A deep dive into BXP, Inc. (BXP), examining the financials, shareholder returns, and whether the stock is fairly valued.
Top-Line Growth
Revenue for BXP, Inc. came in at $3.48B in FY2025, growing 2.2% year-over-year.
Over the past 10 years, revenue has grown at just 3.4% annually, from $2.49B to $3.48B. That barely keeps up with inflation.
BXP, Inc.'s $3.48B revenue base puts it in the smaller bracket among US real estate companies.
Revenue has moved in the same direction for 5 years running, suggesting the growth trend has structural legs.
| Year | Revenue | YoY % |
|---|---|---|
| FY2025 | $3.48B | +2.2% |
| FY2024 | $3.41B | +4.1% |
| FY2023 | $3.27B | +5.3% |
| FY2022 | $3.11B | +7.6% |
| FY2021 | $2.89B | +4.4% |
See BXP, Inc.'s complete revenue history below
Revenue by Segment
Looking at geographic exposure, BXP, Inc.'s revenue comes from Boston (37%), New York (31%), San Francisco (15%), Washington D.C. (13%), and Los Angeles (2%).
Profitability Analysis
Profitability strengthened with net income of $276.8M in FY2025, 1839.5% higher than FY2024.
The company squeezed out better margins in FY2025, with net margin at 7.9% versus 0.4% in FY2024.
Diluted EPS stood at $1.73 in FY2025, compared to $0.09 in FY2024.
See BXP, Inc.'s full margin history and earnings breakdown
BXP, Inc.'s Capital Returns
BXP, Inc.'s FY2025 dividend came in at $4.03 per share, representing a 5.83% yield.
The dividend track record is notable: BXP, Inc. has maintained payouts for 10+ straight years.
With a 232.3% payout ratio, BXP, Inc. is distributing most of its earnings, the dividend could come under pressure if profits weaken.
| Year | DPS | Payout Ratio |
|---|---|---|
| FY2025 | $4.03 | 232.3% |
| FY2024 | $4.37 | 4857.8% |
| FY2023 | $4.38 | 361.6% |
| FY2022 | $4.36 | 80.7% |
| FY2021 | $4.37 | 137.9% |
BXP, Inc. has been actively repurchasing shares, spending $203.4M on buybacks over the past 5 years.
View the full share repurchase and dilution trend
Financial Strength
| Metric | Value |
|---|---|
| Cash & Short-term Investments | $1.48B |
| Total Debt | $16.61B |
| Shareholders' Equity | $5.15B |
| Total Assets | $26.17B |
| Debt-to-Equity Ratio | 3.23x |
| Current Ratio | 2.28x |
| Interest Coverage | 3.0x |
| Free Cash Flow (TTM) | $689.7M |
BXP, Inc. has a debt-to-equity ratio of 3.23, a current ratio of 2.28, interest coverage of 3.0x in FY2025, which suggest adequate financial health with manageable leverage.
The balance sheet reflects a leveraged capital structure: $16.61B in total debt versus $5.15B in equity, giving a D/E ratio of 3.23x.
At 2.28x, BXP, Inc.'s current ratio suggests solid short-term financial flexibility.
With interest coverage at 3.0x, BXP, Inc.'s operating income comfortably exceeds its interest obligations.
Strong free cash flow generation of $689.7M gives BXP, Inc. financial flexibility for capital allocation.
View BXP, Inc.'s debt, cash flow, and liquidity metrics
BXP, Inc. employed 714 people as of FY2025, about $4.9M in revenue per employee.
Explore BXP, Inc.'s headcount trend and workforce productivity
Is BXP, Inc. Overvalued?
Is BXP, Inc. overvalued? Let's see what the numbers say.
BXP, Inc. shares are currently trading at $70.41.
The P/E Ratio model estimates an intrinsic value of $40, implying a 75.1% downside from the current price.
We also calculate intrinsic value using the EPS Growth model. Sign up to see the full breakdown with fair value estimates.
| Model | Est. Fair Value | vs. Current Price |
|---|---|---|
| P/E Ratio | $40 | 75.1% downside to fair value |
| DCF | Upgrade | Upgrade |
| EPS Growth | Upgrade | Upgrade |
Summary & Outlook
What should investors take away from BXP, Inc.'s (BXP) latest numbers? Here's the summary.
Revenue of $3.48B in FY2025, up 2.2% year-over-year.
Long-term revenue has been compounding at 3.4% annually over 10 years.
The company is profitable, with a net margin of 7.9% and net income of $276.8M.
Returned $643.1M to shareholders in FY2025 through dividends and/or buybacks.
Highly leveraged balance sheet with a D/E ratio of 3.23x.
The P/E Ratio model implies 75.1% downside to fair value. The remaining 2 models are worth cross-checking before drawing a conclusion. Sign up to see the full analysis.
For the latest fair value estimates, live price comparisons, and 10-year financial trends, see BXP, Inc.'s full analysis below.