NYSE: BXP · Office REITs
BXP, Inc.
BXP (formerly Boston Properties) is a REIT that develops, owns and manages premier office buildings — plus life sciences, retail, residential and one hotel — in six U.S. gateway markets: Boston, New York, San Francisco, Washington DC, Los Angeles and Seattle. It owned or had interests in 179 properties with about 52.6 million square feet at the end of 2025. Rental revenue was $3.43 billion in 2025, with Boston (37%) and New York (31%) the largest markets. Net income has been low ($14 million in 2024 and $277 million in 2025) while interest expense rose from $423 million (2021) to $653 million (2025). At its September 2025 Investor Day it set a plan to raise occupancy, sell about $1.9 billion of non-core assets to reduce debt and fund development, and in Q3 2025 it cut its quarterly dividend from $0.98 to $0.70.
Last updated
Analysis last edited: October 12, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: February 27, 2026
Built on10-K FY2025 · filed 2026-02-2710-Q (quarter ended 2026-09-30) · filed 2026-11-06
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 4.7%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- —
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- —
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 4.50x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 0 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 34.4x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.98
Higher than 22% of 372 non-financial companies
Average yearly growth over the years shown
Latest fiscal year (FY2025)
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 93% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-06-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$64.35close on 2026-11-04
Market cap$10.2B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 34.4x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.0x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 10.1%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 5.2%
At FY2025 year-end: 38.8x
Earnings: trailing 12 months to 2026-06-30
At FY2025 year-end: 2.1x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 9.6%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Jun 30, 2026.
- Revenue$868M → $896M (vs. a year earlier)↑ +3.1%$868M → $896M (vs. a year earlier)
- Net income$89M → $69M (vs. a year earlier)↓ −22.9%$89M → $69M (vs. a year earlier)
- Diluted EPS$0.56 → $0.43 (vs. a year earlier)↓ −23.2%$0.56 → $0.43 (vs. a year earlier)
- Cash$513M → $494M (vs. previous quarter-end)↓ −3.7%$513M → $494M (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 27, 2026.
Management outlook ↑ Raised
Raised the midpoint of 2026 EPS guidance by $0.17. Source sentence
The midpoint of full-year 2026 guidance for EPS increased by $0.17 per diluted share, primarily due to the aforementioned gains on sales and better-than-projected portfolio performance.
Key changes
2026 guidance: EPS $2.35–$2.37, FFO $7.06–$7.08. Source sentence
BXP provided guidance for full-year 2026 EPS of $2.35 - $2.37 and FFO of $7.06 - $7.08 per diluted share.
Q3 revenue up 4.6% to $911.4M. Source sentence
Revenue increased 4.6% to $911.4 million for the quarter ended September 30, 2026, compared to $871.5 million for the quarter ended September 30, 2025.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- BXP, Inc.
- Headquarters
- BOSTON, MA
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: BXP
- Industry
- Office REITs
- CIK
- 1037540
- Website
- https://www.bxp.com/ ↗
- IR page
- https://investors.bxp.com/ ↗
Workforce (as of FY2025 year-end)
Employees
826
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 28–30 days after quarter end (Jan 28, 2026; Jan 28, 2025; Jan 30, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 27–30 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 27, 2026 (+27 days) | Nov 6, 2026 10-Q (+37 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 28, 2026 (+28 days) | Aug 6, 2026 10-Q (+37 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 28, 2026 (+28 days) | May 7, 2026 10-Q (+37 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 28, 2026 (+28 days) | Feb 27, 2026 10-K (+58 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 28, 2025 (+28 days) | Nov 7, 2025 10-Q (+38 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 30, 2025 (+30 days) | Aug 6, 2025 10-Q (+37 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 29, 2025 (+29 days) | May 6, 2025 10-Q (+36 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 28, 2025 (+28 days) | Feb 27, 2025 10-K (+58 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 29, 2024 (+29 days) | Nov 5, 2024 10-Q (+36 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 30, 2024 (+30 days) | Aug 5, 2024 10-Q (+36 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 30, 2024 (+30 days) | May 10, 2024 10-Q (+40 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 30, 2024 (+30 days) | Feb 27, 2024 10-K (+58 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Office
Premier workplaces
Examples: 157 office properties incl. life sciences
Office rental revenue $3.33B in 2025.
