Saul Centers IncSaul Centers Inc
Saul Centers Inc

Saul Centers Inc

BFS
Real Estate·Retail REITs

Saul Centers, Inc. is a real estate investment trust, which engages in the ownership, management, and development of income producing properties. It operates through the following segments: Shopping Centers and Mixed-Use Properties. The Shopping Centers segment consists of community and neighbourhood shopping centers which are anchored by supermarkets, discount department stores, and drug stores. The Mixed-Use Properties segment consists of facilities which are located in differing commercial environments with distinctive demographic characteristics and are geographically removed from one another. The company was founded on June 10, 1993 and is headquartered in Bethesda, MD.

Maryland; U.S.A
Market cap
No dataNo data
Revenue
$289.8M+7.8% YoY
Net income
$37.5M−25.9% YoY
Free cash flow
$3.9M+105.7% YoY

Market

Listed stock
BFSPriceNYSE
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Financial performance

Revenue
$289.8M+7.8% YoY
Operating income
$195.3M−4.1% YoY
Net income
$37.5M−25.9% YoY
Free cash flow
$3.9M+105.7% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $239.2M, 2022 $245.9M, 2023 $257.2M, 2024 $268.8M, 2025 $289.8M. Operating income: 2021 $152.5M, 2022 $154.5M, 2023 $162.3M, 2024 $203.8M, 2025 $195.3M. Net income: 2021 $48.4M, 2022 $50.2M, 2023 $52.7M, 2024 $50.6M, 2025 $37.5M. Free cash flow: 2021 $62.5M, 2022 $4.3M, 2023 $-86M, 2024 $-67.7M, 2025 $3.9M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
7.8%+328 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $152.5M, 2022-12-31 $154.5M, 2023-12-31 $162.3M, 2024-12-31 $203.8M, 2025-12-31 $195.3M. Net income: 2021-12-31 $48.4M, 2022-12-31 $50.2M, 2023-12-31 $52.7M, 2024-12-31 $50.6M, 2025-12-31 $37.5M. Free cash flow: 2021-12-31 $62.5M, 2022-12-31 $4.3M, 2023-12-31 $-86M, 2024-12-31 $-67.7M, 2025-12-31 $3.9M

Growth heatmap

2022202320242025CAGR
Revenue
+2.8%
+4.6%
+4.5%
+7.8%
+4.9%
Gross profit
+2.1%
+4.8%
+8.9%
+2.5%
+4.6%
Operating income
+1.3%
+5.0%
+25.5%
-4.1%
+6.4%
Free cash flow
-93.2%
-2116.3%
+21.2%
+105.7%
-50.1%

Earnings quality

Operating cash flow
$99.8M−17.7% YoY
Net income
$37.5M−25.9% YoY
Free cash flow
$3.9M+105.7% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 266%, 2024-12-31 239%, 2023-12-31 223%, 2022-12-31 241%, 2021-12-31 245%. Free cash flow: 2025-12-31 10%, 2024-12-31 -134%, 2023-12-31 -163%, 2022-12-31 8%, 2021-12-31 129%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
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Diluted shares
Latest
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
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Return on assets
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Return on invested capital
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Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
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EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
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Price to sales
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EV / EBITDA
No data
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Free cash flow yield
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