Saul Centers, Inc. (BFS)
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
Saul Centers, Inc. (BFS) trades at $37.59 with AI Score 66/100 (Grade B+). Saul Centers, Inc. is a self-managed equity REIT focused on community and neighborhood shopping centers. Market cap: $922.03M, Sector: Real estate.
Price live · AI analysis from May 9, 2026Analyst Coverage for BFS: BFS does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates BFS against Real Estate peers across nine fundamental dimensions and assigns a mixed fundamental profile based on the underlying data.
BFS: 4/7 perspectives are bullish. Dominant signal: Seth Klarman bullish.
How is this calculated? →Saul Centers, Inc. (BFS) Real Estate Portfolio & Strategy
Saul Centers, Inc. is a self-managed REIT specializing in community and neighborhood shopping centers, primarily in the Washington, DC/Baltimore area. With a focus on mixed-use properties and strategic land development, the company distinguishes itself through regional concentration and a high percentage of property operating income derived from its core geographic market.
What Is the Investment Thesis for BFS?
Saul Centers, Inc. presents a compelling investment case centered on its established presence in the Washington, DC/Baltimore metropolitan area, a region characterized by stable demographics and strong economic fundamentals. The company's focus on community and neighborhood shopping centers provides a resilient revenue stream, supported by necessity-based retail tenants. With a dividend yield of 6.71%, BFS offers an attractive income opportunity for investors seeking stable returns. Key growth catalysts include strategic redevelopment projects and the potential for increased occupancy rates within its existing portfolio. However, investors may want to evaluate risks associated with interest rate fluctuations and potential economic downturns that could impact tenant performance and property values. The company's P/E ratio of 23.1 reflects market expectations of future growth and profitability.
Based on FMP financials and quantitative analysis
BFS Key Highlights
- Market capitalization of $922.03M, indicating a mid-sized REIT within the retail sector.
- P/E ratio of 23.1, suggesting a valuation that reflects market expectations of future earnings growth.
- Profit margin of 12.4%, demonstrating the company's ability to generate profit from its revenue.
- Gross margin of 74.7%, highlighting efficient property management and leasing strategies.
- Dividend yield of 6.71%, providing an attractive income stream for investors.
Who Are BFS's Competitors?
BFS is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| SPG Simon Property Group, Inc. | $226.06 | +1.37% | 74B | 92 |
| MAC The Macerich Company | $25.46 | +0.16% | $7.22B | — |
| REG Regency Centers Corporation | $80.96 | +2.00% | $14.82B | 82 |
| CURB Curbline Properties Corp. | $30.34 | +1.13% | $3.46B | 66 |
| NTST NETSTREIT Corp. | $21.66 | +2.75% | $1.79B | 60 |
| BRX Brixmor Property Group Inc. | $31.20 | -0.10% | $9.57B | 60 |
| O Realty Income Corporation | $63.84 | +3.27% | $59.53B | 60 |
| JRFIF Japan Metropolitan Fund Investment Corporation | $623.98 | +0.00% | $4.49B | 59 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are BFS's Key Strengths?
- Strong regional focus in the Washington, DC/Baltimore area.
- High percentage of property operating income from the core geographic market.
- Experienced management team.
- Stable dividend yield.
What Are BFS's Weaknesses?
- Geographic concentration limits diversification.
- Exposure to economic conditions in the Washington, DC/Baltimore area.
- Reliance on retail tenants.
- Smaller market capitalization compared to larger REITs.
What Could Drive BFS Stock Higher?
- Completion of strategic redevelopment projects, expected to enhance property values and attract higher-quality tenants.
- Active management of tenant relationships, aimed at increasing occupancy rates and rental income.
- Exploration of expansion opportunities into adjacent markets with similar demographics and economic characteristics.
What Are the Key Risks for BFS?
- Financial-distress signal — its Altman Z-Score of 0.35 sits in the distress zone (elevated bankruptcy risk).
