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Saul Centers (BFS) Financials

Saul Centers logo
$34.30 +0.39 (+1.15%)
As of 02:49 PM Eastern
This is a fair market value price provided by Massive. Learn more.
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Annual Income Statements for Saul Centers

Annual Income Statements for Saul Centers

This table shows Saul Centers' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2014 12/31/2015 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 32 30 36 36 36 29 37 39 41 39 26
Consolidated Net Income / (Loss)		 58 53 61 63 64 50 62 65 69 68 49
Net Income / (Loss) Continuing Operations		 58 53 61 63 64 50 62 65 69 68 49
Total Pre-Tax Income 		52 53 61 63 64 50 62 65 69 68 49
Total Operating Income		 52 53 108 108 106 97 107 109 118 121 120
Total Gross Profit		 206 208 226 227 174 196 206 246 257 269 290
Total Revenue		 207 209 226 227 232 225 239 246 257 269 290
Operating Revenue		 198 203 226 227 - 225 239 246 257 269 290
Total Cost of Revenue		 0.68 0.92 0.00 0.00 58 29 33 0.00 0.00 0.00 0.00
Total Operating Expenses		 154 155 119 119 67 100 99 137 139 147 170
Selling, General & Admin Expense		 17 16 18 18 21 19 20 22 23 25 27
Depreciation Expense		 41 43 46 46 46 51 50 49 48 51 59
Other Operating Expenses / (Income)		 95 96 55 56 - 30 29 65 67 72 84
Other Special Charges / (Income)		 - - 0.00 -0.51 0.00 -0.28 - 0.65 0.00 -0.18 -0.12
Total Other Income / (Expense), net		 -0.01 -0.01 -47 -45 -42 -47 -45 -44 -49 -54 -71
Interest Expense		 - - 47 45 42 47 45 44 49 54 71
Preferred Stock Dividends Declared		 15 12 12 15 15 11 11 11 11 11 11
Net Income / (Loss) Attributable to Noncontrolling Interest		 11 10 12 13 12 9.93 13 15 16 17 12
Basic Earnings per Share		 $1.55 $1.42 $1.64 $1.61 $1.58 $1.25 $1.57 $1.63 $1.73 $1.64 $1.09
Weighted Average Basic Shares Outstanding		 20.80M 21.08M 22M 22.70M 23.20M 23.50M 23.80M 23.91M 23.98M 24.20M 24.50M
Diluted Earnings per Share		 $1.54 $1.42 $1.63 $1.60 $1.57 $1.25 $1.57 $1.63 $1.73 $1.63 $1.09
Weighted Average Diluted Shares Outstanding		 20.80M 21.08M 22M 22.70M 23.20M 23.50M 23.80M 23.91M 23.98M 24.20M 24.50M
Weighted Average Basic & Diluted Shares Outstanding		 20.80M 21.08M 22M 22.70M 23.20M 23.50M 23.80M 23.91M 23.98M 24.20M 24.50M
Cash Dividends to Common per Share		 $1.56 $1.69 $2.04 $2.08 $2.12 $2.12 $2.16 $2.32 $2.36 $2.36 $2.36

Quarterly Income Statements for Saul Centers

This table shows Saul Centers' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 10 10 11 12 12 5.29 7.00 7.92 7.69 3.70 6.32
Consolidated Net Income / (Loss)		 17 17 18 19 20 10 13 14 14 8.19 12
Net Income / (Loss) Continuing Operations		 17 17 18 19 20 10 13 14 14 8.19 12
Total Pre-Tax Income 		17 17 18 19 20 10 13 14 14 8.19 12
Total Operating Income		 29 30 31 32 32 27 30 31 31 28 32
Total Gross Profit		 64 75 67 67 67 78 72 71 72 75 78
Total Revenue		 64 67 67 67 67 68 72 71 72 75 78
Operating Revenue		 64 67 67 67 67 68 72 71 72 75 78
Total Cost of Revenue		 0.00 -8.79 0.00 0.00 0.00 -11 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 35 45 36 35 35 51 42 40 41 47 47
Selling, General & Admin Expense		 5.18 7.33 5.78 6.10 5.68 7.50 6.01 6.42 6.66 7.85 6.45
Depreciation Expense		 12 12 12 12 12 14 15 14 14 16 16
Other Operating Expenses / (Income)		 17 26 18 17 18 29 22 19 20 23 24
Total Other Income / (Expense), net		 -12 -13 -12 -12 -12 -17 -17 -17 -17 -20 -20
Interest Expense		 12 13 12 12 12 17 17 17 17 20 20
Preferred Stock Dividends Declared		 2.80 2.80 2.80 2.80 2.80 2.80 2.80 2.80 2.80 2.80 2.80
Net Income / (Loss) Attributable to Noncontrolling Interest		 3.89 4.26 4.63 5.04 5.11 2.27 3.05 3.46 3.51 1.69 2.93
Basic Earnings per Share		 $0.42 $0.43 $0.45 $0.48 $0.48 $0.23 $0.29 $0.33 $0.32 $0.15 $0.26
Weighted Average Basic Shares Outstanding		 23.94M 23.98M 23.98M 24.14M 24.17M 24.20M 24.22M 24.37M 24.41M 24.50M 24.54M
Diluted Earnings per Share		 $0.42 $0.43 $0.45 $0.48 $0.48 $0.22 $0.29 $0.33 $0.32 $0.15 $0.26
Weighted Average Diluted Shares Outstanding		 23.94M 23.98M 23.98M 24.14M 24.17M 24.20M 24.22M 24.37M 24.41M 24.50M 24.54M
Weighted Average Basic & Diluted Shares Outstanding		 23.94M 23.98M 23.98M 24.14M 24.17M 24.20M 24.22M 24.37M 24.41M 24.50M 24.54M

