(BXP) BXP - Overview
Sector: Real Estate | Industry: REIT - Office | Exchange: NYSE (USA) | Market Cap: 10.700m USD | Total Return: -9% in 12m
Avg Turnover: 76.7M
EPS Trend: 29.4%
Qual. Beats: 1
Rev. Trend: 98.2%
Qual. Beats: 16
Warnings
High Debt/EBITDA (8.6) with thin interest coverage (1.5)
Altman Z'' 0.19 < 1.0 - financial distress zone
Tailwinds
No distinct edge detected
BXP, Inc. is an S&P 500 real estate investment trust (REIT) and the largest publicly traded developer of premier workplaces in the United States. The company operates a fully integrated model, managing a portfolio of 164 properties across six major gateway markets: Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC. Its holdings primarily consist of office spaces, supplemented by retail, residential, and hotel assets.
The business focuses on high-barrier-to-entry Central Business Districts (CBDs), catering to creditworthy tenants through build-to-suit projects and mixed-use complexes. As a REIT, BXP is structurally required to distribute at least 90% of its taxable income to shareholders as dividends, a common characteristic of the sector designed to provide regular income streams. The company maintains a strong emphasis on sustainability, holding a long-term GRESB 5-star rating and recognition from major global sustainability indices.
Investors can further evaluate these operational metrics and historical performance trends by visiting ValueRay. Given the capital-intensive nature of large-scale urban development, BXP relies on its in-house management expertise to drive occupancy and operational efficiency across its 50.4 million square foot portfolio.
- Return-to-office mandates drive occupancy rates in premier Central Business District properties
- Elevated interest rates increase debt servicing costs and pressure FFO margins
- Strategic joint venture partnerships mitigate capital expenditure risks for new developments
- Tech and financial sector layoffs reduce demand for San Francisco office space
- Conversion of underperforming office assets into residential units diversifies revenue streams
| Net Income: 317.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.02 > 0.02 and ΔFCF/TA -1.16 > 1.0 |
| NWC/Revenue: -16.70% < 20% (prev 10.11%; Δ -26.81% < -1%) |
| CFO/TA 0.05 > 3% & CFO 1.19b > Net Income 317.3m |
| Net Debt (16.2b) to EBITDA (1.88b): 8.61 < 3 |
| Current Ratio: 0.59 > 1.5 & < 3 |
| Outstanding Shares: last quarter (158.7m) vs 12m ago 0.05% < -2% |
| Gross Margin: 60.20% > 18% (prev 54.30%; Δ 5.90% > 0.5%) |
| Asset Turnover: 13.81% > 50% (prev 13.50%; Δ 0.31% > 0%) |
| Interest Coverage Ratio: 1.52 > 6 (EBIT TTM 953.8m / Interest Expense TTM 629.4m) |
| A: -0.02 (Total Current Assets 833.8m - Total Current Liabilities 1.42b) / Total Assets 25.1b |
| B: -0.07 (Retained Earnings -1.68b / Total Assets 25.1b) |
| C: 0.04 (EBIT TTM 953.8m / Avg Total Assets 25.3b) |
| D: 0.30 (Book Value of Equity 5.15b / Total Liabilities 17.4b) |
| Altman-Z'' = 0.19 = B |
| DSRI: 0.05 (Receivables 90.1m/1.62b, Revenue 3.49b/3.43b) |
| GMI: 0.90 (GM 54.30% / 60.20%) |
| AQI: 1.26 (AQ_t 0.13 / AQ_t-1 0.11) |
| SGI: 1.02 (Revenue 3.49b / 3.43b) |
| TATA: -0.03 (NI 317.3m - CFO 1.19b) / TA 25.1b) |
| Beneish M = -3.73 (Cap -4..+1) = AAA |
As of June 06, 2026, the stock is trading at USD 62.33 with a total of 902,004 shares traded.
Over the past week, the price has changed by +3.87%,
over one month by +6.49%,
over three months by +13.91% and
over the past year by -8.98%.
BXP has received a consensus analysts rating of 3.55. Therefore, it is recommended to hold BXP.
