A Business at a Glance
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BXP, Inc.
BXP
$11.0B
Mkt Cap
$69.11
+1.87%
BXP, Inc. (BXP) has a current P/E ratio of 39.6, compared to its historical median P/E of 28.6. The stock is currently considered Fair based on its historical valuation range.
BXP, Inc. (BXP) has a 5-year average return on invested capital (ROIC) of 7.6%. This is below average and may indicate limited pricing power.
BXP, Inc. (BXP) has a market capitalization of $11.0B. It is classified as a large-cap stock.
Yes, BXP, Inc. (BXP) pays a dividend with a trailing twelve-month yield of 5.85%.
Based on historical P/E analysis, BXP, Inc. (BXP) appears fair. The current P/E of 39.6 is 38% above its historical median of 28.6. The estimated fair value CAGR (P/E method) is -26.4%.
BXP, Inc. (BXP) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
BXP, Inc. (BXP) reported annual revenue of $3.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
Boston Properties is a fully integrated, self-administered and self-managed REIT and one of the largest publicly-traded office REITs in the United States, developing, owning, and managing primarily premier workplaces concentrated in six dynamic gateway markets: Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. As of December 31, 2025, the company owned or had joint venture interests in a portfolio of 179 commercial real estate properties aggregating approximately 52.6 million net rentable square feet, consisting of 157 office properties, 14 retail properties, seven residential properties, and one hotel, with eight properties under construction or redevelopment totaling approximately 3.5 million net rentable square feet. BXP defines premier workplaces as well-located, modern or modernized buildings that are professionally managed and offer high-demand amenities, attracting creditworthy clients and commanding upper-tier rental rates. The company operates as a full-service real estate enterprise with substantial in-house expertise in acquisitions, development, financing, capital markets, construction management, property management, marketing, leasing, and related services, referring to its tenants as "clients" to reflect the multifaceted nature of ongoing engagements. BXP's business model emphasizes development and redevelopment of premier office assets alongside selective acquisitions, with a strategic focus on capital allocation toward development opportunities that generate higher cash yields upon delivery compared to lower-quality asset acquisitions, while also pursuing multifamily development through partnerships where financial partners own the majority of equity.
【Occupancy recovery and FFO growth】 Management expects continued strong leasing momentum into 2026 driven by positive corporate earnings growth, return-to-office mandates, and robust demand in premier workplace segments, with a target of 4 percentage points of total occupancy improvement over 2026 and 2027 remaining achievable. The company is advancing its portfolio optimization strategy through asset sales of approximately $1.9 billion in net proceeds by 2028, with $1.2 billion already realized since the investor conference, while simultaneously progressing a significant development pipeline including the flagship 343 Madison Avenue project in New York City, which is expected to deliver a stabilized unleveraged cash return of 7.5%-8% upon completion in 2029. BXP continues to strengthen its balance sheet through debt refinancing and capital markets access, with plans to introduce financial partners into major development projects and maintain disciplined capital allocation focused on premier workplace assets in CBD locations. The company expects external growth from development deliveries, internal growth from occupancy gains in the same-property portfolio, and lower interest expense from utilizing asset sale proceeds to reduce debt, though partially offset by NOI reduction from executed asset sales.
