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Side-by-side financial comparison of SAUL CENTERS, INC. (BFS) and Karman Holdings Inc. (KRMN). Click either name above to swap in a different company.
Karman Holdings Inc. is the larger business by last-quarter revenue ($134.5M vs $75.1M, roughly 1.8× SAUL CENTERS, INC.). SAUL CENTERS, INC. runs the higher net margin — 8.7% vs 5.7%, a 2.9% gap on every dollar of revenue. On growth, Karman Holdings Inc. posted the faster year-over-year revenue change (47.4% vs 10.6%). Over the past eight quarters, Karman Holdings Inc.'s revenue compounded faster (27.3% 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.
Karman Holdings is an American fabricator of space and defense systems based in Huntington Beach, California. The company, which is valued at approximately US$4 billion, recently underwent an initial public offering.
BFS vs KRMN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $134.5M |
| Net Profit | $6.5M | $7.7M |
| Gross Margin | — | 39.9% |
| Operating Margin | 65.4% | 15.7% |
| Net Margin | 8.7% | 5.7% |
| Revenue YoY | 10.6% | 47.4% |
| Net Profit YoY | -19.6% | 358.3% |
| EPS (diluted) | $0.15 | $0.06 |
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 | $134.5M | ||
| Q3 25 | $72.0M | $121.8M | ||
| Q2 25 | $70.8M | $115.1M | ||
| Q1 25 | $71.9M | $100.1M | ||
| Q4 24 | $67.9M | $91.2M | ||
| Q3 24 | $67.3M | $86.0M | ||
| Q2 24 | $66.9M | $85.0M | ||
| Q1 24 | $66.7M | $83.0M |
| Q4 25 | $6.5M | $7.7M | ||
| Q3 25 | $10.5M | $7.6M | ||
| Q2 25 | $10.7M | $6.8M | ||
| Q1 25 | $9.8M | $-4.8M | ||
| Q4 24 | $8.1M | $1.7M | ||
| Q3 24 | $14.5M | $4.3M | ||
| Q2 24 | $14.4M | $4.6M | ||
| Q1 24 | $13.6M | $2.1M |
| Q4 25 | — | 39.9% | ||
| Q3 25 | — | 41.0% | ||
| Q2 25 | — | 40.9% | ||
| Q1 25 | — | 39.4% | ||
| Q4 24 | — | 38.1% | ||
| Q3 24 | 73.6% | 39.3% | ||
| Q2 24 | 74.2% | 40.7% | ||
| Q1 24 | 72.8% | 34.9% |
| Q4 25 | 65.4% | 15.7% | ||
| Q3 25 | 69.1% | 17.9% | ||
| Q2 25 | 68.7% | 17.5% | ||
| Q1 25 | 66.5% | 10.0% | ||
| Q4 24 | 82.9% | 15.8% | ||
| Q3 24 | 72.8% | 20.2% | ||
| Q2 24 | 75.0% | 21.5% | ||
| Q1 24 | 72.4% | 16.3% |
| Q4 25 | 8.7% | 5.7% | ||
| Q3 25 | 14.6% | 6.3% | ||
| Q2 25 | 15.1% | 5.9% | ||
| Q1 25 | 13.6% | -4.8% | ||
| Q4 24 | 11.9% | 1.8% | ||
| Q3 24 | 21.5% | 5.0% | ||
| Q2 24 | 21.6% | 5.4% | ||
| Q1 24 | 20.4% | 2.6% |
| Q4 25 | $0.15 | $0.06 | ||
| Q3 25 | $0.32 | $0.06 | ||
| Q2 25 | $0.33 | $0.05 | ||
| Q1 25 | $0.29 | $-0.04 | ||
| Q4 24 | $0.22 | $0.01 | ||
| Q3 24 | $0.48 | $0.03 | ||
| Q2 24 | $0.48 | $0.03 | ||
| 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 | $34.0M |
