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Side-by-side financial comparison of SAUL CENTERS, INC. (BFS) and CODEXIS, INC. (CDXS). Click either name above to swap in a different company.
SAUL CENTERS, INC. is the larger business by last-quarter revenue ($75.1M vs $38.9M, roughly 1.9× CODEXIS, INC.). CODEXIS, INC. runs the higher net margin — 24.7% vs 8.7%, a 16.0% gap on every dollar of revenue. On growth, CODEXIS, INC. posted the faster year-over-year revenue change (81.3% vs 10.6%). Over the past eight quarters, CODEXIS, INC.'s revenue compounded faster (51.0% CAGR vs 6.2%).
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.
Codexis, Inc. is a protein engineering company that develops enzymes for pharmaceutical, food and medical applications.
BFS vs CDXS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $38.9M |
| Net Profit | $6.5M | $9.6M |
| Gross Margin | — | 94.8% |
| Operating Margin | 65.4% | 27.1% |
| Net Margin | 8.7% | 24.7% |
| Revenue YoY | 10.6% | 81.3% |
| Net Profit YoY | -19.6% | 192.5% |
| EPS (diluted) | $0.15 | $0.13 |
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 | $75.1M | $38.9M | ||
| Q3 25 | $72.0M | $8.6M | ||
| Q2 25 | $70.8M | $15.3M | ||
| Q1 25 | $71.9M | $7.5M | ||
| Q4 24 | $67.9M | $21.5M | ||
| Q3 24 | $67.3M | $12.8M | ||
| Q2 24 | $66.9M | $8.0M | ||
| Q1 24 | $66.7M | $17.1M |
| Q4 25 | $6.5M | $9.6M | ||
| Q3 25 | $10.5M | $-19.6M | ||
| Q2 25 | $10.7M | $-13.3M | ||
| Q1 25 | $9.8M | $-20.7M | ||
| Q4 24 | $8.1M | $-10.4M | ||
| Q3 24 | $14.5M | $-20.6M | ||
| Q2 24 | $14.4M | $-22.8M | ||
| Q1 24 | $13.6M | $-11.5M |
| Q4 25 | — | 94.8% | ||
| Q3 25 | — | 71.3% | ||
| Q2 25 | — | 86.3% | ||
| Q1 25 | — | 63.8% | ||
| Q4 24 | — | 83.0% | ||
| Q3 24 | 73.6% | 66.4% | ||
| Q2 24 | 74.2% | 56.6% | ||
| Q1 24 | 72.8% | 71.6% |
| Q4 25 | 65.4% | 27.1% | ||
| Q3 25 | 69.1% | -220.3% | ||
| Q2 25 | 68.7% | -83.9% | ||
| Q1 25 | 66.5% | -271.6% | ||
| Q4 24 | 82.9% | -34.2% | ||
| Q3 24 | 72.8% | -129.0% | ||
| Q2 24 | 75.0% | -284.9% | ||
| Q1 24 | 72.4% | -69.6% |
| Q4 25 | 8.7% | 24.7% | ||
| Q3 25 | 14.6% | -228.1% | ||
| Q2 25 | 15.1% | -86.6% | ||
| Q1 25 | 13.6% | -274.3% | ||
| Q4 24 | 11.9% | -48.4% | ||
| Q3 24 | 21.5% | -160.8% | ||
| Q2 24 | 21.6% | -285.2% | ||
| Q1 24 | 20.4% | -67.4% |
| Q4 25 | $0.15 | $0.13 | ||
| Q3 25 | $0.32 | $-0.22 | ||
| Q2 25 | $0.33 | $-0.16 | ||
| Q1 25 | $0.29 | $-0.25 | ||
| Q4 24 | $0.22 | $-0.12 | ||
| Q3 24 | $0.48 | $-0.29 | ||
| Q2 24 | $0.48 | $-0.32 | ||
| Q1 24 | $0.45 | $-0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $8.7M | $78.2M |
| Total DebtLower is stronger | $468.4M | $40.1M |
| Stockholders' EquityBook value | $307.8M | $50.5M |
| Total Assets | $2.2B | $147.8M |