Annual Cash Flow Statements for Saul Centers

This table details how cash moves in and out of Saul Centers' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -2.13 -1.68 2.59 3.67 -0.67 13 -12 -1.32 -4.87 1.89 -1.56
Net Cash From Operating Activities		 89 89 103 110 115 78 118 121 118 121 100
Net Cash From Continuing Operating Activities		 89 89 103 110 115 78 118 121 118 121 100
Net Income / (Loss) Continuing Operations		 53 57 61 63 64 50 62 65 69 68 49
Consolidated Net Income / (Loss)		 53 57 61 63 64 50 62 65 69 68 49
Depreciation Expense		 43 44 46 46 46 51 50 49 48 51 59
Amortization Expense		 1.43 1.34 1.39 1.61 1.52 1.57 1.71 1.99 2.25 2.35 2.96
Non-Cash Adjustments To Reconcile Net Income		 2.35 2.09 2.51 1.95 3.52 6.37 2.37 2.08 1.96 2.40 3.59
Changes in Operating Assets and Liabilities, net		 -11 -15 -6.81 -2.14 -0.19 -31 2.42 2.72 -3.93 -1.74 -15
Net Cash From Investing Activities		 -70 -86 -113 -129 -136 -56 -56 -117 -204 -189 -96
Net Cash From Continuing Investing Activities		 -70 -86 -113 -129 -136 -56 -56 -117 -204 -189 -96
Acquisitions		 - - - - - - - - 0.00 0.00 -0.03
Purchase of Investments		 -4.89 -48 -18 -13 -22 -21 -21 -16 -26 -37 -43
Sale of Property, Plant & Equipment		 0.03 4.77 6.69 1.33 0.00 0.38 - 0.00 0.00 0.18 0.12
Other Investing Activities, net		 -46 -27 -23 -76 -114 -36 -26 -101 -177 -152 -53
Net Cash From Financing Activities		 -21 -4.50 12 22 20 -9.26 -75 -5.58 81 69 -5.54
Net Cash From Continuing Financing Activities		 -21 -4.50 12 22 20 -9.26 -75 -5.58 81 69 -5.54
Repayment of Debt		 -88 -82 -109 -192 -135 -84 -94 -282 -91 -321 -210
Payment of Dividends		 -48 -52 -57 -59 -61 -61 -62 -67 -90 -92 -93
Issuance of Debt		 106 115 164 255 203 142 82 355 258 464 276
Issuance of Common Equity		 16 22 23 31 25 8.26 14 8.17 3.74 19 22
Cash Interest Paid		 44 44 46 44 40 45 45 41 46 52 68

Quarterly Cash Flow Statements for Saul Centers

This table details how cash moves in and out of Saul Centers' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -4.89 1.82 -1.33 -0.22 0.33 3.10 -3.81 -1.19 6.49 -3.05 0.59
Net Cash From Operating Activities		 16 33 34 32 26 29 30 27 21 22 29
Net Cash From Continuing Operating Activities		 16 33 34 32 26 29 30 27 21 22 29
Net Income / (Loss) Continuing Operations		 17 17 18 19 20 10 13 14 14 8.19 12
Consolidated Net Income / (Loss)		 17 17 18 19 20 10 13 14 14 8.19 12
Depreciation Expense		 12 12 12 12 12 14 15 14 14 16 16
Amortization Expense		 0.57 0.56 0.56 0.58 0.58 0.63 0.63 0.63 0.86 0.85 0.86
Non-Cash Adjustments To Reconcile Net Income		 0.48 0.66 0.56 0.50 0.62 0.72 0.82 0.58 0.92 1.27 0.72
Changes in Operating Assets and Liabilities, net		 -14 1.80 2.41 -0.44 -6.37 2.67 1.56 -2.88 -9.25 -4.19 -0.25
Net Cash From Investing Activities		 -48 -56 -46 -45 -55 -44 -24 -30 -20 -22 -7.01
Net Cash From Continuing Investing Activities		 -48 -56 -46 -45 -55 -44 -24 -30 -20 -22 -7.01
Purchase of Investments		 -4.50 -7.58 -5.83 -5.06 -9.88 - -8.79 -11 -1.86 -22 -3.32
Other Investing Activities, net		 -43 -49 -40 -40 -45 -27 -16 -19 -18 -0.17 -3.69
Net Cash From Financing Activities		 27 26 10 12 29 18 -9.70 2.29 5.40 -3.53 -22
Net Cash From Continuing Financing Activities		 27 26 10 12 29 18 -9.70 2.29 5.40 -3.53 -22
Repayment of Debt		 -11 -30 -38 -123 -91 -69 -25 -34 -28 -124 -40
Payment of Dividends		 -22 -0.54 -23 -23 -23 1.13 -23 -23 -23 -24 -24
Issuance of Debt		 60 76 59 157 141 108 36 53 50 137 35
Issuance of Common Equity		 0.56 0.60 12 2.09 2.21 -14 2.23 6.19 6.33 7.10 7.08
Cash Interest Paid		 12 12 12 12 12 16 16 16 16 19 18

