FFO-to-Net Income ratios frequently exceed 2.0x, suggesting that non-cash charges significantly distort earnings relative to the company's limited cash reserves, which hovered between $5.3 million and $11.8 million over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 98.71M | 99.8M | 121.22M | 117.73M | 121.15M | 118.38M | 78.38M | 115.38M | 110.34M | 103.45M | 89.09M | 88.9M | 86.57M | 73.53M | 78.42M | 55.67M | 62.89M | 69.02M | 73.1M | 71.2M | 62.17M | 58.4M | 50.71M | 36.37M | 37.5M | 31.83M | 33.31M | 31.64M | 29.69M | 28.94M | 30.67M |
| Operating CF Growth % | -65.8% | -17.68% | 2.97% | -2.83% | 2.34% | 51.03% | -32.07% | 4.57% | 6.66% | 16.12% | 0.22% | 2.69% | 17.74% | -6.24% | 40.87% | -11.48% | -8.89% | -5.58% | 2.67% | 14.51% | 6.46% | 15.16% | 39.42% | -3% | 17.8% | -4.43% | 5.26% | 6.6% | 2.59% | -5.65% | 17.51% |
| Operating CF / Revenue % | 33.32% | 34.23% | 45.09% | 45.77% | 49.28% | 49.49% | 34.8% | 49.84% | 48.41% | 45.52% | 41.04% | 42.52% | 41.8% | 37.15% | 41.26% | 31.93% | 38.45% | 42.84% | 45.59% | 47.28% | 45.06% | 45.98% | 44.94% | 37.16% | 39.91% | 36.88% | 42.15% | 42.88% | 42.06% | 42.73% | 47.9% |
| Net Income | 36.83M | 37.51M | 50.65M | 52.69M | 65.39M | 61.65M | 50.32M | 64.2M | 63.06M | 60.67M | 56.72M | 52.93M | 57.99M | 34.84M | 39.78M | 30.29M | 43.19M | 43.23M | 39.69M | 36.7M | 32.68M | 29.23M | 26.17M | 19.24M | 19.57M | 17.31M | 14.04M | 13.3M | 9.13M | 2.55M | 5.85M |
| Depreciation & Amortization | 31.97M | 58.78M | 52.85M | 48.43M | 48.97M | 50.27M | 51.13M | 46.33M | 45.86M | 45.69M | 44.42M | 43.27M | 41.2M | 49.13M | 40.19M | 35.4M | 28.58M | 28.26M | 29.78M | 26.46M | 25.65M | 24.2M | 21.32M | 18.64M | 18.55M | 15.32M | 13.99M | 12.58M | 13M | 12.37M | 13.72M |
| Stock-Based Compensation | 1.55M | 1.98M | 1.72M | 1.42M | 1.52M | 1.56M | 1.44M | 1.86M | 1.77M | 1.67M | 1.6M | 1.43M | 1.24M | 1.15M | 952K | 948K | 951K | 901K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 32.93M | 16.27M | 17.73M | 13.51M | -171K | 50.98M | 49.58M | 1.34M | 41.44M | 42.47M | 41.13M | 39.14M | 38.48M | 44.43M | 36.18M | 1.33M | 2.29M | 1.82M | 10.07M | 14.46M | 16.5M | 10.4M | 13.47M | 17.83M | 15.23M | 19.97M | 10.94M | 9.37M | 10.79M | 18.48M | 5.97M |
| Working Capital Changes | -14.46M | -14.75M | -1.74M | 1.67M | 5.44M | 4.19M | -22.95M | 1.66M | 3.9M | -2.2M | -10.85M | -5.52M | -5.76M | -7.87M | 4.9M | -15.49M | -6.56M | -5.96M | -6.45M | -6.42M | -12.65M | -5.42M | -10.26M | -19.34M | -15.85M | -20.78M | -5.66M | -3.6M | -3.23M | -4.47M | 5.13M |
| Cash from Investing | -78.34M | -95.81M | -188.73M | -203.68M | -116.89M | -55.87M | -56.17M | -135.66M | -128.65M | -113.31M | -86.27M | -69.59M | -83.59M | -26.03M | -46.87M | -201.5M | -98.24M | -80.47M | -115.07M | -52.04M | -65.7M | -73.81M | -114.06M | -48.13M | -49.1M | -21.8M | -43.43M | -36.92M | -14.78M | -16.09M | -8.88M |
| Acquisitions (Net) | -36.95M | 0 | 0 | -177.49M | -101.11M | -28.23M | -37.06M | -113.77M | -76.26M | -22.84M | -27.23M | -45.87M | -17.79M | -7.32M | -7.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -79.11M | -25.47M | -28.87M | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -28.71M | 0 | 0 | 0 | -116.89M | -55.87M | -56.54M | 0 | -129.98M | -119.99M | -91.05M | -69.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 116.89M | 0 | 376K | 0 | 1.33M | 6.69M | 4.77M | 32K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -12.67M | -95.81M | -188.73M | -26.2M | -34.79M | 28.23M | -19.11M | -21.89M | -52.39M | -90.46M | -59.04M | -23.72M | -65.8M | 405K | -38.96M | -19.78M | 9.95M | 251K | 835K | -20.99M | -38.24M | -16.89M | 50.57M | 25.47M | 28.87M | -21.8M | -43.43M | 1.72M | 0 | 0 | 0 |
