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Side-by-side financial comparison of SAUL CENTERS, INC. (BFS) and FORRESTER RESEARCH, INC. (FORR). Click either name above to swap in a different company.
FORRESTER RESEARCH, INC. is the larger business by last-quarter revenue ($101.1M vs $75.1M, roughly 1.3× SAUL CENTERS, INC.). SAUL CENTERS, INC. runs the higher net margin — 8.7% vs -33.5%, a 42.2% gap on every dollar of revenue. On growth, SAUL CENTERS, INC. posted the faster year-over-year revenue change (10.6% vs -6.5%). Over the past eight quarters, SAUL CENTERS, INC.'s revenue compounded faster (6.2% CAGR vs 0.5%).
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.
Forrester Research, Inc. is a research and advisory firm working in research, consulting and events. Forrester’s clients include large global business, technology and consumer enterprises. The firm is headquartered in Cambridge, MA.
BFS vs FORR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $101.1M |
| Net Profit | $6.5M | $-33.9M |
| Gross Margin | — | 56.7% |
| Operating Margin | 65.4% | -36.6% |
| Net Margin | 8.7% | -33.5% |
| Revenue YoY | 10.6% | -6.5% |
| Net Profit YoY | -19.6% | -7941.4% |
| EPS (diluted) | $0.15 | $-1.75 |
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 | $101.1M | ||
| Q3 25 | $72.0M | $94.3M | ||
| Q2 25 | $70.8M | $111.7M | ||
| Q1 25 | $71.9M | $89.9M | ||
| Q4 24 | $67.9M | $108.0M | ||
| Q3 24 | $67.3M | $102.5M | ||
| Q2 24 | $66.9M | $121.8M | ||
| Q1 24 | $66.7M | $100.1M |
| Q4 25 | $6.5M | $-33.9M | ||
| Q3 25 | $10.5M | $-2.1M | ||
| Q2 25 | $10.7M | $3.9M | ||
| Q1 25 | $9.8M | $-87.3M | ||
| Q4 24 | $8.1M | $432.0K | ||
| Q3 24 | $14.5M | $-5.8M | ||
| Q2 24 | $14.4M | $6.3M | ||
| Q1 24 | $13.6M | $-6.7M |
| Q4 25 | — | 56.7% | ||
| Q3 25 | — | 60.0% | ||
| Q2 25 | — | 55.5% | ||
| Q1 25 | — | 55.9% | ||
| Q4 24 | — | 58.8% | ||
| Q3 24 | 73.6% | 60.5% | ||
| Q2 24 | 74.2% | 57.3% | ||
| Q1 24 | 72.8% | 54.9% |
| Q4 25 | 65.4% | -36.6% | ||
| Q3 25 | 69.1% | 4.7% | ||
| Q2 25 | 68.7% | 6.2% | ||
| Q1 25 | 66.5% | -97.5% | ||
| Q4 24 | 82.9% | -0.5% | ||
| Q3 24 | 72.8% | -0.7% | ||
| Q2 24 | 75.0% | 9.3% | ||
| Q1 24 | 72.4% | -9.3% |
| Q4 25 | 8.7% | -33.5% | ||
| Q3 25 | 14.6% | -2.3% | ||
| Q2 25 | 15.1% | 3.5% | ||
| Q1 25 | 13.6% | -97.1% | ||
| Q4 24 | 11.9% | 0.4% | ||
| Q3 24 | 21.5% | -5.7% | ||
| Q2 24 | 21.6% | 5.2% | ||
| Q1 24 | 20.4% | -6.7% |
| Q4 25 | $0.15 | $-1.75 | ||
| Q3 25 | $0.32 | $-0.11 | ||
| Q2 25 | $0.33 | $0.20 | ||
| Q1 25 | $0.29 | $-4.62 | ||
| Q4 24 | $0.22 | $0.02 | ||
| Q3 24 | $0.48 | $-0.30 | ||
| Q2 24 | $0.48 | $0.33 | ||
| Q1 24 | $0.45 | $-0.35 |
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 | $63.3M |
| Total DebtLower is stronger | $468.4M | — |
| Stockholders' EquityBook value | $307.8M | $126.5M |
| Total Assets | $2.2B | $404.0M |
| Debt / EquityLower = less leverage | 1.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.7M | $63.3M | ||
| Q3 25 | $11.8M | $65.1M | ||
| Q2 25 | $5.3M | $67.8M | ||
| Q1 25 | $6.5M | $75.6M | ||
| Q4 24 | $10.3M | $56.1M | ||
| Q3 24 | $7.2M | $62.8M | ||
| Q2 24 | $6.9M | $58.9M | ||
| Q1 24 | $7.1M | $61.4M |
| 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 | $126.5M | ||
| Q3 25 | $316.6M | $157.7M | ||
| Q2 25 | $322.4M | $159.5M | ||
| Q1 25 | $328.4M | $147.4M | ||
| Q4 24 | $335.8M | $229.5M | ||
| Q3 24 | $341.8M | $234.3M | ||
| Q2 24 | $345.7M | $237.1M | ||
| Q1 24 | $347.1M | $230.9M |
| Q4 25 | $2.2B | $404.0M | ||
| Q3 25 | $2.2B | $414.2M | ||
| Q2 25 | $2.1B | $436.0M | ||
| Q1 25 | $2.1B | $439.8M | ||
| Q4 24 | $2.1B | $503.9M | ||
| Q3 24 | $2.1B | $505.3M | ||
| Q2 24 | $2.1B | $524.2M | ||
| Q1 24 | $2.0B | $555.7M |
| 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 | $-3.2M |
| Free Cash FlowOCF − Capex | — | $-4.3M |
| FCF MarginFCF / Revenue | — | -4.2% |
| Capex IntensityCapex / Revenue | — | 1.1% |
| Cash ConversionOCF / Net Profit | 15.35× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $18.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $99.8M | $-3.2M | ||
| Q3 25 | $20.6M | $1.2M | ||
| Q2 25 | $26.6M | $-3.6M | ||
| Q1 25 | $30.4M | $26.7M | ||
| Q4 24 | $121.2M | $-1.8M | ||
| Q3 24 | $26.5M | $264.0K | ||
| Q2 24 | $32.1M | $-2.9M | ||
| Q1 24 | $33.8M | $611.0K |
| Q4 25 | — | $-4.3M | ||
| Q3 25 | — | $524.0K | ||
| Q2 25 | — | $-4.2M | ||
| Q1 25 | — | $26.1M | ||
| Q4 24 | — | $-2.5M | ||
| Q3 24 | $-28.3M | $-223.0K | ||
| Q2 24 | $-12.5M | $-3.7M | ||
| Q1 24 | $-11.7M | $-815.0K |
| Q4 25 | — | -4.2% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | -3.8% | ||
| Q1 25 | — | 29.0% | ||
| Q4 24 | — | -2.3% | ||
| Q3 24 | -42.1% | -0.2% | ||
| Q2 24 | -18.7% | -3.1% | ||
| Q1 24 | -17.6% | -0.8% |
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | 81.5% | 0.5% | ||
| Q2 24 | 66.7% | 0.7% | ||
| Q1 24 | 68.3% | 1.4% |
| Q4 25 | 15.35× | — | ||
| Q3 25 | 1.97× | — | ||
| Q2 25 | 2.48× | -0.93× | ||
| Q1 25 | 3.10× | — | ||
| Q4 24 | 14.98× | -4.24× | ||
| Q3 24 | 1.83× | — | ||
| Q2 24 | 2.22× | -0.46× | ||
| Q1 24 | 2.48× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BFS
Segment breakdown not available.
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