Annual Balance Sheets for Saul Centers

This table presents Saul Centers' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 1,295 1,343 1,422 1,527 1,618 1,646 1,747 1,833 1,994 2,126 2,163
Total Current Assets		 61 61 65 74 72 92 73 70 64 61 70
Cash & Equivalents		 10 8.32 11 15 14 27 15 13 8.41 10 8.74
Accounts Receivable		 51 53 54 54 52 65 59 56 56 51 61
Plant, Property, & Equipment, net		 1,114 1,179 1,224 1,423 1,518 1,517 1,634 1,720 1,892 2,024 2,056
Plant, Property & Equipment, gross		 1,539 1,637 1,712 1,948 2,082 2,125 2,284 2,408 2,621 2,792 2,868
Accumulated Depreciation		 425 458 488 526 563 608 650 688 729 768 812
Total Noncurrent Assets		 121 103 134 31 29 37 39 44 38 41 38
Other Noncurrent Operating Assets		 121 103 134 31 29 37 39 44 38 41 38
Total Liabilities & Shareholders' Equity		 1,295 1,343 1,422 1,527 1,618 1,646 1,747 1,833 1,994 2,126 2,163
Total Liabilities		 942 970 1,029 1,102 1,175 1,218 1,216 1,312 1,490 1,625 1,685
Total Current Liabilities		 47 49 19 52 54 44 47 65 80 70 61
Accounts Payable		 - - - 32 35 24 26 43 57 46 37
Dividends Payable		 15 18 19 19 19 19 22 22 23 23 24
Total Noncurrent Liabilities		 894 921 1,011 1,051 1,120 1,174 1,169 1,246 1,410 1,556 1,625
Long-Term Debt		 823 832 959 1,000 983 1,006 1,144 1,223 1,310 1,334 1,347
Noncurrent Deferred & Payable Income Tax Liabilities		 - - - - - - - 23 23 23 23
Other Noncurrent Operating Liabilities		 71 90 23 22 109 168 25 0.00 77 199 255
Total Equity & Noncontrolling Interests		 354 373 393 425 443 428 530 522 504 501 477
Total Preferred & Common Equity		 303 319 334 356 375 364 405 400 348 336 308
Preferred Stock		 180 180 180 180 185 185 185 185 185 185 185
Total Common Equity		 123 139 154 176 190 179 220 215 163 151 123
Common Stock		 305 328 353 385 411 421 437 447 450 454 459
Retained Earnings		 -180 -189 -198 -209 -221 -242 -256 -274 -289 -307 -338
Accumulated Other Comprehensive Income / (Loss)		 -1.80 -1.30 -0.70 -0.26 - - 0.00 2.85 2.01 2.97 1.06
Noncontrolling Interest		 50 55 59 69 68 63 125 121 156 165 169

Quarterly Balance Sheets for Saul Centers

This table presents Saul Centers' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 1,810 1,868 1,907 1,961 2,030 2,072 2,113 2,131 2,140 2,168 2,157
Total Current Assets		 69 64 63 63 61 60 67 57 58 71 71
Cash & Equivalents		 10 12 11 6.59 7.08 6.86 7.20 6.49 5.30 12 9.33
Accounts Receivable		 59 53 52 57 54 53 60 51 53 59 61
Plant, Property, & Equipment, net		 1,693 1,762 1,804 1,849 1,930 1,973 2,006 2,038 2,048 2,056 2,048
Plant, Property & Equipment, gross		 2,372 2,461 2,513 2,568 2,669 2,721 2,764 2,817 2,838 2,858 2,875
Accumulated Depreciation		 679 699 709 719 739 749 758 779 790 803 827
Total Noncurrent Assets		 48 41 39 49 40 39 40 37 34 41 38
Other Noncurrent Operating Assets		 48 41 39 49 40 39 40 37 34 41 38
Total Liabilities & Shareholders' Equity		 1,810 1,868 1,907 1,961 2,030 2,072 2,113 2,131 2,140 2,168 2,157
Total Liabilities		 1,282 1,352 1,393 1,450 1,516 1,559 1,604 1,640 1,651 1,682 1,683
Total Current Liabilities		 62 270 77 83 86 96 83 75 69 71 66
Accounts Payable		 39 56 54 61 63 72 59 51 45 47 41
Dividends Payable		 22 22 22 22 23 23 23 24 24 24 24
Total Noncurrent Liabilities		 1,220 1,082 1,316 1,366 1,430 1,463 1,522 1,565 1,583 1,612 1,618
Long-Term Debt		 1,194 1,059 1,268 1,343 1,300 1,301 1,314 1,335 1,331 1,346 1,340
Noncurrent Deferred & Payable Income Tax Liabilities		 - - 22 23 22 20 29 20 18 24 20
Other Noncurrent Operating Liabilities		 26 23 26 - 109 142 179 210 233 242 258
Total Equity & Noncontrolling Interests		 528 516 514 511 514 513 509 492 488 485 473
Total Preferred & Common Equity		 405 396 395 394 347 346 342 328 322 317 302
Preferred Stock		 185 185 185 185 185 185 185 185 185 185 185
Total Common Equity		 220 211 210 209 162 161 157 143 137 132 117
Common Stock		 445 447 448 449 451 452 453 455 456 458 461
Retained Earnings		 -268 -277 -281 -285 -292 -295 -297 -314 -320 -327 -346
Accumulated Other Comprehensive Income / (Loss)		 3.06 1.40 3.13 4.72 3.28 3.43 1.03 1.89 1.27 1.08 1.38
Noncontrolling Interest		 123 119 119 118 167 167 167 163 166 169 172