| Metric | Target | Period |
|---|---|---|
| FFO per share | $6.90–$7.04 | FY2026 |
| Same property NOI growth | 1.4%–2.4% | FY2026 |
| Average occupancy | 88.25% | FY2026 |
| Leasing volume | minimum of $4 million sq ft | FY2026 |
| Asset sales | approximately $360 million in 2026 | FY2026 |
| Consolidated net interest expense | $581 million–$593 million | FY2026 |
FFO per share (FY2026): “we've increased the midpoint of our FFO guidance by $0.01 per share at the midpoint by bringing up the bottom end to $6.90 per share and maintaining the top end at $7.04 per share”
Same property NOI growth (FY2026): “we are increasing our assumption for our share of NOI growth from over 2025 by 15 basis points to between 1.4% and 2.4%”
Average occupancy (FY2026): “we've increased our occupancy outlook for 2026 by 25 basis points to an average for the year of 88.25%”
Leasing volume (FY2026): “we continue to anticipate a minimum of $4 million sq ft of leasing in 2026”
Asset sales (FY2026): “Our guidance assumes an additional $360 million of sales in 2026, that are either under contract or in negotiation”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.5B | 3.5B | 3.4B | 3.3B | 3.1B | 2.9B |
| Net Income | 277M | 277M | 14M | 190M | 849M | 496M |
| EPS | $1.74 | $1.74 | $0.09 | $1.21 | $5.40 | $3.17 |
| Free Cash Flow | 1.0B | 1.0B | 1.0B | 1.1B | 1.2B | 982M |
| ROIC | 6.9% | 6.6% | 4.5% | 5.1% | 10.5% | 11.5% |
| Gross Margin | 32.9% | 32.9% | 33.9% | 35.7% | 38.0% | 38.0% |
| Debt/Equity | 1.91 | 1.91 | 1.97 | 1.79 | 1.67 | 0.59 |
| Dividends/Share | $4.04 | $4.04 | $4.35 | $4.38 | $4.36 | $4.37 |
| Operating Income | 930M | 930M | 659M | 770M | 1.3B | 920M |
| Operating Margin | 26.7% | 26.7% | 19.3% | 23.5% | 41.4% | 31.8% |
| ROE | 5.4% | 5.2% | 0.3% | 3.2% | 14.2% | 8.4% |
| Shares Outstanding | 159M | 159M | 159M | 157M | 157M | 157M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.4B | 2.5B | 2.6B | 2.6B | 2.7B | 3.0B | 2.8B | 2.9B | 3.1B | 3.3B | 3.4B | 3.5B | 3.5B |
| Gross Margin | 38.9% | 39.3% | 37.9% | 38.0% | 36.9% | 38.8% | 36.5% | 38.0% | 38.0% | 35.7% | 33.9% | 32.9% | 32.9% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 99M | 96M | 105M | 114M | 122M | 141M | 133M | 152M | 146M | 170M | 160M | 169M | 169M |
| EBIT | 802M | 849M | 826M | 908M | 402M | 924M | 1.3B | 920M | 1.3B | 770M | 659M | 930M | 930M |
| Op. Margin | 33.5% | 34.1% | 32.4% | 34.9% | 14.8% | 31.2% | 46.8% | 31.8% | 41.4% | 23.5% | 19.3% | 26.7% | 26.7% |
| Net Income | 433M | 573M | 502M | 452M | 572M | 511M | 862M | 496M | 849M | 190M | 14M | 277M | 277M |
| Net Margin | 18.1% | 23.0% | 19.7% | 17.4% | 21.1% | 17.3% | 31.2% | 17.2% | 27.3% | 5.8% | 0.4% | 7.9% | 7.9% |
| Non-Recurring | 1.0M | -653K | 4.1M | 3.7M | 194M | 25M | 619M | 124M | 437M | 517K | 14M | 263M | 263M |
| Returns on Capital | |||||||||||||
| ROIC | 10.2% | 10.4% | 10.5% | 11.5% | 4.8% | 11.4% | 17.1% | 11.5% | 10.5% | 5.1% | 4.5% | 6.6% | 6.9% |
| ROE | 7.6% | 10.0% | 8.7% | 7.8% | 9.8% | 8.8% | 14.8% | 8.4% | 14.2% | 3.2% | 0.3% | 5.2% | 5.4% |
| ROA | 2.2% | 3.0% | 2.7% | 2.4% | 2.9% | 2.5% | 3.9% | 2.2% | 3.6% | 0.8% | 0.1% | 1.1% | 1.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 696M | 799M | 1.0B | 912M | 1.2B | 1.2B | 1.2B | 1.1B | 1.3B | 1.3B | 1.2B | 1.2B | 1.2B |
| Free Cash Flow | 613M | 687M | 884M | 689M | 960M | 1.1B | 997M | 982M | 1.2B | 1.1B | 1.0B | 1.0B | 1.0B |
