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Stocks · Real estate · Real Estate Investment Trusts

SAUL CENTERS, INC.

BFS Clue Score50
United States Fiscal year ends December CIK 0000907254
$30.09 +0.30% Close, 12 Oct 2026
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Price $30.09 −35.69% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 13 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue217.0Operating income55.7Net income45.3EPS, diluted1.52Fiscal year 2017Revenue226.3 +4.3%Operating income60.6Net income48.3 +6.6%EPS, diluted1.63 +7.2%Fiscal year 2018Revenue227.2 +0.4%Operating income62.6Net income50.6 +4.8%EPS, diluted1.60 −1.8%Fiscal year 2019Revenue231.5 +1.9%Net income51.7 +2.3%EPS, diluted1.57 −1.9%Fiscal year 2020Revenue225.2 −2.7%Net income40.4 −21.9%EPS, diluted1.25 −20.4%Fiscal year 2021Revenue239.2 +6.2%Net income48.4 +19.8%EPS, diluted1.57 +25.6%Fiscal year 2022Revenue245.9 +2.8%Operating income180.5Net income50.2 +3.7%EPS, diluted1.63 +3.8%Fiscal year 2023Revenue257.2 +4.6%Operating income189.4Net income52.7 +5.0%EPS, diluted1.73 +6.1%Fiscal year 2024Revenue268.8 +4.5%Operating income203.8Net income50.6 −3.9%EPS, diluted1.63 −5.8%Fiscal year 2025Revenue289.8 +7.8%Operating income195.3Net income37.5 −25.9%EPS, diluted1.09 −33.1%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 217.0 226.3 227.2 231.5 225.2 239.2 245.9 257.2 268.8 289.8
Growth +4.3% +0.4% +1.9% −2.7% +6.2% +2.8% +4.6% +4.5% +7.8%
Operating income 55.7 60.6 62.6 n/a n/a n/a 180.5 189.4 203.8 195.3
Net income 45.3 48.3 50.6 51.7 40.4 48.4 50.2 52.7 50.6 37.5
Growth +6.6% +4.8% +2.3% −21.9% +19.8% +3.7% +5.0% −3.9% −25.9%
EPS, diluted 1.52 1.63 1.60 1.57 1.25 1.57 1.63 1.73 1.63 1.09
Growth +7.2% −1.8% −1.9% −20.4% +25.6% +3.8% +6.1% −5.8% −33.1%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin75.3%Operating margin25.7%Net margin20.9%Free cash flow margin−0.9%Fiscal year 2017Gross margin75.8%Operating margin26.8%Net margin21.3%Free cash flow margin−7.3%Fiscal year 2018Gross margin75.5%Operating margin27.5%Net margin22.2%Free cash flow margin−8.1%Fiscal year 2019Gross margin75.0%Net margin22.3%Free cash flow margin−8.8%Fiscal year 2020Gross margin74.1%Net margin17.9%Free cash flow margin9.9%Fiscal year 2021Gross margin74.2%Net margin20.2%Free cash flow margin26.1%Fiscal year 2022Gross margin73.8%Operating margin73.4%Net margin20.4%Free cash flow margin1.7%Fiscal year 2023Gross margin73.9%Operating margin73.6%Net margin20.5%Fiscal year 2024Operating margin75.8%Net margin18.8%Fiscal year 2025Operating margin67.4%Net margin12.9%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 75.3% 75.8% 75.5% 75.0% 74.1% 74.2% 73.8% 73.9% n/a n/a
Operating margin 25.7% 26.8% 27.5% n/a n/a n/a 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% n/a n/a n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow89.1Capital expenditure−91.0Free cash flow−2.0Dividends paid−39.5Fiscal year 2017Operating cash flow103.5Capital expenditure−120.0Free cash flow−16.5Dividends paid−44.6Fiscal year 2018Operating cash flow110.3Capital expenditure−128.7Free cash flow−18.3Dividends paid−46.3Fiscal year 2019Operating cash flow115.4Capital expenditure−135.7Free cash flow−20.3Dividends paid−48.6Fiscal year 2020Operating cash flow78.4Capital expenditure−56.2Free cash flow22.2Dividends paid−49.4Fiscal year 2021Operating cash flow118.4Capital expenditure−55.9Free cash flow62.5 +181.4%Dividends paid−51.0Fiscal year 2022Operating cash flow121.2Capital expenditure−116.9Free cash flow4.3 −93.2%Dividends paid−55.5Fiscal year 2023Operating cash flow117.7Dividends paid−56.7Fiscal year 2024Operating cash flow121.2Dividends paid−56.9Fiscal year 2025Operating cash flow99.8Dividends paid−57.1
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 89.1 103.5 110.3 115.4 78.4 118.4 121.2 117.7 121.2 99.8
Capital expenditure −91.0 −120.0 −128.7 −135.7 −56.2 −55.9 −116.9 n/a n/a n/a
Free cash flow −2.0 −16.5 −18.3 −20.3 22.2 62.5 4.3 n/a n/a n/a
Growth +181.4% −93.2%
Dividends paid −39.5 −44.6 −46.3 −48.6 −49.4 −51.0 −55.5 −56.7 −56.9 −57.1

