Saul Centers

BFS · NYSE · Real Estate · Financials, fiscal 2016 to 2025

BFS · Last close · November 6, 2026

$28.54

Saul Centers' revenue rose 7.8% to $290 million in fiscal 2025. Its operating margin was 67.4%, down from 75.8% a year earlier. It paid out $57 million in dividends and buybacks. The diluted share count rose 0.4%.

SAUL CENTERS, INC. Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0000907254-26-000006 Updated November 6, 2026

Revenue

$290M

7.8%

Operating margin

67.4%

8.4 pts

Net income

$38M

25.9%

Free cash flow

—

Return on capital

16.4%

1.8 pts

Market cap

$699M

Nov 6 close

P/E

30.7x

On $0.93 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Saul Centers does

Saul Centers is a real estate investment trust (REIT) that owns and runs shopping centers and mixed-use properties, mostly in the Washington, DC and Baltimore area. It was incorporated in Maryland in 1993. Its tenants pay rent, which is its main source of income.

At the end of 2025 it owned 50 shopping centers, nine mixed-use properties that combine office, retail and apartments, and three development properties that are not yet operating. Many of the shopping centers have a grocery store as the main tenant, called an anchor.

As a REIT, it must pay out at least 90% of its taxable income, excluding net capital gains, to stockholders each year. Its strategy is to add transit-oriented, mixed-use projects with apartments and to expand its grocery-anchored centers, while adding pad sites and redeveloping its core centers. It manages its properties itself, and shares some services, such as IT, payroll and legal work, with companies controlled by the family of Chairman and CEO B. Francis Saul II.

Its biggest risks, as it describes them

Weak results at its retail tenants, and tenants that go bankrupt and do not pay.
Losing its grocery and other anchor tenants, or having trouble renewing leases and filling vacant space.
Development, redevelopment and acquisitions that carry risk and may fall short.
Its portfolio is concentrated in the Washington, DC and Baltimore area.
Adverse trends in the retail, office and residential real estate sectors.

From Saul Centers's annual report on Form 10-K, filed February 27, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share fell 3.6% a year and net income 2.1% a year, as new shares raised the share count by 12% and diluted each share's earnings.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	15	13	8	10	9
Debt incl. finance leases	237	321	332	456	468
Net debt (negative means net cash)	223	308	324	446	460
Net debt to EBITDA	—	1.3x	1.4x	1.8x	1.8x
Debt to equity	0.6x	0.8x	0.9x	1.4x	1.5x
Interest coverage	—	4.1x	3.8x	3.8x	2.8x
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Saul Centers' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Saul Centers' projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, 4 insiders bought $332,198 of Saul Centers shares on the open market, and none sold any.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 28, 2026	Joel Albert FriedmanExec VP, CAO & Treasurer	Bought	200	$18.53	$3,706	Form 4
May 28, 2026	David Todd PearsonPresident & COO, Director	Bought	2,600	$34.75	$90,350	Form 4
Mar 30, 2026	Carlos Lawrence HeardSenior Vice President & CFO	Bought	500	$20.60	$10,300	Form 4
Nov 20, 2025	Carlos Lawrence HeardSenior Vice President & CFO	Bought	300	$20.55	$6,165	Form 4
Nov 18, 2025	Carlos Lawrence HeardSenior Vice President & CFO	Bought	600	$20.35	$12,210	Form 4
Nov 17, 2025	Carlos Lawrence HeardSenior Vice President & CFO	Bought	600	$20.54	$12,324	Form 4
Nov 14, 2025	Carlos Lawrence HeardSenior Vice President & CFO	Bought	450	$20.50	$9,225	Form 4
Nov 13, 2025	Carlos Lawrence HeardSenior Vice President & CFO	Bought	450	$20.60	$9,270	Form 4
Nov 12, 2025	David Todd PearsonPresident & COO, Director	Bought	3,348	$29.86	$99,971	Form 4
Nov 12, 2025	John CollichSr. VP, Chief Acq. & Dev. Off.	Bought	2,000	$29.99	$59,980	Form 4
Nov 12, 2025	Carlos Lawrence HeardSenior Vice President & CFO	Bought	450	$20.70	$9,315	Form 4
Nov 11, 2025	Carlos Lawrence HeardSenior Vice President & CFO	Bought	450	$20.85	$9,382	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	—	—
Rule of 40	—	—	—
Altman Z''	—	—	—
Accruals ratio	−3.4%	−3.4%	−2.9%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	—	—	—
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	—	—
Revenue rose relative to assets	Fail	Fail	Pass
F-score	—	—	—