| Owner Earnings | 39M | 131M | 307M | 259M | 464M | 462M | 429M | 365M | 481M | 419M | 303M | 289M | 289M |
| CapEx | 82M | 113M | 151M | 222M | 190M | 89M | 160M | 151M | 98M | 171M | 190M | 217M | 217M |
| Maint. CapEx | 629M | 640M | 694M | 618M | 646M | 678M | 684M | 717M | 750M | 831M | 887M | 912M | 912M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 629M | 640M | 694M | 618M | 646M | 678M | 684M | 717M | 750M | 831M | 887M | 912M | 912M |
| CapEx/OCF | 11.9% | 14.1% | 14.5% | 24.4% | 16.5% | 7.6% | 13.8% | 13.3% | 7.6% | 13.2% | 15.4% | 17.4% | 17.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 840M | 1.2B | 672M | 527M | 588M | 666M | 689M | 684M | 685M | 688M | 690M | 643M | 643M |
| Dividend Yield | 7.6% | 9.6% | 5.1% | 4.0% | 4.4% | 4.5% | 6.0% | 5.1% | 5.6% | 8.5% | 6.8% | 6.0% | 5.8% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 28M | 29M | 33M | 35M | 40M | 41M | 44M | 51M | 52M | 51M | 44M | 44M | 44M |
| Debt Repayment | 655M | 0 | 0 | 13M | 16M | 29M | 0 | 43M | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 2.4B | 2.6B | 1.7B | 2.6B | 2.4B | 2.3B | 1.2B | 2.9B | 9.5B | 8.9B | 9.4B | 8.3B | 8.3B |
| Cash & Equiv. | 1.8B | 724M | 357M | 435M | 543M | 645M | 1.7B | 453M | 690M | 1.5B | 1.3B | 1.5B | 1.5B |
| Long-Term Debt | 4.2B | 3.4B | 2.0B | 3.0B | 3.0B | 2.9B | 2.9B | 3.3B | 0 | 600M | 0 | 0 | N/A |
| Debt/Equity | 0.73 | 0.59 | 0.35 | 0.53 | 0.51 | 0.52 | 0.49 | 0.59 | 1.67 | 1.79 | 1.97 | 1.91 | 1.91 |
| Interest Coverage | 1.8 | 2.0 | 2.0 | 2.4 | 1.1 | 2.2 | 3.0 | 2.2 | 2.9 | 1.3 | 1.0 | 1.4 | 1.4 |
| Equity | 5.7B | 5.7B | 5.8B | 5.8B | 5.9B | 5.7B | 6.0B | 5.8B | 6.1B | 5.9B | 5.4B | 5.1B | 5.1B |
| Total Assets | 19.9B | 18.4B | 18.9B | 19.4B | 20.3B | 21.3B | 22.9B | 22.4B | 24.2B | 26.0B | 26.1B | 26.2B | 26.2B |
| Total Liabilities | 11.9B | 10.5B | 10.9B | 11.3B | 12.0B | 13.3B | 14.5B | 14.3B | 15.8B | 17.8B | 18.1B | 18.5B | 18.5B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -762M | -781M | -694M | -712M | -676M | -761M | -510M | -626M | -391M | -816M | -1.4B | -1.7B | -1.7B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 2.83 | 3.72 | 3.26 | 2.93 | 3.70 | 3.30 | 5.54 | 3.17 | 5.40 | 1.21 | 0.09 | 1.74 | 1.74 |
| Owner EPS | 0.25 | 0.85 | 1.99 | 1.68 | 3.00 | 2.99 | 2.76 | 2.33 | 3.06 | 2.67 | 1.91 | 1.82 | 1.82 |
| Book Value | 37.23 | 37.09 | 37.56 | 37.69 | 38.03 | 36.71 | 38.53 | 37.27 | 39.01 | 37.38 | 34.14 | 32.36 | 32.36 |
| Cash Flow/Share | 4.54 | 5.19 | 6.71 | 5.91 | 7.44 | 7.63 | 7.43 | 7.24 | 8.16 | 8.28 | 7.78 | 7.83 | 7.47 |
| Dividends/Share | 7.10 | 7.97 | 4.36 | 3.05 | 3.80 | 4.30 | 4.43 | 4.37 | 4.36 | 4.38 | 4.35 | 4.04 | 4.04 |
| Shares Out. | 153.0M | 153.9M | 154.1M | 154.2M | 154.7M | 154.9M | 155.6M | 156.5M | 157.2M | 157.2M | 158.6M | 159.1M | 159.1M |
| Valuation | |||||||||||||
| P/E Ratio | 29.4 | 22.7 | 25.3 | 30.4 | 21.5 | 30.3 | 13.0 | 28.6 | 10.0 | 52.7 | 768.8 | 38.9 | 39.7 |
| P/FCF | 20.8 | 18.9 | 14.4 | 19.9 | 12.8 | 14.2 | 11.2 | 14.4 | 7.2 | 8.9 | 10.5 | 10.5 | 10.7 |
| EV/EBIT | 20.3 | 20.6 | 23.7 | 22.6 | 48.0 | 25.1 | 14.8 | 25.4 | 14.0 | 24.6 | 31.6 | 21.3 | 20.8 |
| Price/Book | 2.2 | 2.3 | 2.2 | 2.4 | 2.1 | 2.7 | 1.9 | 2.4 | 1.4 | 1.7 | 2.0 | 2.1 | 2.1 |
| Price/Sales | 4.6 | 5.1 | 5.1 | 5.1 | 4.9 | 5.0 | 4.1 | 4.6 | 3.9 | 2.5 | 3.0 | 3.1 | 3.2 |
