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BXP, Inc. Stock Analysis

NYSE: BXP | Real Estate | Office REITs
Price $70.41 +$0.29 (+0.41%)
P/E Ratio 38.4 TTM
52-Week Range
Low $50 High $79
Market Cap $11.24B USD
ROE 5.4% Annual

Market data as of Aug 3, 2026 · Financials as of Dec 2025

Published Jun 14, 2026 · Updated Jul 25, 2026

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.

Revenue Trend
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.

Dividend History
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

BXP, Inc. Debt & Equity Overview (FY2025)
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.

Valuation Models
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.

Frequently Asked Questions

What is BXP, Inc.'s annual revenue?
BXP, Inc. (BXP) reported annual revenue of $3.48B in FY2025.
Is BXP, Inc. profitable?
BXP, Inc. reported net income of $276.8M in FY2025, with a net margin of 7.9%.
Does BXP, Inc. pay a dividend?
Yes, BXP, Inc. pays a regular dividend to shareholders.
Is BXP, Inc. stock overvalued?
Based on the P/E ratio model, BXP, Inc. appears overvalued, trading at a 72% premium to its estimated fair value of $40.
What sector is BXP, Inc. in?
BXP, Inc. (BXP) operates in the Real Estate sector, specifically in the Office REITs industry.

What does BXP, Inc. do?

BXP is the largest publicly listed developer and owner of premier Class A office properties in the U.S., concentrated in Boston, Los Angeles, New York, San Francisco, and Washington, D.C. Structured as a REIT, it develops, acquires, manages, and operates 196 properties totaling 51.2 million square feet, with six assets currently under construction or redevelopment.

Detailed Charts

BXP, Inc. Performance

5-year trend showing revenue, gross profit, and net profit

FY2021 – FY2025

BXP, Inc.'s revenue grew 2.2% to $3.48B in FY2025, while net profit grew 1,839.5% to $276.80M — far outpacing revenue and lifting net margin sharply. A surge this size often comes from a one-off item such as a tax benefit, asset sale, or low prior-year base, so confirm it's repeatable before treating it as a trend.

Understanding Company Performance

Revenue is BXP, Inc.'s total income from operations. Gross Profit is revenue minus cost of goods sold — the higher it is relative to revenue, the stronger the company's pricing power. Net Profit is the bottom line after all expenses, taxes, and interest. Consistent growth across all three signals a healthy, expanding business. Compare with peers in the same sector.

Is BXP, Inc. Profitable?

5-year trend showing gross, operating, and net profit margins

FY2021 – FY2025

BXP, Inc.'s net profit margin of 7.9% in FY2025 reflects thin profitability, with operating margin at 55.7% and gross margin at 60.6%.

Understanding Profitability Margins

Gross Profit Margin (GPM) shows what percentage of BXP, Inc.'s revenue remains after direct production costs. Operating Profit Margin (OPM) factors in operating expenses like R&D and SG&A. Net Profit Margin (NPM) is the final profitability after all costs including interest and taxes. Stable or improving margins indicate pricing power and cost discipline.

BXP, Inc. Revenue & Earnings Growth

5-year trend showing revenue and diluted EPS

FY2021 – FY2025

BXP, Inc.'s revenue grew 2.2% YoY in FY2025, with EPS growing 1,826.8%. The unusually large EPS change may reflect one-time items. Review the income statement for details.

Understanding Revenue & Earnings Growth

Revenue is BXP, Inc.'s total income from operations — the top line. Diluted EPS (Earnings Per Share) is net income divided by all shares that could exist if stock options, RSUs, and convertibles were exercised. Revenue shows how fast the business is growing; EPS shows how much of that growth reaches shareholders after all costs and dilution. Healthy companies tend to grow both in tandem; when revenue grows but EPS shrinks, margins are compressing. Use our stock screener to compare growth profiles across companies.

BXP, Inc. Compound Annual Growth Rate (CAGR)

Metric 1-Year 5-Year 10-Year
Revenue +2.2% +4.7% +3.4%
Net Income +1,839.5% -20.5% -7.2%
EPS +1,826.8% -20.7% -7.3%
Share Price +12.6% -4.9% -2.8%

BXP, Inc.'s 10-year revenue CAGR of 3.4% reflects slow growth, though EPS CAGR of -7.3% trails revenue, suggesting rising costs eating into profits. The share price has declined at -2.8% annually over a comparable period, broadly tracking fundamentals.

