Saul Centers (BFS) financial statements
Saul Centers reported revenue of $290M in fiscal 2025, up 3.3% a year over 9 years.
Net income was $38M and the operating margin 67.4%, against 25.7% in 2016.
The diluted share count rose 12% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Saul Centers's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $217M | $226M | $227M | $232M | $225M | $239M | $246M | $257M | $269M | $290M |
| Cost of revenue | $54M | $55M | $56M | $58M | $58M | $62M | $65M | $67M | — | — |
| Gross profit | $163M | $172M | $172M | $174M | $167M | $178M | $181M | $190M | — | — |
| Selling, general and admin | $17M | $18M | $18M | $21M | $19M | $20M | $22M | $23M | $25M | $27M |
| Operating income | $56M | $61M | $63M | $65M | $50M | $62M | $181M | $189M | $204M | $195M |
| Interest expense | $47M | $47M | $45M | $42M | $47M | $45M | $44M | $49M | $54M | $71M |
| Net income | $45M | $48M | $51M | $52M | $40M | $48M | $50M | $53M | $51M | $38M |
| EPS (diluted) | $1.52 | $1.63 | $1.60 | $1.57 | $1.25 | $1.57 | $1.63 | $1.73 | $1.63 | $1.09 |
| Diluted shares | 22M | 22M | 22M | 23M | 23M | 24M | 24M | 24M | 24M | 24M |
| 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% | 27.9% | 22.2% | 25.8% | 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% |
Balance sheet
Fiscal years, from Saul Centers's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $8M | $11M | $15M | $14M | $27M | $15M | $13M | $8M | $10M | $9M |
| Total assets | $1.3B | $1.4B | $1.5B | $1.6B | $1.6B | $1.7B | $1.8B | $2.0B | $2.1B | $2.2B |
| Total liabilities | $970M | $1.0B | $1.1B | $1.2B | $1.2B | $1.2B | $1.3B | $1.5B | $1.6B | $1.7B |
| Shareholders' equity | $319M | $334M | $356M | $375M | $364M | $405M | $400M | $348M | $336M | $308M |
| Net debt | -$8M | -$11M | -$15M | -$14M | -$27M | -$15M | -$13M | -$8M | -$10M | -$9M |
Cash flow
Fiscal years, from Saul Centers's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $89M | $103M | $110M | $115M | $78M | $118M | $121M | $118M | $121M | $100M |
| Capital spending | $91M | $120M | $129M | $136M | $56M | $56M | $117M | — | — | — |
| Free cash flow | -$2M | -$17M | -$18M | -$20M | $22M | $63M | $4M | — | — | — |
| Stock-based compensation | $2M | $2M | $2M | $2M | $1M | $2M | $2M | $1M | $2M | $2M |
| Dividends paid | $39M | $45M | $46M | $49M | $49M | $51M | $56M | $57M | $57M | $57M |
| Free cash flow margin | -0.9% | -7.3% | -8.1% | -8.8% | 9.9% | 26.1% | 1.7% | — | — | — |
| Dividends per share | $1.83 | $2.03 | $2.06 | $2.11 | $2.11 | $2.15 | $2.32 | $2.36 | $2.36 | $2.36 |
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What was Saul Centers's revenue in 2025?
$290M in fiscal 2025, from its 10-K filing.
From Saul Centers's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.