A Business at a Glance
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BXP, a Delaware corporation, is a fully integrated, self-administered and self-managed REIT, and it is one of the largest publicly-traded office REITs (based on total market capitalization as of December 31, 2025) in the United States that develops, owns and manages primarily premier workplaces. BXP was formed in 1997 to succeed the real estate development, redevelopment, acquisition, management, operating and leasing businesses associated with the predecessor company founded by Mortimer B. Zuckerman and Edward H. Linde in 1970. Our properties are concentrated in six dynamic gateway markets—Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC. At December 31, 2025, we owned or had joint venture interests in a portfolio of 179 commercial real estate properties, aggregating approximately 52.6 million net rentable square feet of primarily premier workplaces, including eight properties under construction/redevelopment totaling approximately 3.
| 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 | 6.5% | 6.3% | 4.3% | 5.2% | 8.2% | 6.1% |
| Gross Margin | 32.9% | 32.9% | 33.9% | 35.7% | 38.0% | 38.0% |
| Debt/Equity | 2.05 | 2.05 | 2.06 | 1.79 | 1.67 | 1.65 |
| Dividends/Share | $4.04 | $0.70 | $0.98 | $0.98 | $0.98 | $0.98 |
| 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% | 13.8% | 8.5% |
| Shares Outstanding | 159M | 159M | 159M | 157M | 157M | 157M |
BXP, Inc. passes 2 of 9 quality checks, indicating weak fundamentals.
BXP, Inc. trades at 30.8x trailing earnings, compared to its 15-year median P/E of 29.0x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 8.3x vs a median of 12.2x. The company's 5-year average ROIC is 6.0% with a gross margin of 35.7%. Total shareholder yield (dividends) is 7.5%. At current prices, the estimated annualized return to fair value is +1.3%.
BXP, Inc. (BXP) has a current P/E ratio of 30.8, compared to its historical median P/E of 29.0. 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 6.0%. This is below average and may indicate limited pricing power.
BXP, Inc. (BXP) has a market capitalization of $8.5B. It is classified as a mid-cap stock.
Yes, BXP, Inc. (BXP) pays a dividend with a trailing twelve-month yield of 7.55%.
Based on historical P/E analysis, BXP, Inc. (BXP) appears fair. The current P/E of 30.8 is 6% above its historical median of 29.0. The estimated fair value CAGR (P/E method) is -25.5%.
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.
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 2.05. 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.