- Economic downturns in the Washington, DC/Baltimore area could negatively impact tenant performance and property values.
- Rising interest rates could increase borrowing costs and reduce profitability.
- Increased competition from e-commerce could impact demand for retail space.
- Changes in consumer preferences could require adjustments to tenant mix and property design.
What Are the Growth Opportunities for BFS?
- Strategic Redevelopment Projects: Saul Centers can enhance property values and attract higher-quality tenants through strategic redevelopment initiatives. By modernizing existing shopping centers and incorporating mixed-use elements, the company can cater to evolving consumer preferences and increase foot traffic. The market for redeveloped retail spaces is substantial, with estimates suggesting billions of dollars in potential investment. Timeline: Ongoing.
- Increased Occupancy Rates: Improving occupancy rates within the existing portfolio represents a significant growth opportunity for Saul Centers. By actively managing tenant relationships and attracting new tenants, the company can increase rental income and overall property value. Even a small percentage increase in occupancy can translate to substantial revenue growth. Timeline: Ongoing.
- Expansion into Adjacent Markets: While Saul Centers primarily operates in the Washington, DC/Baltimore area, exploring expansion opportunities into adjacent markets with similar demographics and economic characteristics could drive future growth. Careful market analysis and strategic partnerships would be essential for successful expansion. Timeline: 3-5 years.
- Development of Land Properties: Saul Centers owns three land and development properties, which represent potential opportunities for future growth. Developing these properties into new shopping centers or mixed-use projects could generate significant value for the company. Timeline: 2-5 years.
- Enhanced Tenant Mix: Actively managing and diversifying the tenant mix within its shopping centers can attract a broader range of customers and increase overall property performance. By incorporating a mix of national and local retailers, as well as experiential tenants, Saul Centers can create a more compelling shopping experience. Timeline: Ongoing.
What Opportunities Does BFS Have?
- Strategic redevelopment projects.
- Increased occupancy rates.
- Expansion into adjacent markets.
- Development of land properties.
What Threats Does BFS Face?
- Economic downturns.
- Rising interest rates.
- Increased competition from e-commerce.
- Changes in consumer preferences.
What Are BFS's Competitive Advantages?
- Regional focus in the Washington, DC/Baltimore area.
- Established relationships with tenants.
- Experience in managing and developing retail properties.
- High percentage of property operating income from the core geographic market.
What Does BFS Do?
Saul Centers, Inc., founded and headquartered in Bethesda, Maryland, operates as a self-managed and self-administered equity Real Estate Investment Trust (REIT). The company's core business revolves around the ownership, management, and development of community and neighborhood shopping centers, along with mixed-use properties. As of the latest report, Saul Centers' portfolio consists of 60 properties, encompassing 50 community and neighborhood shopping centers, seven mixed-use properties, and three land and development properties, totaling approximately 9.8 million square feet of leasable area. A significant portion, roughly 85%, of the company's property operating income, is generated from properties located within the Washington, DC/Baltimore metropolitan area, demonstrating a strong regional focus. Saul Centers strategically invests in properties that offer a mix of retail and residential components, catering to the daily needs of the surrounding communities. The company's approach involves active management of its properties, aiming to enhance tenant mix, occupancy rates, and overall property value. Through its development activities, Saul Centers seeks to create new opportunities for growth and value creation, aligning with its long-term strategy of delivering sustainable returns to shareholders.
What Products and Services Does BFS Offer?
- Owns and manages community and neighborhood shopping centers.
- Operates mixed-use properties with retail and residential components.
- Develops land properties for future retail and mixed-use projects.
- Leases retail space to a variety of tenants.
- Focuses on properties in the Washington, DC/Baltimore metropolitan area.
- Actively manages its properties to enhance tenant mix and occupancy rates.
How Does BFS Make Money?
- Generates revenue primarily from rental income.
- Increases property value through active management and development.
- Distributes income to shareholders through dividends.