Annual Metrics And Ratios for Saul Centers

This table displays calculated financial ratios and metrics derived from Saul Centers' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 24,412,314.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 24,412,314.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 1.08
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Net Operating Profit after Tax (NOPAT)		 53 56 108 108 106 97 107 109 118 121 120
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 6.27% 6.51% 6.62% 6.57%
Earnings before Interest and Taxes (EBIT)		 53 56 108 108 106 97 107 109 118 121 120
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 98 101 155 155 154 150 159 160 169 174 182
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 64 23 -37 37 105 102 -148 37 43 102 128
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,182 1,214 1,359 1,430 1,431 1,426 1,681 1,754 1,829 1,848 1,840
Increase / (Decrease) in Invested Capital		 -12 33 145 71 1.32 -4.88 255 72 75 20 -8.54
Book Value per Share		 $5.82 $0.00 $7.05 $7.78 $8.22 $7.66 $9.28 $9.02 $6.82 $6.24 $5.03
Tangible Book Value per Share		 $5.82 $0.00 $7.05 $7.78 $8.22 $7.66 $9.28 $9.02 $6.82 $6.24 $5.03
Total Capital		 1,177 1,205 1,352 1,425 1,426 1,434 1,674 1,745 1,814 1,835 1,824
Total Debt		 823 832 959 1,000 983 1,006 1,144 1,223 1,310 1,334 1,347
Total Long-Term Debt		 823 832 959 1,000 983 1,006 1,144 1,223 1,310 1,334 1,347
Net Debt		 813 823 948 986 969 979 1,129 1,210 1,301 1,324 1,338
Capital Expenditures (CapEx)		 19 11 73 40 0.00 -0.38 9.01 0.00 0.00 -0.18 -0.12
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 3.59 -11 36 7.48 3.18 21 11 -9.11 -24 -19 0.02
Debt-free Net Working Capital (DFNWC)		 14 -3.08 46 22 17 48 26 4.17 -16 -8.38 8.76
Net Working Capital (NWC)		 14 -3.08 46 22 17 48 26 4.17 -16 -8.38 8.76
Net Nonoperating Expense (NNE)		 -0.00 -1.01 47 45 42 47 45 44 49 54 71
Net Nonoperating Obligations (NNO)		 828 841 966 1,005 988 999 1,151 1,232 1,324 1,347 1,362
Total Depreciation and Amortization (D&A)		 45 46 47 47 48 53 52 51 51 53 62
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.42 $1.53 $1.64 $1.61 $1.58 $1.25 $1.57 $1.63 $1.73 $1.64 $1.09
Adjusted Weighted Average Basic Shares Outstanding		 21.08M 0.00 22M 22.70M 23.20M 23.50M 23.80M 23.91M 23.98M 24.20M 24.50M
Adjusted Diluted Earnings per Share		 $1.42 $1.52 $1.63 $1.60 $1.57 $1.25 $1.57 $1.63 $1.73 $1.63 $1.09
Adjusted Weighted Average Diluted Shares Outstanding		 21.08M 0.00 22M 22.70M 23.20M 23.50M 23.80M 23.91M 23.98M 24.20M 24.50M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 21.08M 0.00 22M 22.70M 23.20M 23.50M 23.80M 23.91M 23.98M 24.20M 24.50M
Normalized Net Operating Profit after Tax (NOPAT)		 37 39 75 75 75 68 75 77 83 85 84
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Saul Centers

