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Side-by-side financial comparison of Apollo Commercial Real Estate Finance, Inc. (ARI) and SAUL CENTERS, INC. (BFS). Click either name above to swap in a different company.
SAUL CENTERS, INC. is the larger business by last-quarter revenue ($75.1M vs $73.3M, roughly 1.0× Apollo Commercial Real Estate Finance, Inc.). Apollo Commercial Real Estate Finance, Inc. runs the higher net margin — 39.9% vs 8.7%, a 31.2% gap on every dollar of revenue. On growth, SAUL CENTERS, INC. posted the faster year-over-year revenue change (10.6% vs 4.0%). Over the past eight quarters, SAUL CENTERS, INC.'s revenue compounded faster (6.2% CAGR vs -4.6%).
Apollo Commercial Real Estate Finance, Inc. is a real estate investment trust that originates, acquires and manages commercial real estate debt assets including mortgages, mezzanine loans and mortgage-backed securities, primarily operating in the U.S. market to deliver consistent risk-adjusted returns.
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.
ARI vs BFS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $73.3M | $75.1M |
| Net Profit | $29.2M | $6.5M |
| Gross Margin | — | — |
| Operating Margin | 39.7% | 65.4% |
| Net Margin | 39.9% | 8.7% |
| Revenue YoY | 4.0% | 10.6% |
| Net Profit YoY | -28.2% | -19.6% |
| EPS (diluted) | $0.19 | $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 | $73.3M | $75.1M | ||
| Q3 25 | $61.6M | $72.0M | ||
| Q2 25 | $70.9M | $70.8M | ||
| Q1 25 | $65.8M | $71.9M | ||
| Q4 24 | $70.5M | $67.9M | ||
| Q3 24 | $71.6M | $67.3M | ||
| Q2 24 | $81.1M | $66.9M | ||
| Q1 24 | $80.5M | $66.7M |
| Q4 25 | $29.2M | $6.5M | ||
| Q3 25 | $50.8M | $10.5M | ||
| Q2 25 | $20.7M | $10.7M | ||
| Q1 25 | $26.0M | $9.8M | ||
| Q4 24 | $40.7M | $8.1M | ||
| Q3 24 | $-91.5M | $14.5M | ||
| Q2 24 | $35.8M | $14.4M | ||
| Q1 24 | $-104.5M | $13.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 73.6% | ||
| Q2 24 | — | 74.2% | ||
| Q1 24 | — | 72.8% |
| Q4 25 | 39.7% | 65.4% | ||
| Q3 25 | 82.8% | 69.1% | ||
| Q2 25 | 29.4% | 68.7% | ||
| Q1 25 | 39.7% | 66.5% | ||
| Q4 24 | 57.9% | 82.9% | ||
| Q3 24 | -127.8% | 72.8% | ||
| Q2 24 | 44.2% | 75.0% | ||
| Q1 24 | -129.6% | 72.4% |
| Q4 25 | 39.9% | 8.7% | ||
| Q3 25 | 82.4% | 14.6% | ||
| Q2 25 | 29.3% | 15.1% | ||
| Q1 25 | 39.5% | 13.6% | ||
| Q4 24 | 57.7% | 11.9% | ||
| Q3 24 | -127.9% | 21.5% | ||
| Q2 24 | 44.1% | 21.6% | ||
| Q1 24 | -129.8% | 20.4% |
| Q4 25 | $0.19 | $0.15 | ||
| Q3 25 | $0.34 | $0.32 | ||
| Q2 25 | $0.12 | $0.33 | ||
| Q1 25 | $0.16 | $0.29 | ||
| Q4 24 | $0.25 | $0.22 | ||
| Q3 24 | $-0.69 | $0.48 | ||
| Q2 24 | $0.23 | $0.48 | ||
| Q1 24 | $-0.76 | $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 | $139.8M | $8.7M |
| Total DebtLower is stronger | — | $468.4M |
| Stockholders' EquityBook value | $1.9B | $307.8M |
| Total Assets | $9.9B | $2.2B |
| Debt / EquityLower = less leverage | — | 1.52× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $139.8M | $8.7M | ||
| Q3 25 | $245.9M | $11.8M | ||
| Q2 25 | $177.6M | $5.3M | ||
| Q1 25 | $166.4M | $6.5M | ||
| Q4 24 | $317.4M | $10.3M | ||
| Q3 24 | $194.3M | $7.2M | ||
| Q2 24 | $174.7M | $6.9M | ||
| Q1 24 | $161.2M | $7.1M |
| Q4 25 | — | $468.4M | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $455.8M | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | $1.4B |
| Q4 25 | $1.9B | $307.8M | ||
| Q3 25 | $1.9B | $316.6M | ||
| Q2 25 | $1.8B | $322.4M | ||
| Q1 25 | $1.9B | $328.4M | ||
| Q4 24 | $1.9B | $335.8M | ||
| Q3 24 | $1.9B | $341.8M | ||
| Q2 24 | $2.0B | $345.7M | ||
| Q1 24 | $2.0B | $347.1M |
| Q4 25 | $9.9B | $2.2B | ||
| Q3 25 | $9.5B | $2.2B | ||
| Q2 25 | $9.8B | $2.1B | ||
| Q1 25 | $8.8B | $2.1B | ||
| Q4 24 | $8.4B | $2.1B | ||
| Q3 24 | $9.1B | $2.1B | ||
| Q2 24 | $9.3B | $2.1B | ||
| Q1 24 | $9.2B | $2.0B |
| Q4 25 | — | 1.52× | ||
| Q3 25 | — | 5.02× | ||
| Q2 25 | — | 4.85× | ||
| Q1 25 | — | 4.70× | ||
| Q4 24 | — | 1.36× | ||
| Q3 24 | — | 4.37× | ||
| Q2 24 | — | 4.17× | ||
| Q1 24 | — | 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 | $142.5M | $99.8M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 4.88× | 15.35× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $142.5M | $99.8M | ||
| Q3 25 | $31.7M | $20.6M | ||
| Q2 25 | $63.2M | $26.6M | ||
| Q1 25 | $39.3M | $30.4M | ||
| Q4 24 | $200.3M | $121.2M | ||
| Q3 24 | $47.2M | $26.5M | ||
| Q2 24 | $50.2M | $32.1M | ||
| Q1 24 | $52.8M | $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 | 4.88× | 15.35× | ||
| Q3 25 | 0.62× | 1.97× | ||
| Q2 25 | 3.05× | 2.48× | ||
| Q1 25 | 1.51× | 3.10× | ||
| Q4 24 | 4.93× | 14.98× | ||
| Q3 24 | — | 1.83× | ||
| Q2 24 | 1.40× | 2.22× | ||
| Q1 24 | — | 2.48× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
