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Side-by-side financial comparison of SAUL CENTERS, INC. (BFS) and System1, Inc. (SST). Click either name above to swap in a different company.
SAUL CENTERS, INC. is the larger business by last-quarter revenue ($75.1M vs $51.9M, roughly 1.4× System1, Inc.). SAUL CENTERS, INC. runs the higher net margin — 8.7% vs -26.0%, a 34.6% gap on every dollar of revenue. On growth, SAUL CENTERS, INC. posted the faster year-over-year revenue change (10.6% vs -31.3%). Over the past eight quarters, SAUL CENTERS, INC.'s revenue compounded faster (6.2% CAGR vs -21.8%).
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.
System1 is an American Internet advertising company. Formerly known as OpenMail, it was founded in 2013. It describes itself as operating a "Responsive Acquisition Marketing Platform", and cites privacy as one of its principal foci, although it has been criticized for its influence on privacy-focused properties, including search engine Startpage.com. It is headquartered in Marina del Rey, California.
BFS vs SST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $51.9M |
| Net Profit | $6.5M | $-13.5M |
| Gross Margin | — | 41.0% |
| Operating Margin | 65.4% | -33.6% |
| Net Margin | 8.7% | -26.0% |
| Revenue YoY | 10.6% | -31.3% |
| Net Profit YoY | -19.6% | 4.8% |
| EPS (diluted) | $0.15 | $-3.58 |
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 | $51.9M | ||
| Q3 25 | $72.0M | $61.6M | ||
| Q2 25 | $70.8M | $78.1M | ||
| Q1 25 | $71.9M | $74.5M | ||
| Q4 24 | $67.9M | $75.6M | ||
| Q3 24 | $67.3M | $88.8M | ||
| Q2 24 | $66.9M | $94.6M | ||
| Q1 24 | $66.7M | $84.9M |
| Q4 25 | $6.5M | $-13.5M | ||
| Q3 25 | $10.5M | $-18.5M | ||
| Q2 25 | $10.7M | $-17.5M | ||
| Q1 25 | $9.8M | $-15.9M | ||
| Q4 24 | $8.1M | $-14.2M | ||
| Q3 24 | $14.5M | $-23.6M | ||
| Q2 24 | $14.4M | $-26.4M | ||
| Q1 24 | $13.6M | $-10.5M |
| Q4 25 | — | 41.0% | ||
| Q3 25 | — | 36.9% | ||
| Q2 25 | — | 35.7% | ||
| Q1 25 | — | 38.2% | ||
| Q4 24 | — | 42.1% | ||
| Q3 24 | 73.6% | 28.0% | ||
| Q2 24 | 74.2% | 27.6% | ||
| Q1 24 | 72.8% | 21.9% |
| Q4 25 | 65.4% | -33.6% | ||
| Q3 25 | 69.1% | -25.3% | ||
| Q2 25 | 68.7% | -20.4% | ||
| Q1 25 | 66.5% | -17.6% | ||
| Q4 24 | 82.9% | -15.7% | ||
| Q3 24 | 72.8% | -24.6% | ||
| Q2 24 | 75.0% | -30.8% | ||
| Q1 24 | 72.4% | -30.4% |
| Q4 25 | 8.7% | -26.0% | ||
| Q3 25 | 14.6% | -30.1% | ||
| Q2 25 | 15.1% | -22.4% | ||
| Q1 25 | 13.6% | -21.3% | ||
| Q4 24 | 11.9% | -18.7% | ||
| Q3 24 | 21.5% | -26.6% | ||
| Q2 24 | 21.6% | -27.9% | ||
| Q1 24 | 20.4% | -12.4% |
| Q4 25 | $0.15 | $-3.58 | ||
| Q3 25 | $0.32 | $-2.30 | ||
| Q2 25 | $0.33 | $-2.23 | ||
| Q1 25 | $0.29 | $-0.21 | ||
| Q4 24 | $0.22 | $-3.41 | ||