This table displays calculated financial ratios and metrics derived from Saul Centers' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - 24,412,314.00 24,495,775.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 24,412,314.00 24,495,775.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.15 0.26
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 4.39% 6.97% 5.78% 5.08% 5.52% 1.86% 7.74% 5.81% 7.01% - 8.91%
EBITDA Growth		 6.35% 7.72% 2.96% 5.21% 6.37% -1.65% 3.33% 3.12% 3.53% - 8.31%
EBIT Growth		 9.45% 10.79% 4.16% 7.77% 9.18% -9.87% -3.63% -2.38% -2.34% - 7.09%
NOPAT Growth		 9.45% 10.79% 4.16% 7.77% 9.18% -9.87% -3.63% -2.38% -2.34% - 7.09%
Net Income Growth		 7.72% 13.46% 3.40% 13.39% 17.24% -40.69% -29.65% -27.24% -28.56% - -6.27%
EPS Growth		 10.53% 13.16% 0.00% 11.63% 14.29% -48.84% -35.56% -31.25% -33.33% - -10.34%
Operating Cash Flow Growth		 -35.95% 12.16% -6.29% -1.42% 62.03% -11.97% -10.21% -17.20% -22.11% - -3.58%
Free Cash Flow Firm Growth		 41.03% 1.34% 68.39% 91.02% 159.19% 116.76% 173.04% 549.07% -58.00% - 197.05%
Invested Capital Growth		 7.83% 4.26% 2.94% 2.06% -1.68% 1.07% 0.76% 0.43% 0.25% - -0.82%
Revenue Q/Q Growth		 0.09% 4.57% 0.01% 0.38% 0.52% 0.95% 5.79% -1.42% 1.65% - 4.14%
EBITDA Q/Q Growth		 -0.83% 2.57% 1.03% 2.39% 0.26% -5.17% 6.14% 2.19% 0.66% - 7.65%
EBIT Q/Q Growth		 -1.14% 3.32% 2.04% 3.41% 0.15% -14.71% 9.10% 4.75% 0.20% - 12.75%
NOPAT Q/Q Growth		 -1.14% 3.32% 2.04% 3.41% 0.15% -14.71% 9.10% 4.75% 0.20% - 12.75%
Net Income Q/Q Growth		 -2.78% 4.50% 4.58% 6.72% 0.52% -47.13% 24.04% 10.38% -1.30% - 46.97%
EPS Q/Q Growth		 -2.33% 2.38% 4.65% 6.67% 0.00% -54.17% 31.82% 13.79% -3.03% - 73.33%
Operating Cash Flow Q/Q Growth		 -49.84% 99.94% 3.49% -5.02% -17.56% 8.63% 5.55% -12.41% -22.45% - 32.00%
Free Cash Flow Firm Q/Q Growth		 -86.28% 58.14% 51.73% 76.14% 1,327.69% -88.15% 110.40% 46.70% 14.82% - 27.69%
Invested Capital Q/Q Growth		 4.31% -2.24% 0.06% 0.03% 0.49% 0.50% -0.26% -0.29% 0.30% - -0.61%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 113.17% 84.19% 100.00% 100.00% 115.52% 100.00% 100.00% 100.00% - 100.00%
EBITDA Margin		 65.54% 64.28% 64.93% 66.23% 66.07% 62.07% 62.27% 64.55% 63.92% - 61.93%
Operating Margin		 45.68% 45.14% 46.05% 47.44% 47.27% 39.94% 41.19% 43.77% 43.14% - 40.50%
EBIT Margin		 45.68% 45.14% 46.05% 47.44% 47.27% 39.94% 41.19% 43.77% 43.14% - 40.50%
Profit (Net Income) Margin		 26.21% 26.19% 27.38% 29.11% 29.12% 15.25% 17.88% 20.02% 19.44% - 15.39%
Tax Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00%
Interest Burden Percent		 57.37% 58.02% 59.47% 61.37% 61.60% 38.18% 43.41% 45.74% 45.06% - 38.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Return on Invested Capital (ROIC)		 6.41% 6.48% 6.66% 6.91% 6.82% 5.84% 6.14% 6.63% 6.62% - 6.53%
ROIC Less NNEP Spread (ROIC-NNEP)		 5.44% 5.49% 5.69% 5.97% 5.91% 4.58% 4.89% 5.37% 5.35% - 5.08%
Return on Net Nonoperating Assets (RNNOA)		 13.42% 13.68% 14.25% 15.09% 15.59% 12.18% 12.97% 14.30% 14.48% - 14.25%
Return on Equity (ROE)		 19.83% 20.16% 20.91% 22.01% 22.41% 18.02% 19.11% 20.93% 21.10% - 20.79%
Cash Return on Invested Capital (CROIC)		 -1.11% 2.42% 3.72% 4.68% 8.40% 5.54% 5.80% 6.09% 6.20% - 7.46%
Operating Return on Assets (OROA)		 6.13% 6.07% 6.16% 6.30% 6.21% 5.21% 5.42% 5.78% 5.70% - 5.60%
Return on Assets (ROA)		 3.51% 3.52% 3.66% 3.87% 3.83% 1.99% 2.35% 2.64% 2.57% - 2.13%
Return on Common Equity (ROCE)		 8.17% 7.44% 7.58% 7.95% 8.03% 5.63% 5.81% 6.23% 6.12% - 5.60%
Return on Equity Simple (ROE_SIMPLE)		 17.01% 0.00% 20.06% 20.81% 21.88% 0.00% 18.97% 0.00% 0.00% - 0.00%
Net Operating Profit after Tax (NOPAT)		 29 30 31 32 32 27 30 31 31 28 32
NOPAT Margin		 45.68% 45.14% 46.05% 47.44% 47.27% 39.94% 41.19% 43.77% 43.14% - 40.50%
Net Nonoperating Expense Percent (NNEP)		 0.97% 0.99% 0.97% 0.94% 0.91% 1.26% 1.26% 1.26% 1.27% - 1.45%
Return On Investment Capital (ROIC_SIMPLE)		 - 1.66% - - - 1.48% 1.62% 1.70% 1.70% 1.54% 1.75%
Cost of Revenue to Revenue		 0.00% -13.17% 15.81% 0.00% 0.00% -15.52% 0.00% 0.00% 0.00% - 0.00%