Residential
Apartments
Examples: 7 residential properties
$51M of rental revenue.
Hotel
Boston Marriott Cambridge
Examples: 437 rooms
$50M of revenue.
Development
Projects under construction
Examples: 343 Madison Avenue (NY), 290 Binney Street (Cambridge)
Eight properties, about 3.5 million sq ft.
From the FY2025 Form 10-K.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Premier workplace (office) properties
U.S. publicly traded office REITs, by market capitalization (Dec 31, 2025)
U.S. share
One of the largest
Company-disclosedWorldwide share
—
Not disclosed
Sources:
07
Recent strategic focusSite analysis
FY2025 from the 10-K, and 2026 events from the Q2 earnings release and 8-Ks.
Q2 2026 results
Revenue $895.7M (+3.1%), EPS $0.43, FFO $1.78 per share; total portfolio occupancy up 100 basis points.
Source: Q2 2026 earnings release (8-K filed 2026-07-28)
Asset sales and impairment
Agreed to sell Sumner Square in Washington DC for $63M, recording an impairment of about $18M.
Source: 8-K filed 2026-05-29
Capital
New $1.0B at-the-market equity program (March 2026) and $700M of 6.050% notes due 2036 (August 2026).
Source: 8-Ks filed 2026-03-06 and 2026-08-31
CEO agreement
CEO Owen Thomas's employment agreement extended through 2029.
Source: 8-K filed 2025-12-22
Capex ÷ D&A (FY2025)
0.24x
Below depreciation — investment is being pared back
formulacapital expenditures ÷ depreciation & amortization
e.g.$217M ÷ $912M = 0.24x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$7M
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $160M in FY2020 to $217M in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$3.48B
As reported in the 10-K
Revenue CAGR (5 years)
+4.7%
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($3,482M ÷ $2,766M) ^ (1÷5) − 1 = 4.7%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
—
formulaoperating income ÷ revenue × 100
ROE (FY2025)
5.2%
6-year average: 7.7%
As reported in the 10-K
P/B (FY2025 end)
2.08x
formulafiscal year-end closing price ÷ book value per share
e.g.$67.48 ÷ $32.46 = 2.08x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ―
Revenue grew +4.7% a year over 5 years (modest growth)
From $2.77B in FY2020 to $3.48B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▼
Equity ratio is 19.7% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ―
ROE averaged 7.7% over 6 years (latest: 5.2%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Leasing and property management
- Development and redevelopment
- Asset sales and joint ventures
06 · what it draws on
Key resources
- 179 properties, about 52.6 million sq ft
- Development pipeline (3.5 million sq ft under construction)
- 714 non-union and 112 union employees
02 · why customers buy
Value propositions
- Premier office and life sciences space in major U.S. markets.
04 · how it keeps them
Customer relationships
- Long-term leases; renewals and new leases with large tenants.
03 · how it reaches them
Channels
- Leases signed directly with corporate tenants such as technology companies, law firms and financial firms.
01 · who it serves
Customer segments
- Technology companies, law firms, financial firms and government-related tenants
09 · where money goes
Cost structure
FY2025, share of revenue ($3.48B)
- Selling, general & administrative4.8%
Depreciation & amortization (inside the costs above): $912M. Capital spending: $217M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Long-term lease rent
- Parking, hotel and residential income
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Leases office and life sciences space to large companies and law firms, develops new buildings, and owns some residential, retail and hotel properties; many assets are held in joint ventures.
01 what it draws on
Inputs & resources
- 179 properties, about 52.6 million sq ft
- Development pipeline (3.5 million sq ft under construction)
- 714 non-union and 112 union employees
02 what it does
Activities
- Leasing and property management
- Development and redevelopment
- Asset sales and joint ventures
03 who it serves
Customers
- Technology companies, law firms, financial firms and government-related tenants
04 how money comes in
How it earns
- Long-term lease rent
- Parking, hotel and residential income
How the business makes money
- 2025 rental revenue $3.43B; net operating income (NOI) $2.06B.
- BXP's share of NOI was $1.98B, flat versus 2024.
- Q2 2026 total portfolio occupancy rose 100 basis points.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
BXP is a REIT subject to zoning, safety and sanctions rules.
