BFS
Saul Centers, Inc.
BFS's fundamentals are mixed, but it looks expensive: trading at 31x earnings, above its usual 25x.
BFS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| N/A | |
| N/A |
BFS's profitability is currently healthy, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for real estate companies like BFS.
BFS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 21x | $19.44 | -32% |
| Fair | 24x | $22.51 | -21% |
| Current | 31x | $28.44 | — |
| Expensive | 33x | $30.25 | +6.4% |
Historical ranges are pointers, not guarantees.
BFS's PE is in its expensive range at 31x.
BFS Forward outlook
There aren't enough analyst estimates for BFS to show an outlook.
BFS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $0.92 | -21% |
| Q2 2026 | $0.97 | -27% |
| Q1 2026 | $1.06 | -28% |
| Q4 2025 | $1.09 | -33% |
| Q3 2025 | $1.16 | -37% |
| Q2 2025 | $1.32 | -26% |
| Q1 2025 | $1.47 | -15% |
| Q4 2024 | $1.63 | -5.8% |
BFS's earnings per share have fallen from their peak: $0.92 over the past year, against $1.84 in late 2024.
BFS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $78.4M | +8.9% |
| Q2 2026 | $76.8M | +8.4% |
| Q1 2026 | $78.3M | +8.9% |
| Q4 2025 | $75.1M | +11% |
| Q3 2025 | $72M | +7% |
| Q2 2025 | $70.8M | +5.8% |
| Q1 2025 | $71.9M | +7.7% |
| Q4 2024 | $67.9M | +1.9% |
BFS's revenue has grown year over year every quarter since late 2020: $78M last quarter, up 8.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 68% | -1.5 points |
| Q2 2026 | 68% | -1 points |
| Q1 2026 | 66% | -0.5 points |
| Q4 2025 | 65% | +50 points |
| Q3 2025 | 69% | +40 points |
| Q2 2025 | 69% | +40 points |
| Q1 2025 | 66% | +39 points |
| Q4 2024 | 15% | -11 points |
BFS's operating margin was 68% last quarter, down 1.5 points from the same quarter a year ago.
BFS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $14M | -32% |
| Q2 2026 | $30.8M | +16% |
| Q1 2026 | $29.3M | -3.6% |
| Q4 2025 | $22.2M | -23% |
| Q3 2025 | $20.6M | +$49M |
| Q2 2025 | $26.6M | +$39.1M |
| Q1 2025 | $30.4M | +$42.1M |
| Q4 2024 | $28.8M | -12% |
BFS's free cash flow was $96M over the past year, down 9.5% from the year before. Free cash flow isn't a meaningful measure for real estate companies like BFS.
BFS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +50K shares |
| 1 year | +1% | +237K shares |
| 3 years | +1.7% | +417K shares |
| 5 years | +3.3% | +783K shares |
| Available history | +6.2% | +1.4M shares |
BFS has 24M diluted shares, up 1% from a year ago.
BFS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 6.0x | High |
| Q2 2026 | 6.0x | High |
| Q1 2026 | 6.1x | High |
| Q4 2025 | 1.8x | Healthy |
| Q3 2025 | 7.4x | High |
| Q2 2025 | 8.6x | High |
| Q1 2025 | 10.3x | High |
| Q4 2024 | 3.8x | Elevated |
BFS's net debt is about 6.0 years of its operating earnings (EBITDA), down from 7.4 years a year ago. Net leverage isn't a meaningful measure for real estate companies like BFS.
BFS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 28.7 | Oversold |
| Stochastic | 5.0 | Oversold |
BFS's weekly RSI is 29 (oversold) and its Stochastic is 5 (oversold).
BFS PE vs Real Estate Sector
| Metric | BFS | Sector median | Relative |
|---|---|---|---|
| PE | 31x | 24x | 29% above |
| PE % | 75 | 23 | 52 pts above |
BFS is trading at 31x earnings, a 29% premium to the Real Estate sector's median of 24x.
BFS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $29.4 | 3.2% below |
| 20 week MA | $32.3 | 12% below |
| 50 week MA | $33.1 | 14% below |
| 100 week MA | $33.5 | 15% below |
| 200 week MA | $35.7 | 20% below |
BFS is in a downtrend: it's below all five of its weekly moving averages, and 20% below its 200-week average.
BFS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $51.3 | $32.3 | -37% |
| 2021 | $32.3 | $52.0 | +61% |
| 2022 | $52.0 | $40.7 | -22% |
| 2023 | $40.7 | $39.3 | -3.6% |
| 2024 | $39.3 | $38.4 | -2.3% |
| 2025 | $38.4 | $31.6 | -18% |
| 2026 YTD | $31.6 | $28.4 | -9.9% |
BFS has finished four years in a row lower, and it's down 9.9% so far in 2026.