(BXP) Boston Properties - Overview

Sector: Real Estate | Industry: REIT - Office | Exchange: NYSE (USA) | Market Cap: 9.384m USD | Total Return: -7.8% in 12m

Office Buildings, Retail, Residential, Hotels
Total Rating 38
Safety 57
Buy Signal 0.20
REIT - Office
Industry Rotation: +3.0
Market Cap: 9.38B
Avg Turnover: 94.8M USD
ATR: 3.16%
Peers RS (IBD): 35.2
Risk 5d forecast
Volatility31.9%
Rel. Tail Risk3.02%
Reward TTM
Sharpe Ratio-0.18
Alpha-30.69
Character TTM
Beta0.781
Beta Downside0.695
Drawdowns 3y
Max DD39.03%
CAGR/Max DD0.19
EPS (Earnings per Share) EPS (Earnings per Share) of BXP over the last years for every Quarter: "2021-03": 0.59, "2021-06": 0.71, "2021-09": 0.69, "2021-12": 0.72, "2022-03": 0.78, "2022-06": 0.84, "2022-09": 0.64, "2022-12": 0.34, "2023-03": 0.48, "2023-06": 0.65, "2023-09": -0.71, "2023-12": 0.57, "2024-03": 0.44, "2024-06": 0.5, "2024-09": 0.51, "2024-12": 0.71, "2025-03": 0.4, "2025-06": 0.56, "2025-09": -0.36, "2025-12": 0.68,
EPS CAGR: -3.59%
EPS Trend: -21.8%
Last SUE: 0.55
Qual. Beats: 0
Revenue Revenue of BXP over the last years for every Quarter: 2021-03: 713.695, 2021-06: 713.807, 2021-09: 730.056, 2021-12: 731.063, 2022-03: 754.307, 2022-06: 773.927, 2022-09: 790.523, 2022-12: 789.824, 2023-03: 803.2, 2023-06: 817.153, 2023-09: 824.283, 2023-12: 828.933, 2024-03: 839.439, 2024-06: 850.482, 2024-09: 859.227, 2024-12: 858.571, 2025-03: 865.215, 2025-06: 868.457, 2025-09: 871.51, 2025-12: 877.097,
Rev. CAGR: 4.10%
Rev. Trend: 97.5%
Last SUE: 2.03
Qual. Beats: 16

Warnings

High Debt/EBITDA (8.2) with thin interest coverage (1.6)

Altman Z'' 0.34 < 1.0 - financial distress zone

Tailwinds

No distinct edge detected

Description: BXP Boston Properties

Boston Properties Inc. (BXP) is a publicly traded Real Estate Investment Trust (REIT) focused on premier workplaces. The company operates in six major US markets: Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. REITs are companies that own, operate, or finance income-producing real estate.

BXPs portfolio, as of December 31, 2025, comprises 179 properties totaling 52.6 million square feet, including properties under construction or redevelopment. This portfolio includes office, retail, residential, and one hotel property. The company is known for its in-house management and development of office buildings and mixed-use complexes.

Founded in 1970, BXP became a public company in 1997 and is an S&P 500 component. Diversified REITs hold a variety of property types, which can spread investment risk.

Further research on ValueRay can provide deeper insights into BXPs financial performance and market position.

