BFS
Saul Centers, Inc.Real Estate·REIT - Retail
$34.66
$850M market cap
Revenue
$153.4M
Free Cash Flow
$51.5M
Rev Growth
+0.0%
FCF Margin
33.6%
P/FCF
16.5x
EV/FCF
47.4x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Saul Centers, Inc. is a self-managed, self-administered equity REIT headquartered in Bethesda, Maryland, which currently operates and manages a real estate portfolio of 60 properties which includes (a) 50 community and neighborhood shopping centers and seven mixed-use properties with approximately 9.8 million square feet of leasable area and (b) three land and development properties. Approximately 85% of the Saul Centers' property operating income is generated by properties in the metropolitan W
2-Year Price History
$34.53+8.8%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 78.3 | 28.0 | 12.0 | 9.1 | 29.3 | 29.3 | -0.0 | 9.3 | 1,598 | 24.2 | 2.9% | 1.4x | -- |
| Act | 2025-Q4 | 75.2 | 43.4 | 28.1 | 6.5 | 22.2 | 22.2 | -0.0 | 8.7 | 1,064 | 24.2 | 9.7% | 2.2x | -- |
Valuation & Metrics
Market Stats
Price$34.66
Market Cap$850M
Enterprise Value$2.4B
P/S Ratio5.5x
P/FCF16.5x
EV/FCF47.4x
FCF Margin (TTM)33.6%
FCF Yield6.1%
Dividend Yield (TTM)6.8%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$153.4M
Net Income$15.6M
Free Cash Flow$51.5M
Revenue Growth (YoY)+0.0%
EBITDA Margin46.5%
Net Margin10.2%
FCF Margin33.6%
CapEx % of Revenue0.0%
SBC % of Revenue0.4%
ROIC6.3%
WC Change % Rev2.7%
Interest Coverage1.8x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.4M
Days to Cover6.9
Change (vs Prior)+6.1%
Need at least 2 settlement dates for chart
Employees
Headcount141
Revenue / Employee$1,088,000
Gross Profit / Employee$752,262
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
23.2%(-1.2% YoY)
166 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
20.6%(-1.6% YoY)
11 filers
Vanguard, iShares, SPDR
Market makers
0.1%(-0.1% YoY)
4 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $68.8M | $36.68 | −$1.2M | +$479K | -0.2% | $5.69T |
| T. Rowe Price Investment Management, Inc. | $43.9M | $29.52 | +$2.9M | +$2.2M | -1.3% | $145.22B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $42.9M | $32.02 | +$42.1M | +$42.9M | — | $1.91T |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $23.9M | $33.03 | −$166K | +$1.9M | -0.1% | $64.61B |
| PRINCIPAL FINANCIAL GROUP INC | $19.5M | $36.47 | −$233K | −$2.3M | -0.5% | $186.29B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $19.0M | $32.02 | +$18.7M | +$19.0M | — | $4.04T |
| STATE STREET CORPPassive | $16.9M | $32.85 | +$851K | +$546K | -0.2% | $2.89T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $10.9M | $31.64 | +$291K | +$1.4M | +2.3% | $1.61T |
| MORGAN STANLEY | $8.6M | $34.61 | +$1.3M | +$1.4M | -0.3% | $1.65T |
| AMERIPRISE FINANCIAL INC | $6.9M | $30.24 | −$1.2M | +$6.0M | -0.1% | $430.96B |
| Man Group plc | $6.8M | $32.47 | +$2.5M | +$3.2M | -0.4% | $47.62B |
| DIMENSIONAL FUND ADVISORS LPPassive | $6.6M | $31.58 | +$44K | +$90K | -0.4% | $480.92B |
| RENAISSANCE TECHNOLOGIES LLC | $6.1M | $34.33 | −$1.3M | −$4.2M | +1.2% | $63.91B |
| Invesco Ltd. | $5.3M | $34.36 | −$147K | +$1.5M | -0.2% | $652.04B |
| NORTHERN TRUST CORPPassive | $4.9M | $32.37 | +$347K | +$418K | -0.2% | $755.34B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $4.4M | $31.79 | +$507K | +$1.0M | +0.7% | $645.81B |
| Bank of New York Mellon Corp | $3.8M | $30.88 | −$115K | +$27K | -0.2% | $543.21B |
| CARY STREET PARTNERS FINANCIAL LLC | $3.0M | $33.69 | −$2K | +$984K | +0.3% | $4.04B |