| Debt / EquityLower = less leverage | 1.52× | 0.79× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.7M | $78.2M | ||
| Q3 25 | $11.8M | $58.7M | ||
| Q2 25 | $5.3M | $66.3M | ||
| Q1 25 | $6.5M | $59.8M | ||
| Q4 24 | $10.3M | $73.5M | ||
| Q3 24 | $7.2M | $90.3M | ||
| Q2 24 | $6.9M | $73.2M | ||
| Q1 24 | $7.1M | $85.5M |
| Q4 25 | $468.4M | $40.1M | ||
| Q3 25 | $1.6B | $39.7M | ||
| Q2 25 | $1.6B | $39.4M | ||
| Q1 25 | $1.5B | $29.2M | ||
| Q4 24 | $455.8M | $28.9M | ||
| Q3 24 | $1.5B | $28.6M | ||
| Q2 24 | $1.4B | $28.4M | ||
| Q1 24 | $1.4B | $28.1M |
| Q4 25 | $307.8M | $50.5M | ||
| Q3 25 | $316.6M | $38.5M | ||
| Q2 25 | $322.4M | $55.6M | ||
| Q1 25 | $328.4M | $49.6M | ||
| Q4 24 | $335.8M | $66.9M | ||
| Q3 24 | $341.8M | $73.4M | ||
| Q2 24 | $345.7M | $61.4M | ||
| Q1 24 | $347.1M | $79.3M |
| Q4 25 | $2.2B | $147.8M | ||
| Q3 25 | $2.2B | $124.0M | ||
| Q2 25 | $2.1B | $138.2M | ||
| Q1 25 | $2.1B | $128.9M | ||
| Q4 24 | $2.1B | $149.0M | ||
| Q3 24 | $2.1B | $148.2M | ||
| Q2 24 | $2.1B | $132.0M | ||
| Q1 24 | $2.0B | $149.6M |
| Q4 25 | 1.52× | 0.79× | ||
| Q3 25 | 5.02× | 1.03× | ||
| Q2 25 | 4.85× | 0.71× | ||
| Q1 25 | 4.70× | 0.59× | ||
| Q4 24 | 1.36× | 0.43× | ||
| Q3 24 | 4.37× | 0.39× | ||
| Q2 24 | 4.17× | 0.46× | ||
| Q1 24 | 4.06× | 0.35× |
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 | $99.8M | $20.1M |
| Free Cash FlowOCF − Capex | — | $19.6M |
| FCF MarginFCF / Revenue | — | 50.3% |
| Capex IntensityCapex / Revenue | — | 1.3% |
| Cash ConversionOCF / Net Profit | 15.35× | 2.09× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-23.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $99.8M | $20.1M | ||
| Q3 25 | $20.6M | $-7.7M | ||
| Q2 25 | $26.6M | $-18.0M | ||
| Q1 25 | $30.4M | $-13.8M | ||
| Q4 24 | $121.2M | $-16.5M | ||
| Q3 24 | $26.5M | $-13.0M | ||
| Q2 24 | $32.1M | $-12.2M | ||
| Q1 24 | $33.8M | $-7.8M |
| Q4 25 | — | $19.6M | ||
| Q3 25 | — | $-7.9M | ||
| Q2 25 | — | $-20.5M | ||
| Q1 25 | — | $-15.1M | ||
| Q4 24 | — | $-18.2M | ||
| Q3 24 | $-28.3M | $-14.0M | ||
| Q2 24 | $-12.5M | $-12.6M | ||
| Q1 24 | $-11.7M | $-8.9M |
| Q4 25 | — | 50.3% | ||
| Q3 25 | — | -91.7% | ||
| Q2 25 | — | -133.6% | ||
| Q1 25 | — | -199.6% | ||
| Q4 24 | — | -85.0% | ||
| Q3 24 | -42.1% | -109.0% | ||
| Q2 24 | -18.7% | -157.5% | ||
| Q1 24 | -17.6% | -52.2% |
| Q4 25 | — | 1.3% | ||
| Q3 25 | — | 2.1% | ||
| Q2 25 | — | 16.4% | ||
| Q1 25 | — | 16.7% | ||
| Q4 24 | — | 8.3% | ||
| Q3 24 | 81.5% | 7.8% | ||
| Q2 24 | 66.7% | 5.0% | ||
| Q1 24 | 68.3% | 6.6% |
| Q4 25 | 15.35× | 2.09× | ||
| Q3 25 | 1.97× | — | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 3.10× | — | ||
| Q4 24 | 14.98× | — | ||
| Q3 24 | 1.83× | — | ||
| Q2 24 | 2.22× | — | ||
| Q1 24 | 2.48× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
