BFSSAUL CENTERS, INC.
Real Estate Investment Trusts
- Revenue
- $290M
- 7.8% YoY
- Operating margin
- 67.4%
- 11% YoY
- EBITDA
- $254M
- 0.1% YoY
- Market cap
- $721M
- Employees
- —
- Net debt / EBITDA
- 6.3×
- $1.6B net debt
- AI in 10-K
- 2.0
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo266% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo57% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo90% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo2.0 per 10K words · 55th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo6.3× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$721M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$332K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $239M | $246M | $257M | $269M | $290M | 7.8% |
| Operating income | — | $181M | $189M | $204M | $195M | 4.1% |
| Net income | $48M | $50M | $53M | $51M | $38M | 26% |
| Operating cash flow | $118M | $121M | $118M | $121M | $100M | 18% |
| Capex | $56M | $117M | — | — | — | |
| Stock-based comp | $2M | $2M | $1M | $2M | $2M | 15% |
| Dividends | $51M | $56M | $57M | $57M | $57M | 0.4% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Nov 26, 2019 | SAUL CENTERS INC | SC 13D/A | — | Passive |
Insider trading
- Open-market buys, 12 mo
- $332K · 12
- Open-market sells, 12 mo
- $0 · 0
- Net
- $332K
Pay vs performance
No pay-versus-performance disclosure yet.