At a glance
Saul Centers Inc is worth $714.8M, about 27 times its fiscal 2025 earnings. Revenue grew 7.8% to $289.8M in fiscal 2025, with 12.9% kept as profit; over 5 years it has grown 5.2% a year. It pays a 8.16% dividend yield, and returned $277.2M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +2.7% over the past year with dividends reinvested and −3.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 47.1% in the 2020 crash (S&P 500: 33.7%) and 33.4% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Saul Centers is a real estate investment trust (REIT), a company that owns income-producing property and must pay out at least 90% of its taxable income. Its properties are concentrated in the Washington, DC/Baltimore area. As of December 31, 2025, it owned 50 shopping centers, nine mixed-use properties combining offices, shops and apartments, and three development sites.
Most revenue is rent from retail and office tenants, and the mixed-use properties also lease apartments. A majority of the shopping centers have an anchor, a large store that draws shoppers; 34 properties are anchored by a grocery store. Giant Food, the largest anchor tenant, supplied 4.5% of 2025 revenue. Some leases add percentage rent, a share of the tenant's sales. Revenue reached $289.8 million in 2025, up 7.8% from 2024.
The plan is to add apartment-led projects near transit and expand grocery-anchored centers. The company has sites approved for up to 2,500 apartments and 850,000 square feet of retail and office space near Metro red line stations in Montgomery County, Maryland. It has also signed Publix to open a grocery store at Ashland Square in Virginia. Saul Centers was formed in 1993 from properties of the Saul Organization, controlled by Chairman and CEO B. Francis Saul II and his family. The Saul Organization still shares back-office services with the company at cost.
Price history
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BFS +2.7% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $76.8M, up 8.4% from a year earlier, and net income was $8.8M (-18.3%).
- For fiscal 2025, revenue was $289.8M (+7.8% year over year; +5.2% a year from FY2020 to FY2025) with a 12.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.2% good |
|---|---|
| Operating margin | 67.4% good |
| Return on equity (FY2025) | 12.2% watch |
| Return on assets (FY2025) | 1.7% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $225.2M | $40.4M | $22.2M |
| FY2021 | $239.2M | $48.4M | $62.5M |
| FY2022 | $245.9M | $50.2M | $4.3M |
| FY2023 | $257.2M | $52.7M | — |
| FY2024 | $268.8M | $50.6M | — |
| FY2025 | $289.8M | $37.5M | — |
Valuation snapshot
| Market value | $714.8M |
|---|---|
| P/E ratio | 26.5 |
| Dividend yield | 8.16% |
Rank among 1514 US companies
Market value at each year end
Saul Centers’s market value went from $1.43B at the end of 2016 to $714.8M on Oct 28, 2026, down 50%; since the end of 2025 it is down 7%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $714.8M | -7.1% |
| 2025 | $769.7M | -17.9% |
| 2024 | $937.8M | -0.3% |
| 2023 | $940.3M | -3.3% |
| 2022 | $972.1M | -22.6% |
| 2021 | $1.26B | +69.5% |
| 2020 | $741.3M | -39.2% |
| 2019 | $1.22B | +14.2% |
| 2018 | $1.07B | -21.1% |
| 2017 | $1.35B | -5.1% |
| 2016 | $1.43B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| BFS price data to Oct 28, 2026 | -1.4% | +2.7% | +1.3% | -3.3% | -1.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -1.4% |
| 2025 | -12.8% |
| 2024 | +5.0% |
| 2023 | +2.8% |
| 2022 | -19.4% |
| 2021 | +76.6% |
| 2020 | -36.1% |
| 2019 | +16.3% |
| 2018 | -19.9% |
| 2017 | -4.3% |
| 2016 | +34.2% |
| 2015 | -7.5% |
| 2014 | +23.8% |
| 2013 | +15.1% |
| 2012 | +25.2% |
| 2011 | -22.5% |
| 2010 | +49.7% |
| 2009 | -12.8% |
| 2008 | -22.8% |
| 2007 | +0.1% |
| 2006 | +59.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 62% over that stretch · deepest drop along the way 65.8%, back to its old high 62.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 41.9% over that stretch · deepest drop along the way 47.1%, back to its old high 14.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 28.7% over that stretch · deepest drop along the way 33.4%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 2 open-market purchases ($94K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 28, 2026 | David Todd Pearson President & COO, Director | buy | $90K |
| Sep 28, 2026 | Joel Albert Friedman Exec VP, CAO & Treasurer | buy | $4K |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 4.5% | Sep 30, 2026 |
ETFs with the most weight in BFS
| RDOG ALPS REIT Dividend Dogs ETF | 2.27% |
| XSLV Invesco S&P SmallCap Low Volatility ETF | 0.99% |
| SIXL ETC 6 Meridian Low Beta Equity ETF | 0.4% |
| SMLV SPDR SSGA US Small Cap Low Volatility Index ETF | 0.3% |
| ISMD Inspire Small/Mid Cap ETF | 0.2% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.13% |
| PPTY US Diversified Real Estate ETF | 0.1% |
| SEIS SEI Select Small Cap ETF | 0.1% |
What could go wrong
- Close ties to the Saul family's businesses. Chairman and CEO B. Francis Saul II and his family control the Saul Organization, which shares services with the company and sublets it headquarters space. Their interests could conflict with other stockholders'.