Companies that report no gross profit are scored on the other eight.

Compare

Put Saul Centers side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Saul Centers	FY25	7.8%	67.4%	—	16.4%	1.8x	—
InvenTrust Properties	FY25	9.2%	20.1%	37.1%	2.4%	4.2x	—	Compare
Getty Realty	FY25	9.0%	57.2%	57.3%	5.1%	5.2x	—	Compare
Acadia Realty Trust	FY25	14.2%	12.0%	—	0.9%	9.0x	—	Compare
NETSTREIT	FY25	19.8%	—	56.1%	2.5%	7.5x	—	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	217	226	227	232	225	239	246	257	269	290
Revenue growth	3.8%	4.3%	0.4%	1.9%	−2.7%	6.2%	2.8%	4.6%	4.5%	7.8%
Gross profit	163	172	172	174	167	178	181	190	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	56	61	63	—	—	—	180	189	204	195
Net income	45	48	51	52	40	48	50	53	51	38
Diluted EPS (US$)	1.52	1.63	1.60	1.57	1.25	1.57	1.63	1.73	1.63	1.09
Diluted shares (millions)	22	22	22	23	23	24	24	24	24	24
Cash flow
Cash from operations	89	103	110	115	78	118	121	118	121	100
Capital expenditure	91	120	129	136	56	56	117	—	—	—
Free cash flow	−2	−17	−18	−20	22	63	4	—	—	—
Dividends paid	40	45	46	49	49	51	56	57	57	57
Share buybacks	0	0	0	0	0	0	0	0	0	0
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	2	2	2	2	1	2	2	1	2	2
Balance sheet at fiscal year end
Cash and short-term investments	8	11	15	14	27	15	13	8	10	9
Debt incl. finance leases	232	285	251	272	268	237	321	332	456	468
Total assets	1,343	1,422	1,528	1,618	1,646	1,747	1,833	1,994	2,126	2,163
Total liabilities	970	1,029	1,102	1,175	1,218	1,216	1,312	1,490	1,625	1,685
Shareholders' equity	318	334	356	375	364	405	400	348	336	308
Margins and ratios
Gross margin	75.3%	75.8%	75.5%	75.0%	74.1%	74.2%	73.8%	73.9%	—	—
Operating margin	25.7%	26.8%	27.5%	—	—	—	73.4%	73.6%	75.8%	67.4%
Net margin	20.9%	21.3%	22.2%	22.3%	17.9%	20.2%	20.4%	20.5%	18.8%	12.9%
Free cash flow margin	−0.9%	−7.3%	−8.1%	−8.8%	9.9%	26.1%	1.7%	—	—	—
Rule of 40 (growth + FCF margin)	2.9%	−3.0%	−7.7%	−6.9%	7.1%	32.4%	4.5%	—	—	—
Return on capital	7.4%	7.6%	7.4%	—	—	—	18.0%	18.1%	18.1%	16.4%
Return on equity	14.6%	14.8%	14.7%	14.2%	10.9%	12.6%	12.5%	14.1%	14.8%	11.7%
Return on assets	3.4%	3.5%	3.4%	3.3%	2.5%	2.9%	2.8%	2.8%	2.5%	1.8%
Net debt to EBITDA	2.2x	2.6x	2.2x	—	—	—	1.3x	1.4x	1.8x	1.8x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Saul Centers' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Saul Centers.