| Cash from Financing | -17.54M | -5.54M | 69.4M | 81.08M | -5.58M | -74.77M | -9.26M | 19.61M | 21.98M | 12.44M | -4.5M | -21.43M | -8.15M | -42.33M | -31.74M | 145.19M | 27.71M | 19.05M | 49.21M | -21.46M | 3.58M | -10.15M | 51.67M | 55.69M | 11.11M | -10M | 10.93M | 3.84M | -13.2M | -12.19M | -22.43M |
| Dividends Paid | -51.29M | -68.34M | -68.09M | -67.92M | -66.72M | -62.16M | -60.58M | -60.96M | -58.71M | -56.95M | -51.85M | -48.02M | -45.82M | -43.77M | -43.27M | -42.2M | -41.33M | -42.5M | -45.12M | -39.03M | -36.58M | -42.89M | -40.41M | -32.26M | -31.1M | -30.33M | -29.39M | -28.45M | -27.12M | -26.02M | -25.62M |
| Common Dividends | -42.89M | -57.15M | -56.89M | -56.72M | -55.52M | -50.96M | -49.38M | -48.57M | -46.31M | -44.58M | -39.47M | -35.65M | -32.35M | -29.2M | -28.14M | -27.06M | -26.19M | -27.36M | -33.45M | -31.03M | -28.58M | -26.54M | -33.17M | -32.26M | -31.1M | -30.33M | -29.39M | -28.45M | -27.12M | -26.02M | -25.62M |
| Debt Issuance (Net) | 2M | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -783K |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -75.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -37.22M | -25.14M | -11.32M | -20.84M | -30.69M | -21.82M | -17.96M | -14.47M | -13.83M | -11.12M | -6.75M | -6.85M | -3.5M | -9.03M | -12.15M | 39.8M | -7.8M | -8.29M | -10.18M | -11.67M | -5.57M | -6.2M | 0 | -97.23M | -1.29M | 0 | -315K | 0 | 0 | 1.27M | 681K |
| Net Change in Cash | 2.83M | -1.56M | 1.89M | -4.87M | -1.31M | -12.26M | 12.95M | -673K | 3.67M | 2.59M | -1.68M | -2.13M | -5.17M | 5.16M | -190K | -645K | -7.64M | 7.6M | 7.24M | -2.3M | 54K | -25.55M | -11.68M | 43.94M | -496K | 33K | 815K | -1.44M | 1.71M | 650K | -636K |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 8.74M | 10.3M | 8.41M | 13.28M | 14.59M | 26.86M | 13.9M | 14.58M | 10.91M | 8.32M | 10M | 12.13M | 17.3M | 12.13M | 12.32M | 12.97M | 20.61M | 13.01M | 5.76M | 8.06M | 8.01M | 33.56M | 45.24M | 1.31M | 1.8M | 1.77M | 957K | 2.4M | 688K | 38K | 674K |
| Cash at End | 9.33M | 8.74M | 10.3M | 8.41M | 13.28M | 14.59M | 26.86M | 13.9M | 14.58M | 10.91M | 8.32M | 10M | 12.13M | 17.3M | 12.13M | 12.32M | 12.97M | 20.61M | 13.01M | 5.76M | 8.06M | 8.01M | 33.56M | 45.24M | 1.31M | 1.8M | 1.77M | 957K | 2.4M | 688K | 38K |
| Free Cash Flow | 98.71M | 99.8M | 121.22M | 117.73M | 140.16M | 118.38M | 134.55M | 115.38M | 110.34M | 103.45M | 89.09M | 88.9M | 86.57M | 54.4M | 78.42M | -126.06M | -45.3M | -11.7M | -42.8M | 40.15M | 34.71M | 1.48M | -34.82M | -11.76M | -11.61M | 10.03M | -10.12M | -6.99M | 14.91M | 12.84M | 21.8M |
| FCF Growth % | -16.19% | -17.68% | 2.97% | -16% | 18.39% | -12.02% | 16.61% | 4.57% | 6.66% | 16.12% | 0.22% | 2.69% | 59.12% | -30.63% | 162.21% | -178.27% | -287.31% | 72.68% | -206.61% | 15.67% | 2243.75% | 104.25% | -196.13% | -1.31% | -215.67% | 199.19% | -44.66% | -146.9% | 16.1% | -41.08% | -16.49% |
