissQ4 '25MissQ1 '26BeatQ2 '26BeatQ3 '26MissQ4 '26Estimate
Q1 2025, reported Feb 28, 2025: actual 66.63M USD, estimate 68.94M USD, surprise -3.35%, Miss. Q2 2025, reported May 8, 2025: actual 70.55M USD, estimate 69.76M USD, surprise +1.13%, Beat. Q3 2025, reported Aug 7, 2025: actual 69.43M USD, estimate 71.39M USD, surprise -2.75%, Miss. Q4 2025, reported Nov 6, 2025: actual 70.68M USD, estimate 70.74M USD, surprise -0.09%, Miss. Q1 2026, reported Feb 27, 2026: actual 73.71M USD, estimate 73.1M USD, surprise +0.84%, Beat. Q2 2026, reported May 7, 2026: actual 76.82M USD, estimate 75.11M USD, surprise +2.28%, Beat. Q3 2026, reported Aug 6, 2026: actual 75.38M USD, estimate 78.98M USD, surprise -4.56%, Miss. Q4 2026, reported Nov 5, 2026: actual —, estimate 77.65M USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$43.50

29.00% upside
Past 12 months12-month forecastHigh $43.50Average $43.50Low $43.50

Rating distribution

7 ratings
Strong buy00%
Buy343%
Hold457%
Sell00%
Strong sell00%

Recent analyst actions

1 institution
B. Riley SecuritiesmaintainBuy

BFS news

prnewswire.com

Saul Centers, Inc. Reports Second Quarter 2026 Earnings

BETHESDA, Md., Aug. 6, 2026 /PRNewswire/ -- Saul Centers, Inc. (NYSE: BFS) (the "Company"), an equity real estate investment trust ("REIT"), announced operating results for the quarter ended June 30, 2026 ("2026…

Read source
seekingalpha.com

Cerrado Gold: Stronger Operations Offset A Delayed BFS

Cerrado Gold maintains an attractive risk/reward profile, driven by Minera Don Nicolas' transformation into a robust cash flow generator. Q1 results highlight a dramatic AISC reduction from $1932 to $1348/oz and EBITDA…

Read source
seekingalpha.com

Saul Centers' Preferred Stocks Carry More Risk Than Their Yield Suggests

Saul Centers trades at a steep 7.84x price/book, up 30%, despite lagging peers in 3-year total return. BFS preferreds (BFS.PR.D, BFS.PR.E) yield 7.3% and 6.6% but lack credit ratings and trade below par. Moody's…

Read source
prnewswire.com

Saul Centers Declares Quarterly Dividends

BETHESDA, Md., June 18, 2026 /PRNewswire/ -- Saul Centers, Inc. (NYSE: BFS) has declared a quarterly dividend of $0.59 per share on its common stock, to be paid on July 31, 2026, to holders of record on July 15, 2026.

Read source
seekingalpha.com

Saul Centers: DC Headwinds Are Fading

Saul Centers has rallied 15% since mid-May, benefiting from stabilized DC-area fundamentals and ramping growth projects. BFS delivered Q1 FFO of $0.71, with same-property revenue up 7% and multifamily occupancy at a…

Read source

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