# Saul Centers Inc. (BFS) fundamentals

Data as of 2026-09-08. NYSE, United States. Sector: Real Estate / Equity Real Estate Investment Trusts (REITs). Price $32.52, market value $1.1 billion.

## Valuation
- **P/E (trailing): 33.5×** (5-yr avg 22.4×, 3-yr avg 22.5×). Saul Centers Inc. trades at 33.5× trailing earnings, well above its own five-year average of 22.4×: investors are paying up relative to the company's past. The Real Estate median in the September 2026 study was 25.2×.
- **Price / sales: 3.7×**. Each dollar of revenue is priced at 3.7×.
- **Price / book: 7.3×**. The shares trade at 7.3× book value; most of the value is in earnings power and intangibles rather than the balance sheet.
- **EV / EBITDA: 6.0×**. Enterprise value is 6.0× operating earnings before depreciation, the multiple that ignores how the company is financed; below 8× is inexpensive for most sectors.
- **Earnings yield: 3.0%**. The inverse of the P/E: 3.0% of the price is earned each year.

## Profitability
- **Operating margin: 67.0%**. 67.0% of revenue is left after running the business, an exceptional level.
- **Net margin: 12.9%**. 12.9% of each dollar of sales reaches the bottom line.
- **Return on equity: 12.2%**. 12.2% on shareholders' equity is solid.
- **Return on invested capital: 20.8%**. Return on all capital, debt included, is 20.8%: comfortably above what that capital costs.
- **Return on assets: 1.6%**. Each dollar of assets produces 1.6% of profit.

## Growth
- **Revenue growth (1 yr): 7.8%** (3-yr 5.6%/yr, 5-yr 5.2%/yr). Revenue grew 7.8% over the last year, against 5.2% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): -33.1%** (3-yr -12.6%/yr, 5-yr -2.7%/yr). Earnings per share fell 33.1%, slower than revenue, so margins compressed.

## Financial health
- **Debt to equity: 1.52**. Debt is 1.52 times equity, a leveraged balance sheet, which is normal for real estate.
- **Net debt / EBITDA: 1.7×**. It would take 1.7 years of operating earnings to repay net borrowings, within the comfortable range.
- **Altman Z-score: 1.03**. A Z-score of 1.03 is in the distress zone, a signal to examine the balance sheet closely.
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.

## Dividends
- **Dividend yield: 7.26%** ($2.36 per share, trailing). Saul Centers Inc. yields 7.26%, high enough to check carefully: yields this high often precede a cut.
- **Payout ratio: 152%**. The dividend exceeds earnings (152% payout), which is rarely sustainable outside REITs and one-off years.
- **Consecutive years of increases: 15**. 15 straight years of increases, a record that survived at least one recession.
- **Dividend growth (5 yr): 2.2%/yr** (1-yr 0.0%). The dividend has grown 2.2% a year over five years.

## Price and momentum
- **Total return (1 yr): 4.5%** (YTD 8.7%, 3-mo -9.5%). The shares are up 4.5% over twelve months including dividends.
- **From 52-week high: -15.4%** (11.5% above the low). Trading 15% below its 52-week high.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 32**. An RSI of 32 is neutral.
- **Beta (1 yr): 0.04** (volatility 19%). Beta of 0.04 against the S&P 500: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=BFS · Page: https://foliofundamentals.com/stocks/bfs

Not investment advice.