Government funding & tax credits
REIT tax status
To keep REIT status (no corporate income tax on distributed income) it must distribute at least 90% of REIT taxable income each year.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Approvals & licenses
Zoning and building rules
Subject to environmental, zoning, usage, building and fire codes and OFAC requirements.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Boston
1,286 (37%)profit 786 · margin 61.1%
New York
1,055 (31%)profit 601 · margin 57.0%
San Francisco
524 (15%)profit 311 · margin 59.4%
Washington, DC
445 (13%)profit 275 · margin 61.8%
Los Angeles
71 (2%)profit 48 · margin 67.6%
Seattle
49 (1%)profit 37 · margin 75.5%
Source: Form 10-K (FY2025) — Note 12, Segment Information Revenue is rental revenue of consolidated properties; profit is net operating income (rental revenue less rental expenses). BXP measures segments by its share of NOI, which also adds unconsolidated joint ventures and removes partners' shares.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Revenue comes from multi-year leases with corporate tenants. The weighted average remaining lease term of the 20 largest clients was about 9.8 years, and about 7.2% of BXP's share of in-service square footage expires through 2027.
- Multi-year / recurring
Office and life sciences leases
$3.33B of 2025 rental revenue
Typical term: Long-term leases with rent and tenant improvement allowances
Top 20 clients' remaining term about 9.8 years.
Residential and hotel
$100M
Typical term: Apartment leases; hotel managed by Marriott
Source: Form 10-K (FY2025)
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Corporate tenants: technology companies, law firms, financial firms and others.
Named by the company
- Salesforce — 2.13% of in-service square feet (largest client).Form 10-K (FY2025) — Item 2, 20 largest clients
- Google — 2.00%.Form 10-K (FY2025) — Item 2, 20 largest clients
- Fannie Mae — 1.70%.Form 10-K (FY2025) — Item 2, 20 largest clients
- Akamai Technologies — 1.58%.Form 10-K (FY2025) — Item 2, 20 largest clients
- Snap — 1.45%.Form 10-K (FY2025) — Item 2, 20 largest clients
- Microsoft — 1.43%.Form 10-K (FY2025) — Item 2, 20 largest clients
What the filings disclose
- The 20 largest clients' weighted average remaining lease term was about 9.8 years. (Form 10-K (FY2025))
Suppliers
Construction contractors and lenders; Marriott manages the hotel.
Named by the company
None named in the 10-K or the company’s press releases.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
BXP's 10-K says it competes with a considerable number of real estate companies in leasing office, retail and residential space, some with greater resources, and its hotel competes with other hotels. It names no companies.
Competitors named in the 10-K
BXP's 10-K describes competition without naming companies.
Peer group the company chose
Custom Index for relative TSR (2025 MYLTIP), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Six office REITs most similar in asset type, quality and gateway-market presence. The proxy notes BXP has no directly comparable public peer and often competes with larger private companies.
- Douglas Emmettsite ↗
- Kilroy Realtysite ↗
- Empire State Realty Trustsite ↗
- SL Green Realtysite ↗
- Hudson Pacific Propertiessite ↗
- Vornado Realty Trustsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
Profit over time (operating → net)
Unit: $M
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 2,766 | 2,889 | 3,109 | 3,274 | 3,408 | 3,482 |
| Net income (attributable) | 873 | 505 | 849 | 190 | 14 | 277 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 4.4% | 7.6% | 5.3% | 4.1% | 2.2% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 31.6% | 17.5% | 27.3% | 5.8% | 0.4% | 7.9% |
| Balance sheet ($M) | ||||||
| Total assets | 22,858 | 22,365 | 24,208 | 26,026 | 26,085 | 26,166 |
| Total equity | 8,340 | 8,033 | 8,364 | 8,184 | 7,938 | 7,685 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 12,548 | 12,752 | 14,240 | 15,856 | 15,721 | 15,859 |
| Equity ratio | 26.2% | 26.1% | 25.3% | 22.6% | 20.8% | 19.7% |
| ROE | 14.6% | 8.5% | 14.2% | 3.2% | 0.3% | 5.2% |
| Cash flow ($M) | ||||||
| Operating CF | 1,157 | 1,133 | 1,282 | 1,302 | 1,235 | 1,245 |
| Investing CF | -614 | -1,040 | -1,603 | -1,194 | -1,237 | -645 |
| Financing CF | 484 | -1,311 | 556 | 768 | -274 | -379 |