| FCF / Revenue % | 33.32% | 34.23% | 45.09% | 45.77% | 57.01% | 49.49% | 59.75% | 49.84% | 48.41% | 45.52% | 41.04% | 42.52% | 41.8% | 27.49% | 41.26% | -72.3% | -27.7% | -7.26% | -26.69% | 26.66% | 25.16% | 1.17% | -30.86% | -12.01% | -12.35% | 11.63% | -12.8% | -9.48% | 21.12% | 18.96% | 34.04% |
Regional Economic Concentration
According to reported financial statements, BFS consistently generates FFO levels that diverge from GAAP operating cash flow, with FFO-to-Net Income ratios frequently exceeding 2.0x, which suggests that non-cash charges significantly distort the company's reported earnings profile relative to actual cash generation capabilities.
The persistent gap between GAAP net income and FFO highlights the heavy influence of non-cash depreciation on the bottom line. Investors should interpret this as a signal that GAAP metrics are insufficient for gauging the company's true operational health, as the cash-based FFO provides a more accurate reflection of recurring earnings power.
Based on the provided quarterly data, the dividend payout ratio relative to FFO has remained consistently between 0.54 and 0.63, indicating that the company maintains a substantial buffer of retained cash flow to support its distributions while funding ongoing operational requirements.
The stability of this payout ratio suggests a conservative approach to capital allocation, prioritizing dividend reliability over aggressive growth. This margin of safety appears sufficient to absorb potential fluctuations in property-level performance without necessitating external financing to maintain current distribution levels.
As evidenced by the consistent variance between GAAP net income and FFO, Saul Centers' reported earnings are heavily impacted by non-cash depreciation and amortization charges, which may obscure the actual economic performance of the company's high-quality real estate assets located within the Washington, DC corridor.
The reliance on FFO as a primary performance metric is essential here, as GAAP net income fails to account for the long-term value preservation inherent in the company's portfolio. This distortion warrants careful monitoring to ensure that management's capital allocation decisions are based on cash-generative reality rather than accounting-driven volatility.
While the provided data shows zero reported capital expenditures in recent quarters, this warrants further investigation as it may imply that maintenance costs are being capitalized or deferred, potentially understating the true recurring cash requirements needed to sustain the company's aging retail and mixed-use asset base.
The absence of reported CapEx in the provided figures is unusual for a REIT with significant physical assets and suggests that the true cost of maintaining these properties may be obscured. Investors should monitor whether this lack of reported spending reflects genuine operational efficiency or a buildup of deferred maintenance that could necessitate future capital outlays.
Quick answers to the most common questions about buying BFS stock.
Saul Centers, Inc. (BFS) generated $99.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Saul Centers, Inc. (BFS) generated $99.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Saul Centers, Inc. (BFS) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Saul Centers, Inc. (BFS) returned $68.3M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.