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Saul Centers, Inc. key statistics and ratios

In fiscal 2025, Saul Centers, Inc. had return on equity of 11.7%, an operating margin of 67.4% and debt equal to 519.8% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin—74.3%74.1%75.1%75.8%76.1%75.5%75.3%75.8%75.5%75.0%74.1%74.2%73.8%73.9%———
Operating margin28.1%27.0%18.1%18.5%17.8%25.1%25.3%25.7%26.8%27.5%———73.4%73.6%75.8%67.4%67.0%
Net margin22.8%22.5%15.4%17.6%15.6%22.7%20.3%20.9%21.3%22.2%22.3%17.9%20.2%20.4%20.5%18.8%12.9%11.5%
Free-cash-flow margin——−84.4%12.5%23.8%−1.8%9.2%−0.9%−7.3%−8.1%−8.8%9.9%26.1%1.7%45.8%45.1%34.4%34.0%
Return on equity16.2%15.8%10.9%12.9%11.3%16.5%14.3%14.6%14.8%14.6%14.2%10.9%12.6%12.5%14.1%14.8%11.7%11.5%
Return on assets—3.6%2.4%2.8%2.6%3.8%3.3%3.4%3.5%3.4%3.3%2.5%2.9%2.8%2.8%2.5%1.7%1.6%
Asset turnover—0.160.160.160.160.170.160.160.160.150.150.140.140.140.130.130.140.14
Debt to equity0.0%250.5%329.8%295.0%296.4%276.5%262.5%246.0%288.7%281.0%293.3%329.4%296.3%309.6%404.7%476.5%519.8%550.0%
Interest cover (operating income ÷ interest)—1.1x0.7x0.7x0.8x1.1x1.2x1.2x1.3x1.4x———4.1x3.8x3.8x2.8x2.6x
Capital spending as % of revenue——116.5%28.7%13.4%43.6%33.3%42.0%53.0%56.6%58.6%24.9%23.4%47.5%0.0%0.0%0.0%0.0%
Free cash flow ÷ net income——−549.3%71.3%152.5%−7.9%45.4%−4.3%−34.3%−36.2%−39.2%55.0%129.2%8.5%223.4%239.3%266.0%295.1%
Dividends ÷ net income74.5%71.2%101.2%84.3%94.6%68.9%83.9%87.2%92.4%91.6%93.9%122.3%105.3%110.6%107.7%112.3%152.3%164.6%
Dividends and buybacks ÷ free cash flow———118.3%62.0%—184.9%————222.3%81.5%>999%48.2%46.9%57.3%55.8%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

67 /100

Moderate moat

How hard Saul Centers's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 1 / 20

    Net income has been a median 2.7% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 74.5%, moving by 0.8 percentage points (standard deviation) across 10 years.

  • Durability 17 / 20

    Operating margin has been a median 26.3%; its worst year was 15.9%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 6 of 10 years, at a median 14.6% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 3.6% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Saul Centers, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Saul Centers, Inc.