BXP (BXP)
Real Estate · $10.2B market cap · SEC CIK 0001037540
fundamentals score out of 100
Next reports on Oct 26, 2026, after the close, with analysts expecting $0.52 in earnings per share.
The case for BXP
- Earnings per share up 6713.9%.
- Pays a 7.3% dividend while you wait.
- Gross margin of 60% absorbs cost shocks.
- Price/sales of 2.9× is lower than 90% of Real Estate companies.
The case against
- Heavily leveraged. Debt is 3.1× equity.
- Pricey at 34.3× earnings, against a long-run market average nearer 20×.
- Return on equity of only 6%.
- Dividend takes 89% of earnings, leaving little cushion.
- The price trend is weak (42/100): -16.1% over a year, -0.9% over three months, 51% of the way up its 52-week range.
- Revenue grew only 1.9%, roughly the pace of inflation.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Real Estate companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 59 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 44 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 32 |
| Momentumhow the price has behaved lately | 42 |
| Stabilityhow violently it moves, what it owes and what it pays you | 35 |
- Each factor except momentum is half fixed thresholds, half rank among the 31 Real Estate companies.
Key numbers
| Price / earnings | 34.3× |
|---|---|
| Price / book | 2.05× |
| Price / sales | 2.9× |
| Revenue growth (YoY) | +1.9% |
| EPS growth (YoY) | +6713.9% |
| Gross margin | 60% |
| Operating margin | 25% |
| Net margin | 8% |
| Return on equity | 6% |
| Debt / equity | 3.10× |
| Current ratio | 1.25 |
| Dividend yield | 7.30% |
| Beta | 1.05 |
| 52-week range | $49.72 – $78.23 |
| Position in that range | 51% of the way up |
| 3-month return | -0.9% |
| 1-year return | -16.1% |
Five years of financials, as filed
Pulled from BXP's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $3.5B | $3.4B | $3.3B | $3.1B | $2.9B |
| Gross profit | $2.1B | $2.0B | $2.0B | $1.9B | $1.8B |
| Net income | $277M | $14.3M | $190M | $849M | $496M |
| Operating cash flow | $1.2B | $1.2B | $1.3B | $1.3B | $1.1B |
| Total assets | $26.2B | $26.1B | $26.0B | $24.2B | $22.4B |
| Total liabilities | $18.5B | $18.1B | $17.8B | $15.8B | $14.3B |
| Shareholder equity | $5.1B | $5.4B | $5.9B | $6.1B | $5.8B |
| Cash | $1.5B | $1.3B | $1.5B | $690M | $453M |
| Long-term debt | — | — | — | — | $3.3B |
| Gross margin | 59.1% | 59.9% | 61.1% | 62.1% | 62.8% |
| Net margin | 7.9% | 0.4% | 5.8% | 27.3% | 17.2% |
| Diluted shares | 159M | 158M | 157M | 157M | 156M |
Share count is essentially flat over 4 years.
What BXP says it does
—Business and Growth Strategies—Sustainability " and our annual Sustainability & Impact Report available on our website at http://www.bxp.com under the heading "Commitment." Potential liability for environmental contamination could result in substantial costs. Under federal, state and local environmental laws, ordinances and regulations, we may be required to investigate and clean up the effects of releases of hazardous or toxic substances or petroleum products at or migrating from our properties simply because of our current or past ownership or operation of the real estate. If unidentified environmental problems arise, we may have to make substantial payments, which could adversely affect our cash flow and our ability to make distributions to our securityholders, because: as owner or operator we may have to pay for property damage and for investigation and clean-up costs incurred in connection with the contamination; the law…
Risk factors BXP lists in its 10-K
- Risks Related to Our Business and Operations
- Our performance depends upon the economic conditions, particularly the supply and demand characteristics, of our markets—Boston, Los Angeles, New York, San Francisco, Seattle and Washington, DC
- Our success depends on key personnel whose continued service is not guaranteed
- Our performance and value are subject to risks associated with our real estate assets and with the real estate industry
- We face potential adverse effects from major clients’ bankruptcies or insolvencies
- Our properties face significant competition
- We face potential difficulties or delays renewing leases or re-leasing space
- Our actual costs to develop properties may exceed our budgeted costs
- Investment returns from our developed properties may be less than anticipated
- We face risks associated with the development of mixed-use commercial and residential properties
- Our use of joint ventures may limit our control over jointly owned investments and limit our flexibility to acquire other assets
- We face the risk that third parties will not be able to service or repay loans we make to them
- We face risks associated with property acquisitions
- Acquired properties may expose us to unknown liability