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Side-by-side financial comparison of SAUL CENTERS, INC. (BFS) and Terreno Realty Corp (TRNO). Click either name above to swap in a different company.
Terreno Realty Corp is the larger business by last-quarter revenue ($137.5M vs $75.1M, roughly 1.8× SAUL CENTERS, INC.). Terreno Realty Corp runs the higher net margin — 115.1% vs 8.7%, a 106.4% gap on every dollar of revenue. On growth, Terreno Realty Corp posted the faster year-over-year revenue change (32.6% vs 10.6%). Over the past eight quarters, Terreno Realty Corp's revenue compounded faster (27.2% 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.
Terreno Realty Corp is a publicly traded real estate investment trust that specializes in owning, operating, and acquiring high-quality industrial real estate assets. Its portfolio mainly includes distribution warehouses and logistics facilities located in high-demand coastal U.S. metropolitan markets, serving tenants across e-commerce, last-mile delivery, retail supply chain, and light manufacturing segments.
BFS vs TRNO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $137.5M |
| Net Profit | $6.5M | $158.2M |
| Gross Margin | — | — |
| Operating Margin | 65.4% | — |
| Net Margin | 8.7% | 115.1% |
| Revenue YoY | 10.6% | 32.6% |
| Net Profit YoY | -19.6% | 107.9% |
| EPS (diluted) | $0.15 | $1.54 |
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 | $137.5M | ||
| Q3 25 | $72.0M | $116.2M | ||
| Q2 25 | $70.8M | $112.2M | ||
| Q1 25 | $71.9M | $110.4M | ||
| Q4 24 | $67.9M | $103.7M | ||
| Q3 24 | $67.3M | $99.6M | ||
| Q2 24 | $66.9M | $94.2M | ||
| Q1 24 | $66.7M | $85.0M |
| Q4 25 | $6.5M | $158.2M | ||
| Q3 25 | $10.5M | $103.4M | ||
| Q2 25 | $10.7M | $93.3M | ||
| Q1 25 | $9.8M | $48.1M | ||
| Q4 24 | $8.1M | $76.1M | ||
| Q3 24 | $14.5M | $36.6M | ||
| Q2 24 | $14.4M | $35.7M | ||
| Q1 24 | $13.6M | $36.1M |
| 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% | 115.1% | ||
| Q3 25 | 14.6% | 88.9% | ||
| Q2 25 | 15.1% | 83.1% | ||
| Q1 25 | 13.6% | 43.6% | ||
| Q4 24 | 11.9% | 73.4% | ||
| Q3 24 | 21.5% | 36.8% | ||
| Q2 24 | 21.6% | 37.9% | ||
| Q1 24 | 20.4% | 42.4% |
| Q4 25 | $0.15 | $1.54 | ||
| Q3 25 | $0.32 | $1.00 | ||
| Q2 25 | $0.33 | $0.90 | ||
| Q1 25 | $0.29 | $0.47 | ||
| Q4 24 | $0.22 | $0.78 | ||
| Q3 24 | $0.48 | $0.37 | ||
| Q2 24 | $0.48 | $0.37 | ||
| Q1 24 | $0.45 | $0.40 |
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 | $25.0M |
| Total DebtLower is stronger | $468.4M | $943.3M |
| Stockholders' EquityBook value | $307.8M | $4.1B |
| Total Assets | $2.2B | $5.4B |
| Debt / EquityLower = less leverage | 1.52× | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.7M | $25.0M | ||
| Q3 25 | $11.8M | $26.2M | ||
| Q2 25 | $5.3M | $128.4M | ||
| Q1 25 | $6.5M | $156.5M | ||
| Q4 24 | $10.3M | $18.1M | ||
| Q3 24 | $7.2M | $243.7M | ||
| Q2 24 | $6.9M | $182.0M | ||
| Q1 24 | $7.1M | $649.6M |
| Q4 25 | $468.4M | $943.3M | ||
| Q3 25 | $1.6B | $1.0B | ||
| Q2 25 | $1.6B | $742.4M | ||
| Q1 25 | $1.5B | $741.9M | ||
| Q4 24 | $455.8M | $823.4M | ||
| Q3 24 | $1.5B | $672.2M | ||
| Q2 24 | $1.4B | $772.0M | ||
| Q1 24 | $1.4B | $771.8M |
| Q4 25 | $307.8M | $4.1B | ||
| Q3 25 | $316.6M | $4.0B | ||
| Q2 25 | $322.4M | $3.9B | ||
| Q1 25 | $328.4M | $3.9B | ||
| Q4 24 | $335.8M | $3.7B | ||
| Q3 24 | $341.8M | $3.6B | ||
| Q2 24 | $345.7M | $3.4B | ||
| Q1 24 | $347.1M | $3.4B |
| Q4 25 | $2.2B | $5.4B | ||
| Q3 25 | $2.2B | $5.3B | ||
| Q2 25 | $2.1B | $5.0B | ||
| Q1 25 | $2.1B | $4.9B | ||
| Q4 24 | $2.1B | $4.8B | ||
| Q3 24 | $2.1B | $4.6B | ||
| Q2 24 | $2.1B | $4.5B | ||
| Q1 24 | $2.0B | $4.4B |
| Q4 25 | 1.52× | 0.23× | ||
| Q3 25 | 5.02× | 0.26× | ||
| Q2 25 | 4.85× | 0.19× | ||
| Q1 25 | 4.70× | 0.19× | ||
| Q4 24 | 1.36× | 0.22× | ||
| Q3 24 | 4.37× | 0.19× | ||
| Q2 24 | 4.17× | 0.22× | ||
| Q1 24 | 4.06× | 0.22× |
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 | $271.9M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 15.35× | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $99.8M | $271.9M | ||
| Q3 25 | $20.6M | $79.5M | ||
| Q2 25 | $26.6M | $60.6M | ||
| Q1 25 | $30.4M | $61.4M | ||
| Q4 24 | $121.2M | $232.7M | ||
| Q3 24 | $26.5M | $70.0M | ||
| Q2 24 | $32.1M | $64.3M | ||
| Q1 24 | $33.8M | $47.0M |
| 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× | 1.72× | ||
| Q3 25 | 1.97× | 0.77× | ||
| Q2 25 | 2.48× | 0.65× | ||
| Q1 25 | 3.10× | 1.28× | ||
| Q4 24 | 14.98× | 3.06× | ||
| Q3 24 | 1.83× | 1.91× | ||
| Q2 24 | 2.22× | 1.80× | ||
| Q1 24 | 2.48× | 1.30× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BFS
Segment breakdown not available.
TRNO
| Disposal Group Disposed Of By Sale Not Discontinued Operations | $109.5M | 80% |
| Other | $23.8M | 17% |
| At Market Equity Offering Program500Million | $4.1M | 3% |
