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Side-by-side financial comparison of SAUL CENTERS, INC. (BFS) and DULUTH HOLDINGS INC. (DLTH). Click either name above to swap in a different company.
DULUTH HOLDINGS INC. is the larger business by last-quarter revenue ($114.9M vs $75.1M, roughly 1.5× SAUL CENTERS, INC.). SAUL CENTERS, INC. runs the higher net margin — 8.7% vs -8.8%, a 17.4% gap on every dollar of revenue. On growth, SAUL CENTERS, INC. posted the faster year-over-year revenue change (10.6% vs -9.6%). Over the past eight quarters, SAUL CENTERS, INC.'s revenue compounded faster (6.2% CAGR vs -31.6%).
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.
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
BFS vs DLTH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $114.9M |
| Net Profit | $6.5M | $-10.1M |
| Gross Margin | — | 53.8% |
| Operating Margin | 65.4% | -7.7% |
| Net Margin | 8.7% | -8.8% |
| Revenue YoY | 10.6% | -9.6% |
| Net Profit YoY | -19.6% | 64.6% |
| EPS (diluted) | $0.15 | $-0.29 |
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 | $114.9M | ||
| Q3 25 | $72.0M | $131.7M | ||
| Q2 25 | $70.8M | $102.7M | ||
| Q1 25 | $71.9M | $241.3M | ||
| Q4 24 | $67.9M | $127.1M | ||
| Q3 24 | $67.3M | $141.6M | ||
| Q2 24 | $66.9M | $116.7M | ||
| Q1 24 | $66.7M | $245.6M |
| Q4 25 | $6.5M | $-10.1M | ||
| Q3 25 | $10.5M | $1.3M | ||
| Q2 25 | $10.7M | $-15.3M | ||
| Q1 25 | $9.8M | $-5.6M | ||
| Q4 24 | $8.1M | $-28.2M | ||
| Q3 24 | $14.5M | $-2.0M | ||
| Q2 24 | $14.4M | $-7.9M | ||
| Q1 24 | $13.6M | $6.4M |
| Q4 25 | — | 53.8% | ||
| Q3 25 | — | 54.7% | ||
| Q2 25 | — | 52.0% | ||
| Q1 25 | — | 44.1% | ||
| Q4 24 | — | 52.3% | ||
| Q3 24 | 73.6% | 52.3% | ||
| Q2 24 | 74.2% | 52.8% | ||
| Q1 24 | 72.8% | 48.2% |
| Q4 25 | 65.4% | -7.7% | ||
| Q3 25 | 69.1% | 1.8% | ||
| Q2 25 | 68.7% | -12.0% | ||
| Q1 25 | 66.5% | -1.8% | ||
| Q4 24 | 82.9% | -17.4% | ||
| Q3 24 | 72.8% | -1.1% | ||
| Q2 24 | 75.0% | -7.7% | ||
| Q1 24 | 72.4% | 3.6% |
| Q4 25 | 8.7% | -8.8% | ||
| Q3 25 | 14.6% | 1.0% | ||
| Q2 25 | 15.1% | -14.9% | ||
| Q1 25 | 13.6% | -2.3% | ||
| Q4 24 | 11.9% | -22.2% | ||
| Q3 24 | 21.5% | -1.4% | ||
| Q2 24 | 21.6% | -6.7% | ||
| Q1 24 | 20.4% | 2.6% |
| Q4 25 | $0.15 | $-0.29 | ||
| Q3 25 | $0.32 | $0.04 | ||
| Q2 25 | $0.33 | $-0.45 | ||
| Q1 25 | $0.29 | $-0.17 | ||
| Q4 24 | $0.22 | $-0.84 | ||
| Q3 24 | $0.48 | $-0.06 | ||
| Q2 24 | $0.48 | $-0.24 | ||
| Q1 24 | $0.45 | $0.20 |
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 | $8.2M |
| Total DebtLower is stronger | $468.4M | — |