SG&A Expenses to Revenue		 8.12% 11.00% 8.67% 9.12% 8.44% 11.04% 8.37% 9.06% 9.25% - 8.24%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Operating Expenses to Revenue		 54.32% 68.04% 38.14% 52.56% 52.73% 75.59% 58.81% 56.23% 56.86% - 59.50%
Earnings before Interest and Taxes (EBIT)		 29 30 31 32 32 27 30 31 31 28 32
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 42 43 43 44 44 42 45 46 46 45 48
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.74 5.33 5.52 5.40 6.36 6.12 5.98 5.92 5.79 - 6.71
Price to Tangible Book Value (P/TBV)		 3.74 5.33 5.52 5.40 6.36 6.12 5.98 5.92 5.79 - 6.71
Price to Revenue (P/Rev)		 3.09 3.39 3.43 3.29 3.73 3.43 3.13 2.92 2.69 - 2.65
Price to Earnings (P/E)		 19.45 20.98 21.49 20.24 22.39 23.39 24.07 25.48 27.29 - 30.59
Dividend Yield		 7.23% 6.49% 6.33% 6.52% 5.71% 6.18% 6.66% 7.03% 7.55% - 7.37%
Earnings Yield		 5.14% 4.77% 4.65% 4.94% 4.47% 4.27% 4.15% 3.92% 3.66% - 3.27%
Enterprise Value to Invested Capital (EV/IC)		 1.29 1.37 1.39 1.37 1.44 1.41 1.37 1.35 1.33 - 1.35
Enterprise Value to Revenue (EV/Rev)		 9.57 9.77 9.73 9.52 9.93 9.66 9.25 8.96 8.67 - 8.34
Enterprise Value to EBITDA (EV/EBITDA)		 14.54 14.88 14.93 14.59 15.19 14.90 14.42 14.06 13.71 - 13.34
Enterprise Value to EBIT (EV/EBIT)		 20.89 21.26 21.26 20.66 21.36 21.39 21.07 20.83 20.62 - 20.28
Enterprise Value to NOPAT (EV/NOPAT)		 20.89 21.26 21.26 20.66 21.36 21.39 21.07 20.83 20.62 - 20.28
Enterprise Value to Operating Cash Flow (EV/OCF)		 21.20 21.35 21.99 21.87 21.23 21.42 21.52 22.18 23.03 - 25.04
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 57.90 37.82 29.66 17.06 25.52 23.81 22.30 21.44 - 18.04
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.63 2.60 2.53 2.54 2.58 2.66 2.71 2.73 2.77 - 2.83
Long-Term Debt to Equity		 2.63 2.60 2.53 2.54 2.58 2.66 2.71 2.73 2.77 - 2.83
Financial Leverage		 2.47 2.49 2.50 2.53 2.64 2.66 2.65 2.66 2.71 - 2.80
Leverage Ratio		 3.63 3.73 3.79 3.87 3.99 4.10 4.14 4.21 4.31 - 4.44
Compound Leverage Factor		 2.08 2.16 2.25 2.38 2.46 1.56 1.80 1.92 1.94 - 1.69
Debt to Total Capital		 72.43% 72.19% 71.66% 71.72% 72.10% 72.69% 73.08% 73.17% 73.51% - 73.89%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Long-Term Debt to Total Capital		 72.43% 72.19% 71.66% 71.72% 72.10% 72.69% 73.08% 73.17% 73.51% - 73.89%
Preferred Equity to Total Capital		 9.98% 10.20% 10.20% 10.20% 10.15% 10.08% 10.13% 10.17% 10.10% - 10.20%
Noncontrolling Interests to Total Capital		 6.34% 8.60% 9.20% 9.23% 9.15% 9.01% 8.94% 9.12% 9.20% - 9.46%
Common Equity to Total Capital		 11.25% 9.01% 8.94% 8.86% 8.60% 8.21% 7.85% 7.55% 7.19% - 6.44%
Debt to EBITDA		 8.07 7.76 7.64 7.55 7.51 7.66 7.60 7.52 7.54 - 7.23
Net Debt to EBITDA		 8.03 7.71 7.60 7.51 7.47 7.60 7.56 7.49 7.47 - 7.18
Long-Term Debt to EBITDA		 8.07 7.76 7.64 7.55 7.51 7.66 7.60 7.52 7.54 - 7.23
Debt to NOPAT		 11.59 11.08 10.89 10.69 10.57 10.99 11.10 11.14 11.33 - 10.99
Net Debt to NOPAT		 11.53 11.01 10.83 10.63 10.51 10.90 11.04 11.10 11.24 - 10.92
Long-Term Debt to NOPAT		 11.59 11.08 10.89 10.69 10.57 10.99 11.10 11.14 11.33 - 10.99
Altman Z-Score		 0.29 0.32 0.32 0.29 0.34 0.30 0.27 0.26 0.24 - 0.24
Noncontrolling Interest Sharing Ratio		 58.80% 63.08% 63.73% 63.87% 64.17% 68.76% 69.63% 70.23% 70.98% - 73.04%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.76 0.81 0.71 0.63 0.81 0.88 0.76 0.84 1.00 - 1.08
Quick Ratio		 0.76 0.81 0.71 0.63 0.81 0.88 0.76 0.84 1.00 - 1.08
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -107 -45 -22 -5.15 63 7.49 16 23 27 37 47
Operating Cash Flow to CapEx		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Free Cash Flow to Firm to Interest Expense		 -8.59 -3.54 -1.73 -0.42 5.17 0.45 0.94 1.37 1.55 - 2.38
Operating Cash Flow to Interest Expense		 1.32 2.59 2.72 2.62 2.17 1.72 1.81 1.58 1.21 - 1.49
Operating Cash Flow Less CapEx to Interest Expense		 1.32 2.59 2.72 2.62 2.17 1.72 1.81 1.58 1.21 - 1.49
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 - 0.14
