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Side-by-side financial comparison of SAUL CENTERS, INC. (BFS) and Perma-Pipe International Holdings, Inc. (PPIH). Click either name above to swap in a different company.
SAUL CENTERS, INC. is the larger business by last-quarter revenue ($75.1M vs $61.1M, roughly 1.2× Perma-Pipe International Holdings, Inc.). Perma-Pipe International Holdings, Inc. runs the higher net margin — 10.3% vs 8.7%, a 1.7% gap on every dollar of revenue. On growth, Perma-Pipe International Holdings, Inc. posted the faster year-over-year revenue change (47.1% vs 10.6%). Over the past eight quarters, Perma-Pipe International Holdings, Inc.'s revenue compounded faster (23.4% 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.
Perma-Pipe International Holdings, Inc. designs, manufactures and supplies pre-insulated piping systems and integrated leak detection solutions. Its offerings cater to oil & gas, district heating and cooling, industrial, and municipal infrastructure segments, with a global footprint spanning North America, the Middle East, Europe and Asia.
BFS vs PPIH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $61.1M |
| Net Profit | $6.5M | $6.3M |
| Gross Margin | — | 34.4% |
| Operating Margin | 65.4% | 18.6% |
| Net Margin | 8.7% | 10.3% |
| Revenue YoY | 10.6% | 47.1% |
| Net Profit YoY | -19.6% | 153.5% |
| EPS (diluted) | $0.15 | $0.77 |
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 | $61.1M | ||
| Q3 25 | $72.0M | $47.9M | ||
| Q2 25 | $70.8M | $46.7M | ||
| Q1 25 | $71.9M | $45.0M | ||
| Q4 24 | $67.9M | $41.6M | ||
| Q3 24 | $67.3M | $37.5M | ||
| Q2 24 | $66.9M | $34.3M | ||
| Q1 24 | $66.7M | $40.2M |
| Q4 25 | $6.5M | $6.3M | ||
| Q3 25 | $10.5M | $851.0K | ||
| Q2 25 | $10.7M | $5.0M | ||
| Q1 25 | $9.8M | $1.8M | ||
| Q4 24 | $8.1M | $2.5M | ||
| Q3 24 | $14.5M | $3.3M | ||
| Q2 24 | $14.4M | $1.4M | ||
| Q1 24 | $13.6M | $8.6M |
| Q4 25 | — | 34.4% | ||
| Q3 25 | — | 30.1% | ||
| Q2 25 | — | 35.8% | ||
| Q1 25 | — | 33.7% | ||
| Q4 24 | — | 33.9% | ||
| Q3 24 | 73.6% | 35.9% | ||
| Q2 24 | 74.2% | 30.6% | ||
| Q1 24 | 72.8% | 30.0% |
| Q4 25 | 65.4% | 18.6% | ||
| Q3 25 | 69.1% | 6.7% | ||
| Q2 25 | 68.7% | 16.9% | ||
| Q1 25 | 66.5% | 12.1% | ||
| Q4 24 | 82.9% | 13.4% | ||
| Q3 24 | 72.8% | 16.4% | ||
| Q2 24 | 75.0% | 9.1% | ||
| Q1 24 | 72.4% | 11.3% |
| Q4 25 | 8.7% | 10.3% | ||
| Q3 25 | 14.6% | 1.8% | ||
| Q2 25 | 15.1% | 10.6% | ||
| Q1 25 | 13.6% | 3.9% | ||
| Q4 24 | 11.9% | 6.0% | ||
| Q3 24 | 21.5% | 8.8% | ||
| Q2 24 | 21.6% | 4.2% | ||
| Q1 24 | 20.4% | 21.5% |
| Q4 25 | $0.15 | $0.77 | ||
| Q3 25 | $0.32 | $0.10 | ||
| Q2 25 | $0.33 | $0.61 | ||
| Q1 25 | $0.29 | $0.23 | ||
| Q4 24 | $0.22 | $0.31 | ||
| Q3 24 | $0.48 | $0.40 | ||
| Q2 24 | $0.48 | $0.18 | ||
| Q1 24 | $0.45 | $1.07 |
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 | $27.2M |