| Free cash flowcalccash flow from operations − capital expenditures | 997 | 982 | 1,105 | 1,130 | 1,045 | 1,028 |
| Cash and equivalents | 1,669 | 453 | 690 | 1,531 | 1,255 | 1,478 |
| Per share & other | ||||||
| EPS ($) | 5.54 | 3.17 | 5.40 | 1.21 | 0.09 | 1.74 |
| BVPS ($) | 38.51 | 37.27 | 39.12 | 37.45 | 34.22 | 32.46 |
| Dividend per share ($) | — | — | — | 3.92 | 3.92 | 3.36 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | — | — | — | 324.0% | 4355.6% | 193.1% |
| P/E (x) | 17.1 | 36.3 | 12.5 | 58.0 | 826.2 | 38.8 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 2.45 | 3.09 | 1.73 | 1.87 | 2.17 | 2.08 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-06-30 | $896M+3.1% | $69M-22.9% | $0.43 |
| 2026-03-31 | $872M+0.8% | $102M+66.0% | $0.64 |
| 2025-12-31 † | $877M+2.2% | $248M | — |
| 2025-09-30 | $872M+1.4% | −$122M-245.5% | $-0.77 |
| 2025-06-30 | $868M | $89M | $0.56 |
| 2025-03-31 | $865M | $61M | $0.39 |
| 2024-12-31 † | $859M | −$229M | — |
| 2024-09-30 | $859M | $84M | $0.53 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
15
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
1.9%
Perpetual FCF growth: g = r − FCF ÷ EV = 6.1% − 4.2%
Past FCF growth (FY2020–FY2025)
+0.6%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+4.7%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $1.03B (operating CF − capex); enterprise value $24.58B = market cap $10.2B (latest close, 2026-11-04) + debt $15.86B − cash and short-term investments $1.48B; r = WACC of 6.1% using this page’s default assumptions (β 0.98, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$24.49B
FCF $1.03B ÷ (6.1% − 1.9%)
Theoretical ÷ actual enterprise value
1.00x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 4.1% | 5.1% | 6.1% | 7.1% | 8.1% |
|---|---|---|---|---|---|
| 0% | 1.02x | 0.82x | 0.69x | 0.59x | 0.52x |
| 2% | 1.99x | 1.35x | 1.02x | 0.82x | 0.69x |
| 4% | 41.84x | 3.80x | 1.99x | 1.35x | 1.02x |
| 6% | — | — | 41.84x | 3.80x | 1.99x |
| 8% | — | — | — | — | 41.84x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
16
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 17.15x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -3.7%
A small share of profit rests on accounting estimates.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-27
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,245M ÷ $277M = 4.50x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
17
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 100%+
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- ≈0%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 4 of 416
- Beta (adjusted)
- 0.98
Reported total 117.2%
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 1% of covered companies have more
above 1 = swings more than the market
- 187.1M shares reported by 549 13F filers ÷ 159.7M shares outstanding on 2026-07-31. Option positions are excluded.
- The 13F total exceeds shares outstanding because some shares are reported twice — for example shares lent to short sellers and then bought by another manager, or holdings that overlapping managers both report.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-10 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-31)
18
Strengths & weaknessesSite analysis
Strengths
1. Premier assets in gateway markets
Owns office buildings concentrated in Boston, New York, San Francisco and Washington DC, where it says high barriers limit new supply.
Evidence: Form 10-K (FY2025), Item 1
2. Long leases with large tenants
The 20 largest clients include Salesforce, Google, Fannie Mae, Akamai and Microsoft, with about 9.8 years of remaining lease term.
Evidence: Form 10-K (FY2025), Item 2
Weaknesses
1. Low earnings and dividend cut
EPS fell from $5.40 (2022) to $0.09 (2024) and $1.74 (2025); the quarterly dividend was cut from $0.98 to $0.70 in Q3 2025.
Evidence: SEC EDGAR XBRL; Form 10-K (FY2025)
2. High leverage
About $15.9B of debt against $7.7B of equity at year-end 2025.
Evidence: SEC EDGAR XBRL
19
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
38.8x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
4.98%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
193%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
9.6%
(Operating CF − capex) ÷ market cap
1. Office recovery play
BXP is pursuing higher occupancy, asset sales and development deliveries under a three-year plan.