BXP, Inc. Quarterly Performance

In Q1 FY2026, revenue grew 0.8% year-over-year to $872.15M; net income rose 66.0% to $101.58M.

Upgrade to see the full 5 years (20 quarters) of quarterly data.

FY2025 – FY2026

BXP, Inc.'s revenue edged up year-over-year in Q1 FY2026, with profit growing faster than sales — margins are expanding.

How to Read Quarterly Performance

Quarterly revenue and net income are BXP, Inc.'s most recent three-month results. Each bar shows net income nested inside revenue, since profit is the slice of revenue left after all costs; the taller the green portion relative to the blue, the more of each sales dollar reached the bottom line. A bar below zero is a quarterly loss.

For a long-term view, compare each quarter with the same quarter a year earlier (year-over-year), not with the previous quarter — sequential change is mostly seasonality (for many businesses the holiday quarter is always the biggest). Then watch the trend across several years: is year-over-year revenue growth accelerating or fading; is net income growing at least as fast as revenue (expanding vs compressing margins)? One quarter is noise — the multi-quarter trend is the signal.

BXP, Inc. Share Price vs Book Value

BXP, Inc. (BXP) share price vs book value per share — FY2016 – FY2025

Understanding Share Price vs Book Value

Share Price is what the market pays per share of BXP, Inc.. Book Value per Share (BVPS) is the company's net equity divided by diluted shares — the accounting floor if the company were liquidated today. When price tracks close to book value the market sees the company as a steady asset; when price runs far above book the market is paying up for expected future earnings. For banks, book value is the primary valuation anchor; for most other companies it's one signal among many.

Unlock Valuation Analysis

Get fair value estimates from multiple valuation models and see whether a stock is undervalued or overvalued.

  • Multi-model fair value estimates (P/E, DCF, EPS Growth)
  • Undervalued/overvalued assessment with upside potential
  • Compare fair values across methodologies

BXP, Inc. Free Cash Flow

5-year trend — cash generated after reinvestment

FY2021 – FY2025

BXP, Inc.'s free cash flow of $689.66M in FY2025 represents a 19.8% FCF margin — healthy cash generation supporting dividends, buybacks, or debt reduction.

Understanding Free Cash Flow

Free Cash Flow (FCF) is BXP, Inc.'s operating cash flow minus capital expenditure — the cash left over after maintaining and growing the business. Unlike net profit, FCF strips out non-cash items (depreciation, stock-based compensation) and includes actual cash spent on assets. Positive FCF means the company can pay dividends, buy back shares, reduce debt, or make acquisitions without raising capital. Consistently negative FCF signals the company is burning cash and may need external funding.

BXP, Inc. Financial Ratios

Balance sheet strength and debt servicing capacity

FY2021 – FY2025

Debt-to-Equity

3.23

▲ from 3.00

Current Ratio

2.28

▼ from 2.56

Interest Coverage

3.0x

▲ from 1.58

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.

Understanding Financial Health

Debt-to-Equity (D/E) measures how much debt the company carries relative to shareholder equity — lower means less leverage risk. Current Ratio divides current assets by current liabilities — above 1.0 means the company can cover short-term obligations. Interest Coverage is operating income divided by interest expense — higher means the company earns well above its debt payments. Together these three metrics reveal whether a company can weather downturns without financial distress.

BXP, Inc. Shares Outstanding

Diluted share count per fiscal year — labels show year-over-year change

FY2021 – FY2025

BXP, Inc.'s diluted shares grew 1.2% YoY in FY2025, reflecting noticeable dilution often tied to SBC at growth-stage companies or capital raises.

Understanding Shares Outstanding

Diluted shares outstanding counts every share of BXP, Inc. that could exist if all stock options, RSUs, and convertibles were exercised. A shrinking count signals buybacks (returning cash to shareholders by reducing the denominator of EPS). A growing count signals dilution — usually from stock-based compensation, secondary offerings, or stock-funded acquisitions. Routine 1–2% growth is typical at large-cap tech companies that pay employees in equity; sustained growth above 5% warrants a look at the cause.

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