Saul Centers, Inc. (BFS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+834.2%

$274.43

vs $29.38 price

Levered DCF

$219.53

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.36

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	20.34×	23.66×	22.7×	24.96×	33.77×	25.34×	23.46×	20.89×
P/B	2.48×	2.79×	2.71×	2.43×	3.1×	2.03×	3.24×	2.97×
P/S	2.62×	3.48×	3.67×	3.97×	5.24×	3.29×	5.25×	4.64×
EV / EBITDA	13.2×	14.3×	13.94×	13.97×	15.31×	12.72×	15×	13.55×
Gross margin	30.7%	73.2%	73.9%	73.8%	74.2%	74.1%	75.0%	75.6%
Operating margin	41.0%	45.1%	64.8%	26.6%	25.8%	22.3%	66.0%	27.4%
Net margin	12.9%	18.8%	20.5%	20.4%	20.2%	17.9%	22.3%	22.2%
Current ratio	0.34×	0.24×	0.18×	0.31×	0.49×	0.62×	0.51×	0.76×
Debt / equity	5.2×	4.56×	3.98×	3.05×	2.82×	3.16×	2.91×	2.87×
Interest coverage	1.7×	2.26×	3.53×	1.49×	1.36×	0×	3.65×	1.39×
Dividend yield	9.0%	7.3%	7.2%	6.8%	5.0%	8.2%	5.0%	5.6%
Payout ratio	182.2%	134.4%	128.9%	132.9%	128.5%	150.0%	117.9%	116.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.2%	15.1%	15.1%	12.5%	11.9%	11.1%	13.8%	14.2%
Return on invested capital	5.7%	5.9%	8.7%	3.7%	3.6%	3.1%	9.8%	4.4%
Return on assets	1.7%	2.4%	2.6%	2.7%	2.8%	2.5%	3.2%	3.3%
Free cash flow yield	13.1%	13.0%	12.5%	14.4%	9.4%	18.2%	9.5%	10.4%
Earnings yield	4.9%	5.4%	5.6%	5.1%	3.9%	5.5%	4.3%	4.8%
Enterprise value	$2.4B	$2.5B	$2.3B	$2.2B	$2.4B	$1.9B	$2.3B	$2.1B
Net debt / EBITDA	8.92×	8.86×	8.27×	7.73×	7.26×	7.67×	7.05×	6.61×
Cash conversion cycle (days)	10	-165	-230	-160	-62	-47	-139	-127