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.
| 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.
| 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.
| 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
| 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.
| 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.