| Total DebtLower is stronger | $468.4M | $12.7M |
| Stockholders' EquityBook value | $307.8M | $85.8M |
| Total Assets | $2.2B | $217.0M |
| Debt / EquityLower = less leverage | 1.52× | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.7M | $27.2M | ||
| Q3 25 | $11.8M | $17.3M | ||
| Q2 25 | $5.3M | $18.8M | ||
| Q1 25 | $6.5M | $15.7M | ||
| Q4 24 | $10.3M | $13.3M | ||
| Q3 24 | $7.2M | $9.5M | ||
| Q2 24 | $6.9M | $7.7M | ||
| Q1 24 | $7.1M | $5.8M |
| Q4 25 | $468.4M | $12.7M | ||
| Q3 25 | $1.6B | — | ||
| Q2 25 | $1.6B | — | ||
| Q1 25 | $1.5B | $15.2M | ||
| Q4 24 | $455.8M | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | $15.2M |
| Q4 25 | $307.8M | $85.8M | ||
| Q3 25 | $316.6M | $80.2M | ||
| Q2 25 | $322.4M | $77.9M | ||
| Q1 25 | $328.4M | $72.1M | ||
| Q4 24 | $335.8M | $71.2M | ||
| Q3 24 | $341.8M | $68.6M | ||
| Q2 24 | $345.7M | $65.5M | ||
| Q1 24 | $347.1M | $65.7M |
| Q4 25 | $2.2B | $217.0M | ||
| Q3 25 | $2.2B | $189.0M | ||
| Q2 25 | $2.1B | $178.3M | ||
| Q1 25 | $2.1B | $165.2M | ||
| Q4 24 | $2.1B | $160.7M | ||
| Q3 24 | $2.1B | $157.8M | ||
| Q2 24 | $2.1B | $155.7M | ||
| Q1 24 | $2.0B | $155.7M |
| Q4 25 | 1.52× | 0.15× | ||
| Q3 25 | 5.02× | — | ||
| Q2 25 | 4.85× | — | ||
| Q1 25 | 4.70× | 0.21× | ||
| Q4 24 | 1.36× | — | ||
| Q3 24 | 4.37× | — | ||
| Q2 24 | 4.17× | — | ||
| Q1 24 | 4.06× | 0.23× |
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 | $17.3M |
| Free Cash FlowOCF − Capex | — | $12.4M |
| FCF MarginFCF / Revenue | — | 20.2% |
| Capex IntensityCapex / Revenue | — | 8.1% |
| Cash ConversionOCF / Net Profit | 15.35× | 2.74× |
| TTM Free Cash FlowTrailing 4 quarters | — | $12.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $99.8M | $17.3M | ||
| Q3 25 | $20.6M | $-2.0M | ||
| Q2 25 | $26.6M | $733.0K | ||
| Q1 25 | $30.4M | $6.0M | ||
| Q4 24 | $121.2M | $5.2M | ||
| Q3 24 | $26.5M | $2.8M | ||
| Q2 24 | $32.1M | $-73.0K | ||
| Q1 24 | $33.8M | $7.1M |
| Q4 25 | — | $12.4M | ||
| Q3 25 | — | $-4.6M | ||
| Q2 25 | — | $-194.0K | ||
| Q1 25 | — | $4.7M | ||
| Q4 24 | — | $4.8M | ||
| Q3 24 | $-28.3M | $2.2M | ||
| Q2 24 | $-12.5M | $-662.0K | ||
| Q1 24 | $-11.7M | $4.2M |
| Q4 25 | — | 20.2% | ||
| Q3 25 | — | -9.6% | ||
| Q2 25 | — | -0.4% | ||
| Q1 25 | — | 10.5% | ||
| Q4 24 | — | 11.6% | ||
| Q3 24 | -42.1% | 5.8% | ||
| Q2 24 | -18.7% | -1.9% | ||
| Q1 24 | -17.6% | 10.5% |
| Q4 25 | — | 8.1% | ||
| Q3 25 | — | 5.3% | ||
| Q2 25 | — | 2.0% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | — | 0.8% | ||
| Q3 24 | 81.5% | 1.7% | ||
| Q2 24 | 66.7% | 1.7% | ||
| Q1 24 | 68.3% | 7.2% |
| Q4 25 | 15.35× | 2.74× | ||
| Q3 25 | 1.97× | -2.40× | ||
| Q2 25 | 2.48× | 0.15× | ||
| Q1 25 | 3.10× | 3.42× | ||
| Q4 24 | 14.98× | 2.07× | ||
| Q3 24 | 1.83× | 0.86× | ||
| Q2 24 | 2.22× | -0.05× | ||
| Q1 24 | 2.48× | 0.82× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