Accounts Receivable Turnover		 4.38 4.58 4.90 5.02 4.59 5.03 5.24 5.25 4.76 - 5.29
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Fixed Asset Turnover		 0.14 0.14 0.14 0.14 0.14 0.14 0.14 0.14 0.14 - 0.15
Accounts Payable Turnover		 0.89 0.00 0.66 0.62 0.65 0.00 0.00 0.00 0.00 - 0.00
Days Sales Outstanding (DSO)		 83.42 79.72 74.46 72.75 79.60 72.62 69.59 69.58 76.71 - 68.95
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Days Payable Outstanding (DPO)		 408.06 0.00 552.29 588.33 558.12 0.00 0.00 0.00 0.00 - 0.00
Cash Conversion Cycle (CCC)		 -324.64 79.72 -477.83 -515.58 -478.52 72.62 69.59 69.58 76.71 - 68.95
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 1,871 1,829 1,830 1,830 1,839 1,848 1,844 1,838 1,844 1,840 1,828
Invested Capital Turnover		 0.14 0.14 0.14 0.15 0.14 0.15 0.15 0.15 0.15 - 0.16
Increase / (Decrease) in Invested Capital		 136 75 52 37 -31 20 14 7.89 4.53 -8.54 -15
Enterprise Value (EV)		 2,421 2,513 2,539 2,515 2,657 2,597 2,534 2,490 2,450 - 2,471
Market Capitalization		 781 871 894 868 998 923 857 813 762 - 784
Book Value per Share		 $8.72 $6.82 $6.76 $6.70 $6.50 $6.24 $5.92 $5.67 $5.40 $5.03 $4.77
Tangible Book Value per Share		 $8.72 $6.82 $6.76 $6.70 $6.50 $6.24 $5.92 $5.67 $5.40 $5.03 $4.77
Total Capital		 1,855 1,814 1,814 1,814 1,823 1,835 1,826 1,820 1,832 1,824 1,813
Total Debt		 1,343 1,310 1,300 1,301 1,314 1,334 1,335 1,331 1,346 1,347 1,340
Total Long-Term Debt		 1,343 1,310 1,300 1,301 1,314 1,334 1,335 1,331 1,346 1,347 1,340
Net Debt		 1,337 1,301 1,293 1,294 1,307 1,324 1,328 1,326 1,335 1,338 1,331
Capital Expenditures (CapEx)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -26 -24 -32 -42 -23 -19 -24 -16 -12 0.02 -4.38
Debt-free Net Working Capital (DFNWC)		 -20 -16 -25 -35 -16 -8.38 -18 -11 0.11 8.76 4.95
Net Working Capital (NWC)		 -20 -16 -25 -35 -16 -8.38 -18 -11 0.11 8.76 4.95
Net Nonoperating Expense (NNE)		 12 13 12 12 12 17 17 17 17 20 20
Net Nonoperating Obligations (NNO)		 1,359 1,324 1,316 1,317 1,330 1,347 1,352 1,350 1,358 1,362 1,355
Total Depreciation and Amortization (D&A)		 13 13 13 13 13 15 15 15 15 17 17
Debt-free, Cash-free Net Working Capital to Revenue		 -10.44% -9.30% -12.38% -15.99% -8.50% -6.95% -8.87% -5.84% -4.13% - -1.48%
Debt-free Net Working Capital to Revenue		 -7.84% -6.03% -9.67% -13.39% -5.81% -3.12% -6.50% -3.93% 0.04% - 1.67%
Net Working Capital to Revenue		 -7.84% -6.03% -9.67% -13.39% -5.81% -3.12% -6.50% -3.93% 0.04% - 1.67%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.42 $0.43 $0.45 $0.48 $0.48 $0.23 $0.29 $0.33 $0.32 $0.15 $0.26
Adjusted Weighted Average Basic Shares Outstanding		 23.94M 23.98M 23.98M 24.14M 24.17M 24.20M 24.22M 24.37M 24.41M 24.50M 24.54M
Adjusted Diluted Earnings per Share		 $0.42 $0.43 $0.45 $0.48 $0.48 $0.22 $0.29 $0.33 $0.32 $0.15 $0.26
Adjusted Weighted Average Diluted Shares Outstanding		 23.94M 23.98M 23.98M 24.14M 24.17M 24.20M 24.22M 24.37M 24.41M 24.50M 24.54M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 23.94M 23.98M 23.98M 24.14M 24.17M 24.20M 24.22M 24.37M 24.41M 24.50M 24.54M
Normalized Net Operating Profit after Tax (NOPAT)		 20 21 21 22 22 19 21 22 22 20 22
Normalized NOPAT Margin		 31.98% 31.60% 32.23% 33.02% 33.09% 27.96% 28.83% 30.52% 30.20% - 28.35%
Pre Tax Income Margin		 26.21% 26.19% 27.38% 29.11% 29.12% 15.25% 17.88% 20.02% 19.44% - 15.39%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 2.35 2.38 2.47 2.59 2.60 1.62 1.77 1.84 1.82 - 1.61
NOPAT to Interest Expense		 2.35 2.38 2.47 2.59 2.60 1.62 1.77 1.84 1.82 - 1.61
EBIT Less CapEx to Interest Expense		 2.35 2.38 2.47 2.59 2.60 1.62 1.77 1.84 1.82 - 1.61
NOPAT Less CapEx to Interest Expense		 2.35 2.38 2.47 2.59 2.60 1.62 1.77 1.84 1.82 - 1.61
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 101.98% 98.39% 98.24% 96.04% 93.24% 100.57% 109.79% 120.33% 133.95% - 193.97%
Augmented Payout Ratio		 101.98% 98.39% 98.24% 96.04% 93.24% 100.57% 109.79% 120.33% 133.95% - 193.97%