| Stockholders' EquityBook value | $307.8M | $160.6M |
| Total Assets | $2.2B | $468.0M |
| Debt / EquityLower = less leverage | 1.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.7M | $8.2M | ||
| Q3 25 | $11.8M | $5.7M | ||
| Q2 25 | $5.3M | $8.6M | ||
| Q1 25 | $6.5M | $3.3M | ||
| Q4 24 | $10.3M | $9.3M | ||
| Q3 24 | $7.2M | $9.8M | ||
| Q2 24 | $6.9M | $6.8M | ||
| Q1 24 | $7.1M | $32.2M |
| 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 | $307.8M | $160.6M | ||
| Q3 25 | $316.6M | $170.0M | ||
| Q2 25 | $322.4M | $167.9M | ||
| Q1 25 | $328.4M | $182.7M | ||
| Q4 24 | $335.8M | $188.1M | ||
| Q3 24 | $341.8M | $215.7M | ||
| Q2 24 | $345.7M | $218.4M | ||
| Q1 24 | $347.1M | $222.8M |
| Q4 25 | $2.2B | $468.0M | ||
| Q3 25 | $2.2B | $433.8M | ||
| Q2 25 | $2.1B | $463.7M | ||
| Q1 25 | $2.1B | $452.4M | ||
| Q4 24 | $2.1B | $533.1M | ||
| Q3 24 | $2.1B | $488.6M | ||
| Q2 24 | $2.1B | $471.4M | ||
| Q1 24 | $2.0B | $491.2M |
| 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 | $99.8M | $-6.7M |
| Free Cash FlowOCF − Capex | — | $-8.9M |
| FCF MarginFCF / Revenue | — | -7.8% |
| Capex IntensityCapex / Revenue | — | 2.0% |
| Cash ConversionOCF / Net Profit | 15.35× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $99.8M | $-6.7M | ||
| Q3 25 | $20.6M | $32.0M | ||
| Q2 25 | $26.6M | $-56.5M | ||
| Q1 25 | $30.4M | $41.2M | ||
| Q4 24 | $121.2M | $-41.1M | ||
| Q3 24 | $26.5M | $16.6M | ||
| Q2 24 | $32.1M | $-33.7M | ||
| Q1 24 | $33.8M | $69.7M |
| Q4 25 | — | $-8.9M | ||
| Q3 25 | — | $29.8M | ||
| Q2 25 | — | $-57.8M | ||
| Q1 25 | — | $38.7M | ||
| Q4 24 | — | $-43.7M | ||
| Q3 24 | $-28.3M | $15.0M | ||
| Q2 24 | $-12.5M | $-35.2M | ||
| Q1 24 | $-11.7M | $60.6M |
| Q4 25 | — | -7.8% | ||
| Q3 25 | — | 22.6% | ||
| Q2 25 | — | -56.3% | ||
| Q1 25 | — | 16.0% | ||
| Q4 24 | — | -34.4% | ||
| Q3 24 | -42.1% | 10.6% | ||
| Q2 24 | -18.7% | -30.2% | ||
| Q1 24 | -17.6% | 24.7% |
| Q4 25 | — | 2.0% | ||
| Q3 25 | — | 1.7% | ||
| Q2 25 | — | 1.3% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 2.1% | ||
| Q3 24 | 81.5% | 1.2% | ||
| Q2 24 | 66.7% | 1.3% | ||
| Q1 24 | 68.3% | 3.7% |
| Q4 25 | 15.35× | — | ||
| Q3 25 | 1.97× | 25.40× | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 3.10× | — | ||
| Q4 24 | 14.98× | — | ||
| Q3 24 | 1.83× | — | ||
| Q2 24 | 2.22× | — | ||
| Q1 24 | 2.48× | 10.86× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BFS
Segment breakdown not available.
DLTH
| Sales Channel Directly To Consumer | $67.4M | 59% |
| Sales Channel Through Intermediary | $47.4M | 41% |