- Finances operations through a combination of debt and equity.
What Industry Does BFS Operate In?
Saul Centers operates within the REIT - Retail sector, which is currently navigating evolving consumer preferences and the rise of e-commerce. The industry is characterized by a mix of established players and specialized REITs focusing on specific property types or geographic regions. Competition is intense, with REITs vying for tenants and capital. Market trends include the redevelopment of existing shopping centers into mixed-use properties and the incorporation of experiential retail to attract customers. Saul Centers' focus on the Washington, DC/Baltimore area provides a degree of regional specialization, potentially offering a competitive advantage in that market.
Who Are BFS's Key Customers?
- Retail tenants, including national and local retailers.
- Residential tenants in mixed-use properties.
- Shoppers and residents in the communities served by its properties.
Saul Centers, Inc. Financial Trajectory
Saul Centers, Inc. (BFS) reported $78.3M in revenue for Q1 2026, reflecting 4.1% growth compared to the prior quarter. The company recorded net income of $9.1M, with diluted EPS of $0.26. Revenue has increased across the last three reported quarters, suggesting sustained momentum for this small-cap Real Estate company. Across the four most recent quarters, BFS averaged $0.38 in diluted EPS.
Company Profile
Saul Centers, Inc. operates in the REIT - Retail industry within the Real Estate sector. It is headquartered in Bethesda, US. The company is led by CEO Bernard Francis Saul. BFS has traded publicly since 1993.
How Saul Centers, Inc. Is Valued
Saul Centers, Inc. carries a market capitalization of $922.03M, placing it in the small-cap category. Relative to its peer group, BFS's quantitative score of 66/100 is roughly in line with the peer average of 75/100.
ROE 12%Key Financial Metrics
Return on equity for Saul Centers, Inc. stands at 11.8%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is 1.7%, showing how much profit it generates from its asset base. BFS trades at a trailing price-to-earnings ratio of 23.12, above the Real Estate sector average of ~20x. Its free cash flow yield is 10.6%, a gauge of the cash the business throws off relative to its market value. A current ratio of 0.35 means current liabilities exceed short-term assets, a liquidity point worth watching. Its earnings yield is 4.0%, the inverse of the P/E and a quick read on earnings relative to price.
F-Score 6/9Financial Health
Saul Centers, Inc.'s Piotroski F-Score is 6/9, a 9-point checklist of profitability, leverage and efficiency — a middling fundamental profile. Its Altman Z-Score of 0.35 places it in the distress zone, a signal of elevated financial risk.
FY2026 estForward Outlook
Wall Street analysts project Saul Centers, Inc. revenue of about $318.4M for fiscal 2026, with EPS near $0.57.
BFS Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis · FY 2025
Bull Case vs Bear Case
Bull Case
- Saul Centers' insider activity suggests confidence, with recent buying potentially signaling undervaluation.
- Community sentiment leans bullish, perceiving BFS as a stable REIT in the current market.
- Market perception views BFS favorably due to its focus on grocery-anchored shopping centers, seen as resilient.
- Bullish community members believe BFS is well-positioned to benefit from continued consumer spending.
Bear Case
- Recent market volatility is creating uncertainty around REITs, impacting BFS's perceived stability.
- Bearish community sentiment expresses concerns about rising interest rates affecting BFS's borrowing costs.
- Insider selling activity, if present, could indicate a lack of confidence in the company's short-term prospects.
- Market perception suggests that increased competition in the retail sector could pressure BFS's occupancy rates.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · March 2026
Recent Quarterly Results
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q1 2026 | $78M | $9M | $0.26 |
| Q4 2025 | $75M | $7M | $0.50 |
| Q3 2025 | $72M | $10M | $0.43 |
| Q2 2025 | $71M | $11M | $0.33 |
Based on FMP financials and quantitative analysis
BFS Latest News
No recent news available for BFS.
BFS Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations from Benzinga, Yahoo Finance, and Finnhub for BFS.
