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Side-by-side financial comparison of SAUL CENTERS, INC. (BFS) and Piedmont Realty Trust, Inc. (PDM). Click either name above to swap in a different company.
Piedmont Realty Trust, Inc. is the larger business by last-quarter revenue ($143.3M vs $75.1M, roughly 1.9× SAUL CENTERS, INC.). SAUL CENTERS, INC. runs the higher net margin — 8.7% vs -31.4%, a 40.1% gap on every dollar of revenue. On growth, SAUL CENTERS, INC. posted the faster year-over-year revenue change (10.6% vs 0.4%). Over the past eight quarters, SAUL CENTERS, INC.'s revenue compounded faster (6.2% CAGR vs 0.0%).
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.
Piedmont Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality office properties primarily located in high-growth metropolitan areas across the United States. It serves corporate tenants across multiple industry sectors including technology, professional services, and healthcare, and pursues stable long-term returns for stakeholders via strategic property management and portfolio optimization.
BFS vs PDM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $143.3M |
| Net Profit | $6.5M | $-45.0M |
| Gross Margin | — | — |
| Operating Margin | 65.4% | — |
| Net Margin | 8.7% | -31.4% |
| Revenue YoY | 10.6% | 0.4% |
| Net Profit YoY | -19.6% | -27.9% |
| EPS (diluted) | $0.15 | $-0.10 |
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.
| Q1 26 | — | $143.3M | ||
| Q4 25 | $75.1M | $142.9M | ||
| Q3 25 | $72.0M | $139.2M | ||
| Q2 25 | $70.8M | $140.3M | ||
| Q1 25 | $71.9M | $142.7M | ||
| Q4 24 | $67.9M | $143.2M | ||
| Q3 24 | $67.3M | $139.3M | ||
| Q2 24 | $66.9M | $143.3M |
| Q1 26 | — | $-45.0M | ||
| Q4 25 | $6.5M | $-43.2M | ||
| Q3 25 | $10.5M | $-13.5M | ||
| Q2 25 | $10.7M | $-16.8M | ||
| Q1 25 | $9.8M | $-10.1M | ||
| Q4 24 | $8.1M | $-30.0M | ||
| Q3 24 | $14.5M | $-11.5M | ||
| Q2 24 | $14.4M | $-9.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 73.6% | — | ||
| Q2 24 | 74.2% | — |
| Q1 26 | — | — | ||
| 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 26 | — | -31.4% | ||
| Q4 25 | 8.7% | -30.3% | ||
| Q3 25 | 14.6% | -9.7% | ||
| Q2 25 | 15.1% | -12.0% | ||
| Q1 25 | 13.6% | -7.1% | ||
| Q4 24 | 11.9% | -20.9% | ||
| Q3 24 | 21.5% | -8.3% | ||
| Q2 24 | 21.6% | -6.8% |
| Q1 26 | — | $-0.10 | ||
| Q4 25 | $0.15 | $-0.34 | ||
| Q3 25 | $0.32 | $-0.11 | ||
| Q2 25 | $0.33 | $-0.14 | ||
| Q1 25 | $0.29 | $-0.08 | ||
| Q4 24 | $0.22 | $-0.25 | ||
| Q3 24 | $0.48 | $-0.09 | ||
| Q2 24 | $0.48 | $-0.08 |
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 | $2.3M |
| Total DebtLower is stronger | $468.4M | — |
| Stockholders' EquityBook value | $307.8M | $1.5B |
| Total Assets | $2.2B | $4.0B |
| Debt / EquityLower = less leverage | 1.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $2.3M | ||
| Q4 25 | $8.7M | $731.0K | ||
| Q3 25 | $11.8M | $3.0M | ||
| Q2 25 | $5.3M | $3.3M | ||
| Q1 25 | $6.5M | $2.9M | ||
| Q4 24 | $10.3M | $109.6M | ||
| Q3 24 | $7.2M | $133.6M | ||
| Q2 24 | $6.9M | $138.5M |
| Q1 26 | — | — | ||
| Q4 25 | $468.4M | $2.2B | ||
| Q3 25 | $1.6B | $2.2B | ||
| Q2 25 | $1.6B | $2.2B | ||
| Q1 25 | $1.5B | $2.2B | ||
| Q4 24 | $455.8M | $2.2B | ||
| Q3 24 | $1.5B | $2.2B | ||
| Q2 24 | $1.4B | $2.2B |
| Q1 26 | — | $1.5B | ||
| Q4 25 | $307.8M | $1.5B | ||
| Q3 25 | $316.6M | $1.5B | ||
| Q2 25 | $322.4M | $1.5B | ||
| Q1 25 | $328.4M | $1.6B | ||
| Q4 24 | $335.8M | $1.6B | ||
| Q3 24 | $341.8M | $1.6B | ||
| Q2 24 | $345.7M | $1.7B |
| Q1 26 | — | $4.0B | ||
| Q4 25 | $2.2B | $4.0B | ||
| Q3 25 | $2.2B | $4.0B | ||
| Q2 25 | $2.1B | $4.0B | ||
| Q1 25 | $2.1B | $4.0B | ||
| Q4 24 | $2.1B | $4.1B | ||
| Q3 24 | $2.1B | $4.1B | ||
| Q2 24 | $2.1B | $4.2B |
| Q1 26 | — | — | ||
| Q4 25 | 1.52× | 1.49× | ||
| Q3 25 | 5.02× | 1.43× | ||
| Q2 25 | 4.85× | 1.41× | ||
| Q1 25 | 4.70× | 1.40× | ||
| Q4 24 | 1.36× | 1.40× | ||
| Q3 24 | 4.37× | 1.36× | ||
| Q2 24 | 4.17× | 1.34× |
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 | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 110.3% |
| Cash ConversionOCF / Net Profit | 15.35× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $99.8M | $140.6M | ||
| Q3 25 | $20.6M | $35.8M | ||
| Q2 25 | $26.6M | $50.1M | ||
| Q1 25 | $30.4M | $3.7M | ||
| Q4 24 | $121.2M | $198.1M | ||
| Q3 24 | $26.5M | $42.9M | ||
| Q2 24 | $32.1M | $66.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-28.3M | — | ||
| Q2 24 | $-12.5M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -42.1% | — | ||
| Q2 24 | -18.7% | — |
| Q1 26 | — | 110.3% | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 81.5% | — | ||
| Q2 24 | 66.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | 15.35× | — | ||
| Q3 25 | 1.97× | — | ||
| Q2 25 | 2.48× | — | ||
| Q1 25 | 3.10× | — | ||
| Q4 24 | 14.98× | — | ||
| Q3 24 | 1.83× | — | ||
| Q2 24 | 2.22× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