| FCF Yield | 4.8% | 5.3% | 7.0% | 5.0% | 7.8% | 7.0% | 8.9% | 6.9% | 13.9% | 11.3% | 9.5% | 9.5% | 9.4% |
| Market Cap | 12.8B | 13.0B | 12.7B | 13.7B | 12.3B | 15.5B | 11.2B | 14.2B | 8.5B | 10.0B | 11.0B | 10.8B | 11.0B |
| Avg. Price | 72.20 | 83.02 | 84.94 | 85.90 | 85.77 | 94.69 | 73.70 | 85.07 | 78.00 | 51.26 | 63.72 | 66.85 | 69.11 |
| Year-End Price | 83.32 | 84.29 | 82.54 | 88.97 | 79.60 | 100.07 | 72.03 | 90.62 | 54.24 | 63.82 | 69.19 | 67.71 | 69.11 |
BXP, Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
BXP, Inc. trades at 39.6x trailing earnings, compared to its 15-year median P/E of 28.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 10.7x vs a median of 12.0x. The company's 5-year average ROIC is 7.6% with a gross margin of 35.7%. Total shareholder yield (dividends) is 5.8%. At current prices, the estimated annualized return to fair value is +2.3%.
BXP, Inc. (BXP) has a net profit margin of 7.9%. This is a modest margin.
BXP, Inc. (BXP) generated $1.0 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
BXP, Inc. (BXP) has a debt-to-equity ratio of 1.91. This indicates higher leverage, which may increase financial risk.
BXP, Inc. (BXP) reported earnings per share (EPS) of $1.74 in its most recent fiscal year.
BXP, Inc. (BXP) has a return on equity (ROE) of 5.2%. This indicates moderate shareholder returns.
BXP, Inc. (BXP) has a 5-year average gross margin of 35.7%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for BXP, Inc. (BXP), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
BXP, Inc. (BXP) has a book value per share of $32.36, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued strong leasing momentum into 2026 driven by positive corporate earnings growth, return-to-office mandates, and robust demand in premier workplace segments, with a target of 4 percentage points of total occupancy improvement over 2026 and 2027 remaining achievable. The company is advancing its portfolio optimization strategy through asset sales of approximately $1.9 billion in net proceeds by 2028, with $1.2 billion already realized since the investor conference, while simultaneously progressing a significant development pipeline including the flagship 343 Madison Avenue project in New York City, which is expected to deliver a stabilized unleveraged cash return of 7.5%-8% upon completion in 2029. BXP continues to strengthen its balance sheet through debt refinancing and capital markets access, with plans to introduce financial partners into major development projects and maintain disciplined capital allocation focused on premier workplace assets in CBD locations. The company expects external growth from development deliveries, internal growth from occupancy gains in the same-property portfolio, and lower interest expense from utilizing asset sale proceeds to reduce debt, though partially offset by NOI reduction from executed asset sales.
Based on recent SEC filings and earnings calls, BXP, Inc. (BXP) has provided the following forward guidance: FFO per share: $6.90–$7.04 (FY2026); Same property NOI growth: 1.4%–2.4% (FY2026); Average occupancy: 88.25% (FY2026); Leasing volume: minimum of $4 million sq ft (FY2026); Asset sales: approximately $360 million in 2026 (FY2026), plus 1 additional metric.
Consolidated net interest expense (FY2026): “that results in a 2026 range for consolidated net interest expense of $581 million-$593 million”