Price Targets
Wall Street price target analysis for BFS.
BFS MoonshotScore
What does this score mean?
The MoonshotScore rates BFS's growth potential on a scale of 0-100 across multiple factors including innovation, market disruption, financial health, and momentum.
Latest Saul Centers, Inc. Analysis
Leadership: Bernard Francis Saul
CEO
Bernard Francis Saul serves as the CEO of Saul Centers, Inc., bringing extensive experience in real estate management and investment. His career has been dedicated to the growth and strategic direction of Saul Centers, focusing on community and neighborhood shopping centers. He has been instrumental in establishing the company's presence in the Washington, DC/Baltimore metropolitan area. His leadership emphasizes active property management and strategic development to enhance shareholder value.
Track Record: Under Bernard Francis Saul's leadership, Saul Centers has maintained a strong regional focus and a stable dividend yield. Key achievements include the successful management of a portfolio of 60 properties and the generation of a high percentage of property operating income from the core geographic market. His strategic decisions have focused on enhancing tenant mix, occupancy rates, and overall property value.
What Investors Ask About Saul Centers, Inc. (BFS) — Real Estate
What does Saul Centers, Inc. do?
Saul Centers, Inc. operates as a self-managed equity REIT, primarily focused on owning, managing, and developing community and neighborhood shopping centers and mixed-use properties. The company's portfolio consists of 60 properties, with a strong concentration in the Washington, DC/Baltimore metropolitan area. Saul Centers generates revenue primarily through rental income from its retail and residential tenants, and aims to enhance property values through active management and strategic development initiatives.
What do analysts say about BFS stock?
Analyst coverage of Saul Centers, Inc. (BFS) typically focuses on the company's regional concentration, dividend yield, and growth prospects. Key valuation metrics include the P/E ratio and dividend yield, which are compared to peers in the REIT - Retail sector. Growth considerations include strategic redevelopment projects, occupancy rates, and expansion opportunities. Analyst opinions vary, but generally reflect a neutral outlook based on the company's stable performance and potential for future growth.
What are the main risks for BFS?
The main risks for Saul Centers, Inc. include economic downturns, particularly in its core market of Washington, DC/Baltimore, which could impact tenant performance and property values. Rising interest rates pose another risk, potentially increasing borrowing costs and reducing profitability. Additionally, the company faces ongoing challenges from e-commerce and changing consumer preferences, which could impact demand for retail space. Geographic concentration also presents a risk, as the company's performance is heavily reliant on the economic health of a single region.
What are the key factors to evaluate for BFS?
Saul Centers, Inc. (BFS) holds an AI score of 66/100 (moderate). P/E: 23.1x vs the S&P 500's ~20-25x. Not financial advice.
How frequently does BFS data refresh on this page?
BFS prices update in real time during U.S. market hours. Fundamentals refresh after quarterly filings; analyst ratings and AI insights update daily; news is aggregated continuously.
What has driven BFS's recent stock price performance?
Saul Centers, Inc. (BFS) moves on earnings results, analyst revisions, sector rotation, and market sentiment. Notable catalyst: Strong regional focus in the Washington, DC/Baltimore area. See the News tab for the latest drivers. Past performance does not predict future results.
Should investors consider BFS overvalued or undervalued right now?
Saul Centers, Inc. (BFS) trades at 23.1x earnings. Compare P/E, P/S, and EV/EBITDA against sector peers for a full view.
What research should beginners do before buying BFS?
Before investing in Saul Centers, Inc. (BFS), research these four areas: (1) the company's revenue model and competitive position (see Company Overview), (2) financial health through revenue growth, margins, and cash flow (see MoonshotScore), (3) what Wall Street analysts recommend and their price targets (see Analyst tab), and (4) specific risk factors that could impact the stock (see Risk Factors section).
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- Data is based on publicly available information and may be subject to change.
- Financial metrics are as of the latest reporting period.