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Side-by-side financial comparison of Armada Hoffler Properties, Inc. (AHH) and SAUL CENTERS, INC. (BFS). Click either name above to swap in a different company.
Armada Hoffler Properties, Inc. is the larger business by last-quarter revenue ($75.6M vs $75.1M, roughly 1.0× SAUL CENTERS, INC.). SAUL CENTERS, INC. runs the higher net margin — 8.7% vs 3.1%, a 5.5% gap on every dollar of revenue. On growth, SAUL CENTERS, INC. posted the faster year-over-year revenue change (10.6% vs 0.8%). Over the past eight quarters, SAUL CENTERS, INC.'s revenue compounded faster (6.2% CAGR vs -22.8%).
Armada Hoffler Properties, Inc. is a publicly traded U.S. real estate investment trust operating across the Mid-Atlantic and Southeast regions. It develops, owns, and manages a diversified portfolio of office, retail, and multifamily residential properties, and also offers construction and development services for third-party clients.
Saul Centers, Inc. is a self-administered real estate investment trust (REIT) headquartered in the United States. It primarily owns, operates, and develops high-quality shopping centers, mixed-use properties, and multifamily residential assets, with its core portfolio concentrated in the Washington D.C. metropolitan area and other select high-growth U.S. regional markets.
AHH vs BFS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.6M | $75.1M |
| Net Profit | $2.4M | $6.5M |
| Gross Margin | — | — |
| Operating Margin | 31.0% | 65.4% |
| Net Margin | 3.1% | 8.7% |
| Revenue YoY | 0.8% | 10.6% |
| Net Profit YoY | -89.8% | -19.6% |
| EPS (diluted) | $0.00 | $0.15 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $75.6M | $75.1M | ||
| Q3 25 | $72.7M | $72.0M | ||
| Q2 25 | $69.1M | $70.8M | ||
| Q1 25 | $67.8M | $71.9M | ||
| Q4 24 | $75.0M | $67.9M | ||
| Q3 24 | $114.4M | $67.3M | ||
| Q2 24 | $116.8M | $66.9M | ||
| Q1 24 | $127.0M | $66.7M |
| Q4 25 | $2.4M | $6.5M | ||
| Q3 25 | $80.0K | $10.5M | ||
| Q2 25 | $5.9M | $10.7M | ||
| Q1 25 | $-2.8M | $9.8M | ||
| Q4 24 | $23.4M | $8.1M | ||
| Q3 24 | $-5.0M | $14.5M | ||
| Q2 24 | $3.2M | $14.4M | ||
| Q1 24 | $14.1M | $13.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 45.0% | 73.6% | ||
| Q2 24 | 41.8% | 74.2% | ||
| Q1 24 | 37.9% | 72.8% |
| Q4 25 | 31.0% | 65.4% | ||
| Q3 25 | 29.2% | 69.1% | ||
| Q2 25 | 29.6% | 68.7% | ||
| Q1 25 | 23.2% | 66.5% | ||
| Q4 24 | 50.1% | 82.9% | ||
| Q3 24 | 19.0% | 72.8% | ||
| Q2 24 | 11.9% | 75.0% | ||
| Q1 24 | 15.1% | 72.4% |
| Q4 25 | 3.1% | 8.7% | ||
| Q3 25 | 0.1% | 14.6% | ||
| Q2 25 | 8.6% | 15.1% | ||
| Q1 25 | -4.1% | 13.6% | ||
| Q4 24 | 31.2% | 11.9% | ||
| Q3 24 | -4.4% | 21.5% | ||
| Q2 24 | 2.7% | 21.6% | ||
| Q1 24 | 11.1% | 20.4% |
| Q4 25 | $0.00 | $0.15 | ||
| Q3 25 | $-0.04 | $0.32 | ||
| Q2 25 | $0.04 | $0.33 | ||
| Q1 25 | $-0.07 | $0.29 | ||