- What has to hold
- Demand for premier office space keeps improving.
- The other side
- Earnings and the dividend have fallen, and leverage is high.
Evidence: Form 10-K (FY2025); Q2 2026 earnings release
These summarize facts in BXP's filings, not a recommendation.
20
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
2.0x
$1.48B vs. $750M
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
1.6x
$1.03B vs. $643M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Lease term
Only about 7.2% of BXP's share of in-service square feet expires through 2027.
Source: Form 10-K (FY2025)
Cash
$1.5B of cash at year-end 2025.
Source: SEC EDGAR XBRL
21
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
BXP reports ordinary-course claims, generally covered by insurance. Its notable disputes are a fee claim by the seller of a New York office property and a suit by the neighbor of its Cambridge development site.
1 open matter
NYC property acquisition fee dispute
PendingContract disputeSeller of a New York City office property acquired in 2010 (N.Y. Supreme Court)
The seller claims leasing-performance fees well above BXP's reserve. The court found in 2024 that BXP owes 'Additional' and 'Final' fees, and BXP has paid the $2.7 million Fixed Fee. A Special Referee held hearings in 2025 to determine the remaining amounts.
- Amounts
- The seller claims up to an additional $25 million plus interest.
- Next step
- BXP's time to perfect its appeal on liability runs to December 2026.
Source: Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings
Company statement: Management believes ordinary-course matters will not have a material adverse effect, though BXP cannot assure that its liability in the NYC fee dispute will not be material.
Based on Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
22
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Office demand
- Company disclosure (summarized from the 10-K)
- Performance depends on supply and demand in its six markets; reduced physical occupancy and efficiency measures can lower demand for office space.
- Company’s stated mitigation
- Focus on premier buildings and occupancy growth.
- This site’s assessment
- Impact High / Likelihood Med
- 2FX & interest rates
Interest rates and refinancing
- Company disclosure (summarized from the 10-K)
- Interest expense rose from $423M (2021) to $653M (2025); new 6.050% notes were issued in August 2026.
- Company’s stated mitigation
- Asset sales program targeting about $1.9B of net proceeds to reduce leverage.
- This site’s assessment
- Impact Med / Likelihood High
- 3Competition & technology shift
Leasing competition
- Company disclosure (summarized from the 10-K)
- Competes with many real estate companies, some with greater resources, on building quality, terms, location and services.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Customer/supplier concentration
Tenant credit
- Company disclosure (summarized from the 10-K)
- Large tenants include technology companies and WeWork (0.81% of square feet).
- Company’s stated mitigation
- No single client above about 2.1% of square feet.
- This site’s assessment
- Impact Low / Likelihood Med
23
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (2)
• one or more counterparties to our derivative financial instruments could default on their obligations to us, or could fail, increasing the risk that we may not realize the benefits of these instruments. Read more
For example, in connection with our offering of 2.00% Exchangeable Senior Notes due 2030 in September 2025, we entered into capped call transactions with certain option counterparties. The option counterparties are financial institutions, and we are subject to the risk that any or all of them might default under the capped call transactions. Our exposure to the credit risk of the option counterparties is not secured by any collateral. Further, global economic conditions have resulted in the actual or perceived failure or financial difficulties of certain financial institutions and could adversely impact the option counterparties’ performance under the capped call transactions. We can…
• the production of incomplete, inaccurate or otherwise flawed outputs, some of which may be difficult to detect, and the reliance on such outputs which could result in adverse consequences to us, including exposure to reputational and competitive harm, customer loss, legal liability, errors in our decision-making, process development or other business activities or otherwise have a negative impact on us; and
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 27, 2026 ↗ with the 10-K filed Feb 27, 2025 ↗.
24
What to watch going forwardSite analysis
- Occupancy and leasing volume (1.8M sq ft leased in Q2 2026).
- Progress on the about $1.9B asset sales program.
- Interest costs and refinancing.
- Lease-up of 343 Madison Avenue and other developments.
25
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 12, 2026 · Financial data fetched: October 17, 2026 10:20 (SEC EDGAR) · Source 10-K filed: February 27, 2026
Built on10-K FY2025 · filed 2026-02-27
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent BXP, Inc.’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.