| Q3 24 | $0.48 | $-3.37 | ||
| Q2 24 | $0.48 | $-3.80 | ||
| Q1 24 | $0.45 | $-0.16 |
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 | $86.9M |
| Total DebtLower is stronger | $468.4M | $305.1M |
| Stockholders' EquityBook value | $307.8M | $30.5M |
| Total Assets | $2.2B | $405.0M |
| Debt / EquityLower = less leverage | 1.52× | 10.01× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.7M | $86.9M | ||
| Q3 25 | $11.8M | $54.6M | ||
| Q2 25 | $5.3M | $63.6M | ||
| Q1 25 | $6.5M | $43.9M | ||
| Q4 24 | $10.3M | $63.6M | ||
| Q3 24 | $7.2M | $69.1M | ||
| Q2 24 | $6.9M | $75.7M | ||
| Q1 24 | $7.1M | $69.9M |
| Q4 25 | $468.4M | $305.1M | ||
| Q3 25 | $1.6B | $259.2M | ||
| Q2 25 | $1.6B | $263.3M | ||
| Q1 25 | $1.5B | $267.4M | ||
| Q4 24 | $455.8M | $255.1M | ||
| Q3 24 | $1.5B | $259.2M | ||
| Q2 24 | $1.4B | $263.3M | ||
| Q1 24 | $1.4B | $268.6M |
| Q4 25 | $307.8M | $30.5M | ||
| Q3 25 | $316.6M | $42.7M | ||
| Q2 25 | $322.4M | $58.2M | ||
| Q1 25 | $328.4M | $67.2M | ||
| Q4 24 | $335.8M | $80.3M | ||
| Q3 24 | $341.8M | $90.3M | ||
| Q2 24 | $345.7M | $109.4M | ||
| Q1 24 | $347.1M | $131.7M |
| Q4 25 | $2.2B | $405.0M | ||
| Q3 25 | $2.2B | $385.2M | ||
| Q2 25 | $2.1B | $429.2M | ||
| Q1 25 | $2.1B | $419.2M | ||
| Q4 24 | $2.1B | $459.1M | ||
| Q3 24 | $2.1B | $479.3M | ||
| Q2 24 | $2.1B | $511.3M | ||
| Q1 24 | $2.0B | $521.1M |
| Q4 25 | 1.52× | 10.01× | ||
| Q3 25 | 5.02× | 6.07× | ||
| Q2 25 | 4.85× | 4.53× | ||
| Q1 25 | 4.70× | 3.98× | ||
| Q4 24 | 1.36× | 3.18× | ||
| Q3 24 | 4.37× | 2.87× | ||
| Q2 24 | 4.17× | 2.41× | ||
| Q1 24 | 4.06× | 2.04× |
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 | $-10.6M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 0.0% |
| Cash ConversionOCF / Net Profit | 15.35× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $99.8M | $-10.6M | ||
| Q3 25 | $20.6M | $-2.1M | ||
| Q2 25 | $26.6M | $24.5M | ||
| Q1 25 | $30.4M | $-15.9M | ||
| Q4 24 | $121.2M | $772.0K | ||
| Q3 24 | $26.5M | $-5.0K | ||
| Q2 24 | $32.1M | $10.0M | ||
| Q1 24 | $33.8M | $-16.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-16.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | $-28.3M | $-36.0K | ||
| Q2 24 | $-12.5M | — | ||
| Q1 24 | $-11.7M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -21.5% | ||
| Q4 24 | — | — | ||
| Q3 24 | -42.1% | -0.0% | ||
| Q2 24 | -18.7% | — | ||
| Q1 24 | -17.6% | — |
| Q4 25 | — | 0.0% | ||
| Q3 25 | — | 0.0% | ||
| Q2 25 | — | 0.0% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | 0.0% | ||
| Q3 24 | 81.5% | 0.0% | ||
| Q2 24 | 66.7% | 0.0% | ||
| Q1 24 | 68.3% | 0.0% |
| 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× | — | ||
| Q1 24 | 2.48× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