| Q4 24 | $0.28 | $0.22 | ||
| Q3 24 | $-0.11 | $0.48 | ||
| Q2 24 | $0.00 | $0.48 | ||
| Q1 24 | $0.17 | $0.45 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $49.1M | $8.7M |
| Total DebtLower is stronger | $1.5B | $468.4M |
| Stockholders' EquityBook value | $627.8M | $307.8M |
| Total Assets | $2.6B | $2.2B |
| Debt / EquityLower = less leverage | 2.43× | 1.52× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $49.1M | $8.7M | ||
| Q3 25 | $46.5M | $11.8M | ||
| Q2 25 | $52.1M | $5.3M | ||
| Q1 25 | $45.7M | $6.5M | ||
| Q4 24 | $31.9M | $10.3M | ||
| Q3 24 | $43.9M | $7.2M | ||
| Q2 24 | $20.3M | $6.9M | ||
| Q1 24 | $41.9M | $7.1M |
| Q4 25 | $1.5B | $468.4M | ||
| Q3 25 | $1.5B | $1.6B | ||
| Q2 25 | $1.4B | $1.6B | ||
| Q1 25 | $1.3B | $1.5B | ||
| Q4 24 | $1.3B | $455.8M | ||
| Q3 24 | $1.3B | $1.5B | ||
| Q2 24 | $1.4B | $1.4B | ||
| Q1 24 | $1.4B | $1.4B |
| Q4 25 | $627.8M | $307.8M | ||
| Q3 25 | $638.8M | $316.6M | ||
| Q2 25 | $652.0M | $322.4M | ||
| Q1 25 | $657.4M | $328.4M | ||
| Q4 24 | $670.6M | $335.8M | ||
| Q3 24 | $663.9M | $341.8M | ||
| Q2 24 | $562.7M | $345.7M | ||
| Q1 24 | $571.4M | $347.1M |
| Q4 25 | $2.6B | $2.2B | ||
| Q3 25 | $2.6B | $2.2B | ||
| Q2 25 | $2.6B | $2.1B | ||
| Q1 25 | $2.5B | $2.1B | ||
| Q4 24 | $2.5B | $2.1B | ||
| Q3 24 | $2.6B | $2.1B | ||
| Q2 24 | $2.6B | $2.1B | ||
| Q1 24 | $2.6B | $2.0B |
| Q4 25 | 2.43× | 1.52× | ||
| Q3 25 | 2.33× | 5.02× | ||
| Q2 25 | 2.22× | 4.85× | ||
| Q1 25 | 2.01× | 4.70× | ||
| Q4 24 | 1.93× | 1.36× | ||
| Q3 24 | 2.00× | 4.37× | ||
| Q2 24 | 2.52× | 4.17× | ||
| Q1 24 | 2.50× | 4.06× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $64.2M | $99.8M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 26.99× | 15.35× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $64.2M | $99.8M | ||
| Q3 25 | $26.3M | $20.6M | ||
| Q2 25 | $11.1M | $26.6M | ||
| Q1 25 | $107.0K | $30.4M | ||
| Q4 24 | $112.0M | $121.2M | ||
| Q3 24 | $27.3M | $26.5M | ||
| Q2 24 | $17.4M | $32.1M | ||
| Q1 24 | $46.5M | $33.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-28.3M | ||
| Q2 24 | — | $-12.5M | ||
| Q1 24 | — | $-11.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -42.1% | ||
| Q2 24 | — | -18.7% | ||
| Q1 24 | — | -17.6% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 81.5% | ||
| Q2 24 | — | 66.7% | ||
| Q1 24 | — | 68.3% |
| Q4 25 | 26.99× | 15.35× | ||
| Q3 25 | 328.63× | 1.97× | ||
| Q2 25 | 1.87× | 2.48× | ||
| Q1 25 | — | 3.10× | ||
| Q4 24 | 4.78× | 14.98× | ||
| Q3 24 | — | 1.83× | ||
| Q2 24 | 5.48× | 2.22× | ||
| Q1 24 | 3.30× | 2.48× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AHH
| Office Real Estate Segment | $28.8M | 38% |
| Retail Real Estate Segment | $25.4M | 34% |
| Multifamily Residential Real Estate | $17.7M | 23% |
| Real Estate Financing Segment | $3.6M | 5% |
BFS
Segment breakdown not available.