- StrongBuy: 6
- Buy: 3
- Hold: 11
- Sell: 1
- StrongSell: 1
| Analysts Target Price | 68.4 | 9.7% |
P/E Trailing = 30.1558
P/E Forward = 29.3255
P/S = 3.4278
P/B = 1.8773
P/EG = 2.3299
Revenue TTM = 3.49b USD
EBIT TTM = 953.8m USD
EBITDA TTM = 1.88b USD
Long Term Debt = 14.9b USD (from longTermDebt, last quarter)
Short Term Debt = 750.0m USD (from shortTermDebt, last quarter)
Debt = 16.7b USD (from shortLongTermDebtTotal, last quarter) + Leases 744.5m
Net Debt = 16.2b USD (calculated: Debt 16.7b - CCE 554.9m)
Enterprise Value = 26.9b USD (10.7b + Debt 16.7b - CCE 554.9m)
Interest Coverage Ratio = 1.52 (Ebit TTM 953.8m / Interest Expense TTM 629.4m)
EV/FCF = 57.70x (Enterprise Value 26.9b / FCF TTM 465.5m)
FCF Yield = 1.73% (FCF TTM 465.5m / Enterprise Value 26.9b)
FCF Margin = 13.34% (FCF TTM 465.5m / Revenue TTM 3.49b)
Net Margin = 9.09% (Net Income TTM 317.3m / Revenue TTM 3.49b)
Gross Margin = 60.20% ((Revenue TTM 3.49b - Cost of Revenue TTM 1.39b) / Revenue TTM)
Gross Margin QoQ = 59.07% (prev 60.23%)
Tobins Q-Ratio = 1.07 (Enterprise Value 26.9b / Total Assets 25.1b)
Interest Expense / Debt = 3.77% (Interest Expense 629.4m / Debt 16.7b)
Taxrate = 21.0% (US federal default 21%)
NOPAT = 753.5m (EBIT 953.8m * (1 - 21.00%))
Current Ratio = 0.59 (Total Current Assets 833.8m / Total Current Liabilities 1.42b)
Debt / Equity = 3.24 (Debt 16.7b / totalStockholderEquity, last quarter 5.15b)
Debt / EBITDA = 8.61 (Net Debt 16.2b / EBITDA 1.88b)
Debt / FCF = 34.71 (Net Debt 16.2b / FCF TTM 465.5m)
Total Stockholder Equity = 5.14b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.26% (Net Income 317.3m / Total Assets 25.1b)
RoE = 6.17% (Net Income TTM 317.3m / Total Stockholder Equity 5.14b)
RoCE = 4.77% (EBIT 953.8m / Capital Employed (Equity 5.14b + L.T.Debt 14.9b))
RoIC = 3.11% (NOPAT 753.5m / Invested Capital 24.3b)
WACC = 5.10% (E(10.7b)/V(27.4b) * Re(8.41%) + D(16.7b)/V(27.4b) * Rd(3.77%) * (1-Tc(0.21)))
Discount Rate = 8.41% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 75.25 | Cagr: 0.56%
[DCF] Terminal Value 73.10% ; FCFF base≈585.7m ; Y1≈513.7m ; Y5≈415.0m
[DCF] Fair Price = N/A (negative equity: EV 6.66b - Net Debt 16.2b = -9.50b; debt exceeds intrinsic value)
EPS Correlation: 29.43 | EPS CAGR: 14.24% | SUE: 0.86 | # QB: 1
Revenue Correlation: 98.18 | Revenue CAGR: 3.28% | SUE: 2.09 | # QB: 16
EPS current Quarter (2026-06-30): EPS=0.44 | Chg30d=+1.35% | Revisions=N/A | Analysts=2
EPS next Quarter (2026-09-30): EPS=0.51 | Chg30d=-1.38% | Revisions=N/A | Analysts=2
EPS current Year (2026-12-31): EPS=1.98 | Chg30d=+2.76% | Revisions=-20% | GrowthEPS=+23.4% | GrowthRev=-0.1%
EPS next Year (2027-12-31): EPS=2.13 | Chg30d=+1.93% | Revisions=N/A | GrowthEPS=+7.4% | GrowthRev=+2.8%
[Analyst] Revisions Ratio: -20%