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BXP, Inc. Stock Analysis

NYSE: BXP | Real Estate | Office REITs
Price $65.73 $0.25 (-0.38%)
P/E Ratio 38.4 TTM
52-Week Range
Low $50 High $79
ROE 5.4% Annual

Market data as of Jun 16, 2026 · Financials as of Dec 2025

Published Jun 14, 2026 · Updated Jun 14, 2026

A closer look at BXP, Inc. (BXP): the financials, shareholder returns, and whether the current price is justified.

Top-Line Growth

BXP, Inc. posted revenue of $3.48B in FY2025, a 2.2% increase year-over-year.

Over the past 10 years, revenue has compounded at just 3.4% annually, climbing from $2.49B to $3.48B. That pace barely keeps pace with inflation.

At $3.48B, BXP, Inc.'s revenue base sits in the smaller tier among US real estate companies.

Revenue has trended in the same direction for 5 consecutive years, which points to structural momentum in the growth trajectory.

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

Segment Analysis

BXP, Inc. breaks out revenue across 4 product segments. Below is the FY2025 breakdown.

Revenue by Product Segment (FY2025)
Segment Revenue % of Total
Parking and Other $143.3M 58.2%
Hotel $50.0M 20.3%
Management Service $36.6M 14.9%
Real Estate, Other $16.4M 6.7%

The largest contributor is Parking and Other, which accounts for 58.2% of BXP, Inc.'s total revenue.

Management Service expanded 30.4% year-over-year to represent 14.9% of total revenue, making it a segment worth monitoring.

Geographically, BXP, Inc. generates revenue across Boston (37%), New York (31%), San Francisco (15%), Washington D.C. (13%), and Los Angeles (2%).

Profitability

Net income for BXP, Inc. surged 1839.5% to $276.8M in FY2025.

Net margin expanded to 7.9% in FY2025, up sharply from 0.4% in FY2024.

Diluted EPS came in at $1.73 in FY2025, compared to $0.09 in FY2024.

Explore the profitability trend in detail below

Dividends & Buybacks

BXP, Inc. paid out $4.03 per share in dividends during FY2025, translating to a yield of roughly 6.08%.

A 10+ year streak of consecutive dividend payments reflects the underlying stability of BXP, Inc.'s cash flows.

The payout ratio stands at 232.3%, which is elevated for BXP, Inc. An earnings decline could put pressure on the dividend.

Annual Dividend Summary
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%

Capital returns extend beyond dividends: BXP, Inc. repurchased $203.4M of its own stock over the past 5 years.

View the full share repurchase and dilution trend

Balance Sheet Overview

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. carries a debt-to-equity ratio of 3.23, a current ratio of 2.28, and interest coverage of 3.0x in FY2025, pointing to adequate financial health with leverage that remains manageable.

With $16.61B in total debt against $5.15B in equity (D/E: 3.23x), BXP, Inc. is meaningfully leveraged. A $1.48B cash position offers some cushion.

A current ratio of 2.28x suggests BXP, Inc. can meet its short-term obligations without strain.

Interest coverage of 3.0x indicates BXP, Inc. earns comfortably above its debt service costs, so near-term debt payments are not a concern.

BXP, Inc. generated $689.7M in free cash flow, leaving ample room to fund dividends, buybacks, and debt reduction.

Explore BXP, Inc.'s full balance sheet and cash flow analysis below

BXP, Inc. had 714 employees as of FY2025, equating to roughly $4.9M in revenue per employee.

See BXP, Inc.'s full employee count history and revenue per employee

What Is BXP, Inc. Worth?

Is BXP, Inc. overvalued? Here is what the data shows.

BXP, Inc. shares are currently trading at $65.73.

Under the P/E Ratio approach, BXP, Inc.'s estimated fair value is $40 (65.4% downside).

Intrinsic value is also calculated 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 65.4% downside to fair value
DCF Upgrade Upgrade
EPS Growth Upgrade Upgrade

Key Highlights

Taken together, BXP, Inc.'s financials offer a reasonably clear picture for investors weighing this real estate stock.

Revenue of $3.48B in FY2025, up 2.2% year-over-year.

Long-term revenue has compounded at 3.4% annually over the past 10 years.

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.

A highly leveraged balance sheet, with a D/E ratio of 3.23x.

The P/E Ratio model implies 65.4% downside to fair value. The remaining 2 models are worth cross-checking before drawing a conclusion. Sign up to see the full analysis.

The full picture is below: BXP, Inc.'s interactive charts, valuation models, and financial trends.

Frequently Asked Questions

Is BXP, Inc.'s revenue growing?
BXP, Inc.'s revenue was $3.48B in FY2025, up 2.2% from the prior year.
What is BXP, Inc.'s net income?
BXP, Inc. (BXP) posted net income of $276.8M in FY2025.
Does BXP, Inc. pay a dividend?
Yes, BXP, Inc. pays a regular dividend to shareholders.
What is the fair value of BXP, Inc. stock?
Based on the P/E ratio model, BXP, Inc. appears overvalued, trading at a 67% 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

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

FY2023 – 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?

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

FY2023 – 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

3-year trend showing revenue and diluted EPS

FY2023 – 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 -5.3% -6.8% -2.4%

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 -2.4% 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

3-year trend — cash generated after reinvestment

FY2023 – 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

FY2023 – 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

FY2023 – 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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