| Total DebtLower is stronger | $468.4M | — |
| Stockholders' EquityBook value | $307.8M | $382.7M |
| Total Assets | $2.2B | $1.1B |
| Debt / EquityLower = less leverage | 1.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.7M | $34.0M | ||
| Q3 25 | $11.8M | $18.7M | ||
| Q2 25 | $5.3M | $27.4M | ||
| Q1 25 | $6.5M | $113.7M | ||
| Q4 24 | $10.3M | $11.5M | ||
| Q3 24 | $7.2M | — | ||
| Q2 24 | $6.9M | — | ||
| Q1 24 | $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 | $307.8M | $382.7M | ||
| Q3 25 | $316.6M | $369.1M | ||
| Q2 25 | $322.4M | $361.5M | ||
| Q1 25 | $328.4M | $348.9M | ||
| Q4 24 | $335.8M | $196.0M | ||
| Q3 24 | $341.8M | $194.1M | ||
| Q2 24 | $345.7M | $189.6M | ||
| Q1 24 | $347.1M | $184.8M |
| Q4 25 | $2.2B | $1.1B | ||
| Q3 25 | $2.2B | $968.1M | ||
| Q2 25 | $2.1B | $953.9M | ||
| Q1 25 | $2.1B | $875.4M | ||
| Q4 24 | $2.1B | $774.0M | ||
| Q3 24 | $2.1B | — | ||
| Q2 24 | $2.1B | — | ||
| Q1 24 | $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 | $99.8M | $8.7M |
| Free Cash FlowOCF − Capex | — | $4.0M |
| FCF MarginFCF / Revenue | — | 3.0% |
| Capex IntensityCapex / Revenue | — | 3.5% |
| Cash ConversionOCF / Net Profit | 15.35× | 1.13× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-42.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $99.8M | $8.7M | ||
| Q3 25 | $20.6M | $131.0K | ||
| Q2 25 | $26.6M | $-17.4M | ||
| Q1 25 | $30.4M | $-13.6M | ||
| Q4 24 | $121.2M | — | ||
| Q3 24 | $26.5M | — | ||
| Q2 24 | $32.1M | — | ||
| Q1 24 | $33.8M | $3.1M |
| Q4 25 | — | $4.0M | ||
| Q3 25 | — | $-6.8M | ||
| Q2 25 | — | $-21.0M | ||
| Q1 25 | — | $-18.6M | ||
| Q4 24 | — | — | ||
| Q3 24 | $-28.3M | — | ||
| Q2 24 | $-12.5M | — | ||
| Q1 24 | $-11.7M | $1.5M |
| Q4 25 | — | 3.0% | ||
| Q3 25 | — | -5.6% | ||
| Q2 25 | — | -18.2% | ||
| Q1 25 | — | -18.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | -42.1% | — | ||
| Q2 24 | -18.7% | — | ||
| Q1 24 | -17.6% | 1.8% |
| Q4 25 | — | 3.5% | ||
| Q3 25 | — | 5.7% | ||
| Q2 25 | — | 3.2% | ||
| Q1 25 | — | 5.0% | ||
| Q4 24 | — | — | ||
| Q3 24 | 81.5% | — | ||
| Q2 24 | 66.7% | — | ||
| Q1 24 | 68.3% | 1.9% |
| Q4 25 | 15.35× | 1.13× | ||
| Q3 25 | 1.97× | 0.02× | ||
| Q2 25 | 2.48× | -2.55× | ||
| Q1 25 | 3.10× | — | ||
| Q4 24 | 14.98× | — | ||
| Q3 24 | 1.83× | — | ||
| Q2 24 | 2.22× | — | ||
| Q1 24 | 2.48× | 1.45× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BFS
Segment breakdown not available.
KRMN
| Tactical Missile And Integrated Defense Systems | $50.5M | 38% |
| Hypersonic And Strategic Missile Defense | $48.4M | 36% |
| Space And Launch | $35.7M | 27% |