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash8.3Total debt231.8Net cash (debt)−223.5Shareholders’ equity318.5Debt to equity0.73Fiscal year 2017Cash10.9Total debt284.6Net cash (debt)−273.7Shareholders’ equity334.4Debt to equity0.85Fiscal year 2018Cash14.6Total debt251.4Net cash (debt)−236.8Shareholders’ equity355.9Debt to equity0.71Fiscal year 2019Cash13.9Total debt271.7Net cash (debt)−257.8Shareholders’ equity375.0Debt to equity0.72Fiscal year 2020Cash26.9Total debt268.2Net cash (debt)−241.3Shareholders’ equity364.3Debt to equity0.74Fiscal year 2021Cash14.6Total debt237.4Net cash (debt)−222.8Shareholders’ equity405.0Debt to equity0.59Fiscal year 2022Cash13.3Total debt320.8Net cash (debt)−307.5Shareholders’ equity400.5Debt to equity0.80Fiscal year 2023Cash8.4Total debt332.3Net cash (debt)−323.9Shareholders’ equity348.4Debt to equity0.95Fiscal year 2024Cash10.3Total debt455.8Net cash (debt)−445.5Shareholders’ equity335.8Debt to equity1.36Fiscal year 2025Cash8.7Total debt468.4Net cash (debt)−459.7Shareholders’ equity307.8Debt to equity1.52
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 8.3 10.9 14.6 13.9 26.9 14.6 13.3 8.4 10.3 8.7
Total debt 231.8 284.6 251.4 271.7 268.2 237.4 320.8 332.3 455.8 468.4
Net cash (debt) −223.5 −273.7 −236.8 −257.8 −241.3 −222.8 −307.5 −323.9 −445.5 −459.7
Shareholders’ equity 318.5 334.4 355.9 375.0 364.3 405.0 400.5 348.4 335.8 307.8
Debt to equity 0.73 0.85 0.71 0.72 0.74 0.59 0.80 0.95 1.36 1.52

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
217.0 226.3 227.2 231.5 225.2 239.2 245.9 257.2 268.8 289.8
Growth +4.3% +0.4% +1.9% −2.7% +6.2% +2.8% +4.6% +4.5% +7.8%
53.7 54.7 55.6 57.9 58.4 61.6 64.5 67.1 n/a n/a
163.3 171.6 171.6 173.6 166.8 177.6 181.3 190.1 n/a n/a
Growth +5.1% +0.0% +1.1% −3.9% +6.5% +2.1% +4.8%
17.5 18.2 18.5 20.8 19.1 20.3 22.4 23.5 25.1 26.9
55.7 60.6 62.6 n/a n/a n/a 180.5 189.4 203.8 195.3
Growth +8.8% +3.2% +4.9% +7.6% −4.1%
45.3 48.3 50.6 51.7 40.4 48.4 50.2 52.7 50.6 37.5
Growth +6.6% +4.8% +2.3% −21.9% +19.8% +3.7% +5.0% −3.9% −25.9%
Per share
1.53 1.64 1.61 1.58 1.25 1.57 1.63 1.73 1.64 1.09
1.52 1.63 1.60 1.57 1.25 1.57 1.63 1.73 1.63 1.09
Growth +7.2% −1.8% −1.9% −20.4% +25.6% +3.8% +6.1% −5.8% −33.1%
21.5 21.9 22.4 23.0 23.4 23.7 24.0 24.1 24.1 24.2
21.6 22.0 22.4 23.1 23.4 23.7 24.0 24.1 24.1 24.2
Growth +1.8% +1.9% +2.8% +1.3% +1.3% +1.3% +0.3% +0.4% +0.4%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 5.2% a year over five years, and earnings per share fell 2.7% a year.
  • The diluted share count rose 3.8% in five years, which is dilution.
  • Profitable in every one of the 10 years on file.