| JPMORGAN CHASE & CO | $2.9M | $32.01 | +$13K | +$802K | -0.2% | $1.47T |
| VANGUARD FIDUCIARY TRUST COPassive | $2.8M | $32.02 | +$2.8M | +$2.8M | — | $395.83B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)BEARISH
Holders
-0.43%
avg per quarter
Holders (ex-self)
-0.43%
excl. this stock
Buyers (this Q)
-0.57%
95 buyers · $0.09B in
Sellers (this Q)
-0.01%
52 sellers · $0.00B out
alpha coverage: 82% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+3.1%
how holders react when this stock falls
On quiet Qs
-2.3%
−10% to +10% baseline
On rallies (+10%+)
-7.0%
how they react when this stock rises
Holders' portfolio flow this Q
+1.5%
inflows — adds are organic
Sellers' portfolio flow this Q
+0.6%
Sellers' overall flow ~ flat.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-4.0%
Holder mid (any stock)
-3.0%
Holder rally (any stock)
-5.5%
Biggest decreases this quarter
MILLENNIUM MANAGEMENT LLC−$1.6Mα-0.5Qube Research & Technologies Ltdexited−$1.4MRENAISSANCE TECHNOLOGIES LLC−$1.3Mα+1.2AMERIPRISE FINANCIAL INC−$1.2Mα-0.1BlackRock, Inc.−$1.2Mα-0.2Allianz Asset Management GmbHexited−$651KHorizon Investments, LLCexited−$614KGOLDMAN SACHS GROUP INC−$280Kα-0.2IEQ CAPITAL, LLCexited−$267KSG Americas Securities, LLCexited−$253K
New buyers this quarter
Top-5 holders · 53.8%
BlackRock, Inc.--
T. Rowe Price Investment Management, Inc.--
VANGUARD PORTFOLIO MANAGEMENT LLC--
ADAGE CAPITAL PARTNERS GP, L.L.C.--
PRINCIPAL FINANCIAL GROUP INC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
PRICE T ROWE ASSOCIATES INC /MD/36KT. Rowe Price Investment Management, Inc.1.3MPRINCIPAL FINANCIAL GROUP INC599KAtlantic Union Bankshares Corp2KADAGE CAPITAL PARTNERS GP, L.L.C.735KRENAISSANCE TECHNOLOGIES LLC186KBank of New York Mellon Corp116KAlyeska Investment Group, L.P.—MORGAN STANLEY263KInvesco Ltd.161K
Analyst Coverage
Analyst Coverage
Analyst Ratings
3
4
Buy: 3Hold: 4Consensus: Hold
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$238K
10 txns · 3 insiders · 9,148 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-03-30 | BUY | Heard Carlos Lawrence | officer: Senior Vice President & CFO | 500 | $20.60 | $10K | $93K |
| 2025-11-20 | BUY | Heard Carlos Lawrence | officer: Senior Vice President & CFO | 300 | $20.55 | $6K | $82K |
| 2025-11-18 | BUY | Heard Carlos Lawrence | officer: Senior Vice President & CFO | 600 | $20.35 | $12K | $75K |
| 2025-11-17 | BUY | Heard Carlos Lawrence | officer: Senior Vice President & CFO | 600 | $20.54 | $12K | $64K |
| 2025-11-14 | BUY | Heard Carlos Lawrence | officer: Senior Vice President & CFO | 450 | $20.50 | $9K | $51K |
| 2025-11-13 | BUY | Heard Carlos Lawrence | officer: Senior Vice President & CFO | 450 | $20.60 | $9K | $42K |
| 2025-11-12 | BUY | Collich John | officer: Sr. VP, Chief Acq. & Dev. Off. | 2,000 | $29.99 | $60K | $1.48M |
| 2025-11-12 | BUY | Heard Carlos Lawrence | officer: Senior Vice President & CFO | 450 | $20.70 | $9K | $33K |
| 2025-11-12 | BUY | Pearson David Todd | director, officer: President & COO | 3,348 | $29.86 | $100K | $1.51M |
| 2025-11-11 | BUY | Heard Carlos Lawrence | officer: Senior Vice President & CFO | 450 | $20.85 | $9K | $24K |
Order Flow (FINRA, ~3w lag)
16.6%retail+2.5pp
21.8%dark+1.1pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
Saul Centers, Inc.: A Family-Controlled REIT Paying Dividends Out of Capital While Leveraged to the Hilt
Overall Risk
6/10
Fraud
3/10
Dilution
5/10
Insolvency
6/10
Earnings Overstated
4/10
Hidden Liabilities
4/10
Legal
2/10
Audit Warnings
1/10
Hidden Upside
7/10
Contextually Acceptable
8/10