Financials Breakdown Chart

Key Financial Trends

Saul Centers, Inc. (NYSE: BFS) remains a leveraged REIT with recurring rent-based cash flow, but its quarterly results show a mix of improving operating cash flow and persistent debt load. Below is a concise trend-focused summary drawn from the last four years of quarterly statements you provided, with an emphasis on what may matter to retail investors.

  • Revenue growth: In Q4 2025, Operating Revenue was $75.15 million, up from $66.68 million in Q4 2024, signaling improving top-line performance year over year.
  • Positive operating cash flow in Q4 2025: Net cash from continuing operating activities was $22.19 million, up from $20.63 million in the prior quarter (Q3 2025), indicating ongoing cash-generation strength from core operations.
  • Near-term liquidity improvement: Cash and cash equivalents rose to about $11.88 million by Q3 2025 (vs roughly $5.30 million in Q2 2025), suggesting improved liquidity ahead of year-end activities.
  • Access to capital: In Q4 2025 the company issued $136.79 million of debt and $7.10 million of common equity, providing liquidity to fund investments and balance-sheet activities.
  • Strong gross margins signal: Total Gross Profit equals Total Revenue in Q4 2025 (gross margin effectively 100% given no cost of revenue reported), implying robust property-level economics in that quarter.
  • Liquidity snapshot: Total current assets and total current liabilities are in the same ballpark in recent quarters (roughly near a 1.0 current ratio), indicating modest near-term liquidity flexibility.
  • Earnings trend contested: Net income continuing operations for Q4 2025 was $8.19 million, down from $10.36 million in Q4 2024, suggesting some margin pressure despite higher revenue.
  • Leverage remains high: Long-term debt around $1.346 billion and total liabilities about $1.682 billion versus total equity around $485 million yield a debt-to-equity dynamic well over 3x, raising sensitivity to interest-rate shifts.
  • Significant investing outflows: Net cash from investing activities in Q4 2025 was about -$21.70 million, indicating ongoing capital expenditures or acquisitions funded through financing and cash flow.
  • Cash burn for the quarter: Net change in cash and equivalents was negative by about $3.05 million in Q4 2025, despite positive operating cash flow, underscoring the impact of investing/financing outflows on quarterly liquidity.
05/21/26 02:49 PM ETAI Generated. May Contain Errors.

Saul Centers Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Saul Centers' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Saul Centers' net income were at $49.22 million at the end of 2025, a 27.3% decrease from 2024, and a 15.1% decrease since 2014. See Saul Centers' forecast for analyst expectations on what's next for the company.

Saul Centers' total operating income in 2025 was $119.77 million, based on the following breakdown:
  • Total Gross Profit: $289.84 million
  • Total Operating Expenses: $170.08 million

Over the last 10 years, Saul Centers' total revenue changed from $207.09 million in 2014 to $289.84 million in 2025, a change of 40.0%.

Saul Centers' total liabilities were at $1.69 billion at the end of 2025, a 3.7% increase from 2024, and a 79.0% increase since 2015.

In the past 10 years, Saul Centers' cash and equivalents has ranged from $8.32 million in 2016 to $26.86 million in 2020, and is currently $8.74 million as of their latest financial filing in 2025.

Over the last 10 years, Saul Centers' book value per share changed from 5.82 in 2015 to 5.03 in 2025, a change of -13.5%.


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Financial statements for NYSE:BFS last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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