Headlines to Watch Out For
  • Office vacancy rates in gateway markets impact rental income
  • Interest rate fluctuations affect borrowing costs and property valuations
  • Economic downturns reduce demand for commercial real estate
  • Hybrid work trends influence office space utilization
  • Regulatory changes in urban development impact new projects
Piotroski VR‑10 (Strict) 4.0
Net Income: 276.9m TTM > 0 and > 6% of Revenue
FCF/TA: 0.03 > 0.02 and ΔFCF/TA -0.38 > 1.0
NWC/Revenue: 54.43% < 20% (prev 55.13%; Δ -0.69% < -1%)
CFO/TA 0.05 > 3% & CFO 1.25b > Net Income 276.9m
Net Debt (15.88b) to EBITDA (1.94b): 8.18 < 3
Current Ratio: 2.28 > 1.5 & < 3
Outstanding Shares: last quarter (159.1m) vs 12m ago 1.05% < -2%
Gross Margin: 60.61% > 18% (prev 0.48%; Δ 6.01k% > 0.5%)
Asset Turnover: 13.33% > 50% (prev 13.06%; Δ 0.27% > 0%)
Interest Coverage Ratio: 1.60 > 6 (EBITDA TTM 1.94b / Interest Expense TTM 640.8m)
Altman Z'' 0.34
A: 0.07 (Total Current Assets 3.37b - Total Current Liabilities 1.48b) / Total Assets 26.17b
B: -0.06 (Retained Earnings -1.67b / Total Assets 26.17b)
C: 0.04 (EBIT TTM 1.02b / Avg Total Assets 26.13b)
D: -0.18 (Book Value of Equity -3.36b / Total Liabilities 18.48b)
Altman-Z'' Score: 0.34 = B
Beneish M -3.80
DSRI: 0.96 (Receivables 1.65b/1.68b, Revenue 3.48b/3.41b)
GMI: 0.79 (GM 60.61% / 47.99%)
AQI: 0.11 (AQ_t 0.09 / AQ_t-1 0.85)
SGI: 1.02 (Revenue 3.48b / 3.41b)
TATA: -0.04 (NI 276.9m - CFO 1.25b) / TA 26.17b)
Beneish M-Score: -3.80 (Cap -4..+1) = AAA
What is the price of BXP shares? As of April 16, 2026, the stock is trading at USD 55.03 with a total of 1,179,814 shares traded.
Over the past week, the price has changed by +6.45%, over one month by +8.43%, over three months by -15.52% and over the past year by -7.77%.
Is BXP a buy, sell or hold? Boston Properties has received a consensus analysts rating of 3.55. Therefor, it is recommend to hold BXP.
  • StrongBuy: 6
  • Buy: 3
  • Hold: 11
  • Sell: 1
  • StrongSell: 1
What are the forecasts/targets for the BXP price?
Analysts Target Price 71.1 29.2%
Boston Properties (BXP) - Fundamental Data Overview as of 12 April 2026
P/E Trailing = 30.4598
P/E Forward = 25.5754
P/S = 2.9761
P/B = 1.631
P/EG = 2.0337
Revenue TTM = 3.48b USD
EBIT TTM = 1.02b USD
EBITDA TTM = 1.94b USD
Long Term Debt = 15.86b USD (from longTermDebt, last quarter)
Short Term Debt = 750.0m USD (from shortTermDebt, last quarter)
Debt = 17.36b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 15.88b USD (from netDebt column, last quarter)
Enterprise Value = 25.26b USD (9.38b + Debt 17.36b - CCE 1.48b)
Interest Coverage Ratio = 1.60 (Ebit TTM 1.02b / Interest Expense TTM 640.8m)
EV/FCF = 36.63x (Enterprise Value 25.26b / FCF TTM 689.7m)
FCF Yield = 2.73% (FCF TTM 689.7m / Enterprise Value 25.26b)
FCF Margin = 19.80% (FCF TTM 689.7m / Revenue TTM 3.48b)
Net Margin = 7.95% (Net Income TTM 276.9m / Revenue TTM 3.48b)
Gross Margin = 60.61% ((Revenue TTM 3.48b - Cost of Revenue TTM 1.37b) / Revenue TTM)
Gross Margin QoQ = 60.23% (prev 60.83%)
Tobins Q-Ratio = 0.97 (Enterprise Value 25.26b / Total Assets 26.17b)
Interest Expense / Debt = 0.87% (Interest Expense 150.3m / Debt 17.36b)
Taxrate = 21.0% (US default 21%)
NOPAT = 808.0m (EBIT 1.02b * (1 - 21.00%))
Current Ratio = 2.28 (Total Current Assets 3.37b / Total Current Liabilities 1.48b)
Debt / Equity = 3.37 (Debt 17.36b / totalStockholderEquity, last quarter 5.15b)
Debt / EBITDA = 8.18 (Net Debt 15.88b / EBITDA 1.94b)
Debt / FCF = 23.03 (Net Debt 15.88b / FCF TTM 689.7m)
Total Stockholder Equity = 5.18b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.06% (Net Income 276.9m / Total Assets 26.17b)
RoE = 5.34% (Net Income TTM 276.9m / Total Stockholder Equity 5.18b)
RoCE = 4.86% (EBIT 1.02b / Capital Employed (Equity 5.18b + L.T.Debt 15.86b))
RoIC = 3.78% (NOPAT 808.0m / Invested Capital 21.36b)
WACC = 3.51% (E(9.38b)/V(26.74b) * Re(8.73%) + D(17.36b)/V(26.74b) * Rd(0.87%) * (1-Tc(0.21)))
Discount Rate = 8.73% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 0.63%
[DCF] Terminal Value 85.93% ; FCFF base≈728.2m ; Y1≈699.7m ; Y5≈685.5m
[DCF] Fair Price = 28.90 (EV 20.47b - Net Debt 15.88b = Equity 4.59b / Shares 158.6m; r=6.0% [WACC]; 5y FCF grow -5.23% → 3.0% )
EPS Correlation: -21.76 | EPS CAGR: -3.59% | SUE: 0.55 | # QB: 0
Revenue Correlation: 97.52 | Revenue CAGR: 4.10% | SUE: 2.03 | # QB: 16
EPS next Quarter (2026-06-30): EPS=0.43 | Chg7d=+0.000 | Chg30d=-0.020 | Revisions Net=-1 | Analysts=1
EPS current Year (2026-12-31): EPS=1.93 | Chg7d=-0.145 | Chg30d=-0.145 | Revisions Net=-1 | Growth EPS=+23.4% | Growth Revenue=-0.7%
EPS next Year (2027-12-31): EPS=2.08 | Chg7d=-0.240 | Chg30d=-0.240 | Revisions Net=-1 | Growth EPS=+8.3% | Growth Revenue=+2.7%
[Analyst] Revisions Ratio: -1.00 (0 Up / 1 Down within 30d for Next Quarter)
[Growth] Implied Growth Rate = 5.4% (Discount Rate 8.7% - Earnings Yield 3.3%)
[Growth] Growth Spread = -5.4% (Analyst 0.1% - Implied 5.4%)
External Resources
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