- Heavy reliance on one metro area. The properties are concentrated in the Washington, DC/Baltimore region, so a downturn in that area's economy or real estate market would hit much of the portfolio at the same time.
- Depends on grocery and anchor tenants. Thirty-four properties rely on a grocery anchor, the big store that draws shoppers; Giant Food alone provided 4.5% of 2025 revenue. An anchor closing may let other tenants cut rent or leave.
- Large development pipeline carries risk. The company has approved sites for up to 2,500 apartments and 850,000 square feet of retail and office space. Development can run over budget, take longer than planned or lease slowly.
- Debt load and loan covenants. The annual report flags its debt level and covenants (lender-set financial limits) as risks. Breaching covenants could force early repayment, and growth is limited if new capital cannot be raised.
- Dividend not guaranteed at past rates. The company says it cannot assure dividends at historical rates. Dividends paid were about 152% of net income in 2025, after net income fell 25.9% to $37.5 million.
Recent events
- Quarterly results released
- Shareholder vote results; Investor presentation or announcement
- Quarterly results released
- Quarterly results released
- Executive or board change
- Quarterly results released
For income and retirement investors
Dividends per share rose from $2.12 in 2020 to $2.36 in 2024 and stayed at $2.36 in 2025, so the payout does not rise every year. The yield was 8.16% as of October 28, 2026. Dividends paid came to about 152% of 2025 net income. Paying more than net income is common for REITs, because depreciation, a non-cash charge, lowers reported earnings. Still, net income alone did not cover the payout. There were no buybacks from 2021 to 2025, and shares outstanding rose about 4.3% from October 2021 to August 2026.
The stock has fallen hard in market downturns. It dropped 65.8% in the 2008 financial crisis and took about 63 months to recover. It fell 47.1% in the 2020 COVID crash and recovered in about 14 months. It lost 33.4% between April and October 2022 and had not regained that peak as of October 28, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Saul Centers make money?
Saul Centers makes money mainly by collecting rent. As of December 31, 2025, it owned 50 shopping centers and nine mixed-use properties with offices, shops and apartments, concentrated in the Washington, DC/Baltimore area. Many centers are anchored by grocery stores, and Giant Food, its largest anchor tenant, supplied 4.5% of 2025 revenue. Some leases also pay percentage rent tied to tenant sales. Revenue was $289.8 million in 2025. In the quarter ended June 30, 2026, it was $76.8 million, up 8.4% from a year earlier.
Does Saul Centers raise its dividend every year?
No. Dividends per share rose from $2.12 in 2020 to $2.36 in 2024, then stayed at $2.36 in 2025, so there was no increase that year. Over 2020 to 2025, the dividend grew about 2.2% a year on average. As a REIT, the company must distribute at least 90% of its taxable income, and it has paid regular quarterly dividends. The dividend yield was 8.16% as of October 28, 2026.
Is Saul Centers' dividend safe?
There is no guarantee. The company's annual report warns that it cannot promise dividends will continue at historical rates. In 2025, net income fell 25.9% to $37.5 million, while dividends paid totaled $57.1 million, about 152% of net income. REITs often pay out more than their net income because depreciation, a non-cash expense, lowers reported earnings. That makes net income an incomplete measure of whether the dividend is covered. The report also flags debt covenants that could restrict the company's activities.
What is the Saul family's role at Saul Centers?
The Saul family created the company and still leads it. B. Francis Saul II is Chairman and CEO. He and his family control the Saul Organization, which transferred shopping center and mixed-use properties to the new company in 1993. The company still shares back-office services with the Saul Organization at cost and subleases its headquarters from it. The annual report warns that these ties could create conflicts with other stockholders. Anti-takeover provisions may also make a change of control harder.
How has Saul Centers stock performed?
Its long-term record is weak. As of October 28, 2026, the stock returned 2.7% over one year but lost about 15% in total over both the past five and the past ten years. It lost 12.8% in 2025 and was down 1.4% for 2026 through October 28. The stock has also had deep drops. It fell 65.8% in the 2008 financial crisis and 47.1% in the 2020 COVID crash.