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Side-by-side financial comparison of SAUL CENTERS, INC. (BFS) and GLADSTONE COMMERCIAL CORP (GOOD). Click either name above to swap in a different company.
SAUL CENTERS, INC. is the larger business by last-quarter revenue ($75.1M vs $43.5M, roughly 1.7× GLADSTONE COMMERCIAL CORP). GLADSTONE COMMERCIAL CORP runs the higher net margin — 12.4% vs 8.7%, a 3.7% gap on every dollar of revenue. On growth, GLADSTONE COMMERCIAL CORP posted the faster year-over-year revenue change (16.3% vs 10.6%). Over the past eight quarters, GLADSTONE COMMERCIAL CORP's revenue compounded faster (10.3% 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.
Gladstone Commercial Corp is a publicly traded US real estate investment trust focused on acquiring, owning, and operating diversified industrial and commercial properties. It offers long-term net lease agreements to tenants across manufacturing, logistics, healthcare and professional services sectors, mainly serving small to mid-sized business clients.
BFS vs GOOD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $43.5M |
| Net Profit | $6.5M | $5.4M |
| Gross Margin | — | — |
| Operating Margin | 65.4% | — |
| Net Margin | 8.7% | 12.4% |
| Revenue YoY | 10.6% | 16.3% |
| Net Profit YoY | -19.6% | -25.1% |
| EPS (diluted) | $0.15 | $0.05 |
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 | $43.5M | ||
| Q3 25 | $72.0M | $40.8M | ||
| Q2 25 | $70.8M | $39.5M | ||
| Q1 25 | $71.9M | $37.5M | ||
| Q4 24 | $67.9M | $37.4M | ||
| Q3 24 | $67.3M | $39.2M | ||
| Q2 24 | $66.9M | $37.1M | ||
| Q1 24 | $66.7M | $35.7M |
| Q4 25 | $6.5M | $5.4M | ||
| Q3 25 | $10.5M | $4.1M | ||
| Q2 25 | $10.7M | $4.6M | ||
| Q1 25 | $9.8M | $5.1M | ||
| Q4 24 | $8.1M | $7.2M | ||
| Q3 24 | $14.5M | $11.7M | ||
| Q2 24 | $14.4M | $1.6M | ||
| Q1 24 | $13.6M | $3.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 73.6% | — | ||
| Q2 24 | 74.2% | — | ||
| Q1 24 | 72.8% | — |
| Q4 25 | 65.4% | — | ||
| Q3 25 | 69.1% | — | ||
| Q2 25 | 68.7% | — | ||
| Q1 25 | 66.5% | — | ||
| Q4 24 | 82.9% | — | ||
| Q3 24 | 72.8% | — | ||
| Q2 24 | 75.0% | — | ||
| Q1 24 | 72.4% | — |
| Q4 25 | 8.7% | 12.4% | ||
| Q3 25 | 14.6% | 10.1% | ||
| Q2 25 | 15.1% | 11.7% | ||
| Q1 25 | 13.6% | 13.7% | ||
| Q4 24 | 11.9% | 19.2% | ||
| Q3 24 | 21.5% | 29.8% | ||
| Q2 24 | 21.6% | 4.3% | ||
| Q1 24 | 20.4% | 9.9% |
| Q4 25 | $0.15 | $0.05 | ||
| Q3 25 | $0.32 | $0.02 | ||
| Q2 25 | $0.33 | $0.03 | ||
| Q1 25 | $0.29 | $0.04 | ||
| Q4 24 | $0.22 | $0.10 | ||
| Q3 24 | $0.48 | $0.20 | ||
| Q2 24 | $0.48 | $-0.04 | ||
| Q1 24 | $0.45 | $0.01 |
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 | $10.8M |
| Total DebtLower is stronger | $468.4M | $843.5M |
| Stockholders' EquityBook value | $307.8M | $171.8M |
| Total Assets | $2.2B | $1.2B |
| Debt / EquityLower = less leverage | 1.52× | 4.91× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.7M | $10.8M | ||
| Q3 25 | $11.8M | $18.4M | ||
| Q2 25 | $5.3M | $11.7M | ||
| Q1 25 | $6.5M | $10.4M | ||
| Q4 24 | $10.3M | $11.0M | ||
| Q3 24 | $7.2M | $10.5M | ||
| Q2 24 | $6.9M | $10.4M | ||
| Q1 24 | $7.1M | $10.5M |
| Q4 25 | $468.4M | $843.5M | ||
| Q3 25 | $1.6B | $843.3M | ||
| Q2 25 | $1.6B | $794.4M | ||
| Q1 25 | $1.5B | $740.7M | ||
| Q4 24 | $455.8M | $693.4M | ||
| Q3 24 | $1.5B | $692.6M | ||
| Q2 24 | $1.4B | $722.5M | ||
| Q1 24 | $1.4B | $719.4M |
| Q4 25 | $307.8M | $171.8M | ||
| Q3 25 | $316.6M | $184.8M | ||
| Q2 25 | $322.4M | $177.2M | ||
| Q1 25 | $328.4M | $183.2M | ||
| Q4 24 | $335.8M | $171.2M | ||
| Q3 24 | $341.8M | $168.9M | ||
| Q2 24 | $345.7M | $145.7M | ||
| Q1 24 | $347.1M | $147.3M |
| Q4 25 | $2.2B | $1.2B | ||
| Q3 25 | $2.2B | $1.3B | ||
| Q2 25 | $2.1B | $1.2B | ||
| Q1 25 | $2.1B | $1.2B | ||
| Q4 24 | $2.1B | $1.1B | ||
| Q3 24 | $2.1B | $1.1B | ||
| Q2 24 | $2.1B | $1.1B | ||
| Q1 24 | $2.0B | $1.1B |
| Q4 25 | 1.52× | 4.91× | ||
| Q3 25 | 5.02× | 4.56× | ||
| Q2 25 | 4.85× | 4.48× | ||
| Q1 25 | 4.70× | 4.04× | ||
| Q4 24 | 1.36× | 4.05× | ||
| Q3 24 | 4.37× | 4.10× | ||
| Q2 24 | 4.17× | 4.96× | ||
| Q1 24 | 4.06× | 4.88× |
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 | $88.2M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 15.35× | 16.38× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $99.8M | $88.2M | ||
| Q3 25 | $20.6M | $18.9M | ||
| Q2 25 | $26.6M | $35.8M | ||
| Q1 25 | $30.4M | $17.7M | ||
| Q4 24 | $121.2M | $57.0M | ||
| Q3 24 | $26.5M | $5.5M | ||
| Q2 24 | $32.1M | $13.6M | ||
| Q1 24 | $33.8M | $15.0M |
| 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 | 15.35× | 16.38× | ||
| Q3 25 | 1.97× | 4.57× | ||
| Q2 25 | 2.48× | 7.74× | ||
| Q1 25 | 3.10× | 3.44× | ||
| Q4 24 | 14.98× | 7.93× | ||
| Q3 24 | 1.83× | 0.47× | ||
| Q2 24 | 2.22× | 8.44× | ||
| Q1 24 | 2